Tuesday, June 25, 2024

Supreme Court Orders Big Companies to Pay 4% Super Tax

Approving the appeal of the federal government and FBR (Federal Board of Revenue) the Supreme Court recently instructed large-scale manufacturing industries to pay 4% as a supertax.

Three judges of SC Chief Justice of Pakistan Umar Ata Bandial, Justice Ayesha A Malik and Justice Athar Minallah heard the pleas about collecting the supertax from giant industries.

Prior month, the Sindh High Court had restricted the government from charging 1% to 10% super tax for the year 2022, terming it “discriminatory” and “ultra vires to the Constitution”.

“Sections 4C of the Income Tax Ordinance (ITO) 2001, is read to reflect that the levy shall be applicable from the tax year 2023,” read the SHC order.

Furthermore, the SHC’s decision has been challenged by the federal government and FBR in the Supreme Court.

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