Here on Friday, PM Shehbaz Sharif announced to impose a 10% super tax on 13 large scale industries.
While addressing the nation, the PM said that the government has taken these “tough decisions” regarding the federal budget for the next fiscal year 2022-23.
“I want to brief the people about those decisions and the actual economic situation of the country,” he said.
Super Tax Definition
According to Dictionary.com: “tax in addition to a normal tax, as one upon income above a certain amount.
READ MORE: Salary Tax Calculator 2022-23 Pakistan | Income Tax Slabs 2022-23
Super Tax Example
According to Income Tax Ordinance, 2001, following are some of the examples of Super Tax:
- Super tax is leviable only upon banking companies at 4% for tax year 2021 and onwards.
- A super tax shall be imposed for rehabilitation of temporarily displaced persons, for tax years 2015 and onwards.
List of Sectors on which Super Tax Imposed
Here is the list of sectors of Large Scale Industries on which government has imposed super tax.
- Cement
- Steel
- Banking
- Airlines
- Textile
- Automobile assembling
- Sugar mills
- Beverages
- Oil and gas
- Fertiliser
- Cigarettes
- Chemicals
- LNG terminals
Shahbaz Gill PTI Leader, criticised over the decision to impose a 10% super tax on industries. He highlighted it’s impact on economy: rising unemployment, the decline in growth, 10% further increase in prices and a massive inflation storm.
