ISLAMABAD: The Supreme Court on Thursday directed all large companies to ensure deposit of four percent super tax.
A three-member bench of the Supreme Court, headed by Chief Justice Umar Atta Bandial, heard the appeals of the Federal Board of Revenue (FBR) against the interim order of the Lahore High Court (LHC) on super tax. Last year, the government imposed super tax on companies earning more than Rs 150 million. These included cement industries, steel, sugar, oil and gas, fertilizers, textiles, automobiles, tobacco, etc.
At the last hearing held on February 6, the Supreme Court modified the interim order of the Lahore High Court and ordered the Federal Board of Revenue (FBR) to waive the 50% super tax imposed on large companies earning more than Rs 15 crore for one week. Allowed to receive inside. . Taxpayers challenged before LHC the imposition of super tax for tax year 2022 and beyond. The Lahore High Court stayed the recovery proceedings and directed the FBR to allow various industries to file their returns, depositing post-dated checks of the differential amount excluding super tax. The Federal Board of Revenue had filed an appeal in the Supreme Court against the order of the Lahore High Court dated September 29, 2022. Through the Finance Act 2022, the government has introduced a new section 4C in the income tax to levy super tax on high income earners. Through the ordinance section, the FBR imposed 10 percent super tax on 13 sectors earning more than Rs 150 million from tax year 2022.
