Ahmed Mukhtar Naqshbandi
ISLAMABAD: The Supreme Court of Pakistan, on Monday, directed wealthy earners to pay 50% of the Super Tax’s due amount imposed under the Finance Act 2022 within seven days.
The 2-member bench of the apex court overruled the Lahore High Court’s interim order, which had stayed the proceedings of recovery against the imposition of the Super Tax through the Finance Act 2022. The petitioners’ post-dated cheques can now be encashed.
Total revenue of Super Tax
The Super Tax’s total revenue is 247 billion rupees which are in litigation.
The government had imposed a 10% “super tax” on thirteen sectors, including banking, cement, steel, chemicals, beverages, cigarettes, liquefied natural gas terminals, automobiles, sugar mills, airlines, textile, oil and gas, and fertilizer.
The SC has now overruled the interim relief provided by the high courts against the Super Tax.
Federal Board of Revenue (FBR) said in a tweet that the parliament imposed a Super Tax on profits of wealthy corporations whose earnings exceeded 150 million rupees through the Finance Act 2022.
The Lahore High Court maintained this levy’s imposition through an interim order.
It said that on FBR petitions, the apex court directed that 50% of the due liability be paid within seven days.
