The Federal Board of Revenue (FBR) must receive 50% of the super tax levied on organisations earning more than Rs150 million within seven days, according to an order from Pakistan’s Supreme Court.
A two-member court made up of Pakistan’s Chief Justice Umar Ata Bandial and Justice Athar Minallah heard the FBR’s appeal of a temporary injunction issued by the Lahore High Court (LHC). Salman Akram Raja, the FBR’s attorney, informed the court that the LHC had temporarily barred the FBR from collecting the tax while it awaited a final ruling.
The super tax imposed by the government on corporations, according to the respondents’ legal counsel, was unlawful. The Supreme Court overturned the high court’s temporary ruling and gave the FBR seven days to collect 50% of the super tax from these sectors.
You may also be interested in
The installation of a 10% super tax, commonly known as the “poor alleviation tax,” on 13 significant industries was announced by Prime Minister Shehbaz Sharif last year in an effort to raise tax revenue. The “difficult decisions” were allegedly made in order to protect the economy, according to the government.
Cement, steel, banks, airlines, textile, car assembly, sugar mills, drinks, oil and gas, fertiliser, cigarettes, chemicals, and LNG terminals were among the industries subject to the levy, according to Geo.