What is a super tax?
“Super tax is a special tax levied on top of the general tax, and the government announced the imposition of a super tax on major industrial sectors. ‘
“By imposing this super tax, the government has stated its intention that the money raised from it will be used to alleviate poverty, which is wrong.” Industry is already paying 29% tax but after that the ratio of tax will increase to 39 %.
What is the purpose of imposing a super tax?
Explaining the goal of imposing a 10 percent super tax, Prime Minister Shahbaz Sharif said, “The money raised from this will be used to alleviate poverty.”
The government has announced the implementation of this tax for one time in a year. (i.e., only once).” Explaining the payment of super tax, he said, “Banks in Pakistan close their accounts on December 31.” “That is, when banks close their accounts on December 31, 2021, they have to file their returns by September 30, 2022 and show these taxes in these returns.” “That is, when they were closing their years, there was no tax at that time, but now that the tax has been levied six months later, they will have to pay the tax from their profits and show it in their returns.”
Who will be affected by the super tax, and how will it affect the industrial sector?
The Federal Minister announced plans to impose a super-tax of 10% on 13 industrial sectors. These sectors include cement, banking, aviation industry, textile, automobile, sugar, beverage, steel, oil and gas, fertilizer, cigarette, and chemical industries which will have to pay this tax at the rate of 10%.
Apart from these sectors, other industrial sectors in Pakistan are paying tax at the rate of 4%, and the above rate of 4% has been increased from 6% to 10% in case of super tax.
The ‘super tax’ will be levied on all sectors at the rate of 4% while at the rate of 6% on 13 industrial sectors. This super tax will be collected from them at 10%, after which the rate of tax collection on them will be increased from 29% to 39%. This amount of tax will hit the industry very badly. And after all, this tax will be collected from Pakistani people in the form of an increase in prices. The federal finance minister said the tax was levied “one-time only” for one fiscal year and would reduce the previous four record budget deficits.
The tax target for the next fiscal year budget presented by the federal government of Pakistan two weeks ago was set at Rs 7,000 billion, which is now being raised to Rs 7,400 billion under the terms of the International Monetary Fund.
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