Tag: Super Tax
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Banks will now pay 10% super tax if their earnings exceed Rs30 crore
The Federal Board of Revenue (FBR) has announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, bringing significant changes to the Super Tax structure. According to the latest income tax circular (2 of 2023), banks will now be required to pay a 10 per cent Super Tax if their income exceeds…
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Pakistan Stock Exchange surpasses 46,000 mark for the first time in 15 months
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index experienced significant gains on Friday, rising by over 500 points and closing just below the 46,000 mark. The index reached 46,073.61 points at 3:47 pm, showing a notable increase of 675.30 points from the previous day’s closing of 45,398.31. However, by the end of the day, it…
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Supreme Court directs FBR to collect 50% super tax from big companies within seven days
The Supreme Court of Pakistan has ordered organisations earning more than Rs150 million to submit 50 per cent of the super tax imposed on them to the Federal Board of Revenue (FBR) within seven days. A two-member bench consisting of Chief Justice of Pakistan Umar Ata Bandial and Justice Athar Minallah heard the plea filed…
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Imposing super tax on the rich will reduce budget deficit: Miftah
The government’s recently announced indirect tax (super tax) is intended to assist the country in increasing tax revenue and lowering the budget deficit, according to Finance Minister Miftah Ismail. He was relating to the large industries’ 10 per cent super tax or poverty alleviation tax. 13 industries, including LNG terminals, sugar, cement, steel, textile, tobacco,…