Islamabad June 9 2023: Pakistan is going to impose additional tax on income which tax authorities determine it arising from any economic factor or factors that resulted in unexpected income, profits or gains, according to finance bill 2023-24.
Ministry of finance proposes for Imposition of additional tax at the rate not exceeding fifty percent on income profit and gains of a person or class of persons on account of extraordinary gains due to exogenous factors.
The tax can be levied on any additional income for any of the preceding five tax years from tax year 2023, and onwards, in addition to any tax charged, paid or payable under any of the provision of the Ordinance, an additional tax shall be imposed on every person who has any income, profit or gains that have arisen to any person or class of persons due to any economic factor or factors that resulted in unexpected income, profits or gains whether or not disclosed in the financial statements.
Government can determine economic factor or factors including but not limited to international price fluctuation having bearing on any commodity price in Pakistan or any sector of the economy or difference in income, profit or gains on account of foreign currency fluctuation.
