Islamabad February 6 2023: Today, on petitions filed by FBR, the Supreme Court directed that 50% of the due liability in lieu of Super tax be paid within 7 days.
Parliament imposed a Super Tax on profits of wealthy corporations whose earnings exceeded Rs 150 million through the Finance Act 2022. The Honorable Lahore High Court stayed the imposition of this levy through an interim order.
Direct taxes collection continues to grow at a robust pace, which has shown growth of 66% during the month of December 2022 compared to December 2021, a clear indicator of the policy of shifting tax burden on wealthy and affluent. Direct taxes collection for the first six months has also registered an unprecedented growth of 49%.
This was achieved despite the fact that certain policy interventions having revenue impact of Rs. 250 billion introduced through Finance Act 2022 could not be implemented as these are subjudice in the courts.
