ISLAMABAD: The International Monetary Fund (IMF) has requested the Federal Board of Revenue (FBR) not to abolish the super tax.
According to the sources, after this demand of the IMF, it has been decided not to remove the super tax on those with an income of more than Rs 15 crores in the upcoming budget, 1 percent on incomes of Rs 15 crores, 2 cents on incomes of Rs 20 crores and 3 percent on incomes of Rs 25 crores. Super tax will be levied.
Read more: ‘Didn’t ask Pakistan for $8 billion financing’, IMF refutes reports
Around Rs 30 crores income will be 5 percent and more than 10 percent super tax will be applied, automobile, beverages, chemical, fertilizer, steel and cement sector will also have super tax, petroleum sector will be 10 percent on income more than Rs 30 crores. Percentage super tax will be levied.
Sources say that a 10 percent super tax will be levied on the pharmaceutical, sugar, and textile sector, and a 10 percent super tax on the banking sector in the financial year 2023.
