islamabad
With extending the lower income limit for imposing a 10% super tax, the federal government has started implementing the Finance Act 2023 from today (Saturday).
As per the Finance Act shared by the Federal Board of Revenue (FBR) on its website, 10% of the income tax will be applicable where income exceeds Rs500 million.
With a focus on “economic stability”, the federal government has introduced three more slabs for the wealthy people paying super tax in the Finance Bill 2022-23.
The government imposed a 6% super tax on individuals earning between Rs350 million and Rs400 million annually. Under the bill, 8% of the income tax will be charged to those between Rs400 million and Rs500 million.
Dar unveiled Rs14.46 trillion budget
On June 9, Finance Minister Ishaq Dar unboxed a Rs14.46 trillion budget for the fiscal year 2023-24, introducing “no new taxes” and envisaging an economic growth of 3.5% as the crisis-riven country looks to persuade the International Monetary Fund (IMF) to release more bailout money. Pakistan has shared the budget numbers with the IMF, and the finance minister believes there are no further objections the lender could raise — as the country is in line with the programme requirements. Dar — who presented the second budget of the Pakistan Democratic Movement-led government, which came into power in April last year, in the National Assembly and Senate — returned to the podium to announce the federal budget after a hiatus of five years.
Rs215bn new taxes
The government has agreed to impose Rs215 billion in new taxes as part of its last-ditch efforts to revive the stalled International Monetary Fund (IMF) loan programme, the finance minister told the National Assembly on June 24.
The development came a day after Prime Minister Shehbaz Sharif met IMF Managing Director Kristalina Georgieva in Paris, on the sidelines of the Global Financing Summit.
