FBR amends 7th Schedule of Income Tax Ordinance to impose super tax on banks

ISLAMABAD: Federal Board of Revenue (FBR) has amended Seventh Schedule of Income Tax Ordinance, 2001 to impose super tax on bank for tax year 2017.

The FBR on Tuesday issued SRO 1173(I)/2017 to make amendment in Rule 7C of Seventh Schedule and added tax year 2017 for imposition of super tax to be paid by banking companies at the rate of 4 percent.

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The implementation of super tax was already extended for tax year 2017 in the budget 2017/2018 through amendment made to Section 4B of the Ordinance, 2001. However, same amendment was not made to Rule 7C of the Seventh Schedule to the Ordinance, 2001, which exclusively deals with taxation to banking sector.

The government introduced super tax in the year 2015 for rehabilitation of temporarily displaced persons.