ISLAMABAD: Federal Board of Revenue (FBR) has started collecting Super Tax from the companies, which have not been granted stay order by the courts.
The official sources said that high courts, in certain cases, have allowed FBR to recover Super Tax. The country’s top revenue authority has already filed the CPLA with the Supreme Court through the office of the Attorney General of Pakistan against the judgement of Sindh High Court. The SHC had allowed taxpayers to file their returns manually and directed FBR not to collect the amount of Super Tax from the companies, which have been granted stay order.
Through the Finance Act, 2015 a new section 4B was introduced in Income Tax Ordinance, which allows FBR to impose Super Tax on the income of individuals, association of persons and companies who are earning income of Rs 500 million or above in Tax Year 2015. The Super Tax was imposed irrespective of the quantum of income for banking companies and will be charged at the rate of 4 percent for banking companies and at a rate of 3 percent for persons other than banking companies.
