Islamabad: Tax Reforms Commission has proposed extra surcharge on millionaires.
According to sources, Tax Reforms Commission has proposed in its report to Federal Board of Revenue to impose extra surcharge from 10% to 15% on the people and organizations earning more than 5 crore per year and recommended to impose this surcharge for 3 years to collect funds for military operation Zarb-e-Azb.
Sources added that the commission proposed in its report that FBR should categorize these taxpayers in 3 different categories on the basis of their earnings. Those people and organizations should be placed in first category whose earnings are 5 crore per year and no surcharge should be imposed. In second category, taxpayers with earnings from 5 crore to 7.5 crore should pay 10% extra surcharge. While in the third category with more than 7.5 crore earnings, taxpayers should pay Rs 25 lakh fix tax and 15% extra surcharge.
Moreover the commission proposed that this extra surcharge should be imposed till tax year 2018, sources added.
