Special Tax to be Imposed on High Earning Sectors

A special tax or levy would be imposed on a number of sectors earning huge profits including steel, edible oil, and pharmaceutical sectors from July 1, 2022. The levy would be collected on an annual basis along with the filing of income tax returns.

The Federal Board of Revenue (FBR) is compiling the list of high profit earning sectors based on their tax records, annual financial statements, and third-party information.

Through the new Finance Bill 2022, a new section would be introduced in the Income Tax Ordinance 2001 for the imposition of the said levy on high profit earning sectors.

The levy would be imposed for a period of one or two years. The additional income tax would be collected on the annual income of these sectors.

  • This will only result in rise in prices of the end product. Edible oil and Pharmaceuticals are something that is already going out of reach of common man. Special taxes should be applied to industries on the basis of importance of products and not the overall turnaround of the company.

  • The persons who are giving Tax would be accountable to give more tax instead of those who are out of banking sector
    Who will inform that heavy income gave heavy tax COMPLETLY …??
    Others countries take more than 20 % of black money to get it white …
    Why not increase this ratio & name & company detail should be publisized to inform all peaole ..

  • Government should also ensure that this tax increase is not transferred to the consumers, price control is very important.

  • Pakistan is a already not a business friendly nation. This dhould discourage further business growth. Anyway tax leavy is highly controoversial in this part of the eorld. Why not tax high agricultural incomes. Check their shate in gdp and their share in direct taxed

  • Rather than increasing taxes, tax net needs to be widened. Shopkeepers and agricultural income should be taxed.

  • Ya Allah in sab barey barey logon ko aur in ki naslon ko ghaarat kar day Jo is mulk ko chala rahy hyn har idarey may aur loot rahy hyn

  • Whenever the govt imposes or raises their tax for the any company, organization whatsoever, they increase the prices of their products and this ultimately affects the commonality as they’ll be buying the products at higher price. Those huge giants don’t have to worry bout a thing.

  • The levy of further special taxes on products mentioned will further rise the rates as the producers will bear these special taxes from their valet but will recover from the pocket of the consumer . Imposition of taxes is not the long term solution of economy but the best way is to concentrate on the exploration of natural resources like oil gas coper gold already existed and increase of export .

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