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.