The Federal Constitutional Court has upheld the imposition of supertax, with the Federal Board of Revenue (FBR) expecting it to generate around Rs300 billion annually.
The court also directed new rules to be implemented across multiple sectors.
The court confirmed that the supertax under Section 4C will be set at 10 percent for the tax year 2022.
The FBR noted that this move is designed to significantly enhance government revenue, with an estimated collection of Rs300 billion.
Also Read: Super tax valid, parliament has authority to impose income tax: SC
New notices will be issued to petroleum companies engaged in oil and gas exploration. Meanwhile, the supertax on banking companies will apply for 2023 and subsequent years.
Sector-specific rules
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Petroleum Sector: Companies exploring for oil and gas will receive new tax notices in accordance with the court’s directive.
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Banking Sector: Supertax will be applied starting from the 2023 tax year onwards.
These measures aim to improve fiscal performance while ensuring compliance across major revenue-generating sectors.
