Popular Post

Builders and Developers Oppose Imposition of Heavy Taxes on Real Estate Sector
News

Builders and Developers Oppose Imposition of Heavy Taxes on Real Estate Sector

Finance Minister Says petroleum Tax Hike Will Happen Slowly Over Time
News

Finance Minister Says petroleum Tax Hike Will Happen Slowly Over Time

Government Assurances Fail to Prioritize IT Industry Budget Proposals: P@SHA
News

Government Assurances Fail to Prioritize IT Industry Budget Proposals: P@SHA

Budget 2024-2025 : Govt is likely to impose a 29% income tax on exporters.
News

Budget 2024-2025 : Govt is likely to impose a 29% income tax on exporters.

Budget 2024-2025: Govt will reduce the tax for educational institutions.
News

Budget 2024-2025: Govt will reduce the tax for educational institutions.

Amendments to Charge Heavy Taxes on Big Industries are Passed by Parliament

  • author
  • 2022-06-29 20:06:11
  • News
Amendments to Charge Heavy Taxes on Big Industries are Passed by Parliament

Description:

A 10 percent super tax has been authorised by the Pakistani National Assembly for incomes exceeding Rs. 300 million.

A 13 percent super tax has also been levied by the government on 13 additional significant industries with annual revenues of over Rs. 300 million. Airlines, cars, beverages, and iron and steel are a few of these. In addition, a 10% tax on LNG terminal, oil marketing, oil refineries, and the petroleum and gas industries was approved by the government. The pharmaceuticals, sugar, and textile industries all face a 10% super tax.

Along with these taxes, the idea to give the Speaker and Chairman of the Senate more privileges was also adopted. The bill also gave the National Assembly and Senate"s Standing Committee on Finance authority.

According to these additional approvals, the Chairman of the Senate and the Speaker of the National Assembly will be able to periodically increase the privileges, while the Standing Committee on Finance will need to approve any rise in concessions.

The National Assembly also made the announcement that merchants will face consequences for not connecting to the commercial FBR automated system. A punishment of Rs. 0.5 million will be assessed in the event of the first default. After 15 days, a Rs. 1 million fine would be assessed for the second default. A fine of Rs. 2 million must be paid for the breach fifteen days after the second default. Fifteen days just after third default, the fine will increase to Rs. 3 million, and non-compliant store firms may also be closed.

You may also like

Popular posts

EASA Confirms Continued Ban on PIA Flights to Europe
News

EASA Confirms Continued Ban on PIA Flights to Europe

  • 2024-06-27 22:21:40
KP sparked controversy by fraudulent driving licenses.
News

KP sparked controversy by fraudulent driving licenses.

  • 2024-06-27 22:15:33
CM Gandapur initiates the hiring process for KP Govt positions.
News

CM Gandapur initiates the hiring process for KP Govt positions.

  • 2024-06-27 22:08:35
Opportunity for Non-Filers_ Pre-Travel Ban Explanation Required
News

Opportunity for Non-Filers: Pre-Travel Ban Explanation Required

  • 2024-06-27 21:59:33
Budget 2024-2025 _ Govt gives 203% more budget to education
News

Budget 2024-2025 : Govt gives 203% more budget to education

  • 2024-06-13 16:07:06

Pages

Subscribe our Newsletter!

Subscribe to our email newsletter to receive useful articles and special offers.