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  • qurratulain
  • 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.

Qurratulain Junaid
Chief Content Officer

A tech enthusiast, writer, researcher and strategist working on the latest technologies and making an impact. Qurratulain has been heavily focused on building communities, empowering people through technological trends and advancements for over 3+ years.


[email protected]

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