Tuesday July 16, 2024

Three super tax slabs for rich proposed in budget 2023-24

Finance bill proposes 6% super tax on individuals earning between Rs200m and Rs400m annually.

By Business Desk
June 09, 2023
A man is counting Rs5,000 currency notes. — AFP/File
A man is counting Rs5,000 currency notes. — AFP/File 

With a focus on “economic stability”, the federal movement on Friday proposed to introduce three slabs for the wealthy people paying super tax in the Finance Bill 2023-24.

According to the finance bill introduced by Finance Minister Ishaq Dar in the National Assembly, super tax is levied equally on people earning more than 150 million rupees.

But now the government has proposed to introduce three more slabs in it.

The finance bill proposed 6% super tax on individuals earning between Rs200 million and Rs400 million annually.

The bill proposed to increase super tax to 8% for those earning between Rs400 million and Rs500 million while 10% for those individuals earning more than Rs500 million per annum, the bill proposed.

Earlier today, Finance Minister Dar unboxed Rs14.46 trillion budget for the fiscal year 2023-24, introducing "no new taxes" and envisaging an economic growth of 3.5% as the crisis-riven country looks to persuade the International Monetary Fund (IMF) to release more bailout money.

Pakistan has shared the budget numbers with the IMF, and the finance minister believes there's no further objection the lender could raise — as they are in line with the programme requirements.

Dar — who presented the second budget of the Pakistan Democratic Movement-led government, which came into power in April last year, in the National Assembly and Senate — returned to the podium to announce the federal budget after a hiatus of five years.