Draft rules for super tax issued

KARACHI: The Federal Board of Revenue (FBR) on Wednesday issued draft rules for imposition of super tax, which was introduced in the Federal Budget 2015/16 for the rehabilitation of temporary displaced persons.
Under the draft rules, the super tax has been imposed at three percent on an individual or a company driving annual income above Rs500 million.
However, for the banking companies, the tax rate will be four percent on income without threshold.
Under the proposed rules, commissioners of the Inland Revenue have been empowered to recover in case of non-payment by invoking penal clauses of tax laws.