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Print Print 2023-06-10

Additional tax on income profit, gains imposed

  • Federal Board of Revenue includes a new section “99D” (Additional tax on certain income, profits and gains) in the Income Tax Ordinance 2001
Published June 10, 2023

ISLAMABAD: The government has imposed “additional tax” at the rate not exceeding 50 percent on income profit and gains of a person or class of persons on account of extraordinary gains due to exogenous factors.

Through the Finance Bill 2023, the Federal Board of Revenue (FBR) has included a new section “99D” (Additional tax on certain income, profits and gains) in the Income Tax Ordinance 2001.

The additional tax shall be imposed on every person who has any income, profit or gains that have arisen to any person or class of persons due to any economic factor or factors that resulted in unexpected income, profits or gains whether or not disclosed in the financial statements.

Dar urges FBR to boost tax revenue collection efforts

According to the Finance Bill 2023, notwithstanding anything contained in this Ordinance or any other law for the time being in force, for any of the preceding five tax years from tax year 2023 and onwards, in addition to any tax charged, paid or payable under any of the provision of the Ordinance, an additional tax shall be imposed on every person who has any income, profit or gains that have arisen to any person or class of persons due to any economic factor or factors that resulted in unexpected income, profits or gains whether or not disclosed in the financial statements.

The federal government, may through a notification in the official Gazette determine economic factor or factors including but not limited to international price fluctuation having bearing on any commodity price in Pakistan or any sector of the economy or difference in income, profit or gains on account of foreign currency fluctuation; provide the rate not exceeding fifty percent of such income, profits or gains; provide for the scope, time and payment of tax payable under this section in such manner and with such conditions as may be specified and exempt any person or classes of persons, any income or classes of income from the application of this section, the Finance Bill 2023 added.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Aladin Jun 10, 2023 10:33am
@Tulukan Mairandi, GET WELL SOON !!!
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Tulukan Mairandi Jun 10, 2023 10:42am
Choking the businessmen to pay for Dar's and Imran Niazi's mess ups. All I can say, with a heavy heart, is that Pakistan is doomed
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Ishtiaq Jun 10, 2023 02:39pm
i like your key highlights. pl include tax detail as well.
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Amer Rafique Khan Jun 10, 2023 07:20pm
In simpler term, Business men should move out, thats what they actually mean...
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Zafar Jun 11, 2023 08:06am
Could not get a clue of what is this all about.
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Ahmed zeb Jun 11, 2023 08:27pm
@Tulukan Mairandi, pl have some guts ! Call out the real culprits !!
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