In order to generate Rs 24 billion extra revenue, the government has introduced Super Tax on rich individuals, association of persons (AOPs) and companies earning income above Rs 500 million in tax year 2015 at rate of 4 percent of income of banking companies and 3 percent on other categories for rehabilitation of temporarily displaced persons through Finance Bill (2015-16).
Finance Bill 2015-16 issued on Friday suggested a new tax under the name and style of Super Tax for rehabilitation of temporarily displaced persons. A super tax shall be imposed for rehabilitation of temporarily displaced persons, for tax year 2015, on income of certain persons.
According to the Finance Bill 2015: (2) after section 4, the following new section shall be inserted, namely:-
"4B. Super tax for rehabilitation of temporarily displaced persons.?(1) A super tax shall be imposed for rehabilitation of temporarily displaced persons, for tax year 2015, at the rates specified in Division IIA of Part I of the First Schedule, on income of every person specified in the said Division.
(2) For the purposes of this section, "income" shall be the sum of the following:-
(i) profit on debt, dividend, capital gains, brokerage and commission;
(ii) taxable income under section (9) of this Ordinance;
(iii) imputable income as defined in clause (28A) of section 2; and
(iv) income computed under Fourth, Fifth, Seventh and Eighth Schedule.
(3) The super tax payable under sub-section (1) shall be paid, collected and deposited on the date and in the manner as specified in sub-section
(1) of section 137 and all provisions of Chapter X of the Ordinance shall apply.
(4) Where the super tax is not paid by a person liable to pay it, the Commissioner shall by an order in writing, determine the Super tax payable, and shall serve upon the person, a notice of demand specifying the super tax payable and within the time specified under section 137 of the Ordinance.
(5) Where the super tax is not paid by a person liable to pay it, the Commissioner shall recover the super tax payable under sub-section (1) and the provisions of Part IV,X, XI and XII of Chapter X and Part I of Chapter XI of the Ordinance shall, so far as may be, apply to the collection of super tax as these apply to the collection of tax under the Ordinance.
(6) The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section,." it added.