LAHORE – Lahore High Court (LHC) refused to annul super tax and only reduced the tax from 10 percent to 4 percent to give relief to buisennes community.
In a major ruling, Justice Jawad Hassan of Lahore High Court slashed the super tax rate from 10 percent to 4 percent for 16 sectors, including banks. More than 350 petitioners moved court against super tax, urging LHC to declare imposition of the super tax null and void while government and FBR opposed the plea.
LHC Justice Jawad Hassan after hearing the arguments refrained from changing the legality of the super tax however he reduced the tax rate for specific sectors.
The federal government announced the imposition of the super tax however court verdict clears a legal framework for the super tax’s implementation.
In 2022, the government introduced so-called super tax on more than a dozen large-scale industries in another attempt to garner funds amid soaring inflation.
With an amendment to Section 4C of the Income Tax Ordinance, the federal government slapped super tax on earnings from LNG terminals, textile, cement, steel, sugar, oil and gas, fertilisers, banking, automobile, chemicals, airlines sector, tobacco, and beverages.
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