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Govt to impose super tax on rich class

Latest Update: June 7, 2015 | 289 Views
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ISLAMABAD: The government has decided to impose ‘super tax’ on the affluent segment with annual income of more than Rs 500 million.

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Finance Minister Ishaq Dar unveiled it during the post-budget press conference yesterday.

According to budget documents, it has been proposed to impose one-time super tax on rich individuals, associations of persons and companies earning above Rs500 million in tax year 2015. The tax will be imposed at a rate of 4% of income for banking companies and 3% of income for all others.