Govt likely to remove 4% super tax levied on banks
Decision to be taken in a high-level meeting, chaired by finance minister, on MondayISLAMABAD: The federal government is likely to withdraw 4% super tax imposed on banking companies for tax year 2018. For tax year 2018, the government did not impose any super tax on banking companies but now it has levied 4% tax. Since banking year 2018 has ended in December, therefore, banking companies will be liable to pay 8% super tax instead of 4% in tax year 2019. Hence, banks have demanded exemption from 4% super tax for tax year 2018. High-income individuals and non-banking and other companies will be required to pay 1% super tax in tax year 2020.
Source: The Express Tribune March 02, 2019 03:25 UTC
