Govt proposes three tax slabs for wealthy individuals paying super tax

The federal government on Friday proposed introducing three super tax slabs for wealthy individuals in the federal budget for fiscal year 2023-24.

According to the finance bill introduced by Finance Minister Ishaq Dar in the National Assembly, super tax is levied equally on people earning more than 150 million rupees.

But now the government has proposed to introduce three more slabs in it.

The finance bill proposed 6 per cent super tax on individuals earning between Rs200 million and Rs400 million annually.

The bill proposed to increase super tax to 8 per cent for those earning between Rs400 million and Rs500 million while 10 per cent for those individuals earning more than Rs500 million per annum, the bill proposed.

Earlier today, Finance Minister Dar unboxed a Rs14.46 trillion budget for the fiscal year 2023-24, introducing "no new taxes" and envisaging an economic growth of 3.5% as the crisis-riven country looks to persuade the International Monetary Fund (IMF) to release more bailout money.

Pakistan has shared the budget numbers with the IMF, and the finance minister believes there's no further objection the lender could raise — as they are in line with the programme requirements.

Dar — who presented the second budget of the Pakistan Democratic Movement-led government, which came into power in April last year, in the National Assembly and Senate — returned to the podium to announce the federal budget after a hiatus of five years.