Govt gears up to impose 'super tax' on the rich

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.

During his presser, Mr. Dar had rejected the impression that duties on ghee, oil, fertilizers, high speed diesel oil and packed milk has been increased. He said three regulatory duties on cellular phones have been replaced with a single duty which will help further bring down the prices of low cost cell phones.