Income Tax Ordinance, 2001 — Section 4C: Super tax on high earning persons

3[4C. Super tax on high earning persons.― (1) A super tax shall be imposed for tax year 2022 and onwards at the rates specified in Division IIB of Part I of the First Schedule, on income of every person: Provided that this section shall not apply to a banking company for tax year 2022.

(2)For the purposes of this section, “income” shall be the sum of the following:

(i)profit on debt, dividend, capital gains, brokerage and commission;

(ii)taxable income (other than brought forward depreciation and brought forward business losses) under section 9 of the Ordinance, excluding amounts specified in clause (i); 1 Inserted by the Finance Act, 2016. 2 Inserted by the Finance Act, 2019. 3 Inserted by the Finance Act, 2022. 34 Chapter II – Charge of Tax

(iii)imputable income as defined in clause (28A) of section 2 excluding amounts specified in clause (i); and

(iv)income computed, other than brought forward depreciation, brought forward amortization and brought forward business losses under Fourth, Fifth 1[, Seventh and Eighth] Schedules.

(3)The tax payable under sub-section (1) shall be paid, collected and deposited on the date and in the manner as specified in sub-section (1) of section 137 and all provisions of Chapter X of the Ordinance shall apply.

(4)Where the tax is not paid by a person liable to pay it, the Commissioner shall by an order in writing, determine the tax payable, and shall serve upon the person, a notice of demand specifying the tax payable and within the time specified under section 137 of the Ordinance.

(5)Where the tax is not paid by a person liable to pay it, the Commissioner shall recover the tax payable under sub-section (1) and the provisions of Part IV, X, XI and XII of Chapter X and Part I of Chapter XI of the Ordinance shall, so far as may be, apply to the collection of tax as these apply to the collection of tax under the Ordinance. 2[(5A) The provisions of section 147 shall apply on tax payable under this section.]

(6)The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section.]