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Pakistan govt to extend super tax for 1 more year

Islamabad - Mansha, the owner of Nishat Group, complained against the imposition of super tax on banks.

The federal government has announced that it will extend the four per cent super tax levied on all those earning Rs500 million annually to finance operation Zarb-e-Azb for one more year, going back on its promise that it would be a one-time levy.
Finance Minister Ishaq Dar made the announcement amid a stark warning from one of the country's leading businessmen, Mian Mansha, who said terrorism could not be rooted out without creating more job opportunities.
The top men of their own fields spoke at length about pressing political and economic issues. They disagreed on almost all points except one - they unequivocally agreed that the media should be brought "under some control". Both of them have recently remained subject of media criticism due to their business deals.
Dar said as the operation Zarb-e-Azb continues, the government will extend four per cent super income tax for one more year from July this year. In the budget 2015-16, the federal government imposed the 4 per cent one-time super tax on banking companies and 3 per cent on individuals and other companies having an annual income of Rs500 million. It has estimated earning Rs22 billion from the levy.
Mansha, the owner of Nishat Group, complained against the imposition of super tax on banks - a demand Dar rejected, advising the billionaire to have a big heart and contribute to the country that made him rich. Mansha was of the view that making money was his legitimate right. Dar said the cost of rehabilitation of internally displaced persons and security was over Rs230 billion.
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