Senate Pushes Back Against Immediate Super Tax Collection as lawmakers express concerns over the economic impact on businesses. The Senate Standing Committee on Finance and Revenue asked the Federal Board of Revenue (FBR) to allow recovery of Super Tax in instalments rather than demanding immediate payment. Lawmakers warned that forcing companies to pay all liabilities at once could create excessive pressure on businesses.
During the recent parliamentary finance committee meeting, FBR Chairman Rashid Mahmood Langrial clarified that total super tax collections are expected to reach Rs217 billion. He dismissed media reports suggesting Rs300 billion in collections, stressing that accurate reporting is important for government revenue collection. Finance Minister Muhammad Aurangzeb and State Bank Governor Jameel Ahmad also attended the Parliament House meeting and supported a balanced approach.
Senator Saleem Mandviwalla and Senator Abdul Qadir highlighted business closures concerns and the risk of companies leaving the country. They recommended a two to three-year recovery plan to reduce the tax burden on businesses. Instalment payment plans, they argued, could maintain compliance while preventing economic disruptions. Senator Sherry Rehman emphasized the effect on employment, noting limited job opportunities in Pakistan and the importance of macroeconomic stability.
The committee’s suggestions will influence federal budget consultations and future policy decisions. By allowing gradual Super Tax recovery, the government can protect businesses while meeting revenue goals. The approach also strengthens confidence in the tax authority and encourages the declaration of assets.
In conclusion, the Senate pushes back against immediate super tax collection to ensure fair treatment of taxpayers. A phased recovery period can balance business liabilities and government revenue needs, minimizing negative economic consequences.
