The 'Flood Surcharge' would be charged on monthly basis for six months period - January to June 2010, wherever applicable. Every salaried person, importer, advance taxpayer and commercial/industrial consumers of electricity would be bound to pay 10 percent income tax surcharge on the tax payable. An official said Wednesday that the 'Flood Surcharge' would not be one-time levy, but it would be charged on monthly basis for six months. One-time levy does not mean that the 'Flood Surcharge' would be collected just for one time on tax deductions made from salaried class. Contrary to this, if the Parliament approves the 'Flood Surcharge' in December 2010, the levy would be imposed from January 2011 till the end of current fiscal year. One-time levy means imposition of tax for one fiscal year. As soon as the Parliament would approve the 'Flood Surcharge', it would be imposed with immediate effect. According to sources, all transactions of withholding agents including deduction of withholding tax on supplies and contracts would be subjected to 10 percent 'Flood Surcharge'. However, it would only be applicable on the already tax deducted. Therefore, if a salaried person is paying monthly income tax of Rs 600 per month, 'Flood Surcharge' of Rs 60 would be applicable on the already deducted tax. This is a very nominal amount to be paid by the salaried class. Sources said the importers would have to pay 10 percent surcharge on each consignment imported into the country. If an importer has paid 10 percent 'Flood Surcharge' on the import of a specific consignment, he would again pay the levy on the import of a separate consignment. Within the withholding tax regime, all kinds of business transactions would be covered under the 'Flood Surcharge' regime. The withholding tax deductions would be liable to the 'Flood Surcharge'. For example, the dividend earners would be liable to pay the surcharge, major areas of withholding tax deductions including taxes on salary, contracts, services, profit on debt, dividends, royalties, etc, would be subjected to the 'Flood Surcharge'. The taxpayers would be liable to pay 10 percent income tax surcharge for the Tax Year 2011. The taxpayers liable to pay 'Flood Surcharge' would declare their actual income in the income tax returns to be filed for the Tax Year 2011. The date of filing of returns for the Tax Year 2010 has been expired and now the returns pertaining to the Tax Year 2011 would deal with the declarations for the purpose of the 'Flood Surcharge'. The corporate sector would file their returns in December 2010, but they would pay the surcharge with the returns to be filed for the Tax Year 2011. The government cannot do discriminatory treatment with the corporate sector and they would also pay the surcharge with the returns to be filed for the Tax Year 2011. Recorder Report. |
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Best Wishes & Warmest Regards,
Muhammad Noman Ansari
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