Pakistan’s Supreme Court Explains Calculation of Additional Costs Under the Income Tax Act | Instant News


The Supreme Court of Pakistan on March 9 explained the calculation of additional costs for the 2011 tax year. Prepaid income tax paid by the taxpayer partnership became the final tax obligation for the tax period. The income tax amendment that year imposed an additional 15 percent charge on income tax paid for a certain period. Then, the tax authority issues a circular explaining the period for which additional costs apply and the method of calculation. The partnership challenged the circular on the grounds that the additional costs were only calculated for the revenue earned during the specified period. The highest court states that the additional fees …

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