The Government, presenting the Appropriation Bill for the financial year 2022 has proposed to impose two one-time taxes.
Following are the two one-time taxes proposed in the Budget 2022:
- A one-time tax surcharge of 25 percent is proposed to be imposed on persons or companies with taxable income over Rs. 2,000 million for the year of assessment 2020/2021. The Government expects to earn Rs. 100 billion through this tax.
- VAT on banks and financial service providers’ undersupply of financial services by specified institutions has been proposed to be increased to 18 percent from 15 percent. This tax should be paid monthly from 01 January 2022 to 31 December 2022, while it should not be shifted to the customer. The Government expects to earn Rs. 14 billion through this tax. (NewsWire)
