Sohail Sarfraz Published about an hour ago ISLAMABAD: Pakistan Business Council (PBC) has proposed the Federal Board of Revenue (FBR) to rationalise ‘super tax’ on well-organised documented sectors in coming budget (2024-25). Last year, the Overseas Investors Chamber of Commerce and Industry (OICCI) had asked the government to abolish super tax. According to the budget proposals of PBC for 2024-25, super tax was imposed on the documented sector retrospectively through the Finance Act, 2022. This is a penalty on the well- organised documented sector that creates jobs and disposable incomes for millions and also generates substantial tax revenues for the country. Moreover, under Section 4C, super tax is not progressive in nature and is applied on the entire profit once a threshold is crossed. This is contrary to the concept of marginal tax rates under the progressive basis of computing tax liabilities. Timelines should be specified for…