ITO Section 99D

Additional tax on certain income, profits and gains. —

(1) Notwithstanding anything contained in this Ordinance or any other law for the time being in force, for any of the last three tax years preceding the tax year 2023 and onwards, in addition to any tax charged or chargeable, paid or payable under any of the provisions of this Ordinance, an additional tax shall be imposed on every person being a company who has any income, profit, or gains that have arisen due to any economic factor or factors that resulted in windfall income, profits, or gains.

(2) The Federal Government may, by notification in the official Gazette, —
(a) specify sector or sectors for which this section applies;
(b) determine windfall income, profits, or gains and economic factor or factors, including but not limited to international price fluctuation having bearing on any commodity price in Pakistan or any sector of the economy or difference in income, profit or gains on account of foreign currency fluctuation;
(c) provide the rate not exceeding fifty percent of such income, profits, or gains;
(d) provide for the scope, time, and payment of tax payable under this section in such manner and with such conditions as may be specified in the notification; and
(e) exempt any person or classes of persons, any income or classes of income from the application of this section, subject to any conditions as may be specified in the notification.

(3) The Federal Government shall place before the National Assembly the notification issued under this section within ninety days of the issuance of such notification or by the 30th day of June of the financial year, whichever is earlier.