ISLAMABAD, Oct 23 (APP): The Supreme Court’s constitutional bench on Thursday adjourned the hearing of petitions related to the super tax till Friday, October 24.
The five-member bench, headed by Justice Amin-ud-Din Khan, heard the case.
During the proceedings, counsel for stock market companies, Mirza Mahmood Ahmad, concluded his arguments, while Salman Akram Raja, representing oil companies, presented his submissions, which will continue at the next hearing.
Salman Akram Raja argued that under the agreements signed between the companies and the government in 2003, the super tax cannot be imposed on contracts made either before or after July 1, 2022. He contended that petroleum companies are already bound to pay a minimum of 40 percent tax under their contractual obligations.
At this point, Justice Amin-ud-Din Khan observed that if a company’s tax rate falls below 40 percent, the super tax could then be applicable. Salman Akram Raja responded that whether Section 4C applies or not, the oil companies cannot be made to pay more than 40 percent tax.
He further informed the court that the Islamabad High Court had already accepted the petitions filed by the petroleum companies. Justice Jamal Mandokhail remarked that in order to impose Section 4C on petroleum companies, amendments in their contractual rules would be necessary.
Raja maintained that such amendments must precede the enforcement of the super tax. The apex court subsequently adjourned the hearing of the super tax case till 9:30 a.m. on Friday, October 24.