ISLAMABAD, Oct 22 (APP):The Supreme Court’s (SC) constitutional bench on Wednesday adjourned the hearing of petitions related to the super tax until Thursday.
A five-member constitutional bench headed by Justice Amin-ud-Din Khan heard various petitions filed by companies challenging the super tax. During the proceedings, counsel for a stock market company, Mirza Mehmood Ahmad, presented his arguments and contended that the Federal Board of Revenue (FBR) does not collect taxes directly from his client but through the National Clearing Company.
The counsel argued that such companies should not be considered “active” for super tax and should instead be placed in a separate category. Citing judgments from Indian courts, he noted that India follows the principle of uniform taxation.
Justice Amin-ud-Din Khan observed that people in India have been investing in the stock market for years and remarked that Pakistani citizens should also invest in the stock market instead of keeping their money in banks, as such investment benefits the national economy.
Counsel Mirza Mehmood Ahmad further said that his clients already pay general taxes but face losses when they borrow from banks to invest, as they have to pay taxes even after incurring losses.
Subsequently, the court adjourned the hearing until Thursday to allow the counsel to continue his arguments.