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SC orders large-scale industries to pay 4pc super tax

12:00 PM | 17 Feb, 2023
SC orders large-scale industries to pay 4pc super tax
Source: File photo

ISLAMABAD – The Supreme Court on Thursday ordered the large-scale manufacturing industries to pay a 4 per cent super tax.

A supreme court bench consisting of Chief Justice Umar Ata Bandial, Justice Ayesha A. Malik and Justice Athar Minallah heard the federal government and the Federal Board of Revenue (FBR) appeals regarding the recovery of the super tax.

It should be noted that various industries had challenged the super tax levied in budget 2022-23 with retrospective effect after which the Sindh High Court invalidated the collection of the 10pc super tax from the last fiscal year.

Last year, Prime Minister Shehbaz Sharif anno­unced a 10pc tax on major industries including cement, steel, sugar, oil and gas, fertilisers, LNG terminals, textiles, banking, automobiles, chemicals, beverages and cigarettes.

Through the Finance Act 2022, the government introduced a new section C-4 in the Income Tax Ordinance to impose a super tax on high-income earners. Through this section, the FBR imposed a 10pc super tax on 13 sectors earning more than Rs150 million with restrospective effect from July 1, 2021.

The decision had since been challenged on various grounds in almost all the high courts of the country. Similarly, more than 100 petitions were filed in the Sindh High Court challenging the constitutionality of the provisions of the Finance Act 2022. The petitions stated that the federal government had also imposed a tax on past transactions in the Finance Act 2022.

Daily Pakistan Global Web Desk

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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