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IHC declares super tax on high-income firms illegal

08:49 PM | 20 Jul, 2023
IHC declares super tax on high-income firms illegal
Source: File Photo

ISLAMABAD – The Islamabad High Court (IHC) on Thursday declared the imposition of super tax on high-income corporations unlawful.

Justice Sardar Ejaz Ishaq Khan announced the verdict, declaring all notifications about recovery the super tax null and void.

The Income Tax Ordinance's Section 4C was also invalidated by the court, thus invalidating the tax's legal foundation.

Salman Akram Raja and Adnan Haider Randhawa, among other well-known solicitors, defended the petitioners who disputed the legality of the super tax. They argued that levying such a tax was unfair and harmful to the expansion of high-income firms.

The tax was introduced by Finance Minister Ishaq Dar last month during his budget speech.

The super tax would be imposed on the firms making Rs500 million or more per annum. Initially, it was decided that super tax would be imposed on those earning more than Rs300 million annually, but the decision was reviewed later.

The super tax, set at 4% for all industries, had been approved by the Supreme Court in February. Initially, the government assessed it at 4% for certain industries and 10% for others.

Although it stated that a tax of more than 4% was not permitted by the law, the Lahore High Court had also accepted the levy.

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 14 April forex rates

Pakistani currency remains unchanged against US dollar and other currencies in open market on April 14, 2024.

US Dollar rate in Pakistan

On Sunday, the US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro was quoted at 299.95 for buying and 302.9 for selling while British Pound stands at 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.45 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 14 April 2024

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 299.95 302.9
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.45
 
76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86
 
1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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