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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 exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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