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LHC axes super tax to 4 percent, terming it legal but ‘discriminatory’

10:07 AM | 28 Jun, 2023
LHC axes super tax to 4 percent, terming it legal but ‘discriminatory’

LAHORE – Lahore High Court (LHC) refused to annul super tax and only reduced the tax from 10 percent to 4 percent to give relief to buisennes community.

In a major ruling, Justice Jawad Hassan of Lahore High Court slashed the super tax rate from 10 percent to 4 percent for 16 sectors, including banks. More than 350 petitioners moved court against super tax, urging LHC to declare imposition of the super tax null and void while government and FBR opposed the plea.

LHC Justice Jawad Hassan after hearing the arguments refrained from changing the legality of the super tax however he reduced the tax rate for specific sectors.

The federal government announced the imposition of the super tax however court verdict clears a legal framework for the super tax’s implementation.

In 2022, the government introduced so-called super tax on more than a dozen large-scale industries in another attempt to garner funds amid soaring inflation.

With an amendment to Section 4C of the Income Tax Ordinance, the federal government slapped super tax on earnings from LNG terminals, textile, cement, steel, sugar, oil and gas, fertilisers, banking, automobile, chemicals, airlines sector, tobacco, and beverages.

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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