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ISLAMABAD: The Supreme Court directed the federal government to take measures to control the smuggling of foreign currency out of the country.

A three-judge bench, headed by Chief Justice Umar Ata Bandial and comprising Justice Ayesha A Malik and Justice Athar Minallah heard the Federal Board of Revenue (FBR)’s petitions against the Lahore High Court (LHC)’s order regarding the imposition of super tax. The bench clubbed the petitions against the SHC’s verdict in the instant matter.

During the proceeding, Faisal Siddiqui informed the bench that right now he is representing the FBR. He said he would also represent the federal government if the country defaulted. Upon that, the chief justice interrupted him, and said the country was “not going bankrupt”. “The government needs to adopt measures to stem foreign currency smuggling. Everyone needs to improve themselves in the better interest of the country,” he added. He remarked that the FBR imposed the super tax in “good faith”.

At the start of the hearing, Faisal Siddiqui told the court that the LHC had suspended the implementation interim order in its final verdict for 60 days. However, the chief justice said they have not received the final order.

Barrister Farogh Naseem, representing the companies, argued that all petitions of the FBR against the LHC’s interim order had become ineffective, especially after the announcement of the provincial court’s final decision.

CJP Bandial said it was also known that Shell Pakistan, one of the petitioners, paid taxes in millions of rupees.

The Supreme Court, on February 6, had modified the LHC’s interim order and directed the high-income earners to pay 50 per cent of the due liability with regard to the Super Tax within seven days.

Copyright Business Recorder, 2023

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Pakistani1 Feb 11, 2023 02:24pm
Those in the know have been aware of this activity for a long time. Who will bell the cat given lucrative returns and the parties involved?
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