AIRLINK 65.20 Decreased By ▼ -0.70 (-1.06%)
BOP 5.57 Decreased By ▼ -0.12 (-2.11%)
CNERGY 4.56 Decreased By ▼ -0.09 (-1.94%)
DFML 24.52 Increased By ▲ 1.67 (7.31%)
DGKC 69.96 Decreased By ▼ -0.74 (-1.05%)
FCCL 20.30 Decreased By ▼ -0.05 (-0.25%)
FFBL 29.11 No Change ▼ 0.00 (0%)
FFL 9.83 Decreased By ▼ -0.10 (-1.01%)
GGL 10.01 Decreased By ▼ -0.07 (-0.69%)
HBL 114.25 Decreased By ▼ -1.00 (-0.87%)
HUBC 129.10 Decreased By ▼ -0.40 (-0.31%)
HUMNL 6.71 Increased By ▲ 0.01 (0.15%)
KEL 4.44 Increased By ▲ 0.06 (1.37%)
KOSM 4.89 Decreased By ▼ -0.13 (-2.59%)
MLCF 37.00 Increased By ▲ 0.04 (0.11%)
OGDC 132.30 Increased By ▲ 1.10 (0.84%)
PAEL 22.54 Increased By ▲ 0.06 (0.27%)
PIAA 25.89 Decreased By ▼ -0.41 (-1.56%)
PIBTL 6.60 Increased By ▲ 0.07 (1.07%)
PPL 112.85 Increased By ▲ 0.73 (0.65%)
PRL 29.41 Increased By ▲ 1.02 (3.59%)
PTC 15.24 Decreased By ▼ -0.87 (-5.4%)
SEARL 57.03 Decreased By ▼ -1.26 (-2.16%)
SNGP 66.45 Increased By ▲ 0.76 (1.16%)
SSGC 10.98 Decreased By ▼ -0.04 (-0.36%)
TELE 8.80 Decreased By ▼ -0.14 (-1.57%)
TPLP 11.70 Increased By ▲ 0.17 (1.47%)
TRG 68.62 Decreased By ▼ -0.62 (-0.9%)
UNITY 23.40 Decreased By ▼ -0.55 (-2.3%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 7,295 Decreased By -9.1 (-0.12%)
BR30 23,854 Decreased By -96 (-0.4%)
KSE100 70,290 Decreased By -43.2 (-0.06%)
KSE30 23,171 Increased By 50.4 (0.22%)

ISLAMABAD: The Lahore High Court (LHC) has also suspended the SRO 1588(I)/2023 of the Federal Board of Revenue (FBR) which has imposed 40 percent additional tax on windfall income of banks.

It is reliably learnt that the LHC in a writ petition No78520/2023, filed by a bank, stayed tax imposed under section 99D read with SRO1588(I)/2023 dated November 21, 2023 at the rate of 40 percent on foreign exchange income of the banks as windfall gains.

Attachment of bank account: LHC takes notice of ‘illegal’ recovery by FBR

It is further learnt that the order passed by Justice Anwar Hussain suspending the SRO by caretaker government also contained details of vires challenged of impugned law and notification and fixing December 11, 2023, as date of hearing with notice to Attorney General for Pakistan under section 27A of CPC.

The same order was issued for two big banks assessed in Lahore.

Earlier, the Islamabad High Court (IHC) had suspended the SRO 1588(1)/2023.

The petitioner banks are aggrieved of the impugned SRO 1588(1)/2023, dated 21.11.2023, issued under section 99D of the Income Tax Ordinance 2001 by which the banking companies have been subjected to “additional tax” at 40 per cent on their windfall income that is to be computed in accordance with the formula given in the impugned SRO.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Aamir Dec 01, 2023 11:29am
Excellent decision. Such unfair taxation like windfall and deemed income on properties are totally unfair taxes and the courts should strike them down
thumb_up Recommended (0)