AGL 38.48 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 203.02 Decreased By ▼ -4.75 (-2.29%)
BOP 10.17 Increased By ▲ 0.11 (1.09%)
CNERGY 6.54 Decreased By ▼ -0.54 (-7.63%)
DCL 9.58 Decreased By ▼ -0.41 (-4.1%)
DFML 40.02 Decreased By ▼ -1.12 (-2.72%)
DGKC 98.08 Decreased By ▼ -5.38 (-5.2%)
FCCL 34.96 Decreased By ▼ -1.39 (-3.82%)
FFBL 86.43 Decreased By ▼ -5.16 (-5.63%)
FFL 13.90 Decreased By ▼ -0.70 (-4.79%)
HUBC 131.57 Decreased By ▼ -7.86 (-5.64%)
HUMNL 14.02 Decreased By ▼ -0.08 (-0.57%)
KEL 5.61 Decreased By ▼ -0.36 (-6.03%)
KOSM 7.27 Decreased By ▼ -0.59 (-7.51%)
MLCF 45.59 Decreased By ▼ -1.69 (-3.57%)
NBP 66.38 Decreased By ▼ -7.38 (-10.01%)
OGDC 220.76 Decreased By ▼ -1.90 (-0.85%)
PAEL 38.48 Increased By ▲ 0.37 (0.97%)
PIBTL 8.91 Decreased By ▼ -0.36 (-3.88%)
PPL 197.88 Decreased By ▼ -7.97 (-3.87%)
PRL 39.03 Decreased By ▼ -0.82 (-2.06%)
PTC 25.47 Decreased By ▼ -1.15 (-4.32%)
SEARL 103.05 Decreased By ▼ -7.19 (-6.52%)
TELE 9.02 Decreased By ▼ -0.21 (-2.28%)
TOMCL 36.41 Decreased By ▼ -1.80 (-4.71%)
TPLP 13.75 Decreased By ▼ -0.02 (-0.15%)
TREET 25.12 Decreased By ▼ -1.33 (-5.03%)
TRG 58.04 Decreased By ▼ -2.50 (-4.13%)
UNITY 33.67 Decreased By ▼ -0.47 (-1.38%)
WTL 1.71 Decreased By ▼ -0.17 (-9.04%)
BR100 11,890 Decreased By -408.8 (-3.32%)
BR30 37,357 Decreased By -1520.9 (-3.91%)
KSE100 111,070 Decreased By -3790.4 (-3.3%)
KSE30 34,909 Decreased By -1287 (-3.56%)

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)