ISLAMABAD: The Federal Constitutional Court (FCC) has issued a reserved judgment in the case related to the super tax. The court disposed of the case with various conditions.
A 3-member bench headed by Chief Justice of the Federal Constitutional Court Aminuddin Khan heard the case. Chief Justice of the Federal Constitutional Court Justice Aminuddin Khan read out the judgment.
The FCC declared the super tax correct; according to the judgment, the High Courts were not right to declare the law discriminatory. The federal government will benefit from the judgment by more than 300 billion.
The judgment states that the objections are rejected on the merits of the case, Section 4B of the Income Tax Ordinance will be maintained from 2015. The decisions of the High Courts related to Section Force are partially declared null and void.
The Constitutional Court restored Section 4B of the Income Tax and said that the Parliament has the power to impose tax on the income of the Parliament by making legislation.
According to the decision, tax will not be applied to Mudaraba, mutual funds and benevolent funds. Separate legal exemptions related to different sectors will remain in place. Anyone in the oil and gas sector will be able to obtain any exemption from the relevant commissioners.
