ISLAMABAD: Chief Justice of Pakistan (CJP) Umar Ata Bandial has remarked country at present is facing financial hardships, therefore, money which is lying outside country should be kept in country to improve foreign exchange reserves. He remarked we can understand the compulsions of government. It is responsibility of every one to extend cooperation. He gave these remarks during hearing of petition against imposition of tax on foreign assets here.

Court while giving stay order on order for paying 100 percent tax on non-transferable property adjourned hearing of case for indefinite period. A 3-member bench of SC presided over by Chief Justice of Pakistan) Umar Ata Bandial took up case for hearing.

Court while rejecting FBR plea for payment of 100 percent tax issued order to respondents to pay 50 percent tax on non-transferable property besides remarking decision will not be applicable to transferable property.

CJP remarked that flaws in taxation system will have to be seen. New taxation will have to be made to integrate more people into tax system. What court has to do it has to do it as per law and Constitution.

Member legal of FBR told this matter is of billions of rupees. If court issues stay order then it will be injustice with others. If we start giving such relief on tax policy then difficulties will increase.

CJP remarked court has no objection on whosoever wants to pay 100 percent tax. Court adjourned hearing of case for indefinite period.

Published in The Daily National Courier, June, 13 2023

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