ISLAMABAD: Chief Justice of Pakistan (CJP) Umar Ata Bandial has remarked Pakistan is not going default. He observed “All need to improve themselves for sake of national interest. Government should take measures to curb smuggling of foreign currency. FBR has imposed supertax with good intent. It is also known that Shell Pakistan already pays tax of millions of rupees.

CJP gave these remarks while presiding over 3-member bench of Supreme Court during hearing of Federal Board of Revenue plea against Lahore High Court (LHC) order which had stayed recovery Super Tax from high-earning taxpayers.

During hearing counsel for FBR Faisal Siddiqui told court final decision of Lahore High Court has come in Super Tax case whereby collection of supertax from companies has been suspended for 60 days. In tax cases SC often directs companies to deposit 50 percent.

Farogh Nasim counsel for companies took plea FBR petitions against interim order have become ineffective after announcement of final decision by LHC, cannot issue order for collection of 50 percent Super Tax after petitions get ineffective.

Counsel for FBR Faisal Siddiqui said, “I am contesting case of FBR now. If country goes default then I will represent federation too. CJP remarked Pakistan is not getting bankrupt. Court ordering to club all petitions regarding Super Tax adjourned hearing of case till February 16.

Published in The Daily National Courier, February, 11 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.