ISLAMABAD, June 12 (Online): Chief Justice of Pakistan (CJP) Umar Ata Bandial has remarked the country at present is facing financial hardships; therefore, the money which is lying outside the country should be kept in the country to improve foreign exchange reserves.
He further remarked we can understand the compulsions of government. It is responsibility of every one to extend cooperation.
He gave these remarks during the hearing of the petition against imposition of tax on foreign assets here Monday.
The court while giving stay order on the order for paying 100 percent tax on non transferable property adjourned the hearing of the case for indefinite period.
A 3-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Umar Ata Bandial took up the case for hearing Monday.
The court while rejecting FBR plea for payment of 100 percent tax issued the order to respondents to pay 50 percent tax on non transferable property besides remarking the decision will not be applicable to transferable property.
The 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 billion of rupees. If court issues stay order then it will be injustice with others. if we start giving such relief on tax policy then the difficulties will increase.
The CJP remarked court has no objection on whosoever wants to pay 100 percent tax.
The court adjourned the hearing of the case for indefinite period.
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