Super tax hearing adjourned
A five-member Constitutional Bench of the Supreme Court, led by Justice Aminuddin Khan, adjourned the hearing on a case concerning the imposition of super tax until Tuesday.
During the hearing, counsel for a company argued that Section 4B should be aligned with the income tax law. He pointed out that a 4 per cent super tax is imposed on banking companies, even if their income is as low as Rs10.
In contrast, an individual earning over Rs400 million is subjected to a 3 per cent super tax.
Justice Hasan Azhar Rizvi observed that the super tax was abolished in 2002 for all companies except banking institutions.
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