The Islamabad High Court has upheld the constitutional validity of Section 4C of the Income Tax Ordinance 2001, dismissing Meezan Bank's petition against the super tax. This ruling reaffirms the levy of approximately Rs11 billion and vacates interim stay orders, establishing Parliament's competence to impose the tax. The court found no constitutional violation, ruling that liability is determined by income accrued during the tax year, not contract execution dates. This decision could bolster government revenues, potentially offering some stability to Pakistan's fiscal outlook and indirectly influencing USD/PKR rates.
بحوالہ / Source: www.dawn.com