ISLAMABAD:
Supreme Court Justice Aminuddin Khan remarked that people should invest their money in the stock market rather than keeping it in banks.
He made the remarks on Wednesday while leading a five-member constitutional bench hearing a case related to the imposition of super tax.
During the hearing, Mirza Mehmood Ahmad, a lawyer for a stock exchange company, presented his arguments. Justice Aminuddin Khan observed that in India, people have been investing in the stock market for years and Pakistanis should also consider channelizing their savings into investments rather than leaving their money idle in banks.
Lawyer Mirza Mehmood Ahmad said his client already pays general taxes and suffers losses when he borrows from banks for investment purposes.
He added that the Federal Board of Revenue (FBR) does not collect taxes from them directly but through the National Clearing Company and hence they should not fall into the category of super taxpayers. He urged the court to treat them as a separate bloc.
The lawyer also cited Indian court judgments regarding the concept of a uniform tax structure.
The hearing of the case will resume on Thursday (today).
