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ISLAMABAD:
Supreme Court Justice Aminuddin Khan has remarked that people should invest their money in the stock market instead of keeping it in banks.
He made these remarks on Wednesday while heading a five-member constitutional bench hearing a case related to the imposition of super tax.
During the proceedings, Mirza Mehmood Ahmad, counsel for a stock market 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 channeling their savings into investments rather than leaving their money idle in banks.
Advocate Mirza Mehmood Ahmad contended that his client already pays general taxes and suffers losses when borrowing from banks for investment purposes.
He added that the Federal Board of Revenue (FBR) does not collect tax from them directly but through the National Clearing Company, and therefore, they should not fall under the category of super tax payers. He urged the court to treat them as a separate block.
The counsel also cited judgments from Indian courts regarding the concept of a uniform tax structure.
The hearing of the case will resume on Thursday (today).
