ISLAMABAD:
Supreme Court Justice Aminuddin Khan has observed 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 on imposition of super tax.
During the proceedings, Mirza Mehmood Ahmad, lawyer 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 channelizing their savings into investments instead of letting their money sit idle in banks.
Advocate Mirza Mehmood Ahmad argued that his client already pays regular tax and incurs losses when he borrows 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 taxpayers. He urged the court to treat them as a separate bloc.
The lawyer also cited judgments of Indian courts regarding the concept of uniform tax structure.
The hearing of the case will resume on Thursday (today).
