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The Honourable Sindh High Court Dismisses Petitions Challenging the Vires of the Capital Value Tax
The Honourable High Court of Sindh (“SHC”) dismissed the Constitutional Petitions filed that challenged the vires of Section 8 of the Finance Act 2022 (commonly referred to as “Capital Value Tax or CVT”) vide judgment dated 30th December 2022. These petitions consisted of petitioners that owned foreign movable and immovable assets. The Petitions in which the Petitioners owned exclusively movable foreign properties were de-tagged and will be heard separately by the SHC.
Capital Value Tax
A single bench of the Honourable High Court of Lahore (“LHC”) has, vide a short order dated 22.12.2022, dismissed the Constitutional Petitions challenging the vires of the Capital Value Tax (“CVT”) levied through Section 8 of the Finance Act 2022. It remains to be seen whether the Petitioners will opt for an intra-court appeal before a Division Bench of the LHC.
Super Tax
The Honourable High Court of Sindh (“SHC”) has, vide a short Order dated 22.12.2022 (“said Order”), partially allowed the Constitutional Petitions challenging the vires of Section 4C of the Income Tax Ordinance 2001 (“ITO”), also known as the ‘Super Tax’. As per the said Order, the Super Tax will be