Capital Value Tax
22 December 2022
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”) leviedthrough Section 8 of the Finance Act 2022. It remains to be seen whether the Petitioners will opt for anintra-court appeal before a Division Bench of the LHC. It may be noted that constitutional petitions of a similar nature have also been filed before a DivisionBench of the Honourable High Court of Sindh (“SHC”). The petitions have been reserved for judgment bythe SHC. However, those petitions in which the petitioners solely own foreign movable assets for TaxYear 2022, will be heard separately by the SHC.
