ISLAMABAD:
Supreme Court Justice Aminuddin Khan has pointed out that people should invest their money in the stock market instead of keeping it in banks.
He made the remarks on Wednesday while heading a five-member constitutional court hearing a case related to the imposition of a super tax.
During the trial, Mirza Mehmood Ahmad, a lawyer for a stock 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 instead of leaving their money idle in banks.
Lawyer Mirza Mehmood Ahmad said his client already pays general taxes and suffers losses when he takes loans 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, so they should not fall into the category of super taxpayers. He urged the court to treat them as a separate block.
The lawyer also cited judgments of Indian courts on the concept of uniform tax structure.
The hearing of the case will resume on Thursday (today).
