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| May 27, 2006 | Saturday | Rabi-us-Sani 28, 1427 |
Sharif family challenges wealth tax rules
LAHORE, May 26: Former prime minister Nawaz Sharif, former Punjab chief minister Shahbaz Sharif and their family members have moved the Supreme Court in an amended petition challenging certain tax rules under which their wealth tax was assessed disproportionate to the market value of their shares for four years.
Moved through Advocate Tariq Aziz, the petition challenged the Rule 8 (2) (c) (1) of the Wealth Tax Act, 1963, stating that the valuation of their shares in 14 to 15 industries belonging to the family and others, was repugnant to the act because it was calculated in access of their face value and the market price.
The petition stated that the rule calculated shares of public limited companies less than the market value whereas in case of private limited companies, the criteria was altogether different.
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