Islamabad: A review petition has been filed against the Pakistan Supreme Court (SC)’s verdict to impose tax on companies extracting underground water, reported a news source. Gourmet, Nestle and Pepsi filed the review petition.
Announced on December 6, SC had ordered imposition of PKR 1 per litre in terms of tax. The petitioners mentioned that this will cause irreversible damage to the beverage and bottled water companies. The impact will also trickle down to leave negative impact on country’s economy, they said.
The petitioners further mentioned that imposition of this tax will increase product prices and cause additional burdens on the consumers. As per the SC’s verdict, the companies will also be required to pay income tax of PKR 250 billion, which is practically impossible.
Imposition of these taxes is unjust, said their petitioners while requested the court to nullify the SC’s verdict.
For more information on the matter, stay tuned to Zameen News.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
