SBP appoints 10 primary dealers for FY27

The Federal Constitutional Court has issued an important ruling in favour of corporate taxpayers. The court has declared the adjustment of tax credits against super tax legally valid. It has also overturned an earlier decision of the Islamabad High Court. Justice Amir Farooq authored the six-page detailed judgment. The court accepted the appeals filed by a private mobile phone company. The case relates to the adjustment of tax credits against super tax. The company had challenged a demand raised by the Federal Board of Revenue (FBR). The FBR had issued a notice to the private company. The notice required the company to pay super tax. The company approached the Islamabad High Court after receiving the notice. It argued that its available tax credit should be allowed to adjust against the super tax liability. The Islamabad High Court rejected the company’s petition. The company then challenged that decision before the Federal Constitutional Court. The Federal Constitutional Court has now accepted the company’s appeals. It has declared that tax credits available to a taxpayer can be adjusted against super tax. The court referred to the relevant provisions of the tax law. It observed that the tax credit available under Section 168 is a separate and legally recognised right. According to the judgment, a taxpayer should not be prevented from using this credit for adjustment. The court said forcing a taxpayer to seek only a refund would not be consistent with the intention of the law. The judgment also addressed the interpretation of financial and tax laws. The court observed that such laws should be interpreted in a manner that facilitates taxpayers. The court emphasised that taxpayers should be able to exercise rights provided to them under the law. A legal right to a tax credit cannot be unnecessarily restricted through an interpretation that creates additional difficulties for taxpayers. The court also issued directions to the FBR. The FBR has been directed to examine the taxpayer’s claim for adjustment. The department must consider the claim in response to the tax notice. The FBR will now have to decide the matter according to the applicable law and the court’s ruling. The judgment provides an important clarification for corporate taxpayers. It establishes that an eligible tax credit can be considered for adjustment against a super tax liability. The ruling may also have wider implications for companies facing similar tax demands. Businesses with legally available tax credits may now rely on the court’s interpretation when seeking adjustments against their tax liabilities. By setting aside the Islamabad High Court’s decision, the Federal Constitutional Court has clarified the legal position on the issue. The case also highlights the continuing dispute between taxpayers and the FBR over the interpretation and application of tax laws.

Punjab Education Minister Rana Sikandar Hayat has announced that he will begin teaching students in government schools in Lahore from the first week of September as part of an initiative aimed at improving the quality of education in the province. The minister said he has decided to personally enter classrooms and teach students instead of only monitoring the education system from administrative offices. He said the experience would help him better understand the challenges faced by teachers and students while also providing an opportunity to evaluate classroom teaching firsthand. Rana Sikandar Hayat said English and Chemistry are his favourite subjects, and he will start by teaching these courses. He said he plans to teach English in primary schools and Chemistry in high schools before expanding his teaching to other subjects in the future. He added that he will visit a different government school every week without giving prior notice. According to the minister, these surprise visits will allow him to observe the actual learning environment, interact directly with students, and assess the effectiveness of teaching methods being used in classrooms. The education minister said the initiative is not symbolic but a practical effort to understand the strengths and weaknesses of the public education system. He believes that personally teaching students will provide valuable insight into issues affecting classroom learning and help identify areas that require immediate improvement. Rana Sikandar Hayat said he has immense respect for the teaching profession and considers it an honour to serve as a teacher. He added that educators play a vital role in shaping the future of the nation and deserve recognition for their contribution to society. He expressed hope that the initiative would encourage greater accountability within the education system and inspire teachers and school administrators to continue improving academic standards. He also said direct interaction with students would help the education department design better policies based on practical classroom experience rather than relying solely on reports. The minister said the feedback gathered during his teaching visits would be used to identify shortcomings in teaching methods, curriculum delivery, and classroom management. He added that the information would help the government introduce reforms aimed at improving learning outcomes and raising educational standards in government schools across Punjab.