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Jazz Hit with Rs. 22 Billion Fine in Historic Court Ruling, IHC sides with FBR
- Islamabad High Court rules in favor of FBR in a tax reference case involving Jazz, a prominent Telecom operator.
- Jazz ordered to pay around Rs. 22 billion in taxes on transaction gain from internal asset reorganization.
- The asset reorganization involved transferring tower infrastructure to a wholly-owned subsidiary in 2018.
- The accounting gain from the asset disposal was approximately Rs. 75.9 billion.
- Jazz argued for tax exemption under Section 97(1) of the Income Tax Ordinance, 2001 but was dismissed by the Court.
- The Court found the transaction value of USD 940 million violated tax exemption conditions, leading to a taxable gain.
- FBR's victory in the case supports the Prime Minister's goal of resolving state revenue cases swiftly.
- The FBR's Legal Wing, under Mr. Rashid Mehmood and Mir Badshah Khan Wazir, has been proactive in pursuing pending cases, aiding in revenue recovery.
- Ms. Asma Hamid and Dr. Ishtiaq Ahmed Khan represented FBR in the case, leading to the resolution of tax disputes and revenue recovery.
- A related petition by Jazz against a show-cause notice was also dismissed by the Court with a fine imposed on the petitioner.
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