Pakistan has achieved a significant milestone in collecting windfall tax from banks, with over Rs 34.5 billion deposited in the national treasury within four weeks. This major success comes after the Lahore High Court lifted the stay order on applications from all registered banks in Punjab, following a similar decision by the Sindh High Court.
Seven banks in Punjab, including Muslim Commercial Bank, Allied Bank, Al Habib Bank, Soneri Bank, Bank of Punjab, and Punjab Provincial Cooperative Bank Limited, deposited a total of Rs 11,483.6 million in the national treasury. Notably, Muslim Commercial Bank paid over Rs 3,486.8 million, while Allied Bank and Al Habib Bank contributed over Rs 2,954.6 million and Rs 2,948.2 million, respectively.
This achievement is attributed to the coordinated efforts of Prime Minister Shahbaz Sharif, who issued special instructions and orders to follow up on these cases. The windfall tax was imposed on banks in 2023 under Section 99D of the Income Tax Act, targeting extraordinary and excess profits. With this significant collection, the government treasury has received a substantial boost, marking a historic step in the country’s economic progres
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