Islamabad (Web Desk): Prime Minister Shehbaz Sharif expressed that the additional tax revenue generated would be allocated to vital sectors such as health, education, and other public welfare projects.
His statement came in response to the Lahore High Court’s (LHC) decision to lift the stay order on the windfall tax on banks’ extra income, which has already resulted in a boost to the national treasury amounting to Rs11.5 billion bringing the total to Rs34.5 billion over the past month.
The prime minister had previously taken note of the ongoing legal challenges regarding the windfall tax imposed on banks’ additional income under the Finance Act of 2023.
To address this, he had instructed the Minister of Law, Minister of Finance, Attorney General, and Chairman of the Federal Board of Revenue (FBR) to form a competent team to handle these cases.
Their efforts bore fruit over the past month, with Rs23 billion being recovered following favourable decisions from the Sindh High Court (SHC), and an additional Rs11.5 billion coming from the LHC’s ruling.
PM Shehbaz appreciated efforts of Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Attorney General Mansoor Awan, Chairman FBR Rashid Mahmood Langrial, Secretary of Finance Imdad Bosal, and their team.
The prime minister underscored that such creative and strong measures are essential for increasing tax collection and improving the economy.
Thanks to these collective efforts, a significant sum of R34.5 billion rupees has been deposited into the national treasury.
PM Shehbaz expressed optimism that similar actions would help Pakistan achieve self-sufficiency in the near future.
After the SHCs dismissal of the stay orders, the LHC also followed the suit, leading to the prompt deposit of taxes by seven banks in Punjab.
This decision marked another important milestone in the collection of windfall taxes, with over Rs11.48 billion deposited by the banks in a single day.
This swift action follows the Rs23 billion that were deposited into the FBR after the Sindh High Court’s ruling three weeks ago.
