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November 15, 2023
The federal cabinet on Wednesday accorded approval to impose 40% tax on windfall profit earned by banks on the foreign exchange transactions during the years 2021 and 2022, state-run wire service APP reported.
The cabinet meeting was chaired by Caretaker Prime Minister Anwaar-ul-Haq, which took the decision upon the recommendation of Federal Board of Revenue (FBR).
It may be noted that the Finance Act, 2023 introduced a new section 99D in the Income Tax Ordinance 20121 which would enforce the imposition of tax on windfall income profits and gains of the banks.
Cabinet approves levy of 40% tax on banks’ windfall profit earned during 2021-22
BRNovember 15, 2023
The federal cabinet on Wednesday accorded approval to impose 40% tax on windfall profit earned by banks on the foreign exchange transactions during the years 2021 and 2022, state-run wire service APP reported.
The cabinet meeting was chaired by Caretaker Prime Minister Anwaar-ul-Haq, which took the decision upon the recommendation of Federal Board of Revenue (FBR).
It may be noted that the Finance Act, 2023 introduced a new section 99D in the Income Tax Ordinance 20121 which would enforce the imposition of tax on windfall income profits and gains of the banks.
Cabinet approves levy of 40% tax on banks’ windfall profit earned during 2021-22
The federal cabinet on Wednesday accorded approval to impose 40% tax on windfall profit earned by banks on the...
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