Cabinet approves 40% tax on banks’ currency gains

MG News | November 15, 2023 at 08:38 PM GMT+05:00

0:00

November 15, 2023 (MLN): The Federal Cabinet in its meeting held today has approved a 40% windfall tax on banks' foreign currency gains, said a press release issued today.

To note, the said taxes will be imposed on foreign currency dealings of 2021 and 2022.

The aforementioned taxes were recommended by the Federal Board of Revenue (FBR) to the cabinet.

Under the Finance Act 2023, Section 99D has been introduced in the Income Tax Ordinance 2001 under which windfall tax will be applicable on windfall profits.

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