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.

Copyright Mettis Link News

Related News

Dar heads to Kabul to sign tri-nation rail project feasibility pact

Govt launches dual front to tackle marine pollution

Pakistan taps Korean expertise to modernize water research

Name	Price/Vol	%Chg/NChg
KSE100	138,665.50 299.28M	1.68% 2285.53
ALLSHR	85,699.50 778.48M	1.24% 1051.15
KSE30	42,353.14 103.20M	1.94% 806.91
KMI30	195,182.04 107.99M	1.81% 3462.27
KMIALLSHR	56,389.15 437.73M	1.01% 561.42
BKTi	38,422.98 17.31M	1.57% 595.37
OGTi	27,718.26 13.25M	0.17% 47.58

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,010.00	119,915.00 117,980.00	-1620.00 -1.35%
BRENT CRUDE	68.88	69.01 68.27	0.36 0.53%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	0.95 0.99%
ROTTERDAM COAL MONTHLY	104.50	0.00 0.00	-0.65 -0.62%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	67.01	67.20 66.29	0.63 0.95%
SUGAR #11 WORLD	16.79	16.84 16.54	0.23 1.39%