Cabinet to discuss tax on windfall profits, other Issues

MG News | November 15, 2023 at 03:05 PM GMT+05:00

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November 15, 2023 (MLN): A meeting of the federal cabinet begins in Islamabad on Wednesday, with an agenda comprising 11 points set to be discussed.

The imposition of windfall taxes on banks will be one of the key agenda items that will be discussed.

To note, the government is likely to impose up to a 40% windfall tax on banks as per the International Monetary Fund (IMF)'s conditions to complete the first review of the Stand-by Arrangement (SBA).

This tax will be applicable for the financial years 2021 and 2022, with collection scheduled for the upcoming month.

No amendments to the Finance Bill will be required for this tax implementation.

However, approval from the federal cabinet will be required to enforce the said taxes.

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