Govt collects Rs23bn in windfall tax from 16 Banks

February 23, 2025 (MLN): The government, by maintaining the windfall tax, has successfully collected Rs23 billion from 16 banks.

This milestone reflects Prime Minister Shehbaz Sharif’s strong and wise leadership, the proactive policies of the finance minister, and the FBR’s dedicated efforts in ensuring a fair and equitable tax system.

Following the Sindh High Court’s decision, the FBR efficiently collected this amount from banks in a single day under Section 99D of the Income Tax Ordinance 2001, according to the press release issued today.

This achievement underscores the government’s commitment to upholding a fair taxation framework without imposing additional burdens on the common man.

The Attorney General of Pakistan, the State Bank of Pakistan, the Chairman of the FBR, and legal teams played a crucial role in achieving this success.

For decades, elite institutions have benefited from economic irregularities, earning extraordinary profits while shifting an unfair tax burden onto lower-income groups.

However, under the leadership of the Prime Minister, the government has taken decisive steps to address this imbalance by imposing a fair tax on extraordinary gains resulting from external factors—an approach widely practiced across the world.

Building on this success, the government is now moving forward with the implementation of other pending taxes targeting the elite, including the super tax, value tax (CVT), tax on undistributed reserves, and tax on inter-corporate dividends.

This collection marks a significant shift in Pakistan’s taxation framework, ensuring fairness, transparency, and accountability.

The government remains committed to expanding the tax base, reducing reliance on indirect taxes, and promoting sustainable economic growth through responsible policymaking.

A fair and equitable tax system is now becoming the norm in Pakistan.

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