November 15, 2023 (MLN): The government is likely to impose up to a 40% windfalll tax on banks as per the International Monetary Fund (IMF)'s conditions to complete the first review of the Stand-by Arrangement (SBA), as per sources.

According to the Ministry of Finance, the government has agreed to implement a windfall tax of up to Rs55 billion on bank profits.

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

To note, 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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Posted on: 2023-11-15T00:12:54+05:00