Positive shift in Pakistan’s tax system, Rs 23 billion collected from 16 banks under windfall tax

Due to Prime Minister Shehbaz Sharif’s effective policies, along with the efforts of Finance Minister Muhammad Aurangzeb and the Federal Board of Revenue (FBR) Chairman, Pakistan’s tax system has seen a positive transformation. The government successfully maintained the windfall tax and collected Rs. 23 billion from 16 banks.

Following the Sindh High Court’s ruling, the FBR swiftly collected the amount in a single day under Section 99D of the Income Tax Ordinance 2001.

The government has ensured a fair and equitable tax system without burdening the common man. This milestone reflects Prime Minister Shehbaz Sharif’s strong and wise leadership, the proactive policies of the finance minister, and the FBR’s commitment to enforcing a just tax system.

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

For decades, elite institutions have exploited economic irregularities to earn extraordinary profits, resulting in an unfair tax burden on low-income groups.

Under the leadership of Prime Minister Shehbaz Sharif, the government has introduced a fair tax on extraordinary profits generated from external factors, aligning with global practices.

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

This collection marks a shift in Pakistan’s taxation framework, ensuring equity, 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.

The message is clear: a fair and equitable tax system is here to stay.