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Banks deposit over 34.5bn windfall tax to national treasury within four weeks
ISLAMABAD (92 News) Over Rs34.5 billion has been deposited to the national treasury within four weeks under windfall tax collection after the Lahore High Court (LHC) lifted the stay order on all petitions filed by registered banks in Punjab.
In a statement, the Ministry of Law and Justice said that the LHC decision followed a similar ruling by the Sindh High Court (SHC), which previously removed a stay order on windfall tax collection.
As a result, seven banks in Punjab cleared their dues and collectively deposited Rs11.48 billion to the national exchequer.
The statement highlighted that Prime Minister Shehbaz Sharif had issued special directives to ensure the swift resolution of the cases relating to windfall tax collection.
It emphasised that a coordinated legal strategy had been implemented to secure such a large sum for the government.
It is to be noted here that banks in Sindh had deposited Rs23 billion to the Federal Board of Revenue (FBR) within 24 hours after the SHC lifted its stay order three weeks ago.
It is also worth mentioning here that the windfall tax, introduced under Section 99D of the Income Tax Act 2023, was specifically imposed on extraordinary and excessive profits made by banks.