Banks' plea to withdraw tax on windfall income rejected by court
The Lahore High Court (LHC) has
dismissed the stay order on the tax imposed on banks' additional income, also
known as windfall income, under the Finance Act 2023.
This legal victory is part of a
broader wave of economic successes driven by Prime Minister Shehbaz Sharif's
vision for economic reforms and the strengthened performance of the Federal
Board of Revenue (FBR).
The prime minister had taken notice
of ongoing cases regarding the stay order on the windfall income tax and
directed the Law Minister and Attorney General to assemble a strong legal team
to pursue these cases.
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As a result of the team's efforts
over the past month, Rs 23 billion were recovered following decisions from the
Sindh High Court, and, an additional Rs 8.4 billion was recovered from
the LHC’s ruling.
PM Shehbaz praised the contributions
of Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb,
Attorney General Mansoor Usman Awan, and their teams for their hard work and
historic achievement in the legal battle.
The prime minister emphasized that
such innovative and determined actions are key to boosting tax revenue and
strengthening Pakistan's economy.
"A total of Rs 31.5 billion has
been deposited into the national treasury, which will be allocated to health,
education, and other public welfare projects. With continued efforts like this,
we will soon make Pakistan self-reliant," he added.
Source: Dunya News