On February 21, the Federal Board of Revenue (FBR) collected Rs 23 billion in windfall tax from 16 major banks based on profits derived from currency fluctuation.
Court Decision
In a recent ruling, the Sindh High Court decided on behalf of the Government against the petitions set forth by the financial sector in respect to the levy of a windfall tax of 50% on profits made as a consequence of extraordinary imbalances in the economy.
Coordinated Approach by the Government
The tax recovery operation witnessed the participation of the State Bank Governor along with Prime Minister Shehbaz Sharif. Even now, with the introduction of the 26th Constitutional Amendment, tax-related cases are being expedited within courts, leading towards prompt resolutions.