LHC dismisses stay order on taxing banks’ additional income
The Lahore High Court (LHC) on Saturday dismissed the stay order related to the tax on banks’ additional income (windfall income).
The series of economic successes continues as a result of Prime Minister Shehbaz Sharif’s vision for economic reforms and the improved performance of the Federal Board of Revenue (FBR).
The prime minister had taken notice of the cases regarding the stay order on the tax imposed on banks’ additional income (windfall income) under the Finance Act 2023. He had directed the Law Minister and the Attorney General to form the best team to pursue these cases. Thanks to the efforts of the team over the past month, Rs23 billion were recovered from the decisions of the Sindh High Court, while today, Rs8.4 billion were recovered from the decisions of the LHC.
PM Shehbaz praised the efforts of Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Attorney General Mansoor Usman Awan, and their team. He stated that the law minister, finance minister, and attorney general’s team had made a historic achievement through their hard work.
PM Sharif said that only through such creative and strong measures can we hope to increase tax collection and improve the economy.
“A substantial amount of 31.5 billion rupees has been deposited into the national treasury, which will be used for health, education, and other public welfare projects. God willing, with more such measures, we will soon make Pakistan self-reliant,” he added.
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