The good policies of Prime Minister Shahbaz Sharif, the efforts of Finance Minister Muhammad Aurangzeb and Chairman FBR have brought about a positive change in the tax system and the government has recovered Rs 23 billion from 16 banks while maintaining the windfall tax.
According to the report, the FBR successfully recovered this amount from the banks in a single day under Section 99D of the Income Tax Ordinance 2001 after the decision of the Sindh High Court.
The government ensured a fair and equitable tax system without burdening the common man.
This milestone is a reflection of the strong and wise leadership of Prime Minister Shahbaz Sharif, the proactive policies of the Finance Minister and the efforts of the FBR in ensuring a fair and equitable tax system.
The Attorney General of Pakistan, State Bank of Pakistan, Chairman FBR and legal teams played a key role in ensuring this success.
For decades, elite institutions have profited from economic imbalances, making huge profits that have disproportionately burdened lower-income groups.
The government, led by Prime Minister Shehbaz Sharif, has turned the tables by imposing a fair tax on windfall profits, a system that is widely adopted around the world.
With this success, the government is now pursuing other stagnant taxes targeting elites, including super tax, value added tax (CVT), tax on undistributed reserves, and tax on inter-corporate dividends.
This recovery marks a shift in Pakistan’s taxation framework to ensure equity, transparency, and accountability.
The government is committed to broadening 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 will now be the norm.
