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KARACHI: The supervisory government has imposed a 40 percent tax on profits on banks dealing in foreign currency, which will have to be paid within the current month.
According to the details, the Ministry of Finance has issued a notification to levy a 40% tax on abnormal profits on foreign currency business of banks, in which the banks have been informed about the final date for payment of tax.
According to the tax notification issued by the Ministry of Finance, banks have been given a deadline to pay an additional 40% tax on windfall profits by November 30, 2023. Banks dealing in foreign currency will have to pay additional tax till the stipulated period.
A few days ago, during a press conference in the federal capital Islamabad, Finance Minister Dr. Shamshad Akhtar said that gas prices will increase, the government is increasing gas prices from 2024 to prevent the increase in circulating debt.
On the other hand, State Bank of Pakistan Governor Jameel Ahmed released the State Bank’s strategic plan for 2023 to 2028 “SBP Vision 2028” in a ceremony held in Karachi.
The event held at State Bank of Pakistan Karachi was attended by the senior management of the bank. “State Bank Vision 2028” is the first plan issued after the amendment of the State Bank Act.