No Result
View All Result
Sunday, June 29, 2025
MM News
اردو
  • Home
  • Latest News
  • National
  • Showbiz
    Vicky Kaushal

    What did Vicky Kaushal say about Katrina Kaif’s feedback on his films?

    Sardaar Ji 3

    ‘Sardaar Ji 3’ outperforms Salman Khan’s ‘Sultan’ on opening day

    Shefali Jariwala

    Paras Chhabra’s prediction about Shefali Jariwala’s sudden death goes viral

    Shefali Jariwala

    New reason revealed behind Shefali Jariwala’s unexpected death

    Shefali Jariwala

    Kaanta Laga star Shefali Jariwala’s cause of death revealed

    Squid Game, Season 3

    Squid Game Season 3: The brutal game of death shocks fans worldwide

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • National
  • Showbiz
    Vicky Kaushal

    What did Vicky Kaushal say about Katrina Kaif’s feedback on his films?

    Sardaar Ji 3

    ‘Sardaar Ji 3’ outperforms Salman Khan’s ‘Sultan’ on opening day

    Shefali Jariwala

    Paras Chhabra’s prediction about Shefali Jariwala’s sudden death goes viral

    Shefali Jariwala

    New reason revealed behind Shefali Jariwala’s unexpected death

    Shefali Jariwala

    Kaanta Laga star Shefali Jariwala’s cause of death revealed

    Squid Game, Season 3

    Squid Game Season 3: The brutal game of death shocks fans worldwide

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Uncategorized

Government considers 70% Windfall Tax on banking sector

MM News Staff by MM News Staff
January 6, 2023
File photo

File photo

ISLAMABAD: The government is considering imposing a Windfall Tax on the profits of the banking sector in the range of 50% to 70% similar to the one used in the West, which imposed the same tax on energy companies.

“Different proposals are under consideration for imposing the Windfall Tax on profits earned by the banking sector. A fixed tax rate from 50% to 70% is expected to be slapped for getting revenues out of the lofty profits earned by the banks,” The News reported citing finance ministry sources.

Although Finance Minister Ishaq Dar intimated in his news conference on Wednesday that the government will proceed with the Windfall Tax on the banking industry, sources in the Federal Board of Revenue (FBR) claimed that the idea has not yet been approved by the government.

The government is figuring out exactly how much money the banking industry has made extra because to recent currency manipulation. The tax may be imposed by the policymakers at a level that poses no risk of suffocating the banking industry.

The government expects that in case of imposition of 50% to 70% fixed tax rate on lofty bank profits, the government can fetch Rs25 to Rs35 billion revenue generation. On the proposed Flood Levy, the government might grant an exemption on import of basic food items and raw materials of essential or life-saving drugs.

On the other hand, the FBR seeks to meet the annual tax collection target of Rs7,470 billion for the current fiscal year and has so far collected Rs3,428 billion in the first six months (July-Dec) period.

ShareTweetSendShare
Previous Post

IMF delegation to visit Pakistan in 2-3 days for ninth review: PM

Next Post

PKR registers 13th straight loss against US dollar in interbank

Related Stories

File photo
Business & Stock

FBR, banks to share data to curb tax evasion

June 26, 2025
File photo
Uncategorized

MDCAT 2025: Expected entry test date in Pakistan announced

June 25, 2025
File photo
Uncategorized

Hunza’s Lexus hotel hit by flash flood

June 25, 2025
File photo
Uncategorized

Malala Yousafzai launches ‘Recess’ to empower women and girls through sports

June 25, 2025
Representational image
Transport

Monsoon rains: PAA issues advisory to pilots over birds

June 25, 2025
SC
Uncategorized

Supreme Court reduces LLB duration to four years

June 25, 2025
File photo.
Uncategorized

SUPARCO predicts Muharram 2005 moon sighting date in Pakistan 

June 24, 2025
(File Photo)
Uncategorized

Actor Yasir Nawaz’s brother Waqar Nawaz passes away

June 24, 2025
In this file photo, a man walks along a dried-up stretch of land in Balochistan. (Image: Asim Khan via Dawn.com)
Uncategorized

Asia warming nearly twice as fast as global average: report

June 24, 2025
File photo
Uncategorized

Pakistan’s Directorate of Passports highlights major service improvements in annual report

June 24, 2025
Next Post
File Photo

PKR registers 13th straight loss against US dollar in interbank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Stories

Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)
Business & Stock

Latest prices of solar panels in Pakistan – June 2025

by MM News Staff
June 29, 2025
Vicky Kaushal
Film & TV

What did Vicky Kaushal say about Katrina Kaif’s feedback on his films?

by MM News Staff
June 29, 2025
Local residents at the Swat River, which is overflowing due to pre-monsoon heavy rains in the area on the outskirts of Mingora, the main town of Pakistan's Swat Valley [Sherin Zada/AP]
Top News

Monsoon havoc: 31 killed amid widespread flooding in Pakistan since June 27

by MM News Staff
June 29, 2025
arrested
Crime

Karachi: Police arrest suspects after young man killed in fight

by MM News Staff
June 29, 2025
Image: Aaj News
Crime

Pakistani couple from Sindh mysteriously killed in India

by MM News Staff
June 29, 2025

Opinion

munir ahmed oped
A Peace Prize for Betrayals: Rethinking Pakistan’s Strategic Alliances
June 28, 2025
- Munir Ahmed
munir ahmed oped
“Run Lola Run” – More than a movie to cultural bridging
June 27, 2025
- Munir Ahmed
munir ahmed oped
Ceasefire or a Smokescreen? The US-Iran Next Dialogue of Disillusions
June 26, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

Rain
Top News

Monsoon showers hit Karachi, more rain expected in coming hours

by MM News Staff
June 28, 2025

Rainfall has begun this morning in Karachi, with reports of light to moderate rain...

file photo

Showers continue across Karachi, bringing relief from the heat

June 27, 2025
file photo

Will Karachi receive more rain today?

June 27, 2025
File photo

Karachi receives heavy rain with thunderstorm

June 26, 2025
See all

Prices

Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)
Business & Stock

Latest prices of solar panels in Pakistan – June 2025

by MM News Staff
June 29, 2025

The federal government of Pakistan has imposed 10% sales tax on solar panels that...

representative image

Latest gold prices in Pakistan today- June 29, 2025

June 29, 2025
representative image

Gold prices further drop in Pakistan

June 28, 2025
Foreign Currency

Foreign currency exchange rates in Pakistan, 28 June 2025

June 28, 2025
See all

Transport News

Maryam Nawaz
Top News

Maryam Nawaz orders 240 electric buses for South Punjab districts

by MM News Staff
June 28, 2025

Chief Minister Punjab Maryam Nawaz directed that 240 electric buses be given on a...

Two planes avoid major accidents following bird strikes at Karachi airport

June 27, 2025
(Representational Image)

Sindh Police opens driving school in Karachi amid rising accidents

June 27, 2025
file photo

Fitness certificate made mandatory for motorcycles in Punjab

June 27, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.