No Result
View All Result
Sunday, June 1, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Gen V Season 2

    Prime Video drops teaser trailer, confirms Gen V Season 2 premiere for September 17

    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Gen V Season 2

    Prime Video drops teaser trailer, confirms Gen V Season 2 premiere for September 17

    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

  • 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

Rescue 1122 rescued the bull with the help of a crane and handed it over to its owner. (Image: Express News)
Uncategorized

Sacrificial bull falls into a nullah in Peshawar

June 1, 2025
File photo
Uncategorized

Imran Khan announces nationwide anti-govt protest movement

May 31, 2025
File photo
Uncategorized

Saudi Arabia warns of severe heatwave during Hajj 2025

May 30, 2025
File photo
Uncategorized

Justice Muneeb Akhtar takes oath as acting CJP

May 30, 2025
Stray dogs. File photo
Uncategorized

Punjab govt bans stray dog killings

May 30, 2025
File photo
Uncategorized

GB trophy hunting revenue dips to Rs303 millions

May 29, 2025
File photo
Uncategorized

81,000 Pakistani Hajj pilgrims reach Saudi Arabia

May 29, 2025
File photo
Uncategorized

Punjab University hostels to remain closed during summer break

May 29, 2025
File photo
Uncategorized

Pakistan urges UNSC to act as Israel kills Palestinians

May 29, 2025
Uncategorized

Another minor boy dies after falling into open manhole

May 28, 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

JUI-F chief Maulana Fazlur Rehman. PHOTO: INP/File
Top News

Maulana Fazl rejects child marriage law, announces nationwide protests

by MM News Staff
June 1, 2025
Switch 2 (Image: Nintendo)
Technology

Switch 2: Nintendo set to launch new gaming console

by MM News Staff
June 1, 2025
(File Photo)
World

Bangladesh removes Sheikh Mujibur Rahman’s image off currency notes

by MM News Staff
June 1, 2025
Top News

3.6 magnitude earthquake jolts Karachi

by MM News Staff
June 1, 2025
Rescue 1122 rescued the bull with the help of a crane and handed it over to its owner. (Image: Express News)
Uncategorized

Sacrificial bull falls into a nullah in Peshawar

by MM News Staff
June 1, 2025

Opinion

munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Crimea at the Crossroads: Development, Identity, and Geopolitics
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

Weather

Karachi sizzles at 39 degree Celsius

by MM News Staff
June 1, 2025

Temperatures in Karachi reached 39 degrees Celsius on Sunday as the southern port city...

Glaciers in Pakistan

Pakistan develops policy framework to protect glaciers, combat climate change

June 1, 2025
file photo

Weather updates for Islamabad, other parts of Pakistan

June 1, 2025
Heatwave

Karachi braces for more heat as temperature remains high

May 31, 2025
See all

Prices

representative image
Business & Stock

Gold prices in Pakistan today- Sunday, June 1, 2025

by MM News Staff
June 1, 2025

The following are the current gold prices in Pakistan on Sunday, June 1, 2025....

File photo

Petrol price hiked by Re1 per litre in Pakistan

May 31, 2025
LGP prices have been slashed ahead of Ramadan. File photo

LPG prices announced for June 2025

May 31, 2025
representative image

Gold prices further drop in Pakistan

May 31, 2025
See all

Transport News

Paul Marais-Hayer/AirTeamImages
Transport

15% discount announced on PIA’s Lahore–Paris flights

by MM News Staff
June 1, 2025

Pakistan International Airlines (PIA) has introduced a 15% discount on flights operating between Lahore...

file photo

Govt doubles public transport fares in Islamabad

June 1, 2025
representative image

Everything you need to know about Lahore’s Yellow Line E-Train Project

June 1, 2025
Pakistan Express

Train derailment: Pakistan Express heading to Rawalpindi suffers major accident

June 1, 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.