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HomeFinanceThe IHC has suspended an extra windfall tax on banks

The IHC has suspended an extra windfall tax on banks

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In a landmark milestone, the Islamabad High Court (IHC) halted the imposition of a 40% additional tax on windfall income for banks, in accordance with the Federal Board of Revenue’s (FBR) SRO 1588(1)/2023.

On Wednesday, Justice Sardar Ejaz Khan issued a written judgment noting the necessity for additional investigation into the tax issue.

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The IHC has also issued notices to the FBR and Pakistan’s Attorney General, requesting comments by December 8, 2023.

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