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Pakistani court halts windfall taxes on banks

10:14 PM | 29 Nov, 2023
Pakistani court halts windfall taxes on banks

In a significant move, the Federal Board of Revenue (FBR) SRO 1588(1)/2023 imposing banks to pay an extra 40% tax on windfall profits, has been halted by the Islamabad High Court (IHC).

Justice Sardar Ejaz Khan issued a written decision on Wednesday, stating that more investigation into the taxes problem was required.

Additionally, the FBR and the Pakistani Attorney General have received letters from the IHC requesting comments by December 8, 2023.

In reply to a plea against the extra tax submitted by Askari Bank, the court stated that the caretaker administration may not have authority over matters pertaining to taxes.

The petitioner's attorney claims that the National Assembly ought to have received notice of the extra tax. As a result, until the next hearing, which is set for December 8, the 40% extra tax on windfall income will not be implemented.

The federal cabinet had already approved a 40% tax on banks' unusual gains, mainly from foreign exchange trades, in 2021 and 2022.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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