PM Shehbaz says additional tax collection will be spent on health, education & other public welfare projects
ISLAMABAD, March 21 (SABAH): Prime Minister Mian Muhammad Shehbaz Sharif has said the additional tax collection will be spent on health, education, and other public welfare projects.
PM Shehbaz Sharif said this in a statement on Friday in response to the Lahore High Court’s decision of dismissing the stay order on windfall tax on banks’ additional income, benefiting the national treasury by 11.5 billion rupees, and a total of 34.5 billion rupees over the last month.
The Prime Minister, taking notice of the stay order cases regarding the windfall tax imposed on banks’ additional income under the Finance Act 2023, had directed the Minister of Law, Minister of Finance, Attorney General, and Chairman FBR to form the best team to pursue these cases.
Over the past one month, due to the team’s efforts, 23 billion rupees were recovered from the Sindh High Court’s decisions, and on Friday, 11.5 billion rupees were recovered from the Lahore High Court’s decisions.
The Prime Minister appreciated efforts of Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Attorney General for Pakistan Mansoor Usman Awan, Chairman FBR Rashid Mahmood Langrial, Secretary of Finance Imdad Bosal, and their team.
The Prime Minister said the team made this historic achievement possible through their hard work He said such creative and strong measures are the only way to increase tax collection and improve economy.
PM Shehbaz Sharif said a significant amount of 34.5 billion rupees has been deposited into the national treasury. He expressed the confidence to make Pakistan self-sufficient soon through similar measures.
Earlier, after the Sindh High Court, the Lahore High Court also dismissed the stay orders on petitions filed by all registered banks in Punjab.
According to the Ministry of Law and Justice, this decision has led to another major achievement in windfall tax collection from banks.
It said over 34.5 billion rupees have been deposited into the national treasury in four weeks.
The Ministry of Law and Justice said upon dismissal of the stay orders, banks in Punjab deposited their due taxes into the national treasury on Friday.
A total of over 11.48 billion rupees were deposited into the national treasury by seven banks in Punjab.
The statement said that three weeks ago, after the Sindh High Court dismissed the stay orders, banks deposited 23 billion rupees into the Federal Board of Revenue within 24 hours.