Pakistan: FBR issues notification imposing 40% windfall tax on banks

On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and 2022. The tax is being imposed in accordance with the Finance Act 2023, which introduced a new Section 99D that provides for the imposition of additional tax on windfall income, profits, and gains of any individual being a company.
According to Notification SRO 1588(I)/2023, the due date for the windfall tax payment is 30 November 2023. However, taxpayers have the option to request an extension of up to 15 days.

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