Public Policy and Regulatory Change
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Tax on Windfall Gains of Bank
Tax on Windfall Gains of Bank
Section 99D of the Income Tax Ordinance, 2001 empowers the Federal Government to impose an additional tax on company operating in a specified sector or sectors, not exceeding 50% of windfall income, profit or gains arising due to economic factors for any of the last three years preceding the tax year tax year 2023 and onwards.
Section 99D of the Income Tax Ordinance, 2001 empowers the Federal Government to impose an additional tax on company operating in a specified sector or sectors, not exceeding 50% of windfall income, profit or gains arising due to economic factors for any of the last three years preceding the tax year tax year 2023 and onwards.
