Windfall tax on the card

The federal government is making preparations to tax windfall profits of banks, sources said on Tuesday.

A summary of tax windfall profit of banks is part of tomorrow’s meeting of the federal cabinet, the insiders said.

They added 40 per cent tax has been proposed.

The sources said that the FBR can earn about Rs50 billion as banks earned windfall profits of Rs110 billion in 2021 and 2022.