Pakistan collects record Rs34.5 billion windfall tax from banks in one month

The government of Pakistan collected a record Rs34.5 billion windfall tax from the banks in just four months, according to a statement issued on Friday.

All banks of Punjab deposited this amount into the national exchequer after the Lahore High Court (LHC) vacated an earlier stay order on the applications submitted by the banks.

Seven banks in Punjab have collectively deposited around Rs11.5 billion into the national exchequer. Muslim Commercial Bank deposited Rs3.48 billion, Allied bank Rs2.95 billion, Bank Al-Habib Rs2.95 billion, Soneri Bank RsRs1.2 billion, Bank of Punjab Rs870 million, MCB Islamic Bank Limited Rs140 million and the Punjab Provincial Cooperative Bank Limited Rs52 million.