Cabinet Approves Tax Collection on Bank Profits of Additional Rs. 70 Billion

The federal cabinet has approved new revenue enhancement measure whereby authorities will now collect more tax on banks earning additional profits of Rs. 70 billion or more, sources informed ProPakistani. The cabinet under chairmanship of Prime Minister Shehbaz Sharif on Friday approved two Presidential Ordinances. The first one is an Income Tax Ordinance which promulgates tax authorities to collect higher tax from banks earning additional profits as mentioned above. The second one is the Societies Registration Amendment Ordinance, which pertains to the registration of madrasas. Earlier this week, the federal government proposed introducing an ordinance to regulate the registration of madrasas across the country. Now approved, the ordinance will provide legal protection to madrasas under the Directorate General of Religious Education and Societies Registration Amendment Act.