Govt Collects Rs. 72 Billion Corporate Tax From Banks After Rate Hike

Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial on Wednesday said an amount of Rs. 72 billion had been collected in corporate tax from commercial banks after the standard income tax for banks was increased from 39 percent to 44 percent for the current tax year. The chairman disclosed this during a meeting of the Senate Standing Committee on Finance and Revenue today. The session was called to review the much-awaited Income Tax Amendment Bill 2025. Langrial added that this corporate tax rate on banks will go down to 42 percent in fiscal year 2026-27. For those who do not know, the increased corporate tax rate on banks was implemented through a presidential ordinance.