Prime Minister Shahbaz Sharif’s tribute to the outstanding performance of the FBR, committed to reforming the tax system

ISLAMABAD: Prime Minister Shahbaz Sharif chaired a high-level meeting on the performance of the Federal Board of Revenue (FBR) soon after returning home from a successful visit to Saudi Arabia, in which the efforts of the FBR authorities on the extraordinary recovery of Rs 34.5 billion in windfall tax were appreciated. On the occasion, the prime minister sought a detailed roadmap for the establishment of a permanent system of tax reform, making it clear that transparency in the tax system is essential for the betterment of the country’s economy.

In the meeting, the Ministry of Law and Justice briefed the Prime Minister on the pending tax cases in the courts, during which it was informed that the Lahore High Court decided to lift the stay on the applications of the Punjab banks, as a result of which the seven banks deposited a total of Rs 11.48 billion (36 lakh) in the national treasury. Earlier, after the stay order was lifted by the Sindh High Court, the banks had paid 23 billion rupees, which is being called a big success overall.

According to the government statement, a windfall tax was imposed on the extraordinary and excess profits of the banking sector in 2023, under which these receipts are being made from banks. During the meeting, the prime minister vowed that no corruption or malpractice would be tolerated and all possible steps would be taken to protect every penny of the people. He issued clear instructions that if any government officer or official is found involved in snooping, immediate and strict action will be taken against him.

Prime Minister Shahbaz Sharif said that the recent achievements of the FBR are proof that the best results can be achieved if work is done with hard work and good faith. On this occasion, he directed all concerned to adopt a coordinated and long-term strategy to remove decades of economic mismanagement so that the country could be put on the path of sustainable development.