The government levies a 40% tax on windfalls. Analysts say the move will hurt the banking sector
The decision comes as the government aims to broaden its revenue base and punish lenders for currency speculation A representational image of financial documents kept next to a pen and calculator. —Pixabay The government aims to widen its revenue base through new tax rules for banks. It also wants to punish lenders involved in currency speculation. Analysts predict the government’s new measure will further hurt banks. KARACHI: Banks will now have to pay 40% tax on windfall income from foreign exchange transactions in the past two years, according to rules issued by the caretaker government, The news reported on Thursday.
