The Federal Board of Revenue (FBR) collected Rs. 23 billion in windfall tax from 16 major banks on February 21.

According to sources, the significant devaluation of the Pakistani rupee between 2021 and 2023 led to artificial demand for foreign exchange, allowing banks to profit massively from the widening gap between interbank and open market rates.

Following the Sindh High Court’s ruling, the FBR swiftly recovered the amount under Section 99D of the Income Tax Ordinance 2001.

The Ministry of Finance stated that this step ensured a fair tax system without burdening the common citizen, crediting the milestone to Prime Minister Shehbaz Sharif’s leadership.

Sources revealed that the large-scale tax recovery operation was a result of teamwork, with the State Bank Governor playing a crucial role.