FBR to cancel banks special tax privledges in budget
FBR to cancel banks special tax privledges in budget
FBR to cancel banks special tax privledges in budget
June, 20 2025
(Web Desk): Banks are to be shifted to the normal corporate tax regime, as scraping the Seventh Schedule of the Income Tax Ordinance 2001 has been suggested by the Federal Board of Revenue (FBR).

The Senate Standing Committee on Finance was informed by FBR Chairman Rashid Mahmood Langrial that banks ought to be taxed like other businesses under the standard tax system rather than being given special treatment.

Also Read: Car prices surge in Pakistan as budget taxes hit auto sector

While discussing the finance bill 2025-26, the suggested changes were weighed on and then approved by the committee, chaired by Senator Saleem Mandviwalla. Hamid Atiq Sarver, a member of the FBR s Inland Revenue (Operations) division, gave the committee a briefing on the technical and legal modifications to banks  tax treatment.

Banks are filed as any other company, affirmed SECP Chairman Akif Saeed; nonetheless, the removal of the 2007 special banking tax schedule was demanded by the FBR.

The suggestion to end the Special Economic Zone (SEZ) Act was backed up by Mandviwalla, as the government is not going to exempt taxes anymore. Mandiwalla also attacked the FBR s anomalous committees  performance.

Furthermore, he supported the FBR s suggestion to cap taxpayer audits at three years.

          
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