{"id":95587,"date":"2023-11-23T13:54:36","date_gmt":"2023-11-23T08:54:36","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95587"},"modified":"2023-11-23T13:54:37","modified_gmt":"2023-11-23T08:54:37","slug":"fbr-tells-banks-settle-windfall-tax-soon","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-tells-banks-settle-windfall-tax-soon.html","title":{"rendered":"Financial institutions must settle 40% windfall tax soon, says FBR"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has issued a notification for financial institutions to settle the payment of a 40% additional tax on windfall income, profits, and gains for transactions that occurred in 2021 and 2022, as stated by a source on November 22.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-plans-expansion-across-pakistan.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to open 145 nation-wide offices to increase tax collection<\/a><\/p>\n\n\n\n<p>&nbsp;According to the details in S.R.O.1588 (l)\/2023, the banking companies will have to pay an additional tax on the windfall income, profits, and gains from foreign exchange dealings.<\/p>\n\n\n\n<p>Moreover, the FBR shared that this tax measure is in accordance with section 99D of the Income Tax Ordinance. To meet the obligations of section 99D, the FBR has fixed November 30, 2023, as the deadline for the payment of additional tax.<\/p>\n\n\n\n<p>In exceptional cases, the Commissioner may grant an extension of up to fifteen days, based on a written application by the taxpayer, accompanied by recorded reasons for the extension. The FBR specifies that the additional tax payment must be transacted through a prescribed challan or computerized payment receipt in the federal treasury.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-decides-strictly-deal-non-filers.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to take strict action against non-filers to boost tax base<\/a><\/p>\n\n\n\n<p>Furthermore, the computation of windfall income, profits, and gains must adhere to the formula laid down by the FBR, ensuring a standardized and transparent process.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has issued a notification for financial institutions to settle the payment of a 40% additional tax on windfall income, profits, and gains for transactions that occurred in 2021 and 2022, as stated by a source on November 22. Read: FBR to open 145 nation-wide offices to increase tax collection &nbsp;According to the details in S.R.O.1588 (l)\/2023, the banking companies will have to pay an additional tax on the windfall income, profits, and gains from foreign exchange dealings. Moreover, the FBR shared that this tax measure is in accordance with section 99D of the Income Tax Ordinance. To meet the obligations of section 99D, the FBR has fixed November 30, 2023, as the deadline for the payment of additional tax. In exceptional cases, the Commissioner may grant an extension of up to fifteen days, based on a written application by the taxpayer, accompanied by recorded reasons for the extension. The FBR specifies that the additional tax payment must be transacted through a prescribed challan or computerized payment receipt in the federal treasury. Read: FBR to take strict action against non-filers to boost tax base Furthermore, the computation of windfall income, profits, and gains must&hellip;<\/p>\n","protected":false},"author":88,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20385],"tags":[19230,57650],"persona":[],"class_list":{"0":"post-95587","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-development-projects","8":"tag-federal-board-of-revenue-fbr","9":"tag-windfall-taxes","10":"cat-20385-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR Tells Banks to Settle Windfall Tax Soon - Zameen News<\/title>\n<meta name=\"description\" content=\"The FBR issues a notification mandating a 40% additional tax on windfall income, profits, and gains from transactions in 2021 and 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-tells-banks-settle-windfall-tax-soon.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR Tells Banks to Settle Windfall Tax Soon - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The FBR issues a notification mandating a 40% additional tax on windfall income, profits, and gains from transactions in 2021 and 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-tells-banks-settle-windfall-tax-soon.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-23T08:54:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-23T08:54:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Muhammad Zohaib Nasir\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Zohaib Nasir\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBR Tells Banks to Settle Windfall Tax Soon - Zameen News","description":"The FBR issues a notification mandating a 40% additional tax on windfall income, profits, and gains from transactions in 2021 and 2022.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbr-tells-banks-settle-windfall-tax-soon.html","og_locale":"en_US","og_type":"article","og_title":"FBR Tells Banks to Settle Windfall Tax Soon - Zameen News","og_description":"The FBR issues a notification mandating a 40% additional tax on windfall income, profits, and gains from transactions in 2021 and 2022.","og_url":"https:\/\/www.zameen.com\/news\/fbr-tells-banks-settle-windfall-tax-soon.html","og_site_name":"Pakistan Real Estate News &amp; 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