The federal cabinet, led by Prime Minister Shehbaz Sharif, has approved new revenue enhancement measures aimed at boosting tax collection. Under these measures, tax authorities will impose higher taxes on banks earning additional profits exceeding Rs. 70 billion, according to sources.
On Friday, the cabinet approved two Presidential Ordinances. The first, the Income Tax Ordinance, allows for increased tax collection from banks with substantial excess profits. This step is expected to significantly contribute to the government’s revenue generation efforts.
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The second ordinance, the Societies Registration Amendment Ordinance, focuses on the regulation and registration of madrasas. Earlier this week, the government proposed introducing legal measures to oversee madrasa registration nationwide. Now approved, the ordinance ensures legal protection for madrasas under the Directorate General of Religious Education and the Societies Registration Amendment Act.
