The Federal Board of Revenue (FBR) is considering a proposal to increase taxes on bank profits to avoid a Rs. 550 billion shortfall for the month of December, sources informed ProPakistani.
The move is expected to generate up to Rs. 100 billion in additional revenue.
Officials said that banks might receive concessions on their advance deposit ratios, either to the treasury or the private sector, as an incentive to accept the higher tax burden. However, without this tax hike, meeting the revenue shortfall may be unachievable.
The proposal, if approved, could be implemented within days, sources added. FBR’s projected tax shortfall for December is set to reach Rs. 550 billion, adding to the Rs. 356 billion revenue deficit recorded during July-November.
FBR has set an ambitious target to collect Rs. 1.4 trillion in December alone but it doesn’t look achievable this time, sources added.
It bears mentioning that earlier this month, the government decided to implement alternate fiscal schemes to tax bank profits accrued from investment in government securities. It even constituted a high-level committee to review the existing legal framework of fiscal measures related to Advance to Deposit Ratio of the banking sector.
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The complete Institute failed to bring and catch the evaders. Above all they are the one’s who help big fishes providing loopholes and under table services.
This government have destroyed every business in the country. Why FBR failed to collect tax? Answer is, government policies. Even during COVID, FBR achieved their targets.
Can’t help it, it’s a force of habit and a greedy habit. The Govt should close FBR and create a new tax collection authority.
Someone mentioned that FBR stands for “Federal Bureau of Retards”, on the dot.
What is there my account details payment