The possibility of the government imposing taxes instead of taking action against the banks
newssoye web desk
8 hours ago
An extraordinary increase in the value of the US dollar against the Pakistani rupee is being seen, which the banks are taking the most advantage of.
The dollar value held by the banks has increased many times even the dollars held by the commercial banks have become more than the State Bank.
The rise in the value of the dollar has also increased the foreign exchange profits of banks at an unprecedented rate.
According to the research report of Topline Securities, during the first 9 months of 2022, the foreign exchange income of banks has exceeded 89 billion rupees, which was 32 billion rupees in the same period last year.
According to the report, if the income of 28.1 billion rupees for the year 2020 is also added, then the income of the year 2022 is more than the total income of both years.
It should be noted that State Bank Governor Jameel Ahmed told the National Assembly's Standing Committee on Finance and Revenue a few months ago that an investigation is being conducted against the banks involved in the artificial fluctuations in the value of the dollar. No action has been taken against it, but now the government is reviewing the taxation of foreign exchange income of banks.
Finance Minister Ishaq Dar has also said in a recent press conference that the government plans to tax the foreign exchange income of banks to increase tax revenue. How much will this tax be? The situation in this regard is not clear yet, but it is believed that this tax may range from 10 to 30 percent.
The government's aim of taxing the foreign currency income of banks is to increase the tax revenue on the condition of the IMF, in which the government faced a failure during December and could collect 740 billion rupees against the target of 965 billion rupees.
According to the report of Topline Securities, by imposing a tax on the foreign currency income of banks, the government can get an additional income of 12 to 36 billion rupees.
On the other hand, economists say that if the government decides to collect taxes instead of taking action against the banks involved in increasing the value of the dollar, it will boost their morale and in the same way they will promote speculation in the value of the dollar. will give
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