Islamabad, Dec 27: The federal cabinet, led by Prime Minister Shehbaz Sharif, has approved new revenue enhancement measures aimed at increasing tax collection. The decision, made during a meeting on Friday, includes the implementation of two Presidential Ordinances.
The first ordinance, an amendment to the Income Tax Ordinance, mandates higher taxes on banks that generate additional profits of Rs. 70 billion or more. This move is expected to boost the country’s tax revenues, targeting financial institutions that have experienced significant profit growth.
The second ordinance, the Societies Registration Amendment Ordinance, focuses on the registration of madrasas. This ordinance, now officially approved, will ensure that madrasas are registered under the Directorate General of Religious Education, providing them with legal protection and regulation under the Societies Registration Amendment Act.
The new law is part of the government’s broader efforts to regulate and oversee religious education institutions across the country. These measures reflect the government’s ongoing efforts to enhance revenue collection and bring greater oversight to various sectors, including banking and religious education.
