Lahore High Court has lifted the stay order on all petitions filed by registered banks in Punjab, leading to the deposit of over Rs34.5 billion into the national treasury within four weeks under windfall tax collection.

This marks a significant success for tax authorities in recovering outstanding dues from the banking sector.

According to the Ministry of Law and Justice, the decision follows a similar ruling by the Sindh High Court, which previously removed a stay order on windfall tax collection.

As a result, banks in Punjab have now cleared their dues, transferring billions to the national exchequer.

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Officials confirmed that seven banks collectively deposited Rs11.48 billion, with major contributions from MCB Bank, Allied Bank, Bank Al Habib, Soneri Bank, Bank of Punjab, MCB Islamic Bank Limited, and Punjab Provincial Cooperative Bank Limited.

The ministry’s statement highlighted that Prime Minister Shehbaz Sharif had issued special directives to ensure the swift resolution of these cases. He emphasized that this was the first time a coordinated legal strategy had been implemented to secure such a large sum for the government.

The prime minister acknowledged the efforts of Law Minister Senator Azam Nazeer Tarar, Attorney General Mansoor Awan, Finance Minister Muhammad Aurangzeb, and FBR Chairman Rashid Langrial in expediting legal proceedings.

Three weeks earlier, after the Sindh High Court lifted its stay order, banks promptly deposited Rs23 billion into the Federal Board of Revenue (FBR) within 24 hours.

The windfall tax, introduced under Section 99D of the Income Tax Act 2023, was specifically imposed on extraordinary and excessive profits made by banks.

PM Shehbaz stated that the collected Rs34.5 billion will be allocated to health, education, and other public welfare projects. He reaffirmed that similar measures would continue to be taken to strengthen Pakistan’s financial self-sufficiency.