ISLAMABAD, June 21 -- The Federal Board of Revenue (FBR) has revealed that banks in Pakistan pay a heavy 53% tax on their income. FBR Chairman Rashid Langrial disclosed this during a meeting of the National Assembly's Standing Committee on Finance on Thursday, sparking discussions on the tax structure for financial institutions.

He stated that the government wants to eliminate the Seventh Schedule, which currently provides tax exemptions and concessions to banks. Langrial emphasized the need for fair taxation, saying, "We want all sectors, including banks, to contribute equally. The goal is to remove special treatments."

During the session, PPP leader Naveed Qamar questioned who originally introduced the Seventh Schedule. The FBR chairm...