Pakistan, June 20 -- The Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has urged the Senate Standing Committee on Finance to abolish the special tax treatment given to banks. He recommended that banks be taxed under the same rules as other companies.

During his briefing, Langrial questioned why banks are exempt from the normal tax regime applied to registered companies. He emphasized, "Banks are businesses, and their tax treatment should be the same as other companies."

Langrial specifically criticized the Seventh Schedule, also known as the Banking Schedule, which was added to the Income Tax Ordinance in 2007. He called for its removal to create a fairer tax system.

The committee also discussed the FBR's efforts to l...