Pakistani President Asif Ali Zardari promulgated the Income Tax (Amendment) Ordinance 2024 on 28 December 2024, which amends the corporate tax rate on banks from the tax year 2025. This includes an increase in the standard tax rate for banks from 39% to 44% for the tax year 2025, followed by a reduction to 43% for the tax year 2026, and 42% from the tax year 2027. Further, it is provided that the additional tax on banks depending on the gross advances-to-deposit ratio (ADR) no longer applies …