Under the Taxation Laws (Amendment) Bill, 2024, the Federal Board of Revenue (FBR) will now share income tax return data with banks for cross-matching with bank records. This step aims to tighten compliance and reduce tax evasion by implementing restrictions on the economic activities of non-filers. The bill defines two categories: “qualified persons,” who have … Read more
Islamabad: The Federal Board of Revenue (FBR) has instructed Chief Collectors of Customs to coordinate with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to keep designated bank branches operational on Saturdays. This directive aims to facilitate the collection of duties and taxes and their transfer on the same day to … Read more
Banks disbursed Rs 2.2 trillion to the non-government sector, including the private sector and NBFCs, during the first five months of FY25, as they aimed to meet their advance-to-deposit ratio (ADR). The goal set by the government. Under the 2024-25 budget, banks that fail to raise the daily access rate to 50% by December 31 … Read more
Asian banks, including those in Pakistan, must balance financial inclusion goals, consumer empowerment and financial literacy initiatives, according to the latest scorecard issued by Fair Finance Asia (FFA). Titled scorecard Empowering consumers as drivers of sustainability in the financial sector in Asiameasures the policies of 15 banks across Pakistan, Cambodia, Indonesia, the Philippines, and Thailand … Read more
Islamabad: State Bank of Pakistan (SBP) Governor Jamil Ahmed called on the country’s financial institutions to embrace innovation and inclusivity to transform Pakistan’s banking sector. Speaking at the 9th Pakistan Banking Awards 2024 in Karachi, Ahmed highlighted the need for financial institutions to focus on improving access to financial services, especially for the agriculture and … Read more
Indian banks are reviewing their exposure to Adani and whether they need to tighten due diligence, eight bankers said on Thursday, after US authorities charged the group’s billionaire founder Gautam Adani over an alleged $265 million bribery scheme. Meanwhile, Adani Group’s listed shares, which at one point saw it lose as much as $34 billion … Read more
KarachiTo make it easier for pilgrims to deposit Hajj applications, the State Bank of Pakistan, on Thursday, directed 15 designated banks to keep their respective branches open on Saturdays and Sundays across the country. The deadline for submitting Hajj applications with dues for pilgrims wishing to perform Hajj 2025 is December 3, 2024. A statement … Read more
Pakistani banks are adding new fees on some savings accounts to discourage deposit inflows, as they seek to boost their loan-to-deposit ratio to avoid a punitive tax from the government. Meezan Bank Limited, the country’s largest bank by profit, said in an email to its customers that it would impose a 5% monthly fee on … Read more
The Islamabad High Court (IHC) has temporarily barred the government from collecting up to 15% additional taxes from banks that fail to meet private sector lending targets in 2024. Nearly a dozen banks have sought relief from the Islamabad High Court, protesting against the levy introduced in the 2025 federal budget. According to media reports, … Read more
This photo released on March 3, 2022, shows the FBR building. —Facebook/Federal Board of Revenue A system guided by the government’s vision to modernize tax infrastructure. The new system would eliminate the need for physical bank visits. It represents a major advance in revenue management. The Federal Board of Revenue (FBR) on Wednesday introduced a … Read more