Tag: banks
-
Taxed for holding back: Banks face 197 billion rupee bill for avoiding private sector loans
Bankers across Pakistan grow uneasy as their pleas to get tax exemptions fall on deaf ears. The government, as per the conditions attached to the IMF loan, can not exempt banks from the “additional” tax of PKR 197 billion. The reason why banks find themselves in this situation is because of their excessive lending to…
-
PIA flight operation resumed after deal with PSO
Update: After intense deliberation, PIA has cracked a deal with PSO due to which flight operations are slowly restarting. The delay in reaching an agreement caused the cancellation of more than 19 flights and delayed more than 20 others. According to the deal, PIA is to pay Rs.100 million to the PSO on a daily…
-
Banks will now pay 10% super tax if their earnings exceed Rs30 crore
The Federal Board of Revenue (FBR) has announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, bringing significant changes to the Super Tax structure. According to the latest income tax circular (2 of 2023), banks will now be required to pay a 10 per cent Super Tax if their income exceeds…
-
Commercial importers forced to suspend food and drink imports due to dollar shortage
In a significant development impacting the country’s economy, commercial importers in Pakistan have announced their decision to suspend the import of all eatables and beverages starting from June 25. The move comes as a result of the unavailability of dollars, with banks refusing to provide the necessary foreign currency to importers.
-
Supreme Court directs FBR to collect 50% super tax from big companies within seven days
The Supreme Court of Pakistan has ordered organisations earning more than Rs150 million to submit 50 per cent of the super tax imposed on them to the Federal Board of Revenue (FBR) within seven days. A two-member bench consisting of Chief Justice of Pakistan Umar Ata Bandial and Justice Athar Minallah heard the plea filed…
-
Mobile banking grows by 100% during FY22 in Pakistan
According to the State Bank of Pakistan’s (SBP) Annual Payment Systems Review, the size of the digital payments ecosystem witnessed massive increase over the previous fiscal year. The report reveals that internet banking expanded by 51.7 per cent to 141.7 million users in FY22, while mobile phone banking increased by 100.4 per cent to 387.5…
-
Pakistani rupee gains Rs2 to close at Rs221.94
On Thursday, the Pakistani rupee (PKR) strengthened by Rs2 or 0.90 per cent against the dollar to close at Rs221.94. According to the Forex Association of Pakistan (FPA), the local currency was trading at Rs221.75 per $1 at 9:46 am, up 0.98 per cent from yesterday’s close of Rs223.94. The rupee has been strengthening since…
-
Pak Suzuki increases motorcycle prices for all models
Pak Suzuki has once again announced a rise in prices across the board due to the depreciation of the Pakistani rupee (PKR), much like all of its two-wheeler rivals in the Pakistani market. The majority of motorcycle consumers are no longer able to afford the motorcycles due to price increases. Unfortunately, the only option left…
-
ADB projects Pakistan’s economy to ‘recover slightly’ in FY23
In FY2023, Pakistan’s Gross Domestic Product (GDP) growth is expected to modestly improve due to structural changes, according to the Asian Development Bank (ADB). According to the bank’s most recent Asian Development Outlook Supplement, Pakistan’s GDP growth is predicted to decrease in FY22 (which ends on June 30, 2022), as a result of fiscal tightening…
-
Banks increase charges for ATM withdrawals from other banks
For cash withdrawals at ATMs from banks other than the account’s host bank, some commercial banks have increased the per transaction cost from Rs18.50 to Rs23.44. Some banks have already begun charging their clients, while others are expected to do so within the coming weeks. The details indicate that commercial banks, including United Bank Limited…