KARACHI, October 28 2024: In recent developments, a controversial fiscal measure has emerged: a higher tax on banking income derived from government securities. This tax is tied to the advance-to-deposit ratio (ADR), imposing an additional 10-15% charge on banks whose ADRs fall below 50% at the end of the banking year. While the intention behind…
ISLAMABAD, September 30, 2023: The Federal Board of Revenue (FBR) has collected tax revenue amounted to Rs. 2,041 billion against assigned target of Rs. 1,978 billion thus exceeding the target by Rs. 63 billion during the first quarter of the current financial year (FY24). The collection is also higher than the same period of last…
Karachi, March 13, 2021: Mian Nasser Hyatt Maggo President of the Federation of Pakistan Chambers of Commerce and Industry said that tax restrictions and regulations that do not generate any revenue and investment should be removed. He said that some redundant laws are badly affecting inflow of investment and ease of doing business. The Foreign…
Lahore: February 10, 2021: The Board of Directors of MCB Bank Limited (MCB) met under the Chairmanship of Mian Mohammad Mansha, on February 10, 2021 to review the performance of the Bank and approve the financial statements for the year ended December 31, 2020. The Board of Directors has declared final cash dividend of Rs. 15.0…
Karachi, September 08, 2020: Suleman Chawla, President of SITE Association of Industry, has expressed grave concerns over sending of Income Tax notices to industries by the FBR and has requested FBR Chief Muhammad Javed Ghani to defer these notices for at least six months in the wake of current economic situation of the country so…