PPL declares 18pc decline in gross profit in first half

Feb 26

Corporate, Energy

PPL declares 18pc decline in gross profit in first half

KARACHI: Pakistan Petroleum Limited (PPL) on Friday declared 18 percent decline in its gross profit for the period July – December 2020. However, drastic reduction in exploration expenses and other charges the net profit (after payment of tax) of the company managed to post a growth of 7 percent for the period. The company declared […]

by Mrs. Anjum Shahnawaz

UBL declares Rs20.9bn as annual after tax profit

Feb 26

Corporate, Money & Banking

UBL declares Rs20.9bn as annual after tax profit

KARACHI: United Bank Limited (UBL) on Thursday announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent. The bank announced an amount of Rs20.9 billion as profit after tax […]

by Mrs. Anjum Shahnawaz

Bank irrationally deducts withholding tax from tax filer

Feb 26

Money & Banking

Bank irrationally deducts withholding tax from tax filer

KARACHI: A bank has deducted irrationally a huge amount as withholding tax from transactions made by an account holder. The account holder was return filer and filed a complained before the office of Banking Mohtasib Pakistan for payment of refund from the concerned bank. The Mohtasib after considering all aspects of the case, ordered the […]

by Mrs. Anjum Shahnawaz

IR offices work on Saturday for collection target

Feb 26

Taxation

IR offices work on Saturday for collection target

ISLAMABAD: The offices of Inland Revenue shall observe Saturday February 27, 2021 as normal working day in order to achieve revenue collection target for the month. In a notification issued on Thursday, the FBR said that all Large Taxpayers Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) would […]

by Mrs. Anjum Shahnawaz

FATF keeps ‘grey’ status for Pakistan despite significant progress

Feb 26

Finance

FATF keeps ‘grey’ status for Pakistan despite significant progress

ISLAMABAD: Financial Action Task Force (FATF) on Thursday kept Pakistan in its grey list despite acknowledging significant progress made by the country. “As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan before June 2021,” a statement of the FATF said. The FATF takes note of […]

by Mrs. Anjum Shahnawaz

Feb 25

Taxation

FBR amends law for sales tax recovery

The Federal Board of Revenue (FBR) has amended tax laws to legally authorize the direct recovery of sales tax amounts from the bank accounts of tax defaulters.

by Mrs. Anjum Shahnawaz

Weekly foreign exchange reserves ease to $20.042 billion

Feb 25

Finance

Weekly foreign exchange reserves ease to $20.042 billion

KARACHI: The weekly position of foreign exchange reserves of the country eased to $20.042 billion by week ended February 19, 2021, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $20.059 billion by week ended February 12, 2021. The official foreign exchange reserves held by the […]

by Mrs. Anjum Shahnawaz

SBP asked to restore biometric verification for online banking services

Feb 25

Money & Banking

SBP asked to restore biometric verification for online banking services

KARACHI: The Banking Mohtasib has asked the State Bank of Pakistan (SBP) to restore the verification through biometric system for activation/re-activation of online banking services. The non-availability of biometric verification system is creating unsafe environment for banking customers, according to annual report for the year 2020 issued by the office of Banking Mohtasib Pakistan on […]

by Mrs. Anjum Shahnawaz

Market witnesses bullish trend on expectation of positive FATF decision

Feb 25

Stock & Commodity

Market witnesses bullish trend on expectation of positive FATF decision

KARACHI: The stock market gained 603 points on Thursday owing to positive sentiments prevailed over status of Pakistan in FATF grey list. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,965 points as against previous day’s closing of 45,362 points showing an increase of 603 points. Analysts at Arif Habib Limited said […]

by Mrs. Anjum Shahnawaz

Mohtasib provides relief of Rs600 million in complaints against banks

Feb 25

Money & Banking

Mohtasib provides relief of Rs600 million in complaints against banks

KARACHI: The Banking Mohtasib (Ombudsman) has provided a monetary relief of around Rs600 million in resolving over 16,000 complaints against banks during the year 2020. The Banking Mohtasib Pakistan, Muhammad Kamran Shehzad unveiled the annual report 2020 at a press conference on Thursday. According to the annual report of the office of Banking Mohtasib, during […]

by Mrs. Anjum Shahnawaz