With tax obligations tied to the advance-to-deposit ratio (ADR) on the horizon, banks in Pakistan are under pressure to lower deposits and boost lending as 2024 draws to a close. Analysts estimate that banks need to issue an additional Rs 1.85 trillion in loans or reduce deposits by Rs 3.6 trillion during the final months of the year to avoid this taxation.
(more…)Author: Shahnawaz Akhter
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False Tax Statements Could Lead to Two Years in Jail: FBR
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) has issued a strong warning that making false statements in tax filings could lead to severe legal consequences, including up to two years in prison. This reminder is based on the provisions of the Income Tax Ordinance, 2001, specifically Section 195.
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SBP Revises Shariah Governance Framework for Islamic Banks
Karachi, November 22, 2024 – The State Bank of Pakistan (SBP) has revised the Shariah Governance Framework for Islamic Banking Institutions to align it with international best practices.
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KSE-100 Index Heading Towards Psychological 100K Points
Karachi, November 22, 2024 – The benchmark KSE-100 index is heading towards the psychological 100,000 points level, reaching a record high of 98,430 points during intraday trading on Friday.
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FBR Deploys Monitoring Staff at Punjab and Sindh Sugar Mills
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) on Thursday deployed tax officials at sugar mills located in the Sindh and Punjab provinces to detect tax evasion.
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High Tax Rates in Pakistan Impede Swedish Investment: Envoy
KARACHI: The Ambassador of Sweden, Ms. Alexandra Berg von Linde, highlighted the challenges that Swedish companies face in Pakistan, including high tax rates, when discussing Sweden-Pakistan trade and investment relations.
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FBR Issues SOP for Penalizing Non-ATL Persons
Karachi, November 21, 2024 – The Federal Board of Revenue (FBR) on Thursday issued a Standard Operating Procedure (SOP) for penalizing persons not appearing on the Active Taxpayers List (ATL). The FBR issued the SOP on the directives of the Federal Tax Ombudsman (FTO) to streamline the process of penalizing non-ATL persons by publishing their names in the Income Tax General Order (ITGO).
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Army Chief Boosts Market, KSE-100 Reaches Historic Peak
Karachi, November 21, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) soared to an all-time high of 97,328 points on Thursday, reflecting a wave of optimism following the Army Chief’s meeting with leading business figures.
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Pakistan Stocks Shed 310 Points Amid Rising Political Noise
Karachi, November 20, 2024 – Pakistan stocks on Wednesday saw a notable decline of 310 points, owing to rising political noise in the country. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 95,546 points, down from the previous day’s closing of 95,856 points.
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Hascol Petroleum Responds to PSX on Share Price Fluctuations
Karachi, November 20, 2024 – Hascol Petroleum Limited on Wednesday submitted its reply to Pakistan Stock Exchange (PSX) regarding unusual movements of shares. Hascol Petroleum said that the company remains committed to promptly disclosing any material or price-sensitive information that may impact the trading price or volume of its shares, in strict compliance with the Securities Act, 2015 and PSX Regulations.
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