Karachi, April 23, 2025 – A major bank has come under scrutiny after it was found issuing insurance policies without the consent of its account holders, and deducting premium amounts directly from their deposits.
(more…)Author: Shahnawaz Akhter
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LTO Karachi posts impressive 27% tax collection growth in 9MFY25
KARACHI, April 23, 2025 – The Large Taxpayers Office (LTO) Karachi has posted a remarkable 27% increase in revenue collection during the first nine months (July–March) of the fiscal year 2024–25, underscoring its critical role in Pakistan’s tax administration system.
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BankIslami achieves Rs5.49 billion profit in Q1 2025
KARACHI: BankIslami, a prominent name in Pakistan’s Islamic banking landscape, has posted a robust Profit Before Tax (PBT) of Rs5.49 billion for the first quarter ended March 31, 2025.
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Understanding taxpayers’ rights when FBR impounds records
The relationship between the Federal Board of Revenue (FBR) and the taxpayer should be grounded in fairness, accountability, and transparency. While the FBR has the legal authority to impound records during audits or investigations, it is equally important to highlight and protect the rights of taxpayers during this process. Often, individuals and businesses feel powerless when their accounts, documents, or digital data are seized. However, the law provides clear safeguards to ensure that taxpayers’ rights are respected.
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PSX sees modest gain amid subdued market activity
Karachi, April 22, 2025 — The Pakistan Stock Exchange (PSX) closed Tuesday’s session with a modest uptick, as the benchmark KSE-100 index added 47 points to settle at 118,430, compared to the previous day’s close of 118,383. Despite this positive finish, the overall market activity remained relatively subdued throughout the trading day.
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PCDMA Seeks FTR Revival, Relief for Commercial Importers
Karachi, April 22, 2025 – The Pakistan Chemicals & Dyes Merchants Association (PCDMA) has submitted a detailed set of tax proposals for the upcoming 2025–26 federal budget, urging the Federal Board of Revenue (FBR) to revive the Final Tax Regime (FTR) specifically for commercial importers. The association emphasized that restoring this system would provide much-needed relief, simplify taxation, and strengthen trust between the government and the business community.
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NCCPL releases CGT collection schedule for March 2025
Karachi, April 22, 2025 – The National Clearing Company of Pakistan Limited (NCCPL) has issued the official schedule for the Capital Gain Tax (CGT) collection pertaining to the month of March 2025.
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Bank Refunds Millions After Fraudulent Transactions Occur
Karachi, April 22, 2025 – A leading bank has come under scrutiny after its failure to prevent a major fraudulent incident led to unauthorized withdrawals totaling over Rs7.3 million.
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ICMAP proposes GST framework to tax offshore sellers
Karachi, April 22, 2025 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has presented a comprehensive proposal aimed at incorporating offshore sellers into the General Sales Tax (GST) regime, a move designed to curb tax evasion and level the playing field for domestic businesses.
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PSX announces new criteria for top 25 companies selection
Karachi, April 22, 2025 – The Pakistan Stock Exchange (PSX) has officially unveiled its comprehensive criteria for selecting the Top 25 companies for the years 2024 and 2025, aiming to recognize the best-performing and most compliant firms on the exchange.
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