Pakistan Revenue
KARACHI: State Bank of Pakistan (SBP) has abolished NADRA verisys for activation of dormant bank accounts. The central bank on Monday issued a circular to amend “ANTI-MONEY LAUNDERING, COMBATING THE FINANCING OF TERRORISM & COUNTERING PROLIFERATION FINANCING (AML/ CFT/ CPF) REGULATIONS FOR STATE BANK OF PAKISTAN’S REGULATED ENTITIES (SBP-REs).” READ MORE: Pakistan rebuts reports of […]
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KARACHI: The number of bank accounts in Pakistan increased to 66.13 million by end of March 2022, showing a jump of 6.66 per cent when compared with 62 million bank accounts by end of same month last year, according to data released by the State Bank of Pakistan (SBP). It is interesting to note that […]
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KARACHI: The Sindh government has barred the officials of provincial tax authorities from freezing bank accounts for making tax recovery without approval.
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KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday expressed serious reservations over restoration of powers to officers of Inland Revenue (IR) in freezing bank accounts without approval. FPCCI President Mian Nasser Hyatt Maggo recorded his strong reservations on the attachment of bank account under section 140 of the income tax ordinance, […]
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KARACHI: The State Bank of Pakistan (SBP) on Wednesday said with the rapid growth in adoption of electronic banking channels, especially amidst the COVID-19 pandemic, the demand from bank and customers for digital financial transactions have increased manifold.
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ISLAMABAD: Declaring business bank accounts has become mandatory from July 01, 2021 otherwise a monetary penalty would be imposed. However, taxpayers have been given to update their registration profile along with business bank accounts up to September 30, 2021. According to the Finance Act, 2021 a new definition has been included in the Income Tax […]
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KARACHI: Federal Board of Revenue (FBR) has been advised to withdraw powers of tax officials related to freezing bank accounts for tax recovery. Karachi Chamber of Commerce and Industry (KCCI) in its budget proposals for 2020/2021 submitted to the FBR highlighted provisions of Income Tax Ordinance, 2001 regarding accessing bank accounts for tax recovery. Under […]
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ISLAMABAD: The advisory committee of the Federal Tax Ombudsman (FTO) has expressed distress over attachment of bank accounts and coercive recovery by Federal Board of Revenue (FBR) from bank accounts of taxpayers. A meeting of the advisory committee of the FTO was held recently and discussed various issues related to refunds and coercive recovery of […]
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KARACHI: State Bank of Pakistan (SBP) on Friday launched rules and regulations for allowing banks to open bank accounts for retail merchants on soft conditions. According to objectives of regulations issued by the central bank, to outline minimum due diligence requirements for on-boarding merchants based on simplified due diligence process. Further, to facilitate in on-boarding […]
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KARACHI: Around 7.65 million bank accounts are still unverified till June 30, 2019. The verification of bank accounts is mandatory through biometric system in order to mitigate risks of money laundering and terror financing.
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