Jun 14

High tax may erode banks’ earnings up to 20%

KARACHI: The proposed corporate tax rate for banks may erode earnings of the sector by up to 20 per cent on annual basis. The government presented federal budget on June 10, 2022 and proposed enhancement in tax rates for banking companies. READ MORE: Pakistan slaps 45% corporate tax on banks The government announced various taxation […]

by Hamza Shah

Pakistan banks register record profit in 1Q2022

May 12

Money & Banking

Pakistan banks register record profit in 1Q2022

KARACHI: Pakistan banks have posted a record profit of Rs81 billion during first quarter of the calendar year 2022, analysts said at Topline Securities. The profitability of the listed banks surged by 28 per cent on year on year (YoY) basis and 19 per cent on Quarter on Quarter (QoQ) basis. READ MORE: MCB Bank […]

by Faisal Shah

Banks provide information of deposits, withdrawals

Sep 12

Taxation

Banks provide information of deposits, withdrawals

Section 165A of Income Tax Ordinance, 2001 has made it mandatory for banks to provide details of cash deposits and cash withdrawals to the tax authorities. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text […]

by Faisal Shah

Corporate, super tax rates should be aligned for banks

May 17

Budget 2020-2021, Money & Banking

Corporate, super tax rates should be aligned for banks

KARACHI: Federal Board of Revenue (FBR) has been proposed to bring down the corporate tax rate for banks at par with other corporate sector and also treatment of super tax for banking companies aligned with other taxpayers. The banks are paying 35 percent income tax whereas the corporate tax rate for other sectors is 29 […]

by Anjum Shah

Prime Minister welcomes banks’ proposals for revival of sick industrial units

Mar 4

Finance

Prime Minister welcomes banks’ proposals for revival of sick industrial units

ISLAMABAD: Prime Minister Imran Khan on Tuesday welcomed proposals of banks for revival of sick industrial units. A delegation of prominent bankers of the country called on Prime Minister Imran Khan in Islamabad. Prime Minister Imran Khan welcomed the proposals of the banking community particularly those related to the revival of the sick industrial units. […]

by Anjum Shah

Banks to provide details of persons receiving profit on debt

Dec 9

Taxation

Banks to provide details of persons receiving profit on debt

ISLAMABAD: Banks will provide certain information of persons receiving profits on their deposits to the Federal Board of Revenue (FBR) after amendment in the tax rules, sources said on Monday. The sources said that the banks will provide details of depositors receiving profit on debt, including name, CNIC, most recent particulars including address, amount of […]

by Anjum Shah

Tax authorities to receive bulk information of bank account holders after disposal of court cases

Dec 6

Taxation

Tax authorities to receive bulk information of bank account holders after disposal of court cases

KARACHI: Tax authorities will receive a huge bunch of financial transactions from banks after a court dispose of all the petitions that were restricting the tax authorities to obtain information. Sindh High Court on Thursday disposed of petitions by banks. The disposal of cases has now allowed the Federal Board of Revenue (FBR) to obtain […]

by Anjum Shah

FBR asks banks to provide details of government securities investment

Aug 20

Exclusive, Taxation

FBR asks banks to provide details of government securities investment

ISLAMABAD: Federal Board of Revenue (FBR) has asked banks to provide details of additional investment made into the government securities during the tax year 2019. The sources in FBR on Tuesday said that a commissioner of Inland Revenue had been empowered to ask the banking companies to furnish details of the investment in the federal […]

by Anjum Shah