Karachi, February 25, 2024 – The banking sector in Pakistan has witnessed a remarkable surge, with financial institutions reporting an impressive 83% growth in profit after tax for the calendar year 2023, thanks to the record high interest rates prevailing in the country.
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Banks May Seek Legal Remedy Against Newly Imposed Windfall Tax
Karachi, November 23, 2023 – Banks in Pakistan likely to seek legal remedies in response to the recent imposition of a tax on windfall income or profit.
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FBR Issues Notification on Windfall Tax Computation for Banks
Islamabad, November 22, 2023 – The Federal Board of Revenue (FBR) has issued a crucial notification on Wednesday, outlining the process for the computation of windfall tax on banks.
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Banks to Contribute Rs 58 Billion in Windfall Tax Boosting Government Revenue
Karachi, November 16, 2023 – Banks in Pakistan are set to pay an additional Rs 58 billion in income tax following the federal cabinet’s approval of a 40 percent tax on windfall profits derived from foreign exchange transactions in 2021 and 2022.
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Pakistan Banks Witness Remarkable 95% Profit Growth in Third Quarter of 2023
Karachi, October 30, 2023 – Pakistan banks have experienced an astounding 95 percent growth in profit on a year-on-year (YoY) basis during the third quarter of 2023.
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Bank of Future Forum 2023 Attracts Huge Audience
Karachi, October 10, 2023: The Bank of Future Forum (BOFF) 2023, co-hosted by Systems Limited and Temenos, proved to be a success, drawing an extensive audience of over 500 attendees.
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Bank of the Future Forum 2023 Kicks Off on October 5
Karachi, Pakistan – October 3, 2023 – The highly anticipated Bank of the Future Forum 2023 (BOFF), a prominent event in Pakistan’s banking and financial sector, is poised to kick off on October 5, 2023.
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Pakistani Banks Raise Lending Cost to Record High at 24.62%
Karachi, September 8, 2023 – Analysts have reported that Pakistani banks have raised lending costs to a record high of 24.62 percent, indicating potential actions by the central bank to increase its benchmark policy rate to an all-time high in the near future.
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Pakistani Banks Set to Record Strong Profits, Fueled by Higher Interest Rates
Karachi, July 17, 2023 – According to industry analysts, Pakistani banks are poised to achieve substantial profits in the first half of the year ending June 30, 2023, primarily driven by higher interest rates.
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Federal Tax Ombudsman Directs FBR to Conduct Audit of Banks for Withholding Tax Compliance
Islamabad, June 22, 2023: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to regularly conduct audit of banks to check compliance with the withholding tax provisions.
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