Feb 28

Pakistan’s e-banking registers sharp increase in 1QFY22

KARACHI: Pakistan’s e-banking registered sharp growth in the first quarter of the fiscal year 2021/2022, the central bank said on Monday. E-banking—defined as transactions conducted via electronic channels (including Real-time Online Branches, ATMs, mobile banking, internet banking, call center banking, POS and e-Commerce), continued to thrive in both volume and value during the quarter under […]

by Faisal Shahnawaz

FBR extends digital payment system till January 31

Jan 3

Taxation

FBR extends digital payment system till January 31

ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. January 31, 2022. The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from January 01, 2021. The FBR issued circular No. 11 of 2021-22 on Monday to […]

by Mrs. Anjum Shahnawaz

SBP introduces licensing, regulations for digital banking

Jan 3

Money & Banking

SBP introduces licensing, regulations for digital banking

KARACHI: The State Bank of Pakistan (SBP) on Monday introduced a licensing and regulatory framework for digital banks in line with the international best practices. “This is the first step towards introducing a completely digital bank that will provide all the banking services, from account opening to deposit and lending, through digital means and the […]

by Faisal Shahnawaz

FBR defers digital payment provision till December 31

Dec 1

Taxation

FBR defers digital payment provision till December 31

ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for another month i.e. December 31, 2021. The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from December 01, 2021. The FBR issued circular No. 10 of 2021-22 on […]

by Mrs. Anjum Shahnawaz

Digital mode to disrupt business transactions: FPCCI

Nov 18

Taxation, Trade & Industry

Digital mode to disrupt business transactions: FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that the digital mode of payment for corporate expenses would disrupt business transactions; because almost all sales in the country are made on credit and this credit is secured through ‘post-dated’ cheques issued by buyers in favor of the sellers. Mian Nasser Hayat […]

by Hamza Shahnawaz

FBR defers digital payment provision for one month

Nov 1

Taxation, Top stories

FBR defers digital payment provision for one month

ISLAMABAD: The Federal Board of Revenue (FBR) has deferred the implementation of a digital mode of payment for one month. The digital mode of payment has been made mandatory for the corporate sector, which was to be implemented from November 01, 2021. The FBR issued Circular No. 09 of 2021-22 on Monday to allow an […]

by Mrs. Anjum Shahnawaz

FBR applies digital payment amid cyber security incident

Oct 31

Money & Banking, Taxation, Top stories

FBR applies digital payment amid cyber security incident

ISLAMABAD: The Federal Board of Revenue (FBR) is all set to apply a digital mode of payment from November 01, 2021, for corporate entities as one of the largest banks in the country reported a cyber security incident. The digital mode of payment has been made mandatory from November 01, 2021. The FBR has already […]

by Mrs. Anjum Shahnawaz

PTBA declares implementing digital payment not practical

Oct 30

Taxation, Top stories

PTBA declares implementing digital payment not practical

Pakistan Tax Bar Association (PTBA) has demanded the Federal Board of Revenue (FBR) extend the implementation of digital mode of payment for corporate entities the system is not practical to use at present for many business entities. The digital mode of payment has been made mandatory from November 01, 2021. The FBR has already made […]

by Mrs. Anjum Shahnawaz

KTBA highlights issues in implementing digital payments

Oct 25

Taxation, Top stories

KTBA highlights issues in implementing digital payments

KARACHI: Tax practitioners have said that implementing digital payments mode for corporate entities is not possible due to various difficulties. Karachi Tax Bar Association (KTBA) in a letter sent on Monday to the Muhammad Ashfaq Ahmed, Chairman, Federal Board of Revenue (FBR), informed that a provision of digital payment was introduced through Tax Laws (Third […]

by Hamza Shahnawaz

Digital payments continues upward trajectory: SBP

Oct 22

Money & Banking, Top stories

Digital payments continues upward trajectory: SBP

KARACHI: The State Bank of Pakistan (SBP) has said that the digital payment continued upward trajectory during fiscal year 2020/2021. The SBP on Friday released its Annual Payment Systems Review (PSR) for the fiscal year 2020-21, which shows strong growth in the space of digital financial transactions in the country. According to the SBP, transactions […]

by Hamza Shahnawaz