Oct 31

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

Tax laws amended to include digital payment

Sep 23

Taxation

Tax laws amended to include digital payment

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax law has been amended to include mode of digital payment. To improve documentation, a new clause (la) has been inserted through Tax Laws (Third Amendment) Ordinance, 2021 in section 21 of the Income Tax Ordinance, 2001. Previously payments under a single head account exceeding […]

by Hamza Shahnawaz

SBP issues regulations for payment card security

Feb 20

Money & Banking

SBP issues regulations for payment card security

KARACHI: State Bank of Pakistan (SBP) on Friday issued regulations for payment card security to curtail the risk of card-skimmig. Referring to PSD Circular No. 05 of 2016, the SBP said that in light of the progress made by industry on implementation of central bank’s instructions issued vide the afore-mentioned circular, it has now been […]

by Mrs. Anjum Shahnawaz

SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

Jan 21

Money & Banking

SBP directs banks to facilitate taxpayers in e-payment of duty, taxes

KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to facilitate taxpayers in their payments of duty and taxes through digital/electronic (e-payment) system. The SBP said that the collection of Federal Board of Revenue (FBR) taxes and duties through Alternate Delivery Channels (ADC) was initiated in March 2018 in parallel to the traditional […]

by Mrs. Anjum Shahnawaz

Meezan Bank to launch digital payments using Haball platform

Jul 9

Money & Banking

Meezan Bank to launch digital payments using Haball platform

KARACHI: Haball, Pakistan’s leading B2B payments automation platform, in partnership with Meezan Bank – Pakistan’s first and largest Islamic bank, has recently announced the launch of Blink Direct, a service that will enable digital payments for Pakistani businesses and their supply chain partners. The new service will accelerate digital payments to payees while completely removing […]

by Mrs. Anjum Shahnawaz

Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

Feb 20

Money & Banking

Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

KARACHI: Meezan Bank’s Shariah Supervisory Board has approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan. Shariah Supervisory Board approved guidelines in its recently concluded, a statement said on Thursday. The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, […]

by Mrs. Anjum Shahnawaz

SBP fixes merchant discount rate up to 2.5% on digital payments

Jan 31

Money & Banking

SBP fixes merchant discount rate up to 2.5% on digital payments

KARACHI: State Bank of Pakistan (SBP) on Friday announced that Merchant Discount Rate (MDR) for Point of Sale (POS) acquiring Pakistan shall be within the range of 1.5%-2.5% for both existing and new merchants. The following merchant categories shall be exempt from this requirement: Government and Utilities MCC 9211: Court Costs, Including Alimony and Child […]

by Mrs. Anjum Shahnawaz