06252016Sat
Last update: Sat, 25 Jun 2016 08am

Banking & Finance

Pakistan - Banking & Finance

Realistic target of Rs3,621bn set for FY17: FBR ISLAMABAD: Keeping in view the improvement in national economy and macro economic stabilization, Federal Board of Revenue (FBR) has set a realistic and achievable target of Rs 3,621 billion for Fiscal Year 2016-17."An increase of 10 per cent in revenues is expected in term of expected GDP (Gross Domestic Product) growth of 5.7 per cent and likely increase in the oil prices while around Rs 150 billion would be collected through the additional tax measures taken in the budget 2016-17," said Rehmatullah Khan Wazir, member Inland Revenue Policy while briefing media here on Monday.He said due to administrative measures, the FBR would be able to collect the remaining amount and hopefully the target for FY17 would be achieved.He informed that currently over 1.1 million taxpayers were registered with the FBR out of which 0.309 million were salaried persons.He said the government had introduced a number of new measures to bring ...

Pakistan - Banking & Finance

Grand operation for recovery of property, token tax launched MUZAFFARGARH: Excise & Taxation department launched grand operation for recovery of property and token tax.The special teams led by Director headquarters Iqbal Nasir and Director DG Khan Abdullah Khan reached in the Muzaffargarh and sealed 27 properties over non-payment of property tax while recovered Rs 3 lakh on first day of the operation.According to District officer excise & taxation Muzaffargarh Altaf Hussain Khan, the government had given relaxation for payment of registration of vehicles and ...

Pakistan - Banking & Finance

JCR-VIS reaffirms entity ratings of Meezan Bank at AA/A-1+ KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Meezan Bank Limited (MBL) at "AA/A-1+" (Double A/A-One Plus).Outlook on the assigned ratings is "Stable". The previous rating action was announced on June 29, 2015, a news release said here on Monday.Ratings of MBL reflect its healthy customer franchise which has allowed the bank to build a sizeable, cost effective and granular deposit base. MBL has pursued an aggressive branch expansion strategy which ...

Pakistan - Banking & Finance

Rs 136.523 million allocated for Establishment Division ISLAMABAD: The Federal Government has allocated Rs 136.523 million for the Establishment Division for six development projects in the Public Sector Development Programme (PSDP) for the fiscal year 2016-17.According to the budgetary document released other day, the 97.523 million has been earmarked for three ongoing development schemes and Rs 39 million for three new projects of the ministry.The new schemes include construction of hostels for female Federal Government employees at Wafaqi Mohtasib Colony Lahore, National ...

Pakistan - Banking & Finance

Islamic Banking posts growth of 27.87pc ISLAMABAD: The asset base of Islamic Banking Industry during the Calander Year 2015, stood at Rs 1.61 trillion compared to Rs 1.3 trillion in 2014, hence registered a growth of 27.87 percent.According to Economic Survey, 2015-16 released by Finance Minister, Ishaq Dar here on Thursday, the deposits of the IBI reached to Rs 1.4 trillion in 2015 as compared to Rs 1.1 trillion during 2014, thus posted a growth of 28.5 percent.Consequently, share of Islamic ...

Pakistan - Banking & Finance

Direct taxes registers 14.4pc growth in ten months ISLAMABAD: The direct taxes has registered a growth of 14.4 percent during first ten months of current fiscal year 2015-16.The net collection has gone up from Rs.775.9 billion to Rs.888.0 billion, an Economic Survey for current fiscal year revealed which was announced by Minister for Finance, Senator Ishaq Dar at a press conference here on Thursday.The Survey said bulk of tax revenue under direct tax is realized from income tax, of which major contributors are ...

Pakistan - Banking & Finance

Old banknotes cease to be legal tender from Dec 1 KARACHI: The old design banknotes will cease to be legal tender with effect from December 1, 2016 as per Federal Government's Gazette Notification dated June 4, 2015.According to the State Bank of Pakistan's notification, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000, while the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.The SBP issued a new design ...