02072016Sun
Last update: Sun, 07 Feb 2016 08am

Banking & Finance

Pakistan - Banking & Finance

SHC bars FBR recovery of Rs 20mn from Annound Textile KARACHI: The Sindh High Court (SHC) on Friday restrained the Federal Board of Revenue (FBR) and subordinate offices from recovering Rs 20 million sales tax from Annound Textile Mills Limited.A two-member bench of the court comprising Justice Ahmed Ali Sheikh and Justice Aziz-ur-Rehman resumed hearing of a Constitutional Petition filed by Annound Textile Mills Limited.The court also issued notices to FBR and Federation of Pakistan for further proceedings.Senator Mian Raza Rabbani, counsel for the petitioner apprised the bench that the Law does not provide the shifting of the liability to pay the sales tax upon the manufactures / Textile Mills instead of registered buyers.He said that impugned show cause notice issued by the FBR and subordinate officers under sales tax amensty scheme was illegal and un- constitutional.He apprised the bench that the FBR cannot recover the sales tax of the period for which the Sindh High Court has already issued ...

Pakistan - Banking & Finance

E&T to collect Rs 20.8bn tax in 2013-14: DG Excise LAHORE: Excise and Taxation (E&T) Punjab Director General Humayun Mazhar Sheikh has said that the department will collect Rs 20.8 billion tax during the fiscal year 2013-14.During an interview with APP here Friday, he said "The E&T department has achieved 98 percent of the tax collection target during the current fiscal year as 16.8 billion rupees have so far been collected from Rs 17 billion set by the Punjab government which is 27.8 percent higher ...

Pakistan - Banking & Finance

SBP, NBP offices to stay open till late on June 28, 29 KARACHI: The field offices of State Bank of Pakistan's (SBP) Banking Services Corporation and authorised branches of National Bank of Pakistan (NBP) will remain open for extended hours on 28th and 29th of this month till 12.00 a.m. (midnight) on June 30, (Sunday) for collection of taxes.NIFT will also provide two special clearing facilities on 30th of this month that is, 1st and 2nd clearing immediately after 1.30 p.m. and 12.00 a.m. midnight respectively to ...

Pakistan - Banking & Finance

SBP declares 3rd rental coupon rate for 3-year GoP Ijara Sukuk KARACHI: State Bank of Pakistan (SBP) on Thursday declared 3rd rental coupon rate for 3-year Government of Pakistan Ijara Sukuk GIS-12.The coupon rate is 8.9161 percent per annum and the payment date is December 28, 2013.The auction was held on June 20, 2012, said a SBP statement here.Copyright APP (Associated Press of Pakistan), 2013 ...

Pakistan - Banking & Finance

Foreign reserves cross US $ 11 billion ISLAMABAD: The total liquid foreign reserves held by the country stood at $ 11,344.8 million on June 21.The State Bank of Pakistan, in a statement Thursday, said that the foreign reserves held by it were $ 6,256.5 million and by other banks were $ 5,088.3 million.Copyright APP (Associated Press of Pakistan), 2013 ...

Pakistan - Banking & Finance

Meezan Bank wins multiple awards for 2012 KARACHI: Meezan Bank Limited has won multiple awards for 2012, says a statement here on Wednesday.It said that the awards are: Pakistan's 'Best Islamic Bank', `Best Islamic Retail Bank' and `Best Islamic Trade Finance Bank' by Asset Triple A Awards, Hong Kong.The statement said that the Bank has also been awarded `Best Highly Commended Islamic Deal- Pakistan' as a Joint Lead Advisor and Arranger for Pakistan Mobile Communications.Copyright APP (Associated Press of Pakistan), 2013 ...

Pakistan - Banking & Finance

SBP announces profit coupon rate of 3-year Ijara Sukuk KARACHI: State Bank of Pakistan on Tuesday announced 4th profit coupon rate of 3-year Government of Pakistan Ijara Sukuk GIS-9.The profit rate is 9.2247 percent and the payment date is December 26, 2013.The auction was conducted on December 20, 2011, said a SBP release.Copyright APP (Associated Press of Pakistan), 2013 ...