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ISLAMABAD: The Federal Board of Revenue (FBR) has identified 119,870 non-filer salaried persons, drawing annual salary of more than 5 lacs. They were required to e-file their Returns of Income for tax year 2011 on e-portal of FBR but they did not discharge their legal obligation on this count. The information regarding these non filers has been disseminated by the Withholding Wing of FBR to its field formations for enforcing returns from them, according to FBR statement. Such non-filers are liable to pay penalty that is equal to 0.1% of the tax payable for each day of default subject to a minimum penalty of Rs.5000 and maximum penalty of Rs.25% of tax payable and default surcharge under section 205 of the Income Tax Ordinance, 2001. The FBR has also intensified its efforts to recover withholding tax under section 153 of the Income Tax Ordinance, 2001. The cotton ginners required to withhold tax on the sale ...

KARACHI: Sheikh Ebrahim bin Khalifa Al-Khalifa Chairman of Meezan Bank, Pakistan’s first and largest Islamic Commercial Bank attributed Bank's 10 years success to blessings of Allah SWT and thanked staff members for their efforts in establishment and growth of Riba-free banking in the country. He was addressing by telephone from Bahrain at 10th anniversary of Meezan Bank, which has 288 branches in 88 cities, becoming Pakistan’s 9th largest Commercial Bank in terms of branch network with ...
KARACHI: The Federal Board of Revenue (FBR) has identified 119,870 people from the salaried class in the country who did not file their returns for fiscal year 2011 - 2012, despite drawing annual salary of more than Rs. 500,000. These non payers of income tax were required to e-file their Returns of Income via e-portal of FBR are liable to pay penalty that is equal to 0.1% of the tax payable for each day of default ...
ISLAMABAD: The Finance Ministry has approved a budget of Rs 212 million for two session divisions of lower judiciary of the Federal Capital for the fiscal year of 2012-13 against original demand amounting to Rs 468 million. A source informed that Islamabad High Court administration, however has forwarded a summary of an additional grant Rs 160 million for improving infrastructure of the lower judiciary. The administration of the court had sent a demand of Rs 226 million ...
ISLAMABAD: Government should take additional measures for simplification of tax system against the target of Rs1,952 billion for ongoing fiscal year. These remarks were made by Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry during a meeting at Chamber House. He said that Exemption from penalties and default surcharge for all taxes will be beneficial for maximum revenue collection during this financial year. He said that exemption from default surcharge and penalties has been announced in ...
KARACHI: State Bank of Pakistan in its reverse repo open market operation in treasury bills and Pakistan Investment Bonds has injected Rs 155 billion in the banking system. According to SBP here Friday, the offered amount was Rs 186.550 billion while the rate of return stood at 11.60 percent per annum. Copyright APP (Associated Press of Pakistan), 2012 ...
KARACHI: State Bank of Pakistan (SBP) said it would buy government paper from commercial banks on Friday in seven-day reverse repo to inject funds into the money market. The State Bank of Pakistan did not say how much money it would inject through the open market operation. Copyright Reuters, 2012 ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln