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Banking & Finance

Pakistan - Banking & Finance

FBR will submit comments on Punjab's professional tax proposal SOHAIL SARFRAZISLAMABAD: The Federal Board of Revenue (FBR) would submit its comments on the proposal of Punjab government to raise maximum limit of professional tax from Rs 100,000 to Rs 500,000, reflecting an increase of Rs 400,000. Sources told Business Recorder here on Friday that the professional tax is administered under the provisions of the 'Punjab Finance Act, 1977' and the 'Punjab Professions and Trade Tax Rules, 1977.' This tax is levied and collected on/from the persons or class of persons engaged in a profession, trade, calling or employment in the province of the Punjab.A meeting of Inter-Provincial Co-ordination Committee (IPCC) was held whereby it was decided that all the provinces may initiate a summary for the cabinet to consider an increase in the maximum limit of professional tax from Rs 100,000 to Rs 500,000. In compliance with the IPCC decision, the finance department of the government of Punjab has ...

Pakistan - Banking & Finance

GST collection: FBR implementing new system for cellular companies TAHIR AMINISLAMABAD: The Federal Board of Revenue (FBR) is implementing a new system for cellular companies for accurate collection/deposit of withholding tax from its subscribers through online withholding data integration with all mobile operators. Senior FBR officials informed that the tax authorities have decided to commence the process for establishing online withholding data integration with all cellular companies simultaneously to ensure precision in the count of taxes collected from phone users."The FBR has decided to ...

Pakistan - Banking & Finance

Pak forex figure $ 23.164bn KARACHI: Total liquid foreign exchange reserves of the country stand at dollars 23.164 billion, said State Bank of Pakistan.SBP's weekly statement here on Thursday said that on Dec. 30, the foreign reserves held by State Bank amounted $ 18,268.9 million and the net foreign reserves with commercial banks were $ 4,894.7 million.During the week, SBP's reserves decreased by $ 30 million to $ 18,269 million due to external debt servicing.Copyright APP (Associated Press of Pakistan), ...

Pakistan - Banking & Finance

SBP auctions MTBs of Rs 251.186bn KARACHI: State Bank of Pakistan on Wednesday sold Government of Pakistan Market Treasury Bills (MTBs) worth Rs 251.186 billion through its primary dealers.According to SBP statement the maturity periods of these MTBs are 3, 6 and 12 months.The face value of these bills is Rs 259.2 billion.Copyright APP (Associated Press of Pakistan), 2017 ...

Pakistan - Banking & Finance

FBR collects Rs382bn revenues in December ISLAMABAD: The Federal Board of Revenue (FBR) collected taxes amounting to Rs382 billion provisionally during the month of December 2016.According to official sources here on Tuesday, tax collection target for the month was set at Rs392 billion, showing Rs10 billion shortfall as compared to the total collections of the month.However, the actual collection is expected to grow more when the final figures are compiled."The tax collection figure would go up when the tax figures are ...

Pakistan - Banking & Finance

CDNS achieves Rs110bn by Dec 31 ISLAMABAD:The Central Directorate of National Savings (CDNS) achieved Rs 110 billion in last months of second quarter of current fiscal year from July 01 to December 31, 2016-17.The target for the year 2016-17 was set at Rs 228 billion as the directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, a senior CDNS official said here on Tuesday.The Central Directorate of National Savings (CDNS) has notified upward revision ...

Pakistan - Banking & Finance

Bank Alfalah issues country's first Discount Debit Cards KARACHI: Bank Alfalah has entered into partnership with a prominent e-commerce website for issuance of Pakistan's first ever discount debit card.The agreement was signed by Amaar Naveed Ikhlas of Bank Alfalah and Fahad Mehmood of Lootlo.pk here at a local hotel.Under the agreement, Bank Alfalah will enable Lootlo.pk to offer real-time offline discounts through the "Go Lootlo Wallet" discount debit cards, a first-of-its-kind initiative in Pakistan.Lootlo.pk is one of Pakistan's oldest discount deals website providing ...