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Articles for tag: additional, ADR, amendments, billion, expected, revenue, Tax

December 28, 2024

News Desk

About Rs 70 billion in additional tax revenue is expected after the amendments to the ADR

A trader counts Pakistani rupee notes at a currency exchange in Peshawar. — Reuters/File The banking sector interest rate jumped from 39% to 44%. The National Treasury is expected to receive 70-75 billion. Rs in taxes. ADR will be replaced with fixed maximum plate ratios. ISLAMABAD: The federal government is eyeing an additional Rs 70-75 billion in the state kitty by the end of December after the cabinet approved promulgation of an income tax ordinance to bring about changes in the Advance Deposit Ratio (ADR). The News reported on Saturday. According to the proposed agreement reached between the committee led

August 31, 2024

News Desk

Banks face tax pressure as ADR falls

KARACHI: Banks in Pakistan are considering reducing customer deposits to avoid an impending additional tax of up to 16%, due to a significant drop in the advance-to-deposit ratio (ADR), which is currently well below the required 50%. In the second quarter (April-June) of 2024, the banking sector saw a 26% increase in profits to Rs 137 billion. This figure does not include the National Bank of Pakistan (NBP), which reported a significant loss due to pension arrangements for retired employees. According to JS Global Research commentary titled “Tax threat, banks struggle to boost ADR”, the industry’s ADR had fallen to

June 5, 2024

News Desk

The government faces difficult choices

Islamabad: The government is faced with a tough choice whether to scrap up to 15% additional tax on bank profits made by extending loans to the finance ministry or tighten the existing law to recover about Rs 60 billion more from financial institutions next year. Sources told The Express Tribune that two opposing forces are working to influence the budget – one seeking relief for banks despite possible heavy taxes across all major sectors and the other keen to strictly enforce the law to collect taxes on loans from banks to the government. The Federal Board of Revenue (FBR) has

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