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Articles for tag: Banks, IHC, remains, Tax, unexpected

November 29, 2023

News Desk

IHC remains an unexpected tax on banks

The government had asked banks to submit a 40% windfall tax on forex transactions to the national exchequer Representational image. — Canva Sardar Ejaz Ishaq Khan of IHC passes order. The government taxed the banks at 40% on the windfall. Several analysts are calling it a “non-starter.” ISLAMABAD: The Islamabad High Court (IHC) has issued a stay order on the government’s decision to collect windfall taxes from banks earned through foreign exchange trading, a move that analysts had termed detrimental to the industry. Windfall, in the case of commercial banks, is the income received by banks due to a sudden

November 26, 2023

News Desk

Beijing expresses concerns over delay in tax rebate

Islamabad: The Chinese government has raised concerns over a delay of more than a year in granting a one-time tax exemption on equipment and furniture donated to the Gilgit-Baltistan (GB) police. The matter was discussed at a recent meeting of the Economic Coordination Committee (ECC) where it was pointed out that Beijing is concerned about the delay in tax relief as the matter has been pending for the past 14 months. The Ministry of Kashmir and Gilgit-Baltistan informed the economic decision-making body that the Immigration Department of China had donated office equipment and furniture to the British police on 21

November 26, 2023

News Desk

A rate cut of 7% is forecast for CY24

KARACHI: Pakistan’s central bank is expected to cut its benchmark interest rate – the cost of borrowing at commercial banks – by seven percentage points over the next calendar year to 15%, which will revive affordable finance for industries that rely heavily on in bank lending. Such industries mainly include textiles, cement, steel and agriculture. In addition, commercial banks are projected to achieve a 12% rise in net profit in 2024 against the general assumption of a decline in profits after the interest rate cut and the imposition of a 40% tax on their windfall from alleged speculative rupee-dollar trades.

November 25, 2023

News Desk

Body formed to expand the tax base

Islamabad: Days before the arrival of a new technical mission from the International Monetary Fund (IMF) to study Pakistan’s tax system, the government has set up a new committee under the supervision of a three-star general to consolidate data to widen the tax base . The Federal Board of Revenue (FBR) has notified the technical committee under Lt. Gen. Muhammad Munir Afsar, the Chairman of the National Database and Registration Authority (NADRA), to develop a new plan for data integration. The move aims to boost the low number of tax return applicants from last year’s level of 4.9 million to

November 23, 2023

News Desk

The government levies a 40% tax on windfalls. Analysts say the move will hurt the banking sector

The decision comes as the government aims to broaden its revenue base and punish lenders for currency speculation A representational image of financial documents kept next to a pen and calculator. —Pixabay The government aims to widen its revenue base through new tax rules for banks. It also wants to punish lenders involved in currency speculation. Analysts predict the government’s new measure will further hurt banks. KARACHI: Banks will now have to pay 40% tax on windfall income from foreign exchange transactions in the past two years, according to rules issued by the caretaker government, The news reported on Thursday.

November 21, 2023

News Desk

Shakira reaches agreement to settle tax fraud case in Spain

BARCELONA: Colombian superstar Shakira will pay millions of euros in fines as part of a settlement announced Monday with Spanish prosecutors to settle her tax fraud case and avoid trial. Prosecutors had accused the superstar of defrauding the Spanish state of about 14.5 million euros ($15.7 million) in income she earned between 2012 and 2014, charges Shakira had denied, saying she moved to Spain full-time. only in 2015. Under the deal, announced at the start of the 46-year-old singer’s trial, Shakira agreed to a three-year suspended sentence and to pay a fine of 7.33 million euros ($7.98 million) equal to

November 20, 2023

News Desk

Will Shakira take a similar deal for another tax fraud case?

Shakira has reached a settlement with Spanish authorities in a tax fraud trial, but has another similar case to face Will Shakira take a similar deal for another tax fraud case? Shakira, embroiled in two tax fraud cases, struck a deal with Spanish authorities in the first case, where she faced charges of tax evasion of €14.5 million between 2012 and 2014. However, speculation is rife over whether the Colombian singer will take another plea deal on a second count of defrauding Spain of €6.7 million in 2018 to avoid a similar trial in Barcelona. The settlement between the Grammy

November 18, 2023

News Desk

Tax officers have extensive powers

Islamabad: The government on Friday extended the wings of the Federal Board of Revenue (FBR) to almost all districts by setting up 145 tax offices and empowered them to disconnect electricity and gas connections as well as block mobile numbers that do not file tax returns. The drastic administrative and legal measures have been taken with the aim of bringing 2 million more people into the tax net by June next year, an extremely ambitious target that the FBR would have to achieve to meet its Special Investment Facilitation Council (SIFC) commitments. . and the International Monetary Fund (IMF). As

November 16, 2023

News Desk

The retrospective tax is likely to earn the government Rs 44 billion

Unexpectedly, the government imposed a windfall tax on banks’ foreign exchange trading profits Representative image of tax documents scattered on a table. — Pexels KARACHI: In a surprise move, the government has imposed a windfall tax on banks’ profits from foreign exchange transactions. Analysts and bankers believe this was done to increase revenue collection in order to secure a deal with the International Monetary Fund (IMF), rather than to punish banks for excessive currency speculation. On the recommendation of the Federal Board of Revenue (FBR), the federal cabinet has approved a 40% tax on banks’ “windfall” from foreign exchange activities

November 15, 2023

News Desk

Caretaker Cabinet approves imposition of 40% tax on windfall profits of banks 2021-2022

Prime Minister Anwaar-ul-Haq Kakar. heads the federal cabinet meeting on November 15, 2023. — AFP/File Windfall tax to be levied under Finance Act 2023. Unexpected 40% tax on banking sector profits agreed on IMF terms. The move comes ahead of Pakistan-IMF pact to review standby bailout The federal cabinet on Wednesday approved a 40 percent tax on windfall profits made by banks from foreign exchange transactions in the years 2021 and 2022. The imposition of 40% was proposed by the Federal Board of Revenue (FBR) in the cabinet meeting headed by caretaker chief minister Anwaar-ul-Haq Kakar. New section 99D in

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