Business

Pakistan’s deposit protection program now covers one million rupees.

Published

2 weeks ago

Farwa

An increase in the guarantee sum for qualified depositors of member banks was announced by the Deposit Protection Corporation (DPC) on Tuesday. The increase was from Rs500,000 to Rs1 million.

All of the eligible depositors across the country would be afforded complete protection as a result of this improvement, which was approved by the board of directors of the DPC.

The decision was made with the intention of protecting the interests of depositors and fostering financial stability inside the country, according to the State Bank of Pakistan (SBP).

A whopping 77.7 million accounts held by member banks are now protected by the DPC as a result of this revised guarantee. This contributes to the protection of about 96% of the total account holders in the banking sector, which equates to approximately 80 million personal accounts.

A number of experts considered that the DPC’s guarantee was insufficient in protecting depositors, particularly during times of economic uncertainty. Previously, the DPC’s guarantee was restricted to a maximum of Rs500,000.

It is anticipated that the decision to raise the limit will boost the trust of depositors and encourage a greater number of persons to interact with the banking system. This means that the decision comes at a vital time.

To ensure that access to this safety net is uncomplicated and uncomplicated, it is important to note that the deposit protection facility is accessible to all eligible depositors at no additional cost.

To emphasize the significance of preserving a healthy banking environment, the guarantee will not be activated until the State Bank of Pakistan (SBP) declares a bank to be a failed organization.

The State Bank of Pakistan, also known as SBP Bank Bank depositors are protected by deposit protection charges (DPC) Deposit rates

Business

Income tax return filing deadline extended once again

Published

24 hours ago

Farwa

The due date for submitting income tax returns for the tax year 2023–24 was once again extended until October 31 by the Federal Board of Revenue on Tuesday.

The deadline of October 14 was earlier. The first deadline for filing tax returns was September 30, as stated in the income tax ordinance.

A three-day bank closure in Islamabad and Rawalpindi owing to the SCO summit, along with a request for an extension from business organizations and tax bar associations, are all included in the FBR.

4.537 million income tax returns were filed as of October 14, according to the FBR, an increase of 107.83 percent over the 2.183 million forms filed during the same period last year. The FBR got 6.464 million returns for the most recent tax year. It forecasts 1.927 million more returns to match the level of previous year.

Based on initial statistics, 1.059 million new filers were enrolled throughout the same time in 2024, from July 1, 2023, to October 14, 2024.

Business

FBR begins pursuing tax evaders.

Published

1 day ago

Farwa

The Chief Financial Officer of a well-known battery company has been placed under arrest for his suspected involvement in a sales tax evasion scheme worth over Rs. 1 billion, according to FBR Spokesman Bakhtiar Muhammad.

According to the FBR spokesperson, the Chief Financial Officer of a significant textile company in Faisalabad was also detained for his alleged role in millions of rupees’ worth of sales tax fraud.

According to Bakhtiar Muhammad, the third suspect was detained for allegedly avoiding tax fraud totaling billions of rupees.

He claimed that when the court denied bail, suspects were taken into custody.

Details of Pakistan’s annual tax evasion were previously disclosed by Finance Minister Muhammad Aurangzeb on Thursday.

The minister disclosed that Pakistan’s yearly tax evasion revenue is close to Rs7,000 billion. According to him, efforts are being made to enlarge the tax base and restructure Pakistan’s tax structure.

The minister also declared a “war against tax evaders” in Pakistan and acknowledged that the nation’s salary class bears the brunt of tax burdens.

Additionally, Aurangzeb stated that the goal is to raise the economy’s tax contribution to 13.5 percent.

It should be mentioned that the FBR spokesperson previously stated that the organization is prepared to add over 2.8 million prospective homes to the tax system, which would generate an estimated Rs1.6 trillion in revenue for the country.

“Approximately 3.5 million high-income households are required to pay taxes to the government; however, 2.8 million of them do not pay taxes,” FBR Spokesperson Bakhtiar Muhammad said APP.

Business

Vegetable prices rise in Faisalabad

Published

2 days ago

Farwa

Potatoes are officially priced at Rs 80 per kg, but they can fetch more to Rs 150 per kg in marketplaces. Likewise, peas that ought to cost around Rs. 250 are now closer to Rs. 400, and the official price of ginger has risen from Rs. 900 to an unsettling Rs. 1,200 per kilogram.

Claiming that they are unable to procure veggies at the prices listed, local retailers attribute the disparity to market supply limitations.

Despite these obstacles, the local government reported that more than 2,600 profiteers had received fines totaling more than Rs 19 million.

The administration promised to take additional measures going forward.