AGP Report Highlights Major Discrepancies in Tax and Refund Data Between FBR and SBP
The Auditor General of Pakistan has identified significant discrepancies of billions of rupees between the Federal Board of Revenue and State Bank of Pakistan’s tax collection and refund figures for FY 2023-24, raising concerns over data accuracy and financial transparency.
Prime Minister Orders Review of SECP Chairman and Commissioners’ Pay Hike
The Prime Minister has ordered a formal review of the recent salary and allowance increase for SECP Chairman and Commissioners, forming a committee led by Rana Sanaullah to ensure transparency, accountability, and regulatory oversight.
President’s Rulings on Banking Appeals Declared Final, Reinforcing Legal Authority of Banking Mohtasib
Legal Adviser to the President of Pakistan, Justice (Retd) Irfan Qadir, reaffirmed that the President’s decisions on appeals against the Banking Mohtasib’s rulings are final and cannot be challenged in court, marking a strong stance on upholding accountability and trust in Pakistan’s financial justice framework.
SECP Partners with NTC to Enhance Cybersecurity and Digital Infrastructure Resilience
The Securities and Exchange Commission of Pakistan (SECP) and the National Telecommunication Corporation (NTC) have signed a landmark MoU to strengthen cybersecurity, enhance information sharing, and bolster Pakistan’s digital resilience through collaboration, training, and innovation in secure communication systems.
FBR Officials Accused of Pressuring Taxpayers to Pay Sales Tax Without Due Process
Serious allegations have surfaced against field officials of the Federal Board of Revenue (FBR) for allegedly coercing registered taxpayers into making upfront sales tax payments without adjudication proceedings, violating the Sales Tax Act and Supreme Court rulings.
CCP Approves Merger of Global Haly Development with Bank Makramah Limited to Strengthen Capital Position
The Competition Commission of Pakistan has approved the merger of Global Haly Development Limited into Bank Makramah Limited, a move aimed at strengthening the bank’s capital base and enhancing its operational efficiency without affecting competition in the commercial banking sector.
Business community criticizes government over continuation of Rs3.23/kWh DSS for six years
Pakistan’s business community has voiced strong criticism against the government for celebrating the continuation of the Rs3.23/kWh Debt Service Surcharge for six years, warning that the move unfairly burdens consumers to repay a massive Rs1.225 trillion loan.
SBP issues guidelines on resolution planning and core data requirements for banks
The State Bank of Pakistan has released guidelines on core information requirements for resolution planning, directing banks to prepare detailed data sets for orderly management of distressed institutions and strengthening financial stability.
NIBAF Conducts Training on Data Accuracy Validation in eCIB Reporting at Karachi Campus
NIBAF organized a one-day training session on “Data Accuracy Validation in eCIB Reporting” at its Karachi Campus, equipping commercial bank officers with practical knowledge on compliance, error detection, and data integrity for effective reporting.
SBP Pushes Banks Toward Basel III Phase II Reforms to Bolster Sector Resilience
The State Bank of Pakistan has directed banks to implement Basel III Phase II reforms, focusing on credit risk, leverage ratios, and transparency, with a parallel run starting September 2025 to strengthen financial sector resilience.