FBR Initiates Expert Consultations to Develop Cryptocurrency Legislation in Pakistan
The Federal Board of Revenue has begun consultations with experts to draft legislation for cryptocurrency in Pakistan, aiming to regulate digital assets, expand the tax base, and bring crypto transactions under a legal framework.
NIBAF Organizes Specialized Training on Money Laundering and Terrorism Financing Risk Mitigation
NIBAF Pakistan held a one-day training in Lahore on money laundering and terrorism financing risk mitigation, enhancing compliance capacity of banking professionals and strengthening AML/CFT measures within the financial sector.
Pakistan Establishes Crypto Council to Regulate Digital Assets Under New Framework
The government of Pakistan has established the Pakistan Crypto Council to develop a regulatory framework for digital assets, aiming to bring cryptocurrency into the legal system, ensure transparency, and align with global standards while maintaining Islamic financial principles.
Financial Inclusion in Pakistan Reaches 67% as SBP Targets 75% by 2028
Pakistan’s financial inclusion has climbed to 67%, with the State Bank of Pakistan aiming to push it to 75% by 2028. Governor Jameel Ahmad credits this progress to digital initiatives and inclusive policy measures.
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.