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In Pakistan, banking companies are required to deduct an advance adjustable tax at a rate of 0.6% on cash withdrawals exceeding fifty thousand rupees per day. This tax applies to individuals whose names are not listed as active taxpayers. The total amount withdrawn in a single day is considered for determining whether the threshold has been met.
Low Tax-to-GDP Ratio: Pakistan’s tax-to-GDP ratio remains lower than the global average. In recent years, the ratio has been approximately 9.5%, far below that of neighboring countries like India (16%) and Bangladesh (12%). This indicates inefficiencies in tax collection and necessitates systemic reforms.
Different proportions (or 'advance rates') of accounts receivable and of the inventory are included into borrowing base. Typical industry standards are 75–85% for accounts receivable [ 1 ] [ 12 ] and 25–60% for inventory, [ 7 ] and the advance rates can vary dramatically depending on the circumstances.
In March 2023, the United States' Acting Comptroller of the Currency Michael J. Hsu stated that "there are strong parallels between FTX and the Bank of Credit and Commerce International – better known in bank regulatory circles as BCCI – which failed in 1991 and led to significant changes in how global banks are supervised."
The Institute of Bankers Pakistan (IBP), (Urdu: ادارہَ بینکارانِ پاکستان) established in 1951, is Pakistan's premier banking training institute, which aims to develop and groom a cadre of banking and financial services professionals on continuous basis. It is an ISO-9001-2000 Certified Organization.
In 2001, the State Bank of Pakistan and the Bank of England permitted only two Pakistani banks to operate in the United Kingdom. As a result, NBP and United Bank Limited merged their UK operations to form Pakistan International Bank, with NBP holding a 45% stake and United Bank owning 55%. In 2002, Pakistan International Bank was renamed United ...
In Pakistan, the system of compulsory collection and distribution of Zakat and Ushr began in 1980, [1] with an ordinance decreed by General Muhammad Zia-ul-Haq calling for a 2.5% annual deduction from personal bank accounts on the first day of Ramadan, with the revenue to be used for poverty relief.
Before independence on 14 August 1947, during the British colonial era, the Reserve Bank of India was the central bank for the then undivided subcontinent. On 30 December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India—30 percent (750 M gold) for Pakistan and 70 percent for India.