PITB Partners with 1LINK to Launch ‘Payzen’ for Enhancement of Payments Landscape

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Punjab Information Technology Board (PITB) and 1LINK (Pvt.) Limited have entered into an agreement to launch ‘Payzen’- bill aggregator. ‘Payzen’ follows e-Pay Punjab as the next logical step to promote fintech for the digitization of the economy. In this regard, a ceremony was held at PITB and the agreement was signed by DG PITB Faisal …

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Pakistan’s Tax-to-GDP Ratio Raises Alarms Among Tax Experts

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World Bank’s Senior Tax Specialist, Sebastian James, has pointed out that Pakistan’s tax-to-GDP ratio dropped below average during the last two fiscal years. He also pointed out that overdependence on withholding taxes was adding to the economic troubles of the country. He said that withholding taxes create distortions, as they created cash flow problems for …

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SBP’s Scheme Will Raise The Investment-to-GDP Ratio for Pakistan: Report

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The State Bank of Pakistan’s (SBPP) Temporary Economic Refinance Facility (TERF) will raise the investment-to-GDP ratio by almost one percent during the ongoing fiscal year despite the COVID-19 pandemic. This is projected from the fact that the approvals of long-term concessionary investment loans under the scheme have already reached Rs. 430 billion, Dawn News reported. The …

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FBR Launches a Confidential Reporting System Against Corruption

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Federal Board of Revenue (FBR) Member Inland Revenue Operations Dr. Muhammad Ashfaq Ahmed launched a confidential system for taxpayers to lodge complaints of corruption, rent-seeking, and unethical conduct against any FBR functionary without any fear of reaction or revenge.   In this connection, the FBR has issued circular 10 of 2021 here on Monday regarding …

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Pakistan Among World’s Largest Manpower Provider for Online Services

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As demand for Pakistani manpower grows worldwide, the country has become the third-largest supplier of technical manpower for online services globally. “We are glad to share that, as a testament to abilities of our youth, the International Labour Organization (ILO) has ranked Pakistan as the 3rd largest contributor of technical manpower for online services globally,” …

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FBR Constitutes Committee to Tackle Money Laundering and Terror Financing

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The Federal Board of Revenue (FBR) has constituted a Multi Agency-Money Laundering (ML) Investigation and Confiscation Committee with the mandate to follow up the implementation of the National Anti-money Laundering plans and programs regarding ML investigations and confiscation of stolen assets.   In this connection, the FATF Cell of the FBR has recently issued a …

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SadaPay Partners With IDEMIA To Revolutionize And Expand Banking Services In Pakistan

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With IDEMIA’s Global Fintech Accelerator Card Program, the Pakistan-based fintech firm can now effectively scale-up its operations and offer a superior payment experience, powered by state of the art technology. As the world goes digital, payment cards are arguably the last physical touch-point between the bank and its customers. SadaPay’s approach to financial services is …

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