Banking & Finance

New Ordinance on Overseas Pakistanis, Own Money, Electric Vehicles and Super Tax Explained

The government has promulgated Tax Laws Amendment Ordinance 2021 so as to introduce the following major measures: To facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs); Extended 4 percent Super Tax on banks indefinitely beyond the tax year 2021; Imposed withholding tax (Rs. 50,000-Rs. 200,000) on persons who sell locally manufactured vehicles …

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SECP New Portal to Facilitate Fast Opening of Bank Account of New Companies

┬áIn pursuit of its agenda to promote ease of doing business and digitalisation, the Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies. The online portal provides banks real time access to statutory records of companies, thus enabling them to open corporate accounts without …

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Banks Can Accept Third Party Guarantee Against Low-Cost Housing Finance Scheme

To facilitate the banks in extending low-cost housing finance, the State Bank of Pakistan (SBP) eased off a major condition. SBP has allowed the banks to accept a personal guarantee of a third party until the completion of the housing unit and the perfection of the mortgage. Currently, applicants face difficulties in obtaining housing finance, …

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Banks Can Accept Third Party Guarantee Against Low-Cost Housing Finance Scheme

To facilitate the banks in extending low-cost housing finance, the State Bank of Pakistan (SBP) eased off a major condition. SBP has allowed the banks to accept a personal guarantee of a third party until the completion of the housing unit and the perfection of the mortgage. Currently, applicants face difficulties in obtaining housing finance, …

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