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In a recent meeting of the Senate Standing Committee on Finance, it was revealed that Pakistani citizens have forgotten about Rs97 billion lying dormant in their bank accounts. This significant sum is spread across 10.4 million temporarily closed accounts in various banks throughout the country. Dormant Accounts and Forgotten Funds The meeting, chaired by Senator Saleem Mandviwala, highlighted that these …

FBR’s Tax Registration Drive: Progress and Challenges The Federal Board of Revenue (FBR) has been conducting a tax registration drive for nearly five months across 42 cities, successfully bringing thousands of traders onto the tax roll. However, under the Tajir Dost Scheme (TDS), the average income tax collected from an individual trader remains low at just Rs2,432 per month. Tax …

The Pakistani government has decided to overhaul bilateral development financial institutions that have become hotspots for nepotism, following the appointment of favored bureaucrats to their boards. These board members reportedly receive up to $5,000 (Rs1.4 million) per meeting in fees. Focus Shift from Primary Role to Government Debt Investments Instead of adhering to their primary role of providing loans to …