Cover Stories

In wake of the US move against a Pakistani bank in New York, Pakistan needs to establish and strengthen its banking channels with friendly countries including China, Iran, Turkey and Malaysia. The banking Channels play an important role in enhancing …

With the growing menace of drug trafficking, money laundering and financing of terrorist outfit, all around the world governments want to keep a complete trail of money being transferred to and received from different countries. The rules have been made …

Autumn 2016 saw the HMRC publish an updated draft on the guidance for the new corporate criminal offence of failing to prevent the criminal facilitation of tax evasion. This comes as part of HMRC’s continuing commitment to crack down on …

Current growth rate of this sector is larger than the growth rate of industrial and agriculture Services sector, which according to the World Trade Organization (WTO) is the fastest growing sector of the global economy and contributes 70 percent to …

In 2014, the Organization for Economic Co-operation and Development (OECD) established the Common Reporting Standard (CRS), laying the groundwork for a new global network of tax reporting. The CRS calls on the tax authorities of participating countries to obtain information …

In August, the New York State Department of Financial Services (DFS) sought to impose about $630 million penalty on HBL’s New York branch for charged violations of certain rules and regulations. The bank was also ordered to surrender its license …

Burdensome taxation system benefits the rich rather than poor and deprived The evasion of tax is one of the much perverted factors in the taxation system of Pakistan. Common men are powerless to bear the hardship of sales tax on …

Analysts are of the consensus that those who wish to borrow money from the commercial banks have no option but to comply with the banking regulations, others prefer to stay away from opening accounts with the banks till it becomes …

Pakistan has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters of the Organization for Economic Cooperation and Development (OECD) in Paris, recently. The convention is an instrument for international tax cooperation that provides for all forms of …

The international community loses hundreds of billions of dollars every year due to trade-based money laundering whereas Pakistan loses $10 billion a year to money laundering. A recent US reports identifies China, Russia, Mexico and India as the top four …