Three Digital Banking Players to Enter the Pakistani Fintech Market

Pakistan’s financial sector has been rising rapidly as reported by the State Bank of Pakistan (SBP) and McKinsey & Company – a leading management consulting firm with a worldwide presence.

Financial Technology (FinTech) is an exponentially growing technology, aiming to replace the traditional financial services.

According to the bankers’ bank, three new FinTech companies are all set to start their operations in Pakistan owing to the fact that Pakistan has been turning into a very feasible market for FinTechs. The latest players include TPL Rupya, Monet and FonePay.

The entry of the new financial service providers was revealed in the central bank’s quarterly report, which also highlighted the reasons behind a booming financial sector in the country – the reasons being branchless banking, rapidly rising access of internet, heightened incomes and lastly the innovation in communication technology.

The Impact

The technology brings with it a plethora of advantages including online transactions to anyone having a mobile wallet. Business-to-consumer e-Commerce (e-B2C) is likely to skyrocket in Pakistan if the new FinTechs start operating in the country, SBP reports.

Hinting at the impact of the new players, McKinsey & Company has laid out the forecast numbers in its report. FinTech will lead to the following outcomes by 2025 in Pakistan.

• It will create 4 million jobs
• 93 million bank accounts will be opened
• $36 billion will be added to the gross national product (GNP) annually
• Pakistan government’s net revenue will be increased by $7 billion

Ignite CEO, Yusuf Hussain while talking about SBP’s target of 50 million bank accounts by 2020, said that 7 million exist today which include 1.8 million traditional accounts over the course of 50 years and 5.2 million branchless accounts accumulated in the last 5 years.

Yusuf Hussain further remarked that SBP will be able to achieve its goals by the end of 2020 as the mobile/branchless accounts grow exponentially as compared to traditional accounts which rise with the GNP.

According to SBP, Pakistanis made transactions worth Rs. 20.7 billion on international e-commerce websites.

Via Tribune

Free Medical Treatment to All Practicing Advocates

According to this Notification, I am directed to refer to the Health Department, order bearing No. SO(Tech-I)Misc-2/2009 dated 31-01-2012 on the subject noted above and to state that in the meeting held on 19th January 2015 under the chairmanship of Honourable Chief Minister Sindh, with the delegation of Karachi Bar Association , in its meeting. The Honourable Chief Minister Sindh, has been pleased to desire to ensure/bound the all concerned to provide free medical treatment to all practicing advocates and their dependent family members at par with BPS-17 & BPS-18 officers, on production of membership card issued by the Sindh Bar Council.

RTO ISLAMABAD/RAWALPINDI SETS UP 16 KIOSKS TO HELP TAXPAYERS

Islamabad September 19, 2009 : RTO Islamabad sets up 16 kiosks to help taxpayers Regional Tax Office (RTO) Islamabad has set up 16 tax facilitation kiosks (TFKs) in different parts of the Rawalpindi/Islamabad region to facilitate taxpayers filing their income tax returns before the September 30 deadline.
A team of senior officers led by Director Mrs. Rakhshanda Aziz Babar and assisted by Mr. Ghulam Muhammad, Mr Liaquat Ali, Mr. Binyamin Nasir, Mr. Nasir. Maqbool Hashmi and Mr. Aqil Ahmed Sheikh, has also been constituted to ensure a smooth functioning of the TFKs.
The facilitation kiosks have been set up at the main RTO office Rawalpindi as well as at Bank Road Saddar, Raja Bazar, Chandni Chowk Al-Sheikh Plaza in Rawalpindi. In the Mufassil-I, such facilitation desks have been set up at Jhelum (TFC), Jhelum Main Bazar (TFK), Dina (TFK), Chakwal (TFK), Chakwal Chappar Bazar (TFK), Chowa Saiden (TFK) P.D. Khan (TFK) and Talagang (TFK). In the Mufassil-II, such centres have been set up at Wah (TFC), Fateh Jang (TFK), Attock (TFK), and Murree (TFK). At RTO Rawalpindi, an e-filing kiosk with a printer facility has also been set up TFD Hall, to facilitate the taxpayers. A helpline No. 051-9271728 will also be accessible by the taxpayers for any help and support from 8:00am to 5:00pm.

http://www.freebusinessupdates.info

FBR STRIVING TO INCREASE TAX-TO-GDP RATIO

Federal Board of Revenue (FBR) is striving to broaden the tax net and enhance the tax-to-GDP ratio to lessen the country’s dependence on external capital flows to fund the much-needed development projects.

This was stated by Mrs. Riffat Shaheen Qazi, Member FATE, FBR, while speaking to a group of some 30 college students from Talagang, district Chakwal, who visited the Facilitation and Taxpayers Education (FATE) Wing of the FBR for an academic briefing.

Mrs. Qazi welcomed the students and apprised them of the role and importance of FBR in the national economy. She also briefed the students on structure, working, functions and significance of FBR and its line departments like Inland Revenue (Income Tax, Sales Tax, and Federal Excise Duty) and Customs department. The presentation highlighted the reforms process, new image and approach of FBR.

The students were informed about the FBR’s efforts for promoting Taxpayers Facilitation and motivation for voluntary compliance of fiscal laws. They were further briefed on the developments of Inland Revenue Service and integration of tax matters.

In the end a session of questions and answers was also conducted. The students and the faculty members felt enlightened about new face of FBR.

http://www.freebusinessupdates.info

FBR RECONSTITUTES TEAM TO WORK ON VAT LEVY FROM NEXT YEAR

ISLAMABAD, Sep. 17, 2009: Federal Board of Revenue (FBR) has reconstituted a team set up to deliberate, study and come up with a comprehensive plan to enforce value added tax (VAT) from July next year.
The team earlier set up through a board’s order on July 2, 2009 has been reconstituted to include Mr. Asrar Raouf (BS-21) of Income Tax Group as chairman of the team while members include Khawaja Tanvir Ahmed (BS-20) of Customs & Excise Group, Mr. Ibrar Ahmed Khan (BS-20) of Customs & Excise Group, Dr. Muhammad Iqbal (BS-19) of Income Tax Group, Dr. Tariq Masood (BS-19) of Income Tax Group, Mr. Mustafa Kamal (BS-19) of Income Tax Group, Mr. Ghulam Ai Malik (BS-18) of Customs & Excise Group, and Dr. Iftikhar Ahmad (BS-18) of Customs & Excise Group. The team has been tasked to interact with the private sector and trade bodies to take their input for the formulation of a comprehensive plan to enforce VAT from next fiscal year.

http://www.freebusinessupdates.info

FBR OFFICIALS URGED TO MEET REVENUE COLLECTION TARGETS

Federal Board of Revenue Chairman Mr. Ahmad Waqar has called for concerted
efforts to improve revenue collection to meet targets.
"The FBR officials and staff must apply themselves to the task with professional commitment and dedication,"

he said in a keynote address to the 3rd meeting of the director generals of Large Taxpayers' Units (LTU)/regional tax offices (RTOs) held at Federal Board of Revenue (FBR) in the third week of January 2009.The meeting was inaugurated by Chairman, FBR and attended by Mr. Irfan Nadeem, Member (Inland Revenue). Mr. Abrar Ahmad Khan, Member (Audit),Mr. Nau Bahar Kiyani, Member (Tax Policy & Reforms) and Muhammad Anees Member (Enforcement & Accounting) also attended along with DG from 16 reformed units and all Chiefs/Secretaries of Income Tax Wing. Mr. Waqar told the participants a composite audit plan of selected corporate cases would be conducted through chartered accountants and modalities in this regard are being worked out in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP). He asked the director generals, LTUs/RTOs to vigorously pursue cases involving big tax evaders and non-filers to ensure compliance with tax laws.
Earlier Member (Inland Revenue) Mr. Irfan Nadeem presented a review of the six-monthly performance of direct taxes and urged the director generals to overcome shortfall in their targets. He also exhorted them to ensure that the audit was conducted in a fair and transparent manner without harassment of the taxpayers. He apprised the participants of the new changes made in the administrative set up of top hierarchy of FBR, which he said was aimed at achieving the desired objectives of the reform process. He informed the audience of various policy decisions including reward policy for officers and staff.

http://www.freebusinessupdates.info

A DELEGATION COMPRISING PRESIDENT/EXECUTIVE MEMBERS

A delegation comprising President/Executive members of the Steel Industry both melters and re-rolling called upon the Chief Commissioner Inland Revenue, Regional Tax Office, Lahore for the redressal of their problems relating to sales tax both refund and audit and non-payment/under payment of sales tax by the several steel furnaces. The meeting was also attended by the Commissioners Inland Revenue, Enforcement & Collection Division-I, II & III, RTO, Lahore respectively. It was decided that the steel industry would nominate a facilitator which would coordinate with the department’s nominated liaison officer to create better understanding of the issues and ensure confidence building measures by taking

stern action against the defaulters who are not paying their due amount of tax. The department promised to provide the steel industry an electronic access to the Data Base and gave all to them a level playing field. It was assured that as the functional integration/harmonization of taxes has been made viz a viz sales tax, income tax and federal excise, efforts would be made to make the system work smoothly and efficiently in solving the taxpayers genuine problems through one window operation i.e. One officer would be dealing with all the issues relating to three taxes. The meeting ended with the vote of thanks by the Steel Association to the chair for patiently hearing their genuine grievances and ensuring to resolve them on priority basis.

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Blogging - How to Create and Market an Ebook Or Report From Your Blog

How to sell products by using your blog to create and market them. One of easiest products to create and market is a report or ebook. I'll discuss how to create a report because a report can easily be expanded into an ebook.

So you've decided to create your own product and market it with your blog.
How do you start?
What tools do you need?
How long will it take?
One of easiest products to create and market is a report or ebook. I'll discuss how to create a report because a report can easily be expanded into an ebook.
1. Find a niche you are passionate about
It's easier to write about a topic you like rather than one in which you have little or no interest in. Your passion for the topic will be evident in your writing.
2. Create a blog
If you already have a blog create a category for your new topic and start writing short posts about it. Create a blog if you don't have one. This serves 3 purposes:
You're building content that automatically will attract the search engines and drive visitors to your blog.
Each post or article can be used for your report. You can also begin promoting your report by adding a link to the sales page at the end of each post.
Time management. Instead of writing a report in one sitting you can create small chunks (posts) of it over time. This makes it easy to complete in a set period.
For example if you want to create a 21 page report, write 2 posts every 2 days to complete one page of your report. Within 42 days your report will be completed. If you want it be finished earlier just write more often.
3. Create content
Sometimes it's hard to find inspiration for a new article. To overcome writer's block do a search on EzineArticles for your keyword. You'll instantly find articles written on your topic. After reading several of them you'll have a few ideas you can use to begin writing your own article.
Write a catchy headline followed by an introductory paragraph that emphasizes a specific problem. The succeeding paragraphs should offer solutions to the problem.
4. Call to action
The content you've written prepares your reader to take action. Your last paragraph should summarize what you have said in your content and end with a call to action and a link to the sales page of your report. Add a call to action to every new blog post.
You now are well on the way to creating a report that you can market with your blog.
Subscribe to the Marketing Tips Newsletter to receive in-depth articles every 2 weeks:
http://crazyinfo-raza.blogspot.com

Blogging Tips For Beginners - Are You Making These 3 Mistakes?

There are three common mistakes that people make when they start blogging. The purpose of this article is to reveal those 3 mistakes and suggest how you can avoid them so that you build a following quicker!

Profitable Blogging - How to Make Your Blog Popular

It is entirely possible to make your full-time income exclusively from blogging. In its initial stages, start-up blogs can take a lot of time to develop. When a blog is started, it will have very little content, very few readers, and no advertising revenue. How is it that some full-time bloggers make six figures purely from blogging and have tens of thousands of loyal readers? It is the result of months and even years of continuous hard work plus a few more factors, some of which will be outlined in this article.

How to Make Money From Blogging - 3 Ways to Squeeze Big Cash From a Blog

Blogging is a great way for many people to make money online. There are people who do it for fun and then thee are people with the inside know how that consistently rake in five and six figure incomes that really know how to make money from blogging. Find out how to do it now!

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