Karachi, November 1, 2024 – The Federal Board of Revenue (FBR) has imposed a substantial tax demand against Bank Makramah, citing discrepancies in its financial reporting. According to the bank’s recently published financial statement, the FBR has disputed various tax treatments applied by Bank Makramah, leading to huge tax demand, which the bank has challenged through appeals. The bank, which had submitted its Income Tax Returns up to the financial year ending December 31, 2023 (tax year 2024), revealed that the FBR disputed its tax assessments from as early as 2003, across various regions and former entities now consolidated under Bank Makramah. These amended assessments reflect the FBR’s concerns regarding the bank’s accounting of several key financial treatments. For assessments from tax years 2009 through 2023, the FBR issued an additional tax demand of Rs. 418.48 million. This demand, contested by the bank, was paid, stayed, or offset against available refunds. In a similar vein, for assessments related to Bank Makramah’s AJK Region from tax years 2013 to 2017, the FBR issued a further Rs. 57.96 million in tax demands. Moreover, assessments concerning the legacy of ex-My Bank Limited, acquired by Bank Makramah, led to a disputed tax demand of Rs. 456.62 million for the tax years 2003 to 2011. An additional Rs. 89.74 million tax demand was also raised regarding ex-Atlas Bank Limited, now under Bank Makramah, for the years 2003 to…