Financial System | MCQs

Explanation

Pakistan’s first coin was issued on 3rd January 1948

The First Postal Stamp of Pakistan was issued on 9th July 1948.

Pakistan’s first currency note was issued on March 1, 1949.

ND26-4-2023

Explanation

On January 1, 1980, approximately 7,000 interest-free counters were opened at all the nationalized commercial banks, making Pakistan the first country in the Muslim world with Islamic banking.

Explanation

Explanation

Explanation

The Federal Board of Revenue (FBR) is responsible for collecting various types of taxes in Pakistan, including:

Income Tax: FBR collects income tax from individuals and businesses.

Federal Excise Duty (FED): FBR collects FED on certain goods and services.

Sales Tax: FBR collects sales tax on goods and services.

Additionally, FBR also collects other types of taxes, such as:

• Customs duty
• Property tax
• Wealth tax
• Gift tax
• Inheritance tax

Explanation

The Federal Board of Revenue (FBR) is responsible for the collection of major tax revenues in Pakistan.

Including income tax, sales tax, and customs duties.

It operates under the Ministry of Finance.