ISLAMABAD: The government is rethinking sweeping new powers that would allow tax officers to arrest suspected tax evaders, responding to an outcry from businesses and lawmakers who fear the measures could lead to harassment and abuse.
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Pakistan says oil stocks can weather Middle East storm, but risks linger
ISLAMABAD: Pakistan currently holds sufficient petroleum reserves and faces no immediate threat of supply disruptions, the finance ministry said on Monday, even as escalating tensions between Israel and Iran inject fresh volatility into global oil markets.
Pakistan raises fuel prices as Middle East conflict roils oil markets
ISLAMABAD: The government increased fuel prices sharply on late Sunday, with petrol climbing by Rs4.80 per liter and diesel by Rs7.95 per liter, effective immediately.
Lawmakers push back on tax powers in Finance Bill 2025
ISLAMABAD: A parliamentary panel on Saturday pressed the government to abandon proposed provisions in the Finance Bill 2025 that would empower tax officials to arrest individuals and issue money laundering notices, cautioning that such authority risks misuse and could stifle businesses.
SBP seen holding policy rate as Israel-Iran tensions fuel inflation risks
KARACHI: The central bank is expected to keep its policy rate unchanged on Monday as escalating tensions between Israel and Iran stoke fears of rising commodity prices, threatening a resurgence of inflation in the financially strained country
Enforcement or heavier taxes
The latest budget is a reckless bet that the government can muscle through enforcement measures no one believes are feasible. Finance Minister Muhammad Aurangzeb has staked the country’s fiscal future on a Rs14.1 trillion revenue target, a 19% jump from Rs11.9 trillion, underpinned by a crackdown on tax dodgers and IMF-mandated austerity. The problem? This plan assumes a level of political backbone and economic resilience that Islamabad has rarely shown. It’s less a strategy than a prayer, and the odds are stacked against it.
IMF pleaser, growth freezer budget
ISLAMABAD: Pakistan’s Rs 17.6 trillion budget for 2025-2026, rolled out by Finance Minister Mohammad Aurangzeb, is a high-wire act, slashing the deficit to 3.9% of GDP from 5.9% to win IMF applause, while tiptoeing around the political third rail of taxing the untaxed and sparking growth in an economy stuck in neutral. Revenue projections hit Rs 19.3 trillion, Rs 14.1 trillion from taxes, Rs 5.1 trillion from non-tax sources, a blueprint drenched in discipline. Yet, with unemployment at 6.3% (and a jaw-dropping 44.9% for youth), a 241.5 million population swollen by a youth bulge, and an informal economy mocking the tax net, this budget risks being a masterclass in caution rather than the bold stroke Pakistan desperately needs. Stability is the buzzword here, but it might just be a polite term for paralysis.
Budget to put IMF before growth
By Staff Reporter ISLAMABAD: Finance Minister Muhammad Aurangzeb will step into the spotlight today, unveiling the federal budget for 2025-26 in parliament, a fiscal blueprint
Pakistan’s economy seen growing 2.7pc, survey set for unveiling today
ISLAMABAD: Pakistan’s economy is expected to have grown by 2.7% in the fiscal year 2024-25, preliminary figures signal on Monday, with the official Economic Survey set to be unveiled later today by Finance Minister Muhammad Aurangzeb.
Nearly 1 in 2 Pakistanis live below poverty line under World Bank’s new standards
ISLAMABAD: Nearly half of Pakistan’s population is living below the poverty line, according to a World Bank report released on Thursday, a stark finding driven by the institution’s recent update to global poverty standards rather than a deterioration in the country’s economic conditions.