ISLAMABAD: The Federal Board of Revenue (FBR) has rolled out a Rs36 billion package of new taxes to plug a financial gap triggered by a reduction in sales tax on solar panels and a proposed salary hike for government employees.
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IMF rejects Pakistan’s tax rebate plan for educators, researchers
ISLAMABAD: The International Monetary Fund (IMF) has shot down the government’s proposal for a 25% tax rebate for teachers and researchers from July 1, 2025, Federal Board of Revenue Chairman Rashid Mahmood Langrial told lawmakers on Saturday.
Ogra tells fuel firms to hoard stocks, boost imports on Mideast war risk
ISLAMABAD: Pakistan’s Oil and Gas Regulatory Authority (Ogra) on Saturday directed oil marketing companies (OMCs) to hold 20-day fuel stockpiles and import 140 million liters of petrol as the escalating Iran-Israel conflict risks disrupting global oil supplies.
Govt cuts income tax rate to 1pc for salaried workers earning up to Rs1.2 million
ISLAMABAD: The government has cut income taxes for salaried workers, lowering the rate for those earning up to Rs1.2 million annually from 5% to 1%, Finance Minister Muhammad Aurangzeb told the Senate session on Saturday.
Pakistan to lift used car import curbs under IMF bailout deal
ISLAMABAD: Pakistan will lift restrictions on commercial imports of used vehicles up to five years old starting in September, Finance Minister Muhammad Aurangzeb told a parliamentary committee on Friday.
Pakistan secures Rs1.275 trillion Islamic finance deal to tackle power sector debt
ISLAMABAD: Pakistan has clinched a Rs1.275 trillion ($4.6 billion) Islamic finance facility from 18 commercial banks to confront its power sector’s ballooning debt, a pivotal step to shore up the economy and align with its $7 billion International Monetary Fund program, Power Minister Awais Leghari said Friday.
Pakistan draws interest from five bidders for struggling PIA
ISLAMABAD: Five bidders, including prominent business groups and a military-backed firm, have emerged as contenders to buy ailing Pakistan International Airlines, the Privatization Ministry said on Thursday, signaling momentum in Pakistan’s latest push to offload the loss-making state-owned enterprises and comply with the terms of a $7 billion International Monetary Fund bailout.
Solar GST slashed to 10pc, provinces keep digital tax in budget shift
ISLAMABAD: The government has revised its budget proposals following concerns from coalition partners and stakeholders, retaining the digital sales tax under provincial jurisdiction and lowering the proposed general sales tax (GST) on solar panels from 18% to 10%.
Pakistan seals $1bn ADB-backed loan with Gulf banks in market return
By Staff Reporter
KARACHI: Pakistan on Wednesday signed a $1 billion financing deal with the Asian Development Bank (ADB), marking a pivotal step in its fiscal overhaul and heralding its return to international commercial markets after a nearly two-and-a-half-year absence.
Manufacturing growth masks broader decline in fiscal 2025
ISLAMABAD: Pakistan’s large-scale manufacturing sector grew 2.29% in April from a year earlier, but the uptick couldn’t reverse a 1.52% contraction over the first 10 months of fiscal 2025, highlighting persistent economic strain.