By Staff Reporter
KARACHI: Pakistan’s current account swung to a surprise surplus of $1.2 billion in the first half of the fiscal year 2025, driven by higher remittances and export growth.
Economy
IMF trims Pakistan’s GDP growth outlook to 3pc
By Staff Reporter
ISLAMABAD: Pakistan’s economic growth is expected to be 3 percent in 2025, the International Monetary Fund (IMF) said, trimming its earlier forecast to match the central bank’s estimate of 2.5 percent to 3.5 percent.
Rs7 trillion lost to tobacco smuggling
By Staff Reporter The Federal Board of Revenue (FBR) has identified tax evasion due to smuggled tobacco as a key factor of tax losses to
Cigarette smuggling chokes Pakistan’s coffers
By Staff Reporter
The International Monetary Fund (IMF) has reported that Pakistan’s tax compliance gap stands at 3.5 percent of its Gross Domestic Product (GDP), with key sectors including retail, transport, and real estate contributing significantly to the shortfall.
Diesel prices rise 2pc, petrol steady
By Staff Reporter
ISLAMABAD: The government has increased diesel prices by 2 percent or 5 rupees per litre to Rs251.29, while keeping petrol prices steady at Rs247.03 rupees for the next fortnight, the Ministry of Finance said late on Tuesday.
FBR extends income tax return filing deadline to Oct 31
By Staff Reporter
ISLAMABAD: The government delayed the income tax return filing deadline to Oct. 31, giving taxpayers extra time to comply after bank closures tied to the Shanghai Cooperation Organisation (SCO) summit hindered submissions.
Pakistan moves to calm IMF fears with tax hikes, asset sales
By Staff Reporter
ISLAMABAD: Pakistan will implement tax hikes, privatize state assets and overhaul its tax regime to address IMF concerns, as it seeks to plug a $110.5 billion financing gap through 2029, the International Monetary Fund (IMF) documents showed.
Saudi’s Manara Minerals to invest in Pakistan’s Reko Diq project
By Staff Reporter
ISLAMABAD: Saudi Arabia’s Manara Minerals will sign an agreement with Barrick Gold and Pakistani state-owned enterprises within weeks to acquire a stake in the Reko Diq copper-gold project, Saudi Investment Minister Khalid Bin Abdul Aziz Al Faleh said on Thursday.
Pakistan axes five power deals to stem Rs411 billion in losses
By Staff Reporter
ISLAMABAD: The cabinet approved the termination of five independent power producer (IPP) agreements on Thursday, scrapping “take-or-pay” contracts that would expected to save the country Rs411 billion
86pc of Pakistani companies evading taxes, govt says
By Staff Reporter
ISLAMABAD: Pakistan plans a nationwide crackdown on tax evasion on Thursday, after revealing that a staggering 86 percent of companies operating in the country are not registered for sales tax, resulting in an estimated Rs3.4 trillion in lost revenue annually.