ISLAMABAD: Pakistan’s anti-corruption agency, the National Accountability Bureau (NAB), has imposed a 15-day freeze on 457 properties nationwide, including those owned by property tycoon Malik Riaz’s son, Ahmed Ali Riaz, and his company, Bahria Town Pvt Ltd, as part of a sweeping investigation into the alleged illegal seizure of government land in Karachi, officials confirmed Saturday.
Economy
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 to import 750,000T of sugar after export surge fuels price spike
ISLAMABAD: Pakistan is set to import 750,000 metric tonnes of sugar following a massive export push that drained domestic supplies and sent prices soaring to all-time highs.
Pakistan rolls out Rs100 billion EV subsidy to boost green transport
ISLAMABAD: The government on Thursday rolled out its Electric Vehicle (EV) Policy 2025-30, pledging more than Rs100 billion in subsidies over the next five years to push electric bikes and rickshaws into the mainstream.
Senate committee rejects carbon levy on petroleum products
ISLAMABAD: The Senate finance committee on Thursday axed a proposed Rs2.5-per-litre carbon levy on petroleum products, a measure embedded in the Finance Bill 2025-26, putting at risk the revenue goal of Rs45 billion tied to a $1.4 billion International Monetary Fund (IMF) program.
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.
Army chief Munir meets Trump amid India tensions, Iran-Israel conflict
ISLAMABAD: President Donald Trump welcomed Pakistan’s Chief of Army Staff, Field Marshal Syed Asim Munir, to the White House on Wednesday for a landmark meeting focused on joint counterterrorism efforts and expanding bilateral trade, a high-level engagement that stretched beyond its scheduled hour to over two.
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%.