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.
Economy
SBP stays put on rate, flags oil price risks from Middle East crisis
KARACHI: Pakistan’s central bank left its benchmark interest rate unchanged at 11 percent on Monday, signaling a cautious stance as inflation edges higher and economic growth gathers pace.
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.
Senate panel rejects FBR’s tax fraud arrest powers
ISLAMABAD: A Senate committee on Sunday shot down a Federal Board of Revenue (FBR) proposal that would have let tax officials arrest suspected fraudsters during investigations without court approval.
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.
India’s bid to downgrade Pakistan at FATF fails, Islamabad retains reporting status
ISLAMABAD: India’s latest attempt to tarnish Pakistan’s financial reputation has fallen flat, as the global money laundering watchdog chose to keep Islamabad under a reporting mechanism rather than relegating it to a more punitive status, despite New Delhi’s concerted push, state broadcaster Radio Pakistan reported on Saturday.
Middle East tensions delay Pakistan UN visit, US tariffs talks
ISLAMABAD: Escalating conflict in the Middle East has forced the postponement of two significant Pakistani visits to the United States, disrupting diplomatic and economic plans, Dawn newspaper reported on Sunday.
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.
Pakistan targets housing finance boost with foreclosure laws
ISLAMABAD: The government will roll out foreclosure laws to spur bank lending in the housing sector and clamp down on tax evasion to formalise its cash-reliant economy, Finance Minister Muhammad Aurangzeb said Friday.
IFC boosts Reko Diq mine with $400 million loan, total financing hits $700 million
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday, boosting its total financing for the project to $700 million and signaling strong support for the country’s natural resources sector.