News
| Sr # | Date | Heading | View |
|---|---|---|---|
| 1 | 2026-10-09 | FOREIGN INCOME: IRIS DROPS REDUCED TAX RATE OPTION | View |
| 2 | 2026-10-09 | FBR EXPLAINS COMMISSIONER (APPEALS) POWERS UNDER SECTION 128 FOR TY2027 | View |
| 3 | 2026-10-09 | FBR EXPLAINS APPEAL PROCEDURE AND 30-DAY DEADLINE UNDER SECTION 127 | View |
| 4 | 2026-10-09 | FBR ISSUES FRESH CUSTOMS VALUATION OF ALMONDS FOR IMPORTS | View |
| 5 | 2026-10-09 | FBR SETS UP MEDIA COORDINATION UNIT TO STRENGTHEN MEDIA ENGAGEMENT | View |
| 6 | 2026-10-09 | FBR ISSUES GUIDELINES FOR SUSPENSION OF CUSTOMS OFFICIALS | View |
| 7 | 2026-10-09 | FBR ALLOWS ELECTRICITY UNITS DECLARATION FOR STEEL SECTOR SALES TAX | View |
| 8 | 2026-10-08 | PRA RECORDS 31% REVENUE GROWTH IN FIRST QUARTER OF FY27 | View |
| 9 | 2026-10-08 | FBR CANCELS ALL NOCS ISSUED TO TAX OFFICIALS | View |
| 10 | 2026-10-08 | FBR INTRODUCES EXPORT FACILITATION SCHEME FOR MEAT AND LIVE ANIMALS | View |
| 11 | 2026-10-08 | FBR AUTHORISES FOUR VENDORS TO MONITOR PRODUCTION IN FIVE SECTORS | View |
| 12 | 2026-10-08 | FBR EMPOWERED TO MODIFY ORDERS AFTER COURT RULINGS | View |
| 13 | 2026-10-08 | FBR SETS RULES FOR GIVING EFFECT TO APPELLATE ORDERS UNDER SECTION 124 | View |
| 14 | 2026-10-07 | FBR officials martyred in armed attack in Dera Ismail Khan | View |
| 15 | 2026-10-07 | FBR PROPOSES DIGITAL TAX RETURN SYSTEM FOR NON-RESIDENT SHIPPING | View |
| 16 | 2026-10-07 | FBR PROPOSES ATL RELIEF FOR LATE TAX FILERS UNDER DRAFT RULES | View |
| 17 | 2026-10-07 | FBR PROPOSES RULES FOR TAX CREDIT ON DIGITAL INTEGRATION INVESTMENTS | View |
| 18 | 2026-10-07 | FBR PROPOSES AUTOMATED INCOME TAX SCRUTINY WITH SEVEN-DAY RESPONSE PERIOD | View |
| 19 | 2026-10-07 | FBR NOTIFIES POWERS OF CHIEF COMMISSIONERS AND COMMISSIONERS WORKING UNDER NATIONAL FACELESS CENTRE | View |
| 20 | 2026-10-07 | FBR ESTABLISHES NATIONAL FACELESS CENTRE WITH EXPANDED TAX POWERS | View |
| 21 | 2026-10-07 | FBR COMMISSIONERS RETAIN SUO MOTO POWERS IN TAX YEAR 2027 | View |
| 22 | 2026-10-07 | GROUNDS FOR AMENDING ASSESSMENT ORDERS BY FBR COMMISSIONER IN TAX YEAR 2027 | View |
| 23 | 2026-10-07 | FBR STRENGTHENS BEST-JUDGEMENT ASSESSMENT POWERS FOR TAX YEAR 2027 | View |
| 24 | 2026-10-07 | FBR TRANSFERS YAQOOB MAKO AS CUSTOMS POST-CLEARANCE DG | View |
| 25 | 2026-10-06 | FBR SETS OCTOBER 9 DEADLINE FOR OFFICERS TO DECLARE FOREIGN NATIONALITY | View |
| 26 | 2026-10-06 | FBR SETS ASSESSMENT RULES FOR TAX RETURNS IN TY2027 | View |
| 27 | 2026-10-06 | FBR ALLOWS TAXPAYERS TO SEEK EXTENSION FOR RETURN FILING | View |
| 28 | 2026-10-06 | FBR SETS RULES FOR TAX RETURN AND DOCUMENT FILING IN TY2027 | View |
| 29 | 2026-10-06 | SBP LAUNCHES PAKISTAN EXPRESS CLEARING SYSTEM TO SPEED UP CHEQUE PROCESSING | View |
| 30 | 2026-10-06 | HK STOCKS EDGE UP AS AI SHARES OFFSET PROPERTY WEAKNESS | View |
| 31 | 2026-10-06 | EUROPE’S STOXX 600 GAINS ON BANKS BOOST | View |
| 32 | 2026-10-06 | S&P 500 UP, NASDAQ AT RECORD HIGH AS TECH STOCKS RISE | View |
| 33 | 2026-10-06 | SOFT US PAYROLLS LIFT EM ASIAN STOCKS | View |
| 34 | 2026-10-06 | MOST GULF BOURSES EDGE UP ON ENERGY RELIEF, FADING FED HIKE ODDS | View |
| 35 | 2026-10-06 | GOVERNOR SINDH ASSURES FULL SUPPORT FOR TOWEL INDUSTRY | View |
| 36 | 2026-10-05 | AHMAD KAMAL POSTED AS LTO KARACHI CHIEF COMMISSIONER IN MAJOR FBR RESHUFFLE | View |
| 37 | 2026-10-05 | FBR DEPLOYS 16 OFFICERS TO NATIONAL FACELESS CENTER | View |
| 38 | 2026-10-05 | BOK PROMOTES WOMEN’S FINANCIAL LITERACY | View |
| 39 | 2026-10-05 | FTSE 100 POSTS BIGGEST WEEKLY DROP SINCE APRIL | View |
| 40 | 2026-10-05 | OIL SLIPS AS MIDDLE EAST CRUDE EXPORTS RISE, G7 TO RELEASE STOCKS | View |
| 41 | 2026-10-05 | 1QFY27: KPRA RECORDS 24PC INCREASE IN COLLECTION OF STS YOY | View |
| 42 | 2026-10-05 | FBR SETS 15-DAY DEADLINE FOR DISCONTINUED BUSINESSES TO NOTIFY | View |
| 43 | 2026-10-05 | FBR MAKES FOREIGN INCOME AND ASSETS STATEMENT MANDATORY FOR TAX YEAR 2027 | View |
| 44 | 2026-10-05 | FBR GETS POWER TO COMPEL WEALTH STATEMENTS FOR TAX YEAR 2027 | View |
| 45 | 2026-10-03 | WILL FBR ENFORCE RESTRICTIONS ON NON-FILERS’ ECONOMIC TRANSACTIONS IN 2027? | View |
| 46 | 2026-10-03 | HOW FBR CAN FORCE YOU TO FILE AN INCOME TAX RETURN | View |
| 47 | 2026-10-03 | FBR EXPLAINS ALTERNATIVE CORPORATE TAX RULES FOR TAX YEAR 2027 | View |
| 48 | 2026-10-03 | PRA LAUNCHES PUNJAB-WIDE CRACKDOWN ON E-IMS VIOLATIONS | View |
| 49 | 2026-10-03 | FALLING TREND PERSISTS ON COTTON MARKET | View |
| 50 | 2026-10-03 | HK EQUITIES SINK AS 10-YEAR TREASURY YIELD HITS TWO-DECADE HIGH | View |
| 51 | 2026-10-03 | INDIAN FINANCIAL MARKETS CLOSED | View |
| 52 | 2026-10-03 | NIKKEI RETREATS FROM 6-WEEK HIGH AS INVESTORS LOCK IN GAINS | View |
| 53 | 2026-10-03 | EUROPEAN SHARES REBOUND AFTER BOND-DRIVEN SELLOFF | View |
| 54 | 2026-10-03 | GCNP SUSTAINABILITY AWARDS 2026: ARL SECURES 1ST POSITION IN LABOUR CATEGORY | View |
| 55 | 2026-10-02 | FBR VISITS SHOPS NATIONWIDE FROM OCT 2 FOR EASY TAX SCHEME | View |
| 56 | 2026-10-02 | FTO ORDERS FBR TO CLEAR PENDING TAX APPLICATION IN 20 DAYS | View |
| 57 | 2026-10-02 | PAKISTAN CUSTOMS DESTROYS RS31.5 MILLION PIRATED GOODS IN KARACHI | View |
| 58 | 2026-10-02 | FBR ISSUES FRESH CUSTOMS VALUES OF RAISINS UNDER VALUATION RULING NO. 2109/2026 | View |
| 59 | 2026-10-02 | HBL PMI: WEAKER NEW ORDERS WEIGH ON MANUFACTURING ACTIVITY | View |
| 60 | 2026-10-02 | MOST GULF BOURSES CLOSE LOWER | View |
| 61 | 2026-10-02 | PSX DRAWS RECORD INVESTORS AS AURANGZEB BACKS PRIVATE GROWTH | View |
| 62 | 2026-10-02 | KASPERSKY WARNS OF GROWING ONLINE RISKS FOR CHILDREN | View |
| 63 | 2026-10-02 | PEPSICO, MONSTER CHALLENGE INDIA 'ENERGY DRINK' LABEL BAN CITING BUSINESS IMPACT | View |
| 64 | 2026-10-02 | HBL TEAM, KDA DG DISCUSS BANKING FACILITIES | View |
| 65 | 2026-10-01 | INCOME TAX RETURNS SURGE 45PC YOY TO 5.77M BY SEPT 30 | View |
| 66 | 2026-10-01 | DEADLINE FOR FILING INCOME TAX RETURNS EXTENDED | View |
| 67 | 2026-10-01 | FBR SETS TO INTENSIFY ENFORCEMENT AGAINST RETAILERS AFTER TAX SCHEME SETBACK | View |
| 68 | 2026-10-01 | FBR EXTENDS SALES TAX RETURN FILING DEADLINE TO OCTOBER 2 | View |
| 69 | 2026-10-01 | RTO HYDERABAD RECORDS 18% GROWTH IN FIRST QUARTER REVENUE | View |
| 70 | 2026-10-01 | FBR UNCOVERS RS9.41 BILLION WEALTH STATEMENT FRAUD | View |
| 71 | 2026-10-01 | COMPLETE GUIDE TO MINIMUM TAX IN PAKISTAN FOR TAX YEAR 2027 | View |
| 72 | 2026-10-01 | HOW TO GET TAX YEAR 2026 RETURN FILING EXTENSION UNDER SECTION 119 | View |
| 73 | 2026-09-30 | FPCCI SUPPORTS ASAAN TAX SCHEME | View |
| 74 | 2026-09-30 | KTBA URGES FBR TO URGENTLY FIX IRIS PORTAL PROBLEMS | View |
| 75 | 2026-09-30 | COLLECTION OF DUTIES/TAXES TODAY: BANK BRANCHES TO OBSERVE EXTENDED WORKING HOURS | View |
| 76 | 2026-09-30 | SPECIAL TAX SCHEME FOR SMALL SHOPKEEPERS IN 'INITIAL IMPLEMENTATION PHASE': FBR | View |
| 77 | 2026-09-30 | DISCOVERY OF HIDDEN MONEY TO BE TREATED UNDER FACELESS AUDIT: FBR | View |
| 78 | 2026-09-30 | FBR EXTENDS TAX COLLECTION HOURS UNTIL 10 PM ON RETURN FILING DEADLINE | View |
| 79 | 2026-09-30 | Extension in Date of Filing of Income Tax Returns for Tax Year 2026 now 15.10.2026 | View |
| 80 | 2026-09-29 | FPCCI SEEKS ONE-MONTH EXTENSION TO THE INCOME TAX RETURN DEADLINE | View |
| 81 | 2026-09-29 | FBR RELAXES DOCUMENTATION RULES FOR FACTORY-TO-WAREHOUSE GOODS MOVEMENT | View |
| 82 | 2026-09-29 | FPCCI SEEKS ONE-MONTH EXTENSION FOR INCOME TAX RETURN FILING | View |
| 83 | 2026-09-29 | TAX FILING DEADLINE NEARS AS KARACHI CHAMBER FLAGS FBR PASSWORD ISSUES | View |
| 84 | 2026-09-29 | PTBA URGES PUNJAB TO EXTEND AGRICULTURAL INCOME TAX RETURN DEADLINE | View |
| 85 | 2026-09-29 | SALARY INCOME TAX SLABS FOR TAX YEAR 2026 RETURN FILING | View |
| 86 | 2026-09-29 | FBR URGES TAXPAYERS TO FILE 2026 RETURNS ON TIME TO AVOID ATL SURCHARGE | View |
| 87 | 2026-09-29 | INCOMPLETE 2026 TAX RETURNS TO FACE FBR ACTION | View |
| 88 | 2026-09-29 | FBR WARNS OF FALSE STATEMENTS IN 2026 TAX RETURNS AS DEADLINE NEARS | View |
| 89 | 2026-09-29 | FBR SETS PENALTIES AS 2026 TAX RETURN FILING DEADLINE LOOMS | View |
| 90 | 2026-09-27 | Lahore High Court: Money Laundering Cases Can Go Ahead Without Waiting for Tax Cases to Finish | View |
| 91 | 2026-09-26 | FBR LAUNCHES ELECTRONIC SCRUTINY OF SALES TAX RETURNS | View |
| 92 | 2026-09-26 | FBR LAUNCHES NATIONAL FACELESS CENTRE TO REFORM TAX AUDIT PROCESS | View |
| 93 | 2026-09-26 | FBR EXTENDS RETURN FILING DEADLINE FOR POWER UTILITIES UNTIL SEPTEMBER 30 | View |
| 94 | 2026-09-26 | FBR REVISES CUSTOMS VALUES OF SODIUM SULPHATE ANHYDROUS | View |
| 95 | 2026-09-26 | FBR EXPLAINS TAX ON OFFSHORE ASSET GAINS FOR TAX YEAR 2027 | View |
| 96 | 2026-09-26 | LEARN ABOUT GEOGRAPHICAL SOURCE OF INCOME IN PAKISTAN DURING TAX YEAR 2027 | View |
| 97 | 2026-09-26 | FBR EXPLAINS TAX LIABILITY AFTER CHANGES IN AOP AND BUSINESS SUCCESSION | View |
| 98 | 2026-09-26 | FTO ORDERS FBR TO ENSURE LAWFUL SEALING OF TAXPAYERS’ BUSINESS PREMISES | View |
| 99 | 2026-09-25 | FBR OPENS TAX COLLECTION OFFICES ON SATURDAY | View |
| 100 | 2026-09-25 | PAKISTAN CUSTOMS SETS NEW VALUES FOR IMPORTED EMPTY GLASS BOTTLES | View |
| 101 | 2026-09-25 | INCOME TAX TREATMENT OF DECEASED INDIVIDUAL IN TAX YEAR 2027 | View |
| 102 | 2026-09-25 | HOW MANY DAYS’ STAY MAKES YOU A TAX RESIDENT IN TAX YEAR 2027? | View |
| 103 | 2026-09-25 | FBR DEFINES ‘PERSON’ UNDER INCOME TAX ORDINANCE FOR TAX YEAR 2027 | View |
| 104 | 2026-09-23 | PSW ENABLES REMOTE BIOMETRIC VERIFICATION THROUGH NADRA PAKID APP | View |
| 105 | 2026-09-23 | SENATE BODY REVIEWS ALLEGED $1BN ANNUAL TAX LOSS IN TOBACCO SECTOR | View |
| 106 | 2026-09-23 | FBR CHAIRMAN MEETS TAX BAR ASSOCIATION TO ADDRESS TAXPAYER ISSUES | View |
| 107 | 2026-09-23 | SRB HOLDS FOURTH PRIZE DRAW FOR VERIFIED POS INVOICES, OFFERS 95 PRIZES | View |
| 108 | 2026-09-23 | FBR EXPLAINS NORMAL AND SPECIAL TAX YEARS FOR TAX YEAR 2027 | View |
| 109 | 2026-09-23 | FBR UNVEILS ‘FAIR MARKET VALUE’ MECHANISM FOR TAX YEAR 2027 | View |
| 110 | 2026-09-23 | FBR EXPLAINS TAX TREATMENT OF JOINT OWNERS FOR TAX YEAR 2027 | View |
| 111 | 2026-09-22 | FBR ORDERS DIGITISED INCOME AND ASSET DECLARATIONS FOR BS-17 AND ABOVE | View |
| 112 | 2026-09-22 | ABHI MICROFINANCE BANK, SOS GROUP & SOUTH AIR PARTNER TO OFFER ADVANCE SALARY SOLUTIONS | View |
| 113 | 2026-09-22 | CHINA SHARES CLIMB AHEAD OF TRUMP-XI SUMMIT | View |
| 114 | 2026-09-22 | EUROPE’S STOXX 600 RALLIES AS OIL PRICES RETREAT | View |
| 115 | 2026-09-22 | WALL ST RISES ON AI GAINS AS OIL SLIDES | View |
| 116 | 2026-09-22 | ASIAN STOCKS EDGE HIGHER, RUPIAH DOWN | View |
| 117 | 2026-09-22 | PFVA SUPPORTS BMG IN KCCI POLLS | View |
| 118 | 2026-09-22 | IRISH PRIVACY REGULATOR FINES GOOGLE €403 MILLION OVER LOCATION DATA PROCESSING | View |
| 119 | 2026-09-22 | PARAMOUNT SETTLES WITH US STATES TO CLEAR WARNER BROS MEGA-MERGER | View |
| 120 | 2026-09-21 | FBR SETS MINIMUM VALUE OF VEGETABLE OIL AND GHEE FOR SALES TAX | View |
| 121 | 2026-09-21 | FBR ALLOWS 95% INPUT TAX ADJUSTMENT FOR OIL AND GHEE MANUFACTURERS | View |
| 122 | 2026-09-21 | FBR DECLARES 29 CATEGORIES OF GOODS AS PERISHABLE UNDER CUSTOMS LAW | View |
| 123 | 2026-09-21 | FBR EXTENDS RETURN FILING DEADLINE FOR ST AND FED | View |
| 124 | 2026-09-19 | KTBA URGES FBR TO REMOVE IRIS ERRORS | View |
| 125 | 2026-09-19 | PAKISTAN POST PARTNERS WITH ALIBABA TO AUTOMATE PARCEL SORTING | View |
| 126 | 2026-09-19 | PAKISTAN CUSTOMS ARRESTS TWO IN MAJOR NARCOTICS SMUGGLING ATTEMPT | View |
| 127 | 2026-09-19 | KTBA FLAGS CRITICAL IRIS COMPUTATION GLITCHES IN TAX YEAR 2026 RETURNS | View |
| 128 | 2026-09-19 | DECLINING TREND PERSISTS ON COTTON MARKET | View |
| 129 | 2026-09-19 | PCGA SAYS COTTON ARRIVALS SURGE 19.17PC YOY | View |
| 130 | 2026-09-19 | BANK OF JAPAN HIKES RATES | View |
| 131 | 2026-09-19 | MASHREQ PAKISTAN LAUNCHES RAAST PAYMENT ECOSYSTEM | View |
| 132 | 2026-09-19 | CHINA STOCKS LOG BEST DAY IN A MONTH AHEAD OF TRUMP-XI MEETING | View |
| 133 | 2026-09-19 | STOXX 600 FALLS AS AUTOS, TELECOMS LEAD BROAD SELL-OFF | View |
| 134 | 2026-09-19 | CHERY MASTER PAKISTAN LAUNCHES CHERY Q | View |
| 135 | 2026-09-19 | PAKISTAN CUTS PETROL PRICE BY RS1.65, HSD BY 88 PAISAS | View |
| 136 | 2026-09-18 | FBR RETAINS EMPLOYMENT GENERATION TAX CREDIT FOR MANUFACTURERS IN TAX YEAR 2027 | View |
| 137 | 2026-09-18 | FBR ALLOWS TAX CREDIT ON LOW-COST HOUSING LOAN INTEREST FOR TAX YEAR 2027 | View |
| 138 | 2026-09-18 | FBR ALLOWS TAX CREDIT ON APPROVED PENSION FUND CONTRIBUTIONS FOR TAX YEAR 2027 | View |
| 139 | 2026-09-18 | JAPAN’S NIKKEI RISES AS OIL PRICES EASE | View |
| 140 | 2026-09-18 | CHINA, HK STOCKS SLIP AS GOLD, REAL ESTATE SHARES FALL | View |
| 141 | 2026-09-18 | EUROPEAN STOCKS RISE AFTER FED HIKE AS OIL SLIPS | View |
| 142 | 2026-09-18 | AI SHIFTING DIGITAL DIVIDE FROM ACCESS TO CAPABILITY: JAZZWORLD CE | View |
| 143 | 2026-09-18 | YANGO PAKISTAN LAUNCHES SHARIA-COMPLIANT FINTECH SERVICE | View |
| 144 | 2026-09-17 | RTO HYDERABAD SEEKS GREATER TAX COMPLIANCE FROM MARRIAGE HALLS | View |
| 145 | 2026-09-17 | FBR ALLOWS TAX CREDIT ON CHARITABLE DONATIONS IN TAX YEAR 2027 | View |
| 146 | 2026-09-17 | EDUCATION EXPENSES DEDUCTION AVAILABLE IN TAX YEAR 2027 | View |
| 147 | 2026-09-17 | FBR ALLOWS DEDUCTION FOR ZAKAT PAYMENTS IN TAX YEAR 2027 | View |
| 148 | 2026-09-17 | FBR, TRADERS TO VISIT MARKETS NATIONWIDE FOR ASAAN TAX SCHEME REGISTRATIONS | View |
| 149 | 2026-09-17 | CHINA, HK SHARES END HIGHER ON TECH STRENGTH | View |
| 150 | 2026-09-17 | OIL SLIPS AS KSA OFFERS MORE CRUDE VIA OMAN | View |
| 151 | 2026-09-17 | INDIA RBI MAY INCREASE DEBT SALES TO DRAIN LIQUIDITY AFTER FIRST SUCH AUCTION IN 9 YEARS | View |
| 152 | 2026-09-16 | JAPAN'S NIKKEI FLAT AS INVESTORS AWAIT FED, BOJ DECISIONS | View |
| 153 | 2026-09-16 | ALTERNATIVE MEDICINES, HEALTH PRODUCTS: LCCI HOLDS SESSION ON INTEGRATED ONLINE | View |
| 154 | 2026-09-16 | OIL SLIPS AS SAUDI ARABIA OFFERS MORE CRUDE VIA OMAN | View |
| 155 | 2026-09-12 | FBR STREAMLINES TAX YEAR 2027 EXEMPTION CERTIFICATES WITH NEW ELIGIBILITY RULES | View |
| 156 | 2026-09-12 | FBR RESETS PROPERTY TAX COLLECTION WITH FLAT-RATE ADVANCE TAXES | View |
| 157 | 2026-09-12 | FBR OPENS DOOR TO TAXPAYER RE-AUDITS UNDER NEW TAX YEAR 2027 RULES | View |
| 158 | 2026-09-12 | FBR TO ISSUE COMPLETE REPORT OF TAXPAYER AUDIT | View |
| 159 | 2026-09-12 | FBR MANDATES SALES TAX INVOICES FOR EXEMPT SUPPLIES | View |
| 160 | 2026-09-12 | FBR EXPLAINS FACELESS SALES TAX ASSESSMENT REGIME FOR TAX YEAR 2027 | View |
| 161 | 2026-09-12 | FBR EMPOWERED TO INCREASE OR REDUCE SALES TAX ADJUSTMENT RATIO | View |
| 162 | 2026-09-12 | FBR BARRED FROM WITHHOLDING REFUNDS ABOVE RS390BN | View |
| 163 | 2026-09-12 | ‘KPRA SAHULAT’ MOBILE APP LAUNCHED TO FACILITATE TAXPAYERS | View |
| 164 | 2026-09-11 | RTO HYDERABAD EXPLAINS TO SHOPKEEPERS FIXED TAX SCHEME | View |
| 165 | 2026-09-11 | PAKISTAN CUTS SMARTPHONE IMPORT DUTIES AS PREMIUM HANDSET CHARGES FALL | View |
| 166 | 2026-09-11 | RTO HYDERABAD TAKES TAX AWARENESS DRIVE TO SMALL SHOPKEEPERS | View |
| 167 | 2026-09-11 | KTBA DEMANDS 2026 RETURN FILING DEADLINE EXTENSION AMID HIGH REPORTING REQUIREMENTS | View |
| 168 | 2026-09-11 | FBR MAKES ELECTRONIC RETURN FILING MANDATORY UNDER TAX YEAR 2026 CHANGES | View |
| 169 | 2026-09-11 | FBR TIGHTENS CAPITAL GAINS TAX RULES FOR FOREIGN CURRENCY ACCOUNTS | View |
| 170 | 2026-09-11 | FBR SETS FAIR MARKET VALUE AS COST OF INHERITED PROPERTY | View |
| 171 | 2026-09-08 | RTO ISLAMABAD GUIDES SMALL TRADERS ON EASY TAX RETURN FILING | View |
| 172 | 2026-09-08 | FBR ADDS FIVE STEEL UNITS TO RS5 ELECTRICITY SALES TAX REGIME | View |
| 173 | 2026-09-08 | INDIAN CENTRAL BANK UNLOADED AT LEAST $8 BILLION LAST WEEK TO ANCHOR RUPEE, BANKERS SAY | View |
| 174 | 2026-09-08 | BANK OF MAHARASHTRA, CANARA BANK EYE DOLLAR DEBT ISSUANCE THIS MONTH, BANKERS SAY | View |
| 175 | 2026-09-08 | EUROPEAN SHARES SUBDUED AS SURGING CRUDE SHARPENS FOCUS ON ECB RATE PATH | View |
| 176 | 2026-09-08 | CHINA STOCKS INCH HIGHER AS TECH SHARES RISE | View |
| 177 | 2026-09-08 | SOUTH KOREA, TAIWAN STOCKS SURGE ON AI APPETITE | View |
| 178 | 2026-09-08 | GULF EQUITIES MIXED AMID US-IRAN FLARE-UPS | View |
| 179 | 2026-09-08 | SMAP GREETS COMPLETION OF YOUTH SKILL UPLIFT PROGRAMME PHASE | View |
| 180 | 2026-09-08 | PAKISTAN LAUNCHES NEW INSURANCE SCHEME FOR SME EXPORTERS | View |
| 181 | 2026-09-07 | COSTS IMPOSED BY BENCH DEPOSITED, TRIBUNAL TOLD | View |
| 182 | 2026-09-07 | RTO HYDERABAD LAUNCHES DIGITAL INVOICING ENFORCEMENT DRIVE | View |
| 183 | 2026-09-07 | FBR RATIONALISES WITHHOLDING TAX ON MINIMUM TAX FOR TAX YEAR 2027 | View |
| 184 | 2026-09-07 | FBR EXEMPTS FOREIGN INCOME OF RETURNING EXPATRIATES IN TAX YEAR 2027 | View |
| 185 | 2026-09-07 | FBR CLARIFIES FOREIGN INCOME TAX EXEMPTION FOR SHORT-TERM RESIDENTS | View |
| 186 | 2026-09-07 | GOVT COMMITTED TO CUTTING TAX BURDEN THROUGH STRUCTURAL REFORMS: KIYANI | View |
| 187 | 2026-09-07 | PAKISTAN RETAINS TAX EXEMPTIONS FOR FOREIGN INVESTMENT IN 2027 | View |
| 188 | 2026-09-07 | FBR OUTLINES TAX EXEMPTIONS FOR DIPLOMATS AND FOREIGN OFFICIALS IN 2027 | View |
| 189 | 2026-09-07 | FBR CONFIRMS AGRICULTURAL INCOME REMAINS TAX-EXEMPT FOR 2027 | View |
| 190 | 2026-09-07 | INDIAN PRIVATE BANKS’ ABRUPT CEO SUCCESSIONS TEST FOCUS ON STRATEGY | View |
| 191 | 2026-09-07 | SBP LAUNCHES WOMEN MICROFINANCE CREDIT GUARANTEE FACILITY WITH 25% FIRST-LOSS COVER | View |
| 192 | 2026-09-05 | FBR REVISES PROCESS FOR PENDING SALES TAX REFUNDS | View |
| 193 | 2026-09-05 | CUSTOMS KARACHI ARRESTS THREE IN RS16.5M AUCTION FRAUD CASE | View |
| 194 | 2026-09-05 | FBR CHANGES FASTER RULES TO SPEED UP SALES TAX REFUND PROCESSING | View |
| 195 | 2026-09-05 | WHICH INCOME IS TREATED AS “INCOME FROM OTHER SOURCES†FOR TAX YEAR 2027? | View |
| 196 | 2026-09-05 | CAPITAL GAINS TAX ON DISPOSAL OF SECURITIES IN TAX YEAR 2027 | View |
| 197 | 2026-09-05 | FBR EXPLAINS CAPITAL GAINS TAX RULES FOR TAX YEAR 2027 | View |
| 198 | 2026-09-05 | NIKKEI RISES ON SOFTBANK RALLY | View |
| 199 | 2026-09-05 | INDIAN SHARES POST WEEKLY LOSSES AS ELEVATED CRUDE KEEPS SENTIMENT SUBDUED | View |
| 200 | 2026-09-05 | CHINA STOCKS CLOSE WEEK DOWN AS AI RALLY LOSES STEAM | View |
| 201 | 2026-09-05 | WALL ST SLIDES AFTER STRONG JOBS REPORT BOLSTERS HAWKISH FED BETS | View |
| 202 | 2026-09-05 | View | |
| 203 | 2026-09-04 | PM SHEHBAZ SHARIF APPROVES REMOVAL OF SENIOR FBR OFFICER OVER CORRUPTION | View |
| 204 | 2026-09-04 | FBR DECLARES SATURDAY, SEPTEMBER 5, A NORMAL WORKING DAY | View |
| 205 | 2026-09-04 | PAKISTAN STEPS UP TAX REFORMS TO BROADEN TAX BASE, SAYS KAYANI | View |
| 206 | 2026-09-04 | PCDMA WARNS FBR IRIS GLITCHES ARE DELAYING SALES TAX RETURNS | View |
| 207 | 2026-09-04 | BANKISLAMI ROLLS OUT FIRST GOLD-BASED FINANCING FACILITY | View |
| 208 | 2026-09-04 | CHINA STOCKS END FLAT; INVESTORS AWAIT US PAYROLLS DATA | View |
| 209 | 2026-09-04 | EUROPEAN STOCKS RECOVER FROM ONE-MONTH LOWS AS BOND YIELDS RETREAT | View |
| 210 | 2026-09-04 | WALL ST CLIMBS AFTER FED GOVERNOR SAYS HE COULD SUPPORT RATE HOLD | View |
| 211 | 2026-09-04 | SRI LANKAN SHARES CLOSE HIGHER | View |
| 212 | 2026-09-04 | PAKISTAN PHARMA INDUSTRY OPPOSES PROPOSAL TO ALTER THE DRUG PRICING FORMULA | View |
| 213 | 2026-09-04 | RUSSIAN CO REVEALS MACOS USERS FACE MORE CYBER THREATS THAN WINDOWS USERS | View |
| 214 | 2026-09-04 | OIL PRICES MIXED AS INVESTORS WEIGH ME ESCALATION | View |
| 215 | 2026-09-04 | US NATGAS PRICES RISE TO 8-WEEK HIGH ON LNG FLOWS, WARM WEATHER | View |
| 216 | 2026-09-03 | FBR PROPOSES CHANGES TO ALTERNATIVE DISPUTE RESOLUTION RULES | View |
| 217 | 2026-09-03 | FBR AMENDS INCOME TAX RETURN FORMS FOR TAX YEAR 2026 | View |
| 218 | 2026-09-03 | FBR ORDERS FIRE SAFETY REVIEW ACROSS HEADQUARTERS AND FIELD OFFICES | View |
| 219 | 2026-09-03 | GHAR HO TU APNA: MBL APPROVES RS31.45BN IN HOUSING FINANCE | View |
| 220 | 2026-09-03 | INDIAN CENTRAL BANK STEPS UP RUPEE SUPPORT, SOARING NRI DEPOSITS BOLSTER FIREPOWER | View |
| 221 | 2026-09-03 | MEEZAN BANK APPROVES OVER RS31BN UNDER GHAR HO TU APNA PROGRAMME | View |
| 222 | 2026-09-03 | PAKISTAN ACCELERATES CASHLESS DRIVE WITH NEW DIGITAL TARGETS | View |
| 223 | 2026-09-02 | FBR EXPLAINS ACCOUNTING METHOD FOR COMPUTING TAX IN TAX YEAR 2027 | View |
| 224 | 2026-09-02 | TAX TREATMENT OF PROFIT ON NON-PERFORMING DEBTS IN TAX YEAR 2027 | View |
| 225 | 2026-09-02 | FBR CLASSIFIES ‘BAD DEBTS’ DEDUCTION FOR TAX YEAR 2027 | View |
| 226 | 2026-09-02 | FBR ORDERS CUSTOMS OFFICERS TO DECLARE DUAL NATIONALITY, FOREIGN TRAVEL DETAILS | View |
| 227 | 2026-09-02 | FBR INTRODUCES STRICTER CUSTOMS MONITORING, NOTIFIES DIGITAL ENFORCEMENT STATIONS | View |
| 228 | 2026-09-02 | PAKISTAN BANKS DISBURSE RECORD RS3.23 TRILLION IN AGRI LOANS | View |
| 229 | 2026-09-02 | PRIVATE SECTOR REPAYS OVER RS371BN IN BANK CREDIT AMID HIGH INTEREST RATES | View |
| 230 | 2026-09-02 | WALL ST KICKS OFF SEPT UNDER PRESSURE AS HIGHER YIELDS, OIL PRICES WEIGH | View |
| 231 | 2026-09-01 | PUNJAB ORDERS SALONS, SPAS TO DISPLAY SALES TAX GUIDELINES AT CASH COUNTERS | View |
| 232 | 2026-09-01 | ISLAMABAD TO ISSUE 2026-27 PROPERTY TAX BILLS WITHIN 10 DAYS | View |
| 233 | 2026-09-01 | FBR ORDERS IRS OFFICERS TO DECLARE FOREIGN NATIONALITY, TRAVEL DOCUMENTS | View |
| 234 | 2026-09-01 | INDUS MOTOR CROSSES RS1 TRILLION IN CUMULATIVE TAX CONTRIBUTIONS | View |
| 235 | 2026-09-01 | FBR ALLOWS EMPLOYEE TRAINING TAX DEDUCTIONS FOR TAX YEAR 2027 | View |
| 236 | 2026-09-01 | FBR EXPLAINS TAX DEDUCTION FOR SCIENTIFIC RESEARCH IN TAX YEAR 2027 | View |
| 237 | 2026-09-01 | FBR EXPLAINS AMORTISATION DEDUCTIONS FOR INTANGIBLES IN TAX YEAR 2027 | View |
| 238 | 2026-09-01 | FIRM TREND SEEN ON COTTON MARKET | View |
| 239 | 2026-09-01 | JAPAN’S NIKKEI EDGES LOWER | View |
| 240 | 2026-09-01 | CHINA STOCKS END HIGHER AS TECH BOOST OFFSETS WEAK DATA | View |
| 241 | 2026-09-01 | EUROPE’S STOXX 600 FALLS AS OIL PRICES JUMP | View |
| 242 | 2026-09-01 | WALL ST DIPS AS RISING OIL PRICES, HAWKISH FED BETS PRESSURE STOCKS | View |
| 243 | 2026-08-31 | RTO-II KARACHI SEALS ILLEGAL CIGARETTE FACTORY IN MALIR | View |
| 244 | 2026-08-31 | PAKISTAN CUSTOMS TIGHTENS EFS CHECKS OVER FABRIC MISDECLARATION | View |
| 245 | 2026-08-31 | FBR SETS ELIGIBILITY RULES FOR INITIAL ALLOWANCE IN TAX YEAR 2027 | View |
| 246 | 2026-08-31 | FBR SETS DEPRECIATION RULES FOR TAX YEAR 2027 | View |
| 247 | 2026-08-31 | FBR LISTS BUSINESS EXPENSES NOT DEDUCTIBLE FOR TAX YEAR 2027 | View |
| 248 | 2026-08-31 | TORONTO: Canada’s main stock index fell to an eight-day low on Friday, led by declines for metal | View |
| 249 | 2026-08-31 | AUSTRALIAN SHARES CLIMB ON STRONG NVIDIA EARNINGS | View |
| 250 | 2026-08-31 | WALL STREET WEEK AHEAD: JOBS REPORT, BROADCOM RESULTS POSE NEXT HURDLES FOR STOCK MARKET RALLY | View |
| 251 | 2026-08-31 | GULF STOCKS FALL AFTER WARSH REMARKS | View |
| 252 | 2026-08-31 | SEC 7E, SUPER TAX UNDER SEC 4C: FBR YET TO DEVISE MECHANISM FOR REFUNDING TAXES: BUTT | View |
| 253 | 2026-08-29 | FBR REVISES PROPERTY VALUATION RATES ACROSS QUETTA | View |
| 254 | 2026-08-29 | FBR GRANTS RANGERS, FRONTIER CORPS LIMITED CUSTOMS POWERS ALONG BORDERS | View |
| 255 | 2026-08-29 | BILAL AZHAR KAYANI MEETS KARACHI EXPORTERS TO ADDRESS TAX CONCERNS | View |
| 256 | 2026-08-29 | PM ORDERS TIMELY FBR REFORMS, CRACKDOWN ON TAX EVASION AND SMUGGLING | View |
| 257 | 2026-08-29 | PTCL DISCLOSES RS55.3BN TAX CONTINGENCIES IN 1HCY26 | View |
| 258 | 2026-08-29 | FBR EXPLAINS BUSINESS EXPENSE DEDUCTIONS FOR TAX YEAR 2027 | View |
| 259 | 2026-08-29 | FBR CLARIFIES ‘SPECULATION BUSINESS’ RULES FOR TAX YEAR 2027 | View |
| 260 | 2026-08-29 | FBR SETS OUT INCOME-FROM-BUSINESS RULES FOR PAKISTAN’S TAX YEAR 2027 | View |
| 261 | 2026-08-29 | BOP DELIVERS RECORD 1H’26 RESULTS, ANNOUNCES INTERIM DIVIDEND OF 16PC | View |
| 262 | 2026-08-29 | AL BARAKA GROUP’S NET INCOME RISES TO USD204M IN 1H2026 | View |
| 263 | 2026-08-29 | NBP ANNOUNCES RS32.4BN NET PROFIT FOR 1HCY2026 | View |
| 264 | 2026-08-28 | DECLINING TREND SEEN ON COTTON MARKET | View |
| 265 | 2026-08-28 | NIKKEI CLOSES LOWER AS ADVANTEST FALLS | View |
| 266 | 2026-08-28 | CHINA STOCKS END HIGHER ON NVIDIA-LED AI HARDWARE RALLY | View |
| 267 | 2026-08-28 | STOXX 600 SLIDES AS FRANCE’S ELECTION RISKS RATTLE INVESTORS | View |
| 268 | 2026-08-28 | TECH STOCKS BOLSTER WALL STREET AS NVIDIA QUELLS AI GROWTH CONCERNS | View |
| 269 | 2026-08-28 | ASIAN STOCKS GAIN ON NVIDIA RESULTS | View |
| 270 | 2026-08-28 | GULF MARKETS CLOSE MIXED | View |
| 271 | 2026-08-28 | ESTABLISHMENT OF UNITED DIGITAL LIFE INSURANCE COMPANY APPROVED | View |
| 272 | 2026-08-28 | PAKISTAN, MALAYSIA SIGN MOU TO ESTABLISH ‘MINERALS HUB’ | View |
| 273 | 2026-08-25 | SPOT RATE SHEDS RS200 PER MAUND | View |
| 274 | 2026-08-25 | ABL POSTS RS32.046BN PBT IN H1CY2026 | View |
| 275 | 2026-08-25 | CHINA, HONG KONG STOCKS SLIP AS ALIBABA SLIDES | View |
| 276 | 2026-08-25 | TECH DRAGS S&P 500, NASDAQ LOWER AS IRAN TENSIONS | View |
| 277 | 2026-08-25 | ASIAN FX, STOCKS RETREAT AS INVESTORS AWAIT IRAN SANCTION DETAILS | View |
| 278 | 2026-08-25 | FIRMS TO DETECT ABNORMAL EVENTS, THEFT ALERTS WITH ADVANCED AI FEATURES | View |
| 279 | 2026-08-25 | OIL DROPS MORE THAN USD2 | View |
| 280 | 2026-08-21 | PAKISTAN’S FIRST DPR PROGRAMME: IFC, BANK ALFALAH SIGN PROJECT AGREEMENT | View |
| 281 | 2026-08-21 | MEEZAN BANK OPENS FIRST ROUND-THE-CLOCK SERVICE CENTER | View |
| 282 | 2026-08-21 | BANKISLAMI REPORTS RS4.31BN PBT FOR IH OF 2026 | View |
| 283 | 2026-08-21 | CHINA, HONG KONG STOCKS GAIN | View |
| 284 | 2026-08-21 | EUROPE’S STOXX 600 SLIPS ON INFLATION FEARS | View |
| 285 | 2026-08-21 | WALL ST HITS TWO-WEEK LOWS | View |
| 286 | 2026-08-21 | KASPERSKY IDENTIFIES NEW VARIANT LINKED TO HONEYMYTE APT | View |
| 287 | 2026-08-21 | GLOBE RESIDENCY REIT DECLARES CASH DIVIDEND | View |
| 288 | 2026-08-21 | 5G TECHNOLOGY: ZONG ANNOUNCES INVESTMENT PROGRAMME TO UPGRADE 1,000 SITES | View |
| 289 | 2026-08-21 | COMSATS INTERNET SERVICES SUCCESSFULLY DEAL WITH ‘OPERATIONAL TURBULENCE’ | View |
| 290 | 2026-08-20 | WALL ST RECOVERS AS YIELDS EASE; MODERNA LIFTS HEALTHCARE STOCKS | View |
| 291 | 2026-08-20 | CHINA STOCKS FALL AS CHIP, ROBOTICS SELL-OFF OVERSHADOWS UNITREE IPO | View |
| 292 | 2026-08-20 | ICCI CHIEF LAUDS QAISER FOR LONGSTANDING SERVICES | View |
| 293 | 2026-08-20 | Published August 20, 2026 Updated about 3 hours ago | View |
| 294 | 2026-08-20 | PAKISTAN, CHINA EXPLORING BABY DIAPER-MAKING INVESTMENT OPTIONS | View |
| 295 | 2026-08-20 | KCA INCREASES SPOT RATE BY RS200 TO RS18,500 PER MAUND | View |
| 296 | 2026-08-20 | HBL, PAKISTAN CABLES, BCEM AND ORIENT ENERGY SYSTEMS MARK SUCCESSFUL SIGNING OF 7.5MW WIND POWER PROJECT | View |
| 297 | 2026-08-20 | SONERI BANK ANNOUNCES PAT OF RS2.396BN FOR 1H’26 | View |
| 298 | 2026-08-20 | NIKKEI SLUMPS SHARPLY AS TECH SELLOFF SPREADS | View |
| 299 | 2026-08-19 | ABHI BANK POSTS RS1.502BN PAT FOR H1 | View |
| 300 | 2026-08-19 | NASSER ABDULLA HUSSAIN LOOTAH COMMITS ADDITIONAL RS10BN IN EQUITY TO BML | View |
| 301 | 2026-08-19 | NAYA NAZIMABAD, KARACHI: BANK ALFALAH INTRODUCES FIRST ONE-STOP DIGITAL ICFC | View |
| 302 | 2026-08-19 | INDIAN SHARES EXTEND LOSING RUN ON FADING MIDEAST PEACE DEAL | View |
| 303 | 2026-08-19 | CHINA, HK STOCKS END FLAT AS ENERGY GAINS OFFSET AI LOSSES | View |
| 304 | 2026-08-19 | STOXX 600 DROPS TO TWO-WEEK LOW ON HIGHER BOND YIELDS | View |
| 305 | 2026-08-19 | TECH SELLOFF PULLS WALL STREET TO TWO-WEEK LOWS | View |
| 306 | 2026-08-19 | MOST GULF MARKETS MUTED ON IRAN-US CONFLICT | View |
| 307 | 2026-08-19 | DISNEY, ABC SUE US REGULATOR OVER THREAT TO BROADCAST LICENSES | View |
| 308 | 2026-08-19 | 8TH WORLD TAEKWONDO PRESIDENT’S CUP – ASIAN REGION: TREET CORPORATION NAMED TITLE SPONSOR | View |
| 309 | 2026-08-18 | OIL PRICES CLIMB, BOND YIELDS RISE AS US-IRAN CEASEFIRE EXPIRES | View |
| 310 | 2026-08-18 | JAPANESE SHARES TRADE MOSTLY LOWER ON WEAK GDP DATA | View |
| 311 | 2026-08-18 | INDIA’S NIFTY 50 FALLS FOR FIFTH SESSION | View |
| 312 | 2026-08-18 | CHINA, HK SHARES RALLY ON TECH REBOUND | View |
| 313 | 2026-08-18 | EUROPEAN SHARES EDGE LOWER AS LUXURY STOCKS WEIGH | View |
| 314 | 2026-08-18 | WALL ST MIXED AS ME TENSIONS ECLIPSE TECH STRENGTH | View |
| 315 | 2026-08-18 | MOST GULF MARKETS EASE AS IRAN TENSIONS WEIGH | View |
| 316 | 2026-08-18 | GOVT URGED TO REVIEW PETROLEUM PRICING MECHANISM | View |
| 317 | 2026-08-18 | ‘CUSTOMS MOVES TO MODERNISE IMPORTED GOODS VALUATION SYSTEM’ | View |
| 318 | 2026-08-17 | WEEKLY COTTON REVIEW: GOODS TRANSPORTERS’ STRIKE DISRUPTS TRADE ACROSS COUNTRY | View |
| 319 | 2026-08-17 | INDIAN SHARES SET FOR MUTED START AS CRUDE REMAINS AT ELEVATED LEVELS | View |
| 320 | 2026-08-17 | ASIAN SHARES MARK TIME AS GULF WAR KEEPS OIL PRICES UP | View |
| 321 | 2026-08-17 | WALL STREET WEEK AHEAD: WITH FED MUM ON NEXT MOVE, INVESTORS LOOK TO EARNINGS | View |
| 322 | 2026-08-17 | MOST GULF BOURSES GAIN DESPITE STALLED IRAN TALKS | View |
| 323 | 2026-08-17 | FTSE 100 LOGS FIRST WEEKLY DROP IN FIVE AS MINERS RETREAT | View |
| 324 | 2026-08-17 | OIL HANGS ONTO GAINS AS US-IRAN PEACE TALKS STALL, HORMUZ SHIPPING SLOWS | View |
| 325 | 2026-08-13 | CUSTOMS PREVENTIVE OFFICER PENALISED FOR NEGLIGENCE IN GD CLEARANCE | View |
| 326 | 2026-08-13 | FBR REVISES WITHHOLDING TAX CARD FOR EXPORTS IN TY2027 | View |
| 327 | 2026-08-13 | FBR UPDATES WITHHOLDING TAX RATES FOR GOODS AND SERVICES FOR TY2027 | View |
| 328 | 2026-08-13 | FBR ISSUES WITHHOLDING TAX CARD FOR PROFIT ON DEBT FOR TY2027 | View |
| 329 | 2026-08-13 | COTTON SPOT RATES | View |
| 330 | 2026-08-13 | INDIAN SHARES SET FOR MUTED START AS US RATE RELIEF MEETS MIDDLE EAST CAUTION | View |
| 331 | 2026-08-13 | ASIAN STOCKS RISE AS US INFLATION DATA DENTS SEPTEMBER FED HIKE BETS | View |
| 332 | 2026-08-13 | NIKKEI ENDS HIGHER ON CHIPMAKERS’ BOOST AHEAD OF US DATA | View |
| 333 | 2026-08-13 | AI EARNINGS LIFT S&P 500, NASDAQ AS INFLATION DATA CALMS RATE-HIKE JITTERS | View |
| 334 | 2026-08-13 | CHINESE SHARES CLOSE HIGHER AS TECH LEADS | View |
| 335 | 2026-08-13 | SOUTH KOREA LEADS ASIAN STOCKS HIGHER | View |
| 336 | 2026-08-12 | FBR NOTIFIES DIVIDEND WITHHOLDING TAX RATES FOR TY2027 | View |
| 337 | 2026-08-12 | FBR ISSUES WITHHOLDING TAX CARD FOR IMPORTS FOR TY2027 | View |
| 338 | 2026-08-12 | SELECTIVE BUYING SEEN ON COTTON MARKET | View |
| 339 | 2026-08-12 | OIL, GOLD PRICES RISE AS GEOPOLITICAL TENSIONS MOUNT BEFORE CPI | View |
| 340 | 2026-08-12 | INDIAN SHARES MAY OPEN HIGHER, ELEVATED CRUDE PRICES TO WEIGH | View |
| 341 | 2026-08-12 | CHINA, HK SHARES SLIP AS HORMUZ REOPENING HOPES FADE | View |
| 342 | 2026-08-12 | EUROPEAN STOCKS PAUSE NEAR RECORD HIGHS | View |
| 343 | 2026-08-12 | WALL ST INCHES LOWER AS US-IRAN PEACE OPTIMISM FADES | View |
| 344 | 2026-08-12 | SINGAPORE STOCKS HIT RECORD HIGH | View |
| 345 | 2026-08-12 | BOTIM COLLABORATES WITH MASTERCARD | View |
| 346 | 2026-08-12 | JAZZWORLD TO OFFER DISCOUNT TO FPCCI MEMBER BODIES | View |
| 347 | 2026-08-12 | BYD FREEDOM FESTIVAL LAUNCHED | View |
| 348 | 2026-08-12 | 10PEARLS ENTERS INTO STRATEGIC PARTNERSHIP WITH NOVACARE | View |
| 349 | 2026-08-11 | FBR DISMISSES CUSTOMS INSPECTOR OVER PROLONGED UNAUTHORISED ABSENCE | View |
| 350 | 2026-08-11 | PM SHEHBAZ DIRECTS FBR TO COMPLETE FACELESS SYSTEM ROLLOUT BY 2027 | View |
| 351 | 2026-08-11 | PRICES FIRM AMID MODEST BUSINESS ACTIVITY | View |
| 352 | 2026-08-11 | BOP BOARD APPROVES UP TO RS30BN EQUITY INJECTION BY PUNJAB GOVT | View |
| 353 | 2026-08-11 | MEEZAN BANK SURPASSES RS3BN FINANCING UNDER GOVT’S GHTA PROGRAMME | View |
| 354 | 2026-08-11 | FAYSAL BANK POSTS STRONG RESULTS FOR H1 | View |
| 355 | 2026-08-11 | SBP PLANS NEW STRATEGY TO BOOST SME FINANCING | View |
| 356 | 2026-08-11 | ‘OICCI MEMBERS INVESTED USD23BN OVER PAST DECADE’ | View |
| 357 | 2026-08-11 | KCCI CHIEF WARNS OF UNMITIGATED DAMAGE TO ECONOMY | View |
| 358 | 2026-08-11 | SBI RETURNS TO DOLLAR DEBT MARKET, BANKERS SEE STRONG DEMAND | View |
| 359 | 2026-08-10 | TAXABLE INCOME ABOVE RS10 MILLION FACES 10% SURCHARGE IN TY2027 | View |
| 360 | 2026-08-10 | FBR SETS MONETARY PENALTIES FOR LATE TY 2026 TAX RETURN FILING | View |
| 361 | 2026-08-10 | EXCLUSIVE: FBR LAUNCHES LARGE-SCALE PROBE INTO FOREIGN TRANSACTIONS BY FUND MANAGERS, TRUSTS | View |
| 362 | 2026-08-10 | WEEKLY COTTON REVIEW: PRICES REMAIN LARGELY STABLE | View |
| 363 | 2026-08-10 | LATAM CURRENCIES ADVANCE AS WEAK US JOBS DATA WEIGHS ON DOLLAR | View |
| 364 | 2026-08-10 | HBL OPENS PRESTIGE LOUNGE IN SUKKUR | View |
| 365 | 2026-08-10 | PAKISTAN ENVOY SEEKS GREATER US INVESTMENT IN MINERALS, SURGICAL SECTOR | View |
| 366 | 2026-08-09 | BOJ’S ETF HOLDINGS MAY HELP FUND TAX CUT, LDP EXECUTIVE SAYS | View |
| 367 | 2026-08-08 | SENATE PANEL SEEKS FBR REPORT ON PTC, TOBACCO SECTOR AMID SEIZED CIGARETTE PROBE | View |
| 368 | 2026-08-08 | FBR’S IRIS TAX RETURN FILING PORTAL GOES OFFLINE FOR SCHEDULED MAINTENANCE | View |
| 369 | 2026-08-08 | FBR ORDERS COMPULSORY RETIREMENT OF SENIOR AUDITOR OVER UNAUTHORISED FACTORY VISIT | View |
| 370 | 2026-08-08 | COTTON MARKET REMAINS STEADY | View |
| 371 | 2026-08-08 | H1 2026: MEEZAN BANK ANNOUNCES FINANCIAL RESULTS | View |
| 372 | 2026-08-08 | ICICI BANK, AXIS BANK TAP DOLLAR DEBT AGAIN IN LESS THAN TWO MONTHS, BANKERS SAY | View |
| 373 | 2026-08-08 | MARI ENERGIES REPORTS HIGHEST-EVER QUARTERLY EARNINGS | View |
| 374 | 2026-08-08 | 1LINK WELCOMES NEW BOARD OF DIRECTORS | View |
| 375 | 2026-08-08 | PETROL PRICE CUT BY RS2.20, HSD’S BY RS1.50 | View |
| 376 | 2026-08-07 | FBR WARNS TAXPAYERS: TRADITIONAL PRACTICES, INFORMAL SHORTCUTS NO LONGER EFFECTIVE | View |
| 377 | 2026-08-07 | DAEWOO EXPRESS RAISES RS4BN IN THIRD SUKUK | View |
| 378 | 2026-08-07 | TRUMP SAYS CONGRESS WANTS TO REGULATE AI INDUSTRY 'OUT OF BUSINESS' | View |
| 379 | 2026-08-07 | TAKE-TWO STICKS TO ANNUAL BOOKINGS OUTLOOK, SAYS ON TRACK FOR 'GTA VI' NOVEMBER LAUNCH | View |
| 380 | 2026-08-06 | FBR MAKES PHYSICAL INSPECTION UNDERTAKING MANDATORY FOR CUSTOMS AUCTION BIDDERS | View |
| 381 | 2026-08-06 | FBR CLARIFIES PRINTING RULES FOR CONFECTIONERY | View |
| 382 | 2026-08-06 | PAKISTAN INCOME TAX FRAMEWORK: FBR DEFINES TAXATION YARDSTICK | View |
| 383 | 2026-08-06 | TAXPAYERS FACE UTILITY, SIM AND TRAVEL RESTRICTIONS FOR FAILURE TO FILE TAX RETURNS | View |
| 384 | 2026-08-06 | FBR SPECIFIES DOCUMENTS REQUIRED WITH TAX YEAR 2026 INCOME TAX RETURNS | View |
| 385 | 2026-08-06 | SECP CLEARS RS1.5BN CAPITAL INJECTION FOR HUGOBANK | View |
| 386 | 2026-08-06 | S&P 500, DOW AT RECORD HIGHS ON MIDEAST DEAL HOPES | View |
| 387 | 2026-08-06 | DUTCH ENVOY SEEKS STRONGER TRADE TIES WITH PAKISTAN | View |
| 388 | 2026-08-06 | OIL PRICES MIXED | View |
| 389 | 2026-08-06 | PETROL PRICE UP BY RS4.45, HSD’S DOWN BY RS2 | View |
| 390 | 2026-08-05 | FBR IMPOSES 10% WITHHOLDING TAX ON MARRIAGE FUNCTIONS FOR TY 2027 | View |
| 391 | 2026-08-05 | ISLAMABAD CUSTOMS SEIZES 24 SMUGGLED LUXURY VEHICLES IN JULY 2026 | View |
| 392 | 2026-08-05 | ONE YEAR ON, FBR YET TO ENFORCE SECTION 114C RESTRICTIONS | View |
| 393 | 2026-08-05 | FBR CHAIRMAN ASSURES BUSINESS COMMUNITY OF FASTER TAX REFORMS AND REFUNDS | View |
| 394 | 2026-08-05 | FBR ISSUES THREE STGOS TO EASE COMPLIANCE FOR IRON, STEEL SECTOR | View |
| 395 | 2026-08-05 | VOLUME OF BUSINESS SATISFACTORY ON COTTON MARKET | View |
| 396 | 2026-08-05 | HBL DECLARES H1’26 PROFIT BEFORE TAX OF RS73.1BN | View |
| 397 | 2026-08-05 | UBL BAGS SEVEN PRESTIGIOUS INTERNATIONAL AWARDS IN 2026 | View |
| 398 | 2026-08-05 | SBP RAISES BORROWING LIMIT TO RS10 BILLION FOR UNRATED LARGE COMPANIES | View |
| 399 | 2026-08-04 | FBR WARNS TAXPAYERS AGAINST INCORRECT TAX YEAR 2026 RETURNS | View |
| 400 | 2026-08-04 | SMALL SHOPKEEPER TAX SCHEME RAISES CONCERNS OVER HIDDEN TAX AMNESTY | View |
| 401 | 2026-08-04 | FBR NOTIFIES DATE FOR PUBLISHING ACTIVE TAXPAYERS LIST 2026 | View |
| 402 | 2026-08-04 | KCA INCREASES SPOT RATE BY RS300 TO RS18,500 PER MAUND | View |
| 403 | 2026-08-04 | HBL PMI: DOMESTIC DEMAND DRIVES STRONGEST MANUFACTURING EXPANSION IN 4 MONTHS | View |
| 404 | 2026-08-04 | INDIA'S NIFTY 50 SEEN OPENING LOWER AS NEW CLOSING AUCTION SPURS CAUTION | View |
| 405 | 2026-08-04 | PSMA SEEKS SUGAR EXPORT APPROVAL | View |
| 406 | 2026-08-04 | TASHKENT-KARACHI DIRECT FLIGHT OPERATIONS FROM SEPT 3 | View |
| 407 | 2026-08-04 | OIL TICKS UP AFTER SELLOFF AS TALKS TO END US-IRAN WAR REMAIN UNCERTAIN | View |
| 408 | 2026-08-04 | OIL PRICES DROP 7PC TO THREE-WEEK LOW | View |
| 409 | 2026-08-03 | PAKISTAN CUSTOMS PUSHES AI-DRIVEN TRADE FACILITATION AT UNODC-WCO MEETING IN UZBEKISTAN | View |
| 410 | 2026-08-03 | WITHHOLDING TAX RATES ON PHONE USAGE NOTIFIED FOR TY 2027 | View |
| 411 | 2026-08-03 | INCOME TAX RATES ON ELECTRICITY CONSUMPTION NOTIFIED FOR TY 2027 | View |
| 412 | 2026-08-03 | FBR EXCEEDS JULY 2026 TARGET WITH OVER RS810 BILLION TAX COLLECTION | View |
| 413 | 2026-08-03 | FTSE 100 RECORDS BIGGEST MONTHLY RISE SINCE FEB | View |
| 414 | 2026-08-03 | TSX ENDS LOWER AS GOLD FALLS | View |
| 415 | 2026-08-02 | JAPAN BANK SMFG’S Q1 PROFIT JUMPS 3PC ON ROBUST LOAN DEMAND | View |
| 416 | 2026-08-02 | HSBC TO SELL USD25BN AUSTRALIAN LOAN PORTFOLIO TO BLACKSTONE | View |
| 417 | 2026-08-01 | FBR FORMS THREE ICSCS TO REDUCE TAX LITIGATIONS | View |
| 418 | 2026-08-01 | INCOME TAX RATES ON GOODS, SERVICES AND CONTRACTS FOR TY 2027 | View |
| 419 | 2026-08-01 | BOK’S PERFORMANCE UNDER NFLP-II RECOGNISED | View |
| 420 | 2026-08-01 | WALL ST STRUGGLES FOR DIRECTION AS RATE UNCERTAINTY OFFSETS AMAZON JUMP | View |
| 421 | 2026-08-01 | CHINA TECH STOCKS RALLY ON AI REBOUND HOPES | View |
| 422 | 2026-08-01 | ASIAN STOCKS JUMP ON SEOUL, TAIPEI RALLY | View |
| 423 | 2026-08-01 | US BUSINESS DELEGATION VISITS LCCI | View |
| 424 | 2026-08-01 | OIL PRICE RISES | View |
| 425 | 2026-08-01 | PSX ENDS ON POSITIVE BUT SUBDUED NOTE | View |
| 426 | 2026-07-31 | FBR ANNOUNCES TRANSFER AND POSTING OF 80 IRS OFFICERS | View |
| 427 | 2026-07-31 | FBR INTRODUCES FIXED SALES TAX ON STEEL MANUFACTURERS BASED ON ELECTRICITY CONSUMPTION | View |
| 428 | 2026-07-31 | FIRST DG OF TAX POLICY OFFICE NAJEEB AHMAD MEMON RETIRES AFTER DISTINGUISHED IRS CAREER | View |
| 429 | 2026-07-31 | FBR NOTIFIES 5% WITHHOLDING TAX ON SOCIAL MEDIA INCOME FOR TAX YEAR 2027 | View |
| 430 | 2026-07-31 | INCOME TAX RATES ON PAYMENTS TO NON-RESIDENTS FOR TAX YEAR 2027 | View |
| 431 | 2026-07-31 | INDIAN CENTRAL BANK'S FX FORWARD BOOK SHRINKS SLIGHTLY TO $103.3 BILLION | View |
| 432 | 2026-07-30 | PAKISTAN TAX RATES ON E-COMMERCE DIGITAL PAYMENTS FOR TAX YEAR 2027 | View |
| 433 | 2026-07-30 | FBR NOTIFIES TAX RATES ON SUKUK INVESTMENT RETURNS FOR TAX YEAR 2027 | View |
| 434 | 2026-07-30 | PAKISTAN CUSTOMS REVISES IMPORT VALUES FOR MOBILE PHONE ACCESSORIES | View |
| 435 | 2026-07-30 | PM ORDERS STRICT ACTION AGAINST TAX EVADERS, INFORMAL ECONOMY OPERATORS | View |
| 436 | 2026-07-30 | PRA WARNS OF STRICT ACTION AGAINST BUSINESSES VIOLATING EIMS RULES | View |
| 437 | 2026-07-30 | HONDA KEEPS CITY PRICE BELOW RS5 MILLION TO AVOID 25% SALES TAX | View |
| 438 | 2026-07-30 | TAX RATES ON PROFIT ON DEBT NOTIFIED FOR TAX YEAR 2027 | View |
| 439 | 2026-07-30 | DIVIDEND TAX RATES NOTIFIED FOR TAX YEAR 2027 | View |
| 440 | 2026-07-30 | FBR NOTIFIES SUPER TAX RATES FOR TAX YEAR 2027 | View |
| 441 | 2026-07-30 | NIKKEI HITS TWO-MONTH LOW AFTER CHIP ROUT | View |
| 442 | 2026-07-30 | CHINA STOCKS RISE AS AI SELL-OFF EASES | View |
| 443 | 2026-07-30 | EUROPEAN SHARES FALL AS MIXED LUXURY COMPANY EARNINGS WEIGH | View |
| 444 | 2026-07-29 | ERSTWHILE FATA/PATA: FBR ASKS BANKS TO DEDUCT WHT ON TRANSACTIONS, SPECIFIED PAYMENTS | View |
| 445 | 2026-07-29 | FBR ISSUES NOTIFICATIONS FOR ‘INDEPENDENT CASE SCRUTINY PANELS’ | View |
| 446 | 2026-07-29 | FBR NOTIFIES CORPORATE TAX RATES FOR TAX YEAR 2027 | View |
| 447 | 2026-07-29 | FBR ISSUES SALARY TAX RATES FOR TAX YEAR 2027 | View |
| 448 | 2026-07-29 | FBR NOTIFIES TAX RATES FOR BUSINESS INDIVIDUALS, AOPS FOR TAX YEAR 2027 | View |
| 449 | 2026-07-29 | FBR EXPLAINS PENALTIES FOR ISSUING TAX INVOICES FOR FAKE TRANSACTIONS FOR FY2027 | View |
| 450 | 2026-07-29 | FBR SETS PENALTIES OF UP TO RS1 MILLION FOR FAILURE TO INTEGRATE BUSINESSES FOR FY2026-27 | View |
| 451 | 2026-07-29 | BMP PROVIDES RELIEF OF RS762.76M | View |
| 452 | 2026-07-29 | S&P 500 INCHES HIGHER IN CHOPPY TRADING | View |
| 453 | 2026-07-29 | MERCEDES-BENZ WRITES OFF OVER 700M EUROS ON CHINA WOES | View |
| 454 | 2026-07-28 | PAKISTAN ENFORCES SPECIAL TAX PROCEDURE FOR SHOPKEEPERS | View |
| 455 | 2026-07-28 | FBR ROLLS OUT RULES FOR INDEPENDENT CASE SCRUTINY COMMITTEES | View |
| 456 | 2026-07-28 | FBR EXPLAINS TAXPAYER REGISTRATION AS INCOME TAX RETURN FILING 2026 BEGINS | View |
| 457 | 2026-07-28 | FBR EXPLAINS TAX REPAYMENT RULES FOR FY2026-27 | View |
| 458 | 2026-07-28 | KP INTRODUCES 5% SALES TAX ON CRYPTOCURRENCY TRADING SERVICES | View |
| 459 | 2026-07-28 | CUSTOMER DATA FROM INDIA'S BANK OF BARODA LEAKED ONLINE, SOURCE AND RESEARCHER SAY | View |
| 460 | 2026-07-28 | INDIAN SHARES SEEN FLAT AS INVESTORS ASSESS IRAN-US PAUSE, EARNINGS AHEAD OF FED | View |
| 461 | 2026-07-28 | FPCCI, UBG ORGANISING FIRST PAKISTAN ECONOMIC SUMMIT FROM 29TH | View |
| 462 | 2026-07-28 | INTEREST RATE STATUS QUO DISAPPOINTS BUSINESS COMMUNITY | View |
| 463 | 2026-07-27 | BANK OFFICIALS TO FACE PENALTIES IN KP FOR OBSTRUCTING TAX RECOVERY | View |
| 464 | 2026-07-27 | PROVINCES TO RECEIVE RECORD RS8.63 TRILLION FROM DIVISIBLE TAX POOL IN FY2026-27 | View |
| 465 | 2026-07-27 | FINANCE ADVISOR UNVEILS NEW TAX OPERATING MODEL TO MODERNISE TAX SYSTEM | View |
| 466 | 2026-07-27 | FBR NOTIFIES NATIONAL FACELESS JURISDICTION TO STREAMLINE TAX ADMINISTRATION | View |
| 467 | 2026-07-27 | AURANGZEB UNVEILS FRESH REFORMS TO MODERNISE FBR TAX ADMINISTRATION | View |
| 468 | 2026-07-27 | FBR EXPLAINS TAX RECOVERY FROM DECEASED PERSON’S ESTATE AND BANKRUPT | View |
| 469 | 2026-07-27 | TAX FILERS CAN CLAIM 7.5% ADVANCE TAX EXEMPTION ON K ELECTRIC BILLS | View |
| 470 | 2026-07-27 | COTTON REVIEW: MARKET SEES SHARP WEEKLY PRICE SWINGS | View |
| 471 | 2026-07-27 | SHARES, BONDS MAKE GUARDED GAINS AS OIL SLIPS | View |
| 472 | 2026-07-24 | THESE FBR OFFICES TO REMAIN OPEN ON SATURDAY AND SUNDAY AMID RESTRUCTURING | View |
| 473 | 2026-07-24 | FBR TO DISCONTINUE GAS AND ELECTRICITY CONNECTIONS FOR THESE TIER-1 RETAILERS | View |
| 474 | 2026-07-24 | FTO ASKS FBR TO ADOPT SPECIAL PROTOCOL FOR ACTIONS DISRUPTING BUSINESSES | View |
| 475 | 2026-07-24 | KARACHI CONSUMERS PAY OVER RS26BN INCOME TAX THROUGH ELECTRICITY BILLS IN FY26 | View |
| 476 | 2026-07-24 | DECLINING TREND CONTINUES ON COTTON MARKET | View |
| 477 | 2026-07-24 | CHINA STOCKS REVERSE LOSSES AS TECH SELLOFF EASES | View |
| 478 | 2026-07-24 | WALL ST FALLS AS TECH EARNINGS SPARK AI SPENDING WORRIES | View |
| 479 | 2026-07-24 | MOU SIGNED ON ‘DUKAN HIFAZAT’ SCHEME | View |
| 480 | 2026-07-24 | NESTLÉ PAKISTAN CONTINUES GROWTH MOMENTUM IN H12026 | View |
| 481 | 2026-07-22 | COTTON MARKET REMAIN EASY WITH SATISFACTORY VOLUME | View |
| 482 | 2026-07-22 | NIKKEI RALLIES AFTER STEEP DECLINE | View |
| 483 | 2026-07-22 | CHINA SHARES REBOUND ON CHIPS, STAR50 INDEX SOARS MOST | View |
| 484 | 2026-07-22 | ASIAN STOCKS REBOUND AS AI EARNINGS LOOM, OIL EASES | View |
| 485 | 2026-07-22 | EUROPEAN SHARES GAIN AS TECH STRENGTH OFFSETS OIL JUMP | View |
| 486 | 2026-07-22 | WALL ST GAINS ON CHIP STOCKS RECOVERY | View |
| 487 | 2026-07-22 | GULF STOCKS GAIN AS INVESTORS WEIGH US-IRAN MEDIATION HOPES | View |
| 488 | 2026-07-22 | KATI CONCERNED OVER DAILY FUEL PRICE CHANGE DECISION | View |
| 489 | 2026-07-21 | PAKISTAN ISSUES NEW FED RATES ON AIR TRAVEL TICKETS FOR FY2026-27 | View |
| 490 | 2026-07-21 | FBR ANNOUNCES FED RATES ON ADVERTISEMENTS FOR FY2026-27 | View |
| 491 | 2026-07-21 | FBR IMPOSES FED OF RS16,500 PER KG ON E-CIGARETTE LIQUIDS | View |
| 492 | 2026-07-21 | FBR EXPANDS POWERS TO CONDUCT ELECTRONIC AUDITS UNDER UPDATED FEDERAL EXCISE ACT | View |
| 493 | 2026-07-21 | KCA INCREASES SPOT RATE BY RS300 TO RS18,600/MAUND | View |
| 494 | 2026-07-21 | CHINA STOCKS REBOUND ON STATE SUPPORT | View |
| 495 | 2026-07-21 | S&P 500, NASDAQ EDGE HIGHER AS CHIPS RECOVER | View |
| 496 | 2026-07-21 | PETROLEUM PRODUCTS: WAVE OF PROTESTS PUTS GOVT’S DAILY PRICING POLICY IN JEOPARDY | View |
| 497 | 2026-07-21 | LCCI URGES BUSINESS-FRIENDLY FUEL CONSERVATION MEASURES | View |
| 498 | 2026-07-21 | SCCI, UBG OPPOSE IMPOSITION OF TAXES ON EX-FATA, PATA REGION | View |
| 499 | 2026-07-21 | OIL PRICES DIP AS MEDIATION EFFORTS OFFSET US-IRAN STRIKES | View |
| 500 | 2026-07-21 | ACTIVITIES OF KARACHI PORT TRUST, PORT QASIM | View |
| 501 | 2026-07-20 | UPDATED TAX LAWS OMIT FOOTNOTES ON REPLACED LEGAL PROVISIONS | View |
| 502 | 2026-07-20 | TRIBUNAL PROCEEDINGS: LTBA BODY FLAGS TAX MATTER | View |
| 503 | 2026-07-20 | PUNJAB INCREASES SALES TAX ON CONSULTANCY SERVICES TO 8% | View |
| 504 | 2026-07-20 | PUNJAB RAISES CONCESSIONARY TAX RATE TO 8% FOR HOTELS AND RESTAURANTS | View |
| 505 | 2026-07-20 | FBR INTRODUCES NEW SALES TAX EXEMPTIONS FOR FY2026-27 | View |
| 506 | 2026-07-20 | PAKISTAN CUTS CORPORATE TAX RATE FOR BANKS TO 42% IN FY27 | View |
| 507 | 2026-07-20 | INDIAN SHARES MAY OPEN A TAD LOWER ON MIDEAST CONCERNS; EARNINGS IN FOCUS | View |
| 508 | 2026-07-20 | ASIA SHARES SHAKY AS OIL CLIMBS, EARNINGS LOOM | View |
| 509 | 2026-07-20 | FTSE 100 RISES ON UTILITIES, ENERGY BOOST | View |
| 510 | 2026-07-20 | GULF BOURSES RETREAT AS US-IRAN HOSTILITIES INTENSIFY | View |
| 511 | 2026-07-20 | IT POWERS INDIAN SHARES TO WEEKLY GAINS | View |
| 512 | 2026-07-20 | WALL STREET WEEK AHEAD: ALPHABET, INTEL RESULTS IN FOCUS FOR AI TRADE AS US EARNINGS REV UP | View |
| 513 | 2026-07-18 | SCP RECOGNISED BY EUROMONEY AS ‘PAKISTAN’S BEST MORTGAGE BANK’ | View |
| 514 | 2026-07-18 | JAPAN’S NIKKEI SLIDES INTO CORRECTION ZONE ON TECH SELLOFF, MIDDLE EAST CONFLICT | View |
| 515 | 2026-07-18 | WALL ST SLIDES AS CHIP SELLOFF BROADENS | View |
| 516 | 2026-07-18 | EUROPEAN SHARES DROP AS GLOBAL TECH SELLOFF, MIDDLE EAST CONFLICT WEIGH | View |
| 517 | 2026-07-18 | ‘KARACHI SAFE CITY PROJECT’ CRUCIAL FOR ECONOMIC STABILITY: PHMA | View |
| 518 | 2026-07-18 | PBF ANNOUNCES NEW OFFICE-BEARERS FOR FAISALABAD | View |
| 519 | 2026-07-18 | XI SAYS AI SHOULD NOT BE DOMINATED BY ONE COUNTRY | View |
| 520 | 2026-07-18 | OIL PRICES SURGE OVER 4PC | View |
| 521 | 2026-07-18 | POWER GENERATION DROPS 2.5PC IN JUNE | View |
| 522 | 2026-07-17 | DEUTSCHE BANK DECLARES PLS PROFIT RATES | View |
| 523 | 2026-07-17 | INDIAN SHARES SEEN OPENING FLAT AHEAD OF HEAVYWEIGHT EARNINGS | View |
| 524 | 2026-07-17 | STOCKS STUMBLE, OIL SET FOR WEEKLY GAIN ON RENEWED GULF HOSTILITIES | View |
| 525 | 2026-07-17 | NIKKEI DROPS NEARLY 3PC AS CHIP STOCKS SLIDE | View |
| 526 | 2026-07-17 | S&P 500, NASDAQ FALL AS CHIPS EXTEND LOSSES | View |
| 527 | 2026-07-17 | CHINA SHARES FALL ON REGIONAL CHIP ROUT | View |
| 528 | 2026-07-17 | SOUTH KOREAN STOCKS WEIGH ON ASIAN EQUITIES | View |
| 529 | 2026-07-17 | FOODPANDA GIVES HELP CENTRE FULL MARKS | View |
| 530 | 2026-07-17 | SOUTH AIR BEGINS FLIGHT OPERATIONS FROM JIAP ON TWO NEW ROUTES | View |
| 531 | 2026-07-17 | OIL RISES ON INTENSIFYING US-IRAN HOSTILITIES AND THREAT OF RED SEA CLOSURE | View |
| 532 | 2026-07-16 | SPOT RATE INCREASED BY RS200 TO RS 18,200 PER MAUND | View |
| 533 | 2026-07-16 | HBL UNVEILS HBL PAYPAK UNIONPAY CO-BADGE CARD | View |
| 534 | 2026-07-16 | ASIAN SHARES SLUMP ON CHIPMAKER DRAG, BONDS CHEER COOLER INFLATION | View |
| 535 | 2026-07-16 | INDIAN SHARES SEEN OPENING FLAT ON MIDEAST JITTERS | View |
| 536 | 2026-07-16 | NIKKEI ENDS HIGHER ON WALL STREET GAINS | View |
| 537 | 2026-07-16 | CHINA STOCKS CLOSE DOWN ON CHIP PROFIT-TAKING | View |
| 538 | 2026-07-16 | PSMA SEEKS PROMPT EXPORT OF SURPLUS SUGAR | View |
| 539 | 2026-07-16 | 11TH COLOUR & CHEM EXPO 2026 BEGINS FROM 18TH | View |
| 540 | 2026-07-16 | LPG INDUSTRY DEMANDS CORRECTION IN OGRA’S PRICING FORMULA | View |
| 541 | 2026-07-16 | KCCI, FIO AGREE TO STRENGTHEN INSTITUTIONAL COLLABORATION | View |
| 542 | 2026-07-16 | FLOUR MILLERS URGE WHEAT IMPORT PERMISSION TO AVOID SHORTAGE | View |
| 543 | 2026-07-16 | SOUTH AIR BEGINS DOMESTIC FLIGHT OPERATIONS | View |
| 544 | 2026-07-16 | OIL PRICES RISE FOR 4TH DAY AS US STRIKES ON IRAN RAISE FEARS OF WIDER CONFLICT | View |
| 545 | 2026-07-16 | OIL PRICES MAKE SMALL GAIN | View |
| 546 | 2026-07-16 | US NATGAS PRICES FALL TO 2-MONTH LOW | View |
| 547 | 2026-07-15 | OIL RISES AFTER US-IRAN HOSTILITIES FLARE AGAIN WITH STRIKES ON ENERGY TARGETS | View |
| 548 | 2026-07-15 | US NATGAS PRICES EASE ON RISING OUTPUT | View |
| 549 | 2026-07-15 | CHINA’S JUNE OIL IMPORTS HIT NEAR 10-YEAR LOW | View |
| 550 | 2026-07-15 | COTTON SPOT RATES | View |
| 551 | 2026-07-15 | BOFA RIDES MARKET WHIPLASH TO TRADING RECORDS, DEAL ACTIVITY SHINES | View |
| 552 | 2026-07-15 | SK HYNIX SHARES SURGE 13% ON AI HOPES AS US TECH STOCKS RESUME THEIR CLIMB | View |
| 553 | 2026-07-15 | INDIAN SHARES SEEN MUTED AS US INFLATION RELIEF OFFSETS MIDEAST TENSIONS | View |
| 554 | 2026-07-15 | ASIAN STOCKS GAIN ON DROP IN US INFLATION RATE | View |
| 555 | 2026-07-15 | S&P 500 AND NASDAQ RISE AS BANK EARNINGS BUOY SENTIMENT | View |
| 556 | 2026-07-15 | PTCL CONFIRMS NADEEM KHAN AS CEO | View |
| 557 | 2026-07-14 | VOLUME OF BUSINESS IMPROVES ON COTTON MARKET | View |
| 558 | 2026-07-14 | COTTON EXCHANGE BUILDING CASE: KCA URGES IMMEDIATE COMPLIANCE WITH SHC ORDER | View |
| 559 | 2026-07-14 | ASIA MARKETS CHOPPY AS THREAT OF TRUMP HORMUZ LEVY SPOOKS TRADERS | View |
| 560 | 2026-07-14 | INDIAN SHARES SET TO OPEN LOWER AS MIDDLE EAST TENSIONS RAISE INFLATION WORRIES | View |
| 561 | 2026-07-14 | EUROPEAN SHARES SUBDUED AS OIL JUMPS AFTER US-IRAN TENSIONS | View |
| 562 | 2026-07-14 | GOVT URGED TO FORM JOINT TASK FORCE WITH BUSINESS COMMUNITY | View |
| 563 | 2026-07-14 | ENERGY STORAGE KEY TO PAKISTAN’S INDUSTRIAL FUTURE: EXPERTS | View |
| 564 | 2026-07-14 | OIL CLIMBS TO ONE-MONTH HIGH AS US, IRAN STEP UP ATTACKS IN STRAIT OF HORMUZ | View |
| 565 | 2026-07-14 | OIL UP 9% TO ONE-MONTH HIGH AS US SAYS IT WILL BLOCKADE ENTIRE IRANIAN COASTLINE, ALL VESSELS | View |
| 566 | 2026-07-13 | FBR EXEMPTS BULLETPROOF VEHICLE IMPORTS FROM SALES TAX | View |
| 567 | 2026-07-13 | PAKISTAN EXTENDS SALES TAX EXEMPTION ON AIRCRAFT IMPORTS TO ALL AIRLINES | View |
| 568 | 2026-07-13 | FTO ORDERS CTO KARACHI TO RESTORE BANK ACCOUNT IN SALES TAX REFUND CASE | View |
| 569 | 2026-07-13 | FBR EXPLAINS WHY IT USES 24.5% CORPORATE TAX BENCHMARK FOR TAX EXPENDITURE ESTIMATES | View |
| 570 | 2026-07-13 | FBR EXPLAINS WHY INDIVIDUAL TAX EXPENDITURE ESTIMATES CANNOT BE ADDED TOGETHER | View |
| 571 | 2026-07-13 | FBR EXPLAINS NEW ADJUSTMENT FACTORS FOR SALES TAX EXEMPT LOCAL SUPPLIES | View |
| 572 | 2026-07-13 | AGP FLAGS RS3.5 BILLION IN UNRECOVERED FBR PENALTIES, DEFAULT SURCHARGES | View |
| 573 | 2026-07-13 | FBR SLASHES REGULATORY DUTY ON IMPORTED CANDIES, SWEETS BY 50% IN FY2026-27 | View |
| 574 | 2026-07-13 | WEEKLY COTTON REVIEW: MARKET MAINTAINS OVERALL PRICE STABILITY | View |
| 575 | 2026-07-13 | GHTA PROGRAMME: MEEZAN BANK ACHIEVES RS2BN IN DISBURSEMENTS | View |
| 576 | 2026-07-13 | WALL STREET WEEK AHEAD: INVESTORS TO GRAPPLE WITH PACKED WEEK OF EARNINGS, IRAN | View |
| 577 | 2026-07-11 | ATIR LAHORE SAYS SUPER TAX ADJUSTABLE AGAINST REFUNDS | View |
| 578 | 2026-07-11 | PUNJAB ROLLS OUT SIMPLIFIED DIGITAL TAX SYSTEM | View |
| 579 | 2026-07-11 | FTO GRANTS RELIEF TO WOMAN TAXPAYER | View |
| 580 | 2026-07-11 | LTO KARACHI TARGETS 174 TAXPAYERS IN FOREIGN ASSETS SCRUTINY DRIVE | View |
| 581 | 2026-07-11 | BAFL RAISES RS20BN IN LARGEST-EVER TFC ISSUANCE | View |
| 582 | 2026-07-11 | WALL STREET BANKS RULE ON STAFF BETTING ON PREDICTION MARKETS | View |
| 583 | 2026-07-10 | FBR DOUBLES NEV ADOPTION LEVY COLLECTION TARGET FOR FY2025-26 | View |
| 584 | 2026-07-10 | FBR PROJECTS RS410BN CUSTOMS DUTY FROM PETROLEUM PRODUCTS IN FY2026-27 | View |
| 585 | 2026-07-09 | FBR FAILED TO RECOVER RS3.1 BILLION TAX ON SALARY INCOME: AGP | View |
| 586 | 2026-07-09 | SPOT RATE INCREASED BY RS200 TO RS17,800 PER MAUND | View |
| 587 | 2026-07-09 | SOUTH KOREA STOCKS SLIDE INTO BEAR MARKET | View |
| 588 | 2026-07-09 | WALL ST FALLS AS TRUMP’S IRAN REMARKS RATTLE INVESTORS | View |
| 589 | 2026-07-09 | MOST GULF MARKETS SLIP ON ME HOSTILITIES | View |
| 590 | 2026-07-08 | COURT-PROTECTED PERIOD: ATIR DB ISLAMABAD ANNULS SUPER TAX DEFAULT SURCHARGE | View |
| 591 | 2026-07-08 | FBR CUTS REGULATORY DUTY ON IMPORTED ICE-CREAMS FROM FY2026-27 | View |
| 592 | 2026-07-08 | PAKISTAN CUSTOMS SEIZES RS366 MILLION MARIJUANA SHIPMENT FROM THAILAND | View |
| 593 | 2026-07-08 | SINDH EXEMPTS SALES TAX ON CROP INSURANCE REINSURANCE SERVICES | View |
| 594 | 2026-07-08 | SINDH ENACTS TAXPAYER CONFIDENTIALITY LAW UNDER FINANCE ACT 2026 | View |
| 595 | 2026-07-08 | PAKISTAN’S TAX EXPENDITURE BELOW GLOBAL AVERAGE, FBR REPORTS | View |
| 596 | 2026-07-08 | FBR IDENTIFIES SEVEN TYPES OF INCOME TAX EXEMPTIONS AND CONCESSIONS | View |
| 597 | 2026-07-06 | WEEKLY COTTON REVIEW: MARKET WITNESSES RETURN OF BULLISH SENTIMENT | View |
| 598 | 2026-07-06 | SHARES EDGE HIGHER IN ASIA AS OIL DIPS, EARNINGS LOOM | View |
| 599 | 2026-07-06 | LCCI ORGANISES 11TH SESSION OF FINANCIAL ADVISORY BAITHAK | View |
| 600 | 2026-07-06 | ABHI MICROFINANCE BANK REPORTS GROWTH IN REVENUES IN 1Q 2026 | View |
| 601 | 2026-07-06 | OIL SLIPS AFTER OPEC+ AGREES TO RAISE OUTPUT TARGETS | View |
| 602 | 2026-07-05 | FBR FAILED TO RECOVER RS1.02 BILLION PROPERTY INCOME TAX: AGP | View |
| 603 | 2026-07-05 | FBR SLASHES RD BY UP TO 58% ON IMPORTED JUICES AND MINERAL WATERS | View |
| 604 | 2026-07-05 | PAKISTAN REDUCES REGULATORY DUTY TO 8% ON SHRIMP AND PRAWN IMPORTS | View |
| 605 | 2026-07-05 | CUSTOMS OFFICIALS ATTACKED DURING ANTI-SMUGGLING OPERATION IN PESHAWAR, TWO PERSONNEL INJURED | View |
| 606 | 2026-07-04 | FBR CRACKS DOWN ON HIDDEN RETAIL PRICES OF THIRD SCHEDULE ITEMS | View |
| 607 | 2026-07-04 | GOLD TRADERS ASKED TO PAY 30% HIGHER INCOME TAX THAN LAST YEAR | View |
| 608 | 2026-07-04 | FBR GETS RS85.6 BILLION FOR FY27 SALARIES AND OPERATIONS | View |
| 609 | 2026-07-04 | FTSE INDEXES POST WEEKLY GAIN | View |
| 610 | 2026-07-04 | INDIAN SHARES LOG WEEKLY GAINS | View |
| 611 | 2026-07-04 | ASIAN EQUITIES: TAIWAN STOCKS ADVANCE MARGINALLY | View |
| 612 | 2026-07-04 | OIL PRICES LITTLE CHANGED | View |
| 613 | 2026-07-03 | FIVE CHARTS THAT EXPLAIN THE ENERGY WORLD RIGHT NOW | View |
| 614 | 2026-07-03 | INDIA COAL-FIRED POWER OUTPUT IN JUNE RISES TO HIGHEST SINCE NOVEMBER 2023 | View |
| 615 | 2026-07-03 | INDIA ALLOWS FOUR CHINESE-LINKED POWER EQUIPMENT FIRMS TO BID FOR GOVERNMENT PROJECTS | View |
| 616 | 2026-07-02 | FBR RAISES WITHHOLDING TAX ON VARIOUS SERVICES TO 7% | View |
| 617 | 2026-07-02 | REVISED SALARY TAX RATES IMPLEMENTED FROM JULY 1, 2026 | View |
| 618 | 2026-07-02 | FY 2025-26: SRB RECORDS HIGHEST-EVER COLLECTION OF RS370.064BN | View |
| 619 | 2026-07-02 | ASIAN SHARES FALL AS CHIPMAKERS DRAG; US JOBS DATA LOOMS | View |
| 620 | 2026-07-02 | INDIAN SHARES SET FOR POSITIVE START AS OIL PRICES DROP ON US-IRAN TALKS | View |
| 621 | 2026-07-02 | MIAN ZAHID URGES A PERMANENT MECHANISM TO BOOST PAK-IRAN TRADE | View |
| 622 | 2026-07-01 | CEMENT FINDS ITS FOOTING, BUT NOT ITS STRIDE | View |
| 623 | 2026-07-01 | FBR WAIVES LATE RETURN SURCHARGE FOR INDIVIDUALS FILING SPECIAL UNDERTAKING | View |
| 624 | 2026-07-01 | FINANCE ACT 2026 CRACKS DOWN ON FAKE TAX CREDIT CLAIMS WITH 100% PENALTY | View |
| 625 | 2026-07-01 | SBP TO SHARE HIGH-RISK BANKING DATA WITH FBR | View |
| 626 | 2026-07-01 | FINANCE ACT, 2026 EMPOWERS FBR WITH DIRECT ACCESS TO HIGH-VALUE BANK ACCOUNT DATA | View |
| 627 | 2026-07-01 | FBR IMPOSES ADDITIONAL 30% REGULATORY DUTY ON COMMERCIAL IMPORTS OF USED VEHICLES | View |
| 628 | 2026-07-01 | FBR NOTIFIES REVISED REGULATORY DUTY RATES FOR FY2026-27 IMPORTS | View |
| 629 | 2026-07-01 | FBR NOTIFIES NEW ADDITIONAL CUSTOMS DUTY RATES FOR FY2026-27 IMPORTS | View |
| 630 | 2026-07-01 | FBR NOTIFIES PROCEDURE FOR COLLECTION OF SPECIAL EXCISE DUTY ON IMPORTED GOODS | View |
| 631 | 2026-07-01 | FBR ACHIEVES HISTORIC RS13 TRILLION ANNUAL TAX COLLECTION MILESTONE IN FY2025-26 | View |
| 632 | 2026-06-30 | OVER RS100BN ALLOCATED FOR KARACHI IN SINDH BUDGET: SHARJEEL | View |
| 633 | 2026-06-30 | THE ‘MISSING’ ECONOMIC UPDATE, OUTLOOK | View |
| 634 | 2026-06-30 | AJK GOVT PRESENTS RS286BN BUDGET | View |
| 635 | 2026-06-30 | FINANCE ACT, 2026: GOVT WITHDRAWS PROPOSED LAW FOR OMCS | View |
| 636 | 2026-06-30 | FINANCE ACT, 2026: NEW ISLAMABAD TOKEN TAX RATES TAKE EFFECT FROM JULY 1 | View |
| 637 | 2026-06-29 | SINDH PA BUDGET DEBATE BECOMES POLITICALLY CHARGED | View |
| 638 | 2026-06-29 | FBR GRANTS RS438 BILLION TAX EXEMPTIONS FROM TOTAL INCOME: REPORT 2026 | View |
| 639 | 2026-06-29 | OIL CLIMBS FOLLOWING RENEWED US, IRAN STRIKES IN MIDDLE EAST | View |
| 640 | 2026-06-28 | WCO Council discusses how to build the foundations for Customs to leverage data as a strategic asset | View |
| 641 | 2026-06-28 | JI PRESENTS ‘RS300BN SHADOW BUDGET’ FOR KMC | View |
| 642 | 2026-06-28 | PUNJAB PA PASSES BUDGET FY27 AMID OPPOSITION BOYCOTT | View |
| 643 | 2026-06-28 | MANUFACTURERS AND IMPORTERS FOUND DEFAULTERS FOR RS6.52BN INCOME TAX, FBR ASKED TO RECOVER | View |
| 644 | 2026-06-27 | FINANCE ACT, 2026: NEW TAX MEASURES ENFORCE FROM JULY 1 | View |
| 645 | 2026-06-27 | REFLECTIONS ON FEDERAL BUDGET FY27—II | View |
| 646 | 2026-06-27 | FBR OFFICIALS FACE HECTIC WORKING HOURS NEXT FOUR DAYS FOR TAX COLLECTION | View |
| 647 | 2026-06-27 | FBR RESTRICTS GREEN CHANNEL FOR IMPORTERS WITHOUT DIGITAL INTEGRATION | View |
| 648 | 2026-06-26 | FEDERAL, PUNJAB GOVTS’ BUDGETS SHOW INCREASE IN OUTLAYS AT BOTH LEVELS | View |
| 649 | 2026-06-24 | PTI REJECTS FINANCE BILL | View |
| 650 | 2026-06-24 | 35 CHANGES MADE IN FINANCE BILL, 2026: AIRLINES GET SALES TAX EXEMPTION ON AIRCRAFT IMPORT | View |
| 651 | 2026-06-24 | 2024-25 AND 2025-26: NA SET TO APPROVE RS17.378TRN SUPPLEMENTARY GRANTS | View |
| 652 | 2026-06-24 | FINANCE BILL 2026 CLEARED BY NA AMID OPPOSITION WALKOUT | View |
| 653 | 2026-06-24 | PRA MOVES TO EXTENDED SHIFTS, SUSPENDS WEEKENDS TO LIFT REVENUE PERFORMANCE Taxation | View |
| 654 | 2026-06-24 | KCA DECREASES SPOT RATE BY RS300 TO RS18,300 PER MAUND | View |
| 655 | 2026-06-24 | INDIAN SHARES LIKELY TO OPEN MUTED AS US RATE HIKE BETS OFFSET OIL RELIEF | View |
| 656 | 2026-06-24 | ILLEGAL CEMENT UNIT: APCMA WELCOMES ENFORCEMENT ACTION | View |
| 657 | 2026-06-24 | CHINA DISPLACES US FOR WORLD’S FASTEST SUPERCOMPUTER CROWN | View |
| 658 | 2026-06-23 | TREASURY MEMBERS DEFEND PUNJAB GOVT’S ACHIEVEMENTS | View |
| 659 | 2026-06-23 | FEATURES OF FEDERAL BUDGET FY27 | View |
| 660 | 2026-06-23 | BALOCHISTAN BUDGET | View |
| 661 | 2026-06-23 | A BUDGET WITHOUT A TAX POLICY | View |
| 662 | 2026-06-23 | KP BUDGET | View |
| 663 | 2026-06-23 | CAP WARNS THIRD SCHEDULE EXPANSION WILL OVERTAX CONSUMERS | View |
| 664 | 2026-06-23 | FBR CHAIRMAN PRAISES BUDGET TEAM FOR SMOOTH DELIVERY OF FEDERAL BUDGET 2026-27 | View |
| 665 | 2026-06-23 | IRANIAN TRADE DELEGATION VISITS KATI | View |
| 666 | 2026-06-22 | PSX SEES STRONG BULL RUN | View |
| 667 | 2026-06-22 | KP PRESENTS RS121.74BN SUPPLEMENTARY BUDGET | View |
| 668 | 2026-06-22 | AURANGZEB URGES PTI TO RETURN TO STANDING COMMITTEES | View |
| 669 | 2026-06-22 | NFC AWARD: A SYSTEM UNDER STRAIN | View |
| 670 | 2026-06-22 | KP GOVT EARMARKS RS524.3BN UNDER ADP FOR 2026-27 | View |
| 671 | 2026-06-22 | CHARTER OF ECONOMY: A REDUNDANT CONCEPT | View |
| 672 | 2026-06-22 | BALOCHISTAN ASSEMBLY APPROVES RS1.089TRN BUDGET | View |
| 673 | 2026-06-22 | EDUCATION, HEALTH, AGRI, INDUSTRY: ‘HIGHER SPENDING YET TO TRANSLATE INTO VISIBLE IMPROVEMENTS’ | View |
| 674 | 2026-06-22 | GOVERNMENT FACES BACKLASH OVER RS50 BILLION TAX RELIEF FOR HIGH-PAID EXECUTIVES | View |
| 675 | 2026-06-21 | GOVT ESTIMATES OVER 40% DECLINE IN SBP PROFIT DURING FY2026-27 | View |
| 676 | 2026-06-21 | CUSTOMS ANNOUNCES AUCTION OF OVERSTAY HYDROCARBON SOLVENT AT TAFTAN AND QUETTA DRY PORT | View |
| 677 | 2026-06-20 | KAYANI TELLS NA: APPROX 3.5M SHOPKEEPERS TO BE BROUGHT INTO TAX NET | View |
| 678 | 2026-06-20 | LAWMAKERS SEEK ‘ADEQUATE’ RELIEF FOR SALARIED, LOW-INCOME GROUPS | View |
| 679 | 2026-06-20 | KP UNVEILS RS2.17TRN DEFICIT BUDGET | View |
| 680 | 2026-06-20 | AURANGZEB TO WIND UP BUDGET SPEECH TODAY | View |
| 681 | 2026-06-20 | BUDGET 2026-27 IN FOCUS: CHALLENGES, CHOICES & CHANGE: KCFR HOSTS SEMINAR ON ASSESSING GOVT’S FISCAL PRIORITIES, ECONOMIC CHALLENGES | View |
| 682 | 2026-06-20 | KP SETS RS182BN COLLECTION TARGET | View |
| 683 | 2026-06-20 | HEALTH SPENDING: THE COST OF NEGLECT | View |
| 684 | 2026-06-20 | KP PRESENTS RS2.17 TRILLION BUDGET WITH FOCUS ON DEVELOPMENT, WELFARE | View |
| 685 | 2026-06-20 | ‘PAKISTAN IMPORTS ABOUT USD800M WORTH OF US COTTON’ | View |
| 686 | 2026-06-20 | INDIAN SHARES SNAP 5-SESSION RALLY | View |
| 687 | 2026-06-20 | TELEGRAM LOSES BID TO OVERTURN INDIA’S TEMPORARY BLOCKING OF THE APP | View |
| 688 | 2026-06-20 | BRENT SET FOR 8PC WEEKLY FALL | View |
| 689 | 2026-06-19 | INDUSTRIES, AGRICULTURE: FEDERAL GOVT FAILS TO PROVIDE MEANINGFUL RELIEF: PBF | View |
| 690 | 2026-06-19 | REFLECTIONS ON FEDERAL BUDGET FY27—I | View |
| 691 | 2026-06-19 | FINANCE BILL 2026: EXTRACTION CANNOT DELIVER! | View |
| 692 | 2026-06-19 | SINDH BUDGET | View |
| 693 | 2026-06-19 | FINANCE BILL: SENATE ADOPTS 123 SUGGESTIONS | View |
| 694 | 2026-06-19 | IMPOSITION OF TAX ON INCOME EARNED THRU SOCIAL MEDIA, CGT ON SALE OF INHERITED PROPERTIES: NA PANEL ENDORSES PROPOSAL | View |
| 695 | 2026-06-19 | NA LIKELY TO PASS FINANCE BILL ON 23RD | View |
| 696 | 2026-06-19 | KP BUDGET TO BE PRESENTED TODAY | View |
| 697 | 2026-06-19 | ARITHMETIC OF NEGLECT | View |
| 698 | 2026-06-18 | ‘UNDERSTANDING OF BUDGET DOCUMENTS ESSENTIAL FOR LEGISLATION’ | View |
| 699 | 2026-06-18 | PUNJAB BUDGET | View |
| 700 | 2026-06-18 | PUNJAB’S WELFARE BUDGET VISION | View |
| 701 | 2026-06-18 | HEATED EXCHANGES DISRUPT NA BUDGET PROCEEDINGS | View |
| 702 | 2026-06-18 | NA WITNESSES HEATED DEBATE ON FEDERAL BUDGET | View |
| 703 | 2026-06-18 | PVMA CONCERNED OVER NEW SALES TAX MECHANISM | View |
| 704 | 2026-06-18 | NO DELAY IN PRESENTATION OF KP BUDGET: KUNDI | View |
| 705 | 2026-06-18 | CHINA STOCKS CLOSE HIGHER ON CHIP RALLY | View |
| 706 | 2026-06-18 | DOCUMENTED INDUSTRY: LCCI, PFMA HIGHLIGHT NEGATIVE IMPACT | View |
| 707 | 2026-06-17 | ‘KMC BUDGET BASED ON ‘UNREALISTIC’ REVENUE ESTIMATES’ | View |
| 708 | 2026-06-17 | LCCI HAILS PUNJAB GOVT FOR PRESENTING GROWTH-ORIENTED BUDGET | View |
| 709 | 2026-06-17 | NA BODY ENDORSES CREATION OF ‘INDEPENDENT CASE SCRUTINY COMMITTEES’ | View |
| 710 | 2026-06-17 | STATIONERY ITEMS: SENATE BODY RECOMMENDS ST RELIEF | View |
| 711 | 2026-06-17 | PUNJAB MADE SIGNIFICANT FINANCIAL SACRIFICE: AZMA | View |
| 712 | 2026-06-17 | BUDGET: PUNJAB CLOSELY FOLLOWS IN CENTRE’S FOOTSTEPS | View |
| 713 | 2026-06-17 | ‘B’-RATED COUNTRIES: BUDGET’S INTEREST-TO-REVENUE RATIO HIGHER THAN MEDIAN RATE: FITCH | View |
| 714 | 2026-06-17 | A TAX BREATHER – NOT A DIGITAL LEAP | View |
| 715 | 2026-06-16 | END THE BUDGET ‘CIRCUS’ | View |
| 716 | 2026-06-16 | BUDGET TAXATION & RELIEF MEASURES: GOVT REFUSES TO SHARE REVENUE IMPACT FIGURES WITH NA PANEL | View |
| 717 | 2026-06-16 | REDUCING TAX INCIDENCE WITHIN IMF PROGRAMME HIGH PRIORITY: KAYANI | View |
| 718 | 2026-06-16 | STAKEHOLDERS DEMAND END TO EXPORT TAX ON TOBACCO | View |
| 719 | 2026-06-16 | PRAC WELCOMES TARGETED RELIEF MEASURES | View |
| 720 | 2026-06-16 | PCDMA EXPRESSES DISAPPOINTMENT OVER BUDGET | View |
| 721 | 2026-06-16 | GOVERNOR SUMMONS BUDGET SESSION ON 17TH | View |
| 722 | 2026-06-16 | EXPERTS SAYS A STRONGER INFRASTRUCTURE TO ACCELERATE EV INDUSTRY GROWTH | View |
| 723 | 2026-06-15 | DEBT, DISCIPLINE & RENTIER STATE | View |
| 724 | 2026-06-15 | BUDGET FY27 | View |
| 725 | 2026-06-15 | PBA HAILS ‘GROWTH-FOCUSSED’ FEDERAL BUDGET | View |
| 726 | 2026-06-15 | FEDERAL BUDGET: GIVES WITH ONE HAND; TAKES AWAY WITH THE OTHER | View |
| 727 | 2026-06-15 | FEDERAL BUDGET WILL HELP RESTORE BUSINESS CONFIDENCE: KATI | View |
| 728 | 2026-06-15 | FBATI WELCOMES FEDERAL BUDGET CAUTIOUSLY | View |
| 729 | 2026-06-15 | REFINERIES’ UPGRADATION: SALES TAX WAIVED ON CAPITAL GOODS IMPORTS | View |
| 730 | 2026-06-14 | BUDGET DESK ESTABLISHED TO ASSIST MNAS | View |
| 731 | 2026-06-14 | MINIMUM TAX FOR CERTAIN TRADERS DOUBLED | View |
| 732 | 2026-06-14 | TRADERS SEEK REMOVAL OF FIXED TAX COMPONENT FROM NEWLY-PROPOSED SCHEME | View |
| 733 | 2026-06-12 | MANUFACTURING’S UNEVEN REBOUND | View |
| 734 | 2026-06-12 | MYTH OF UNTAXED TRADERS | View |
| 735 | 2026-06-12 | JUL-MAR: GROWTH POOR, BUT STILL NOT TOO BAD? | View |
| 736 | 2026-06-12 | POLICY PHILOSOPHY CORRECTION BUDGET NEEDED–I | View |
| 737 | 2026-06-12 | CONTESTING FINANCE MINISTER’S NARRATIVE | View |
| 738 | 2026-06-12 | ECONOMY BEING KEPT IN AN INDUCED COMA? | View |
| 739 | 2026-06-12 | LSM SECTOR GROWS 6.5% | View |
| 740 | 2026-06-12 | TAX RELIEF COSTS GOVT OVER RS2TRN | View |
| 741 | 2026-06-12 | Salient Feature (Income Tax & Sales Tax) Budget 2026 | View |
| 742 | 2026-06-11 | NFC AWARD: OPPOSITION ACCUSES GOVT OF SEEKING TO CURTAIL PROVINCIAL SHARES | View |
| 743 | 2026-06-11 | FEDERAL BUDGET ON 12TH: SCHEHZAD | View |
| 744 | 2026-06-11 | THE HIGH COST OF EASY REVENUES | View |
| 745 | 2026-06-11 | STOCK MARKET, STATIONERY ITEMS AND SOLAR PANELS: TAX RATES TO REMAIN UNCHANGED | View |
| 746 | 2026-06-11 | FY26 ECONOMIC SURVEY: ECONOMY REMAINS FRAGILE DESPITE RECOVERY CLAIMS | View |
| 747 | 2026-06-11 | FINANCE BILL: GOVT TO INTRODUCE THIRD SLAB IN FED ON CIGARETTES | View |
| 748 | 2026-06-11 | 4PC GROWTH TARGET SET: RS3.669TRN UPLIFT OUTLAY APPROVED BY ECONOMIC COUNCIL | View |
| 749 | 2026-06-11 | GOVT URGED TO INCORPORATE PROPOSALS OF BUSINESS COMMUNITY IN BUDGET | View |
| 750 | 2026-06-11 | FBR TO ARRANGE TECHNICAL BRIEFING ON BUDGET TOMORROW | View |
| 751 | 2026-06-10 | PM CONSULTS AGRICULTURE STAKEHOLDERS | View |
| 752 | 2026-06-10 | RS27BN PROPOSED FOR 20 UPLIFT PROJECTS | View |
| 753 | 2026-06-10 | STAKEHOLDERS FOR MORE EQUITABLE, TRANSPARENT TAX STRUCTURE | View |
| 754 | 2026-06-10 | TPB GREENLIGHTS DUTY RELIEF TO DEFENCE IMPORTS | View |
| 755 | 2026-06-10 | BUDGET PROPOSALS: PBF ASKS KP GOVT TO FOCUS ON INDUSTRIALISATION | View |
| 756 | 2026-06-10 | PARTLY FACETIOUS: THE BUDGET CONTROVERSY | View |
| 757 | 2026-06-10 | BUDGET FOR THE PEOPLE | View |
| 758 | 2026-06-10 | THE CREDIBILITY GAP: HOW ACCURATE ARE PAKISTAN'S BUDGET PROJECTIONS? | View |
| 759 | 2026-06-09 | TRADERS SEEK BUSINESS-FRIENDLY MEASURES IN BUDGET | View |
| 760 | 2026-06-09 | SENATE SURRENDERS RS1.44BN SAVINGS TO NATIONAL KITTY | View |
| 761 | 2026-06-09 | THE MISSING BUDGET DEBATE: PAKISTAN’S SAVINGS COLLAPSE | View |
| 762 | 2026-06-09 | FEDERAL BUDGET NOW LIKELY TO BE ANNOUNCED ON 12TH | View |
| 763 | 2026-06-09 | PPP ‘GREENLIGHTS’ BUDGET SUPPORT | View |
| 764 | 2026-06-09 | TAXES & ENFORCEMENT: FINANCE BILL MAY INTRODUCE RS1TRN MEASURES | View |
| 765 | 2026-06-09 | NO CONSENSUS YET ON PROVINCES’ SHARES UNDER NFC AWARD | View |
| 766 | 2026-06-09 | RS20BN PROPOSED FOR M-6 PROJECT UNDER PSDP | View |
| 767 | 2026-06-09 | FY2026-27 BUDGET: PSCTF CALLS FOR STRUCTURAL TAX REFORMS | View |
| 768 | 2026-06-08 | DAR, BILAWAL DISCUSS FEDERAL BUDGET | View |
| 769 | 2026-06-08 | 40 WOMEN CHAMBERS SUBMIT BUDGET PROPOSALS TO KAYANI | View |
| 770 | 2026-06-08 | PROVINCES, SPECIAL AREAS, MERGED DISTRICTS: CENTRE PROPOSES RS251.68BN FOR UPLIFT PROJECTS | View |
| 771 | 2026-06-08 | JI DEMANDS RS20BNN ‘IT PACKAGE’ IN BUDGET | View |
| 772 | 2026-06-08 | BUDGET FY27: STRUCTURAL CHALLENGES | View |
| 773 | 2026-06-08 | ANOTHER BUDGET OF STABILISATION WITHOUT GROWTH | View |
| 774 | 2026-06-08 | STABILISATION FATIGUE IS NOW SETTING IN | View |
| 775 | 2026-06-08 | BUDGET FY2026–27: DOMESTIC SAVINGS DECLINE SPURS CALL FOR TARGETED MOBILISATION PLAN: PIDE | View |
| 776 | 2026-06-07 | RS27.88BN PROPOSED FOR PR PROJECTS | View |
| 777 | 2026-06-06 | DARAZ, ALIBABA URGE GOVT TO FACILITATE DIGITAL COMMERCE | View |
| 778 | 2026-06-06 | RS91BN SET ASIDE FOR 49 POWER PROJECTS UNDER PSDP | View |
| 779 | 2026-06-06 | SAVINGS TARGET SET AT 14.3PC OF GDP | View |
| 780 | 2026-06-06 | BUDGET 2026-27: TPU TO ADDRESS CLASSIFICATION DISPUTES, REVISE PCT HEADINGS | View |
| 781 | 2026-06-06 | FASTER REFUND SYSTEM: GOVT TO CURB PAYMENTS TO NON-COMPLIANT TAXPAYERS | View |
| 782 | 2026-06-06 | MOC SEEKS RS20BN BUDGET SUPPORT FOR RICE EXPORTERS VS INDIA | View |
| 783 | 2026-06-06 | POPULATION-RESOURCE BALANCE KEY TO SUSTAINABLE DEVELOPMENT: SINDH PA MEMBERS | View |
| 784 | 2026-06-06 | IT & TELECOM PROJECTS LIKELY TO GET RS20BN IN BUDGET FY2026-27 | View |
| 785 | 2026-06-05 | EXPORTS KEY TO REVIVAL OF ECONOMY: MIAN ZAHID | View |
| 786 | 2026-06-05 | REDUCTION IN GOVT SECTOR EXPENDITURE SOUGHT | View |
| 787 | 2026-06-05 | OVERCOMING FISCAL DEFICIT | View |
| 788 | 2026-06-05 | 18PC ST TO BE IMPOSED ON STATIONERY ITEMS | View |
| 789 | 2026-06-05 | PTC TIES STABILITY TO STRONG EXPORT-LED STRATEGY | View |
| 790 | 2026-06-05 | BUDGET ON 10TH: SCHEHZAD | View |
| 791 | 2026-06-05 | KP GOVT AGREES TO REDUCE IDC RATE FROM 2PC TO 0.75PC | View |
| 792 | 2026-06-05 | PROVINCES PROPOSE RS3.138TRN COMBINED DEVELOPMENT OUTLAY | View |
| 793 | 2026-06-05 | PSDP 2026-27: RS179BN EARMARKED FOR 44 WATER SCHEMES, HYDROPOWER PROJECTS | View |
| 794 | 2026-06-05 | MAJOR AMENDMENTS TO EFS LIKELY | View |
| 795 | 2026-06-05 | MAJOR CHUNK OF PSDP WILL GO TO INFRASTRUCTURE PROJECTS | View |
| 796 | 2026-06-04 | SIALKOT EXPORTERS’ DELEGATION VISITS LCCI | View |
| 797 | 2026-06-04 | PAKISTAN REPORTS $34.76 BILLION TRADE DEFICIT IN 11MFY26 | View |
| 798 | 2026-06-04 | CCP ALLOWS PAFL’S ACQUISITION OF A PLANT OF PAKISTAN OXYGEN LTD | View |
| 799 | 2026-06-04 | NBP SIGNS MOU WITH CHARTER FOR COMPASSION PAKISTAN | View |
| 800 | 2026-06-04 | SYS SPELLS OUT FACTORS BEHIND DECLINING Q1 MARGINS | View |
| 801 | 2026-06-04 | INFORMATION PROVIDED BY CITIZENS: FTO URGES FBR TO SET UP A STRUCTURED MECHANISM | View |
| 802 | 2026-06-04 | PETROLEUM DEALERS ISSUE 48-HOUR ULTIMATUM | View |
| 803 | 2026-06-03 | ELECTRIC VEHICLE DREAM FACES MAJOR SETBACK AS TAX HOLIDAY NEARS END | View |
| 804 | 2026-06-03 | EDUCATION COSTS SET TO RISE AS 18% SALES TAX ON STATIONERY PROPOSED | View |
| 805 | 2026-06-03 | GOVERNMENT PLANS MAJOR PROPERTY TAX RELIEF IN FY2026-27 BUDGET | View |
| 806 | 2026-06-03 | PIDE PROPOSES RS45,000 MINIMUM WAGE FOR FY2026-27 UNDER NEW FRAMEWORK | View |
| 807 | 2026-06-03 | BANKISLAMI PARTNERS WITH SURAYYA AZEEM WAQF TEACHING HOSPITAL | View |
| 808 | 2026-06-03 | DOW, S&P 500 SCALE PEAKS AS HPE, ALPHABET FUEL AI MOMENTUM | View |
| 809 | 2026-06-03 | SECP REGISTERS 3,161 NEW COMPANIES IN MAY, SETS RECORD FOR SINGLE-DAY INCORPORATIONS | View |
| 810 | 2026-06-03 | BIAFO INDUSTRIES LIMITED APPOINTS NEW CEO | View |
| 811 | 2026-06-03 | OIL PRICES RISE AS NEW MIDDLE EAST HOSTILITIES FLARE AND TALKS STALL | View |
| 812 | 2026-06-02 | SINDH SENIOR MINISTER REVIEWS ADP 2026-27, ONGOING PROJECTS | View |
| 813 | 2026-06-02 | INFLATION: THE CORE HEATS UP | View |
| 814 | 2026-06-02 | WHY PAKISTAN NEEDS ENFORCEMENT BEFORE ANOTHER CIGARETTE TAX HIKE | View |
| 815 | 2026-06-02 | CRYPTOCURRENCY TRANSACTIONS LIKELY TO BE TAXED | View |
| 816 | 2026-06-02 | PTC FOR COMPETITIVE BUDGET STEPS TO REVIVE EXPORTS & INDUSTRIES | View |
| 817 | 2026-06-02 | REQUIREMENTS TOTAL RS4.097TRN: RS1.126TRN SET ASIDE FOR FY27 PSDP: AHSAN | View |
| 818 | 2026-06-02 | BUSINESS LEADERS, PM IN PRE-BUDGET CONSULTATIONS | View |
| 819 | 2026-06-02 | DEFINED CONTRIBUTORY PENSION | View |
| 820 | 2026-06-02 | STEEL MELTERS FOR ABOLISHING WHT ON LOCAL SCRAP PURCHASES | View |
| 821 | 2026-06-02 | MINISTER PLEDGES RECORD DEVELOPMENT BUDGET | View |
| 822 | 2026-06-02 | KP TO LAUNCH AGRI UPLIFT SCHEMES IN MERGED DISTRICTS | View |
| 823 | 2026-06-02 | FREELANCERS DEMAND RETAINING 0.25PC TAX ON FOREIGN EARNINGS | View |
| 824 | 2026-06-02 | BUSINESS COMMUNITY CONCERNED FEDERAL BUDGET | View |
| 825 | 2026-06-02 | NEXT BUDGET MAY CREATE MORE DIFFICULTIES FOR TRADERS’ | View |
| 826 | 2026-06-02 | FEDERAL BUDGET FY2026–27: GOVT TO SLASH POWER SECTOR SUBSIDIES BY AROUND 20PC | View |
| 827 | 2026-06-02 | PM SHEHBAZ PUSHES TECHNOLOGY REFORMS TO BOOST INVESTMENT GROWTH | View |
| 828 | 2026-06-01 | RETHINKING JUICE TAXATION | View |
| 829 | 2026-06-01 | EPBD SUGGESTS TAX CUTS, STRUCTURAL REFORMS | View |
| 830 | 2026-06-01 | PLANNING BODY MEETS TODAY AHEAD OF BUDGET | View |
| 831 | 2026-06-01 | UPCOMING BUDGETS: PUASA URGES FEDERAL, PUNJAB GOVTS TO PRIORITISE HIGHER EDUCATION SECTOR | View |
| 832 | 2026-06-01 | BUDGET FY27: CARROTS FADE | View |
| 833 | 2026-06-01 | FY2026-27 BUDGET: EXPECTATIONS | View |
| 834 | 2026-05-31 | A VERY HARSH ANNUAL BUDGET IN THE OFFING? | View |
| 835 | 2026-05-31 | KTBA HIGHLIGHTS FBR PORTAL HURDLES IN DECLARING BUSINESS BANK ACCOUNTS | View |
| 836 | 2026-05-30 | PAKISTAN TO PRESENT FEDERAL BUDGET 2026-27 ON JUNE 5 | View |
| 837 | 2026-05-30 | FBR CHAIRMAN TO REVIEW KARACHI REVENUE DRIVE AHEAD OF FISCAL YEAR-END Taxation | View |
| 838 | 2026-05-30 | NIKKEI SCALES RECORD PEAK ON MIDEAST, AI OPTIMISM | View |
| 839 | 2026-05-30 | CHINESE EQUITIES FALL, LENOVO LIFTS HONG KONG | View |
| 840 | 2026-05-30 | PIBF WELCOMES PAKISTAN-CHINA MOUS | View |
| 841 | 2026-05-29 | FBR ANNOUNCES WEEKEND WORKING DAYS FOR TAX COLLECTION | View |
| 842 | 2026-05-29 | FBR DECLARES ADDITIONAL RECLAIMED LAND AT SAPT AS CUSTOMS AREA | View |
| 843 | 2026-05-29 | PSX SEEKS MAJOR TAX CUTS, INVESTOR INCENTIVES IN FY27 BUDGET | View |
| 844 | 2026-05-29 | ICAP SEEKS CLARITY ON BUILDERS, DEVELOPERS TAXATION UNDER SECTION 7F | View |
| 845 | 2026-05-29 | ICAP PROPOSES PRIOR NOTICE BEFORE FBR ENTERS BUSINESS PREMISES | View |
| 846 | 2026-05-25 | MINISTRIES LOCK HORNS OVER NEW PROPOSED TARIFF FOR INDUSTRY | View |
| 847 | 2026-05-25 | PAKISTAN’S TAX CHALLENGE: FOUR CONVERSATIONS, ONE PROBLEM—III | View |
| 848 | 2026-05-25 | PAKISTAN: UPCOMING FY27 BUDGET | View |
| 849 | 2026-05-25 | STOCKS RISE SHARPLY, OIL AND DOLLAR SLIP ON MIDDLE EAST PEACE HOPES | View |
| 850 | 2026-05-25 | INDIAN SHARES TO OPEN HIGHER ON US-IRAN PEACE DEAL OPTIMISM | View |
| 851 | 2026-05-25 | FTSE 100 SNAPS FOUR-WEEK LOSING STREAK | View |
| 852 | 2026-05-25 | WALL STREET WEEK AHEAD: SOARING STOCKS COULD FACE ROCKY PATCH AS EARNINGS WIND DOWN | View |
| 853 | 2026-05-25 | OIL SLIPS TO 2-WEEK LOW AS US-IRAN SEEN MOVING CLOSER TO PEACE DEAL | View |
| 854 | 2026-05-25 | PESCO LAUNCHES ONLINE CONSUMER COMPLAINT HANDLING | View |
| 855 | 2026-05-23 | CHECK ON FLYING INVOICES: GOVT MULLS REVISING EFS IN BUDGET | View |
| 856 | 2026-05-23 | FPCCI DEMANDS RESTORATION OF FTR FOR EXPORTERS | View |
| 857 | 2026-05-23 | REBOUND IN TEXTILE EXPORTS | View |
| 858 | 2026-05-23 | GOVERNMENT TO REDUCE SALARY TAX BURDEN IN FY27 BUDGET: MINISTER | View |
| 859 | 2026-05-23 | ABHI MFB TO ESTABLISH SUPER AGENT NETWORK ACROSS COUNTRY | View |
| 860 | 2026-05-23 | NIKKEI RALLIES TO RECORD CLOSE AS AI SHARES SHINE | View |
| 861 | 2026-05-23 | CHINA STOCKS REBOUND BUT FALL FOR SECOND WEEK | View |
| 862 | 2026-05-23 | EUROPEAN SHARES END AT MORE THAN ONE-MONTH HIGH | View |
| 863 | 2026-05-23 | WALL ST CLIMBS, DOW AT RECORD HIGH | View |
| 864 | 2026-05-22 | NBP SECURES 7 BEST PRACTICE AWARDS AT GDEIB AWARDS 2026 | View |
| 865 | 2026-05-22 | NIKKEI RALLIES ON FRESH OPTIMISM OVER AI | View |
| 866 | 2026-05-22 | SHANGHAI STOCK BENCHMARK LOGS BIGGEST DROP SINCE MARCH | View |
| 867 | 2026-05-22 | COMMERCIAL & INDUSTRIAL IMPORTS: MAJOR TRADE BODIES DEMAND END TO TAX DISPARITY | View |
| 868 | 2026-05-22 | SITARA PETROLEUM BECOMES 10TH IPO OF 2026 AT PSX | View |
| 869 | 2026-05-22 | MILLAT TRACTORS TO EXPORT TRACTORS TO NIGERIA, MEXICO | View |
| 870 | 2026-05-22 | MG MOTOR PAKISTAN UNVEILS MG4 EV URBAN IN PAKISTAN | View |
| 871 | 2026-05-22 | AIRBUS, AIR FRANCE FOUND GUILTY OF MANSLAUGHTER OVER 2009 ATLANTIC CRASH | View |
| 872 | 2026-05-22 | OIL PRICES WHIPSAW ON PROSPECTS FOR US-IRAN DEAL | View |
| 873 | 2026-05-22 | OIL MARKET COULD HIT ‘RED ZONE’ IN JULY-AUGUST: IEA | View |
| 874 | 2026-05-22 | OGDC SECURES EIGHT OFFSHORE BLOCKS | View |
| 875 | 2026-05-21 | FBR ORDERS MANDATORY DOCUMENTATION, REGISTRATION FOR INGOS | View |
| 876 | 2026-05-21 | ‘ENHANCED COTTON PRODUCTION KEY TO FARMERS’ PROSPERITY’ | View |
| 877 | 2026-05-21 | JAPAN’S NIKKEI ENDS NEAR THREE-WEEK LOW | View |
| 878 | 2026-05-21 | WALL ST RISES ON CHIP RALLY AHEAD OF NVIDIA RESULTS | View |
| 879 | 2026-05-21 | OIL PRICES SLIDE 6PC | View |
| 880 | 2026-05-21 | NEW UAE PIPELINE BYPASSING HORMUZ NOW 50PC COMPLETE | View |
| 881 | 2026-05-21 | US NATGAS PRICES EASE ON FORECASTS FOR LOWER DEMAND AFTER HEATWAVE | View |
| 882 | 2026-05-20 | FBR REVISES PROPERTY VALUATION TABLES FOR NISHTAR TOWN LAHORE | View |
| 883 | 2026-05-20 | FBR CONVERTS UPCOMING WEEKLY HOLIDAYS INTO WORKING DAYS TO BOOST TAX COLLECTION | View |
| 884 | 2026-05-20 | ASIAN STOCKS FALL FOR 4TH DAY AS HIGHER YIELDS BITE, ALL EYES ON NVIDIA RESULTS | View |
| 885 | 2026-05-20 | INDIAN SHARES SEEN LOWER AS YIELDS, OIL RISE ON TRUMP'S IRAN THREAT | View |
| 886 | 2026-05-20 | NIKKEI GIVES UP EARLY GAINS AS TECH SHARES FALL | View |
| 887 | 2026-05-20 | OIL PRICES EASE AFTER TRUMP SAYS US WILL END IRAN WAR 'VERY QUICKLY' | View |
| 888 | 2026-05-20 | OIL PRICES SETTLE DOWN AFTER VANCE CITES PROGRESS IN IRAN TALKS | View |
| 889 | 2026-05-20 | US NATURAL GAS FUTURES HIT 7-WEEK HIGH AS EAST COAST HEAT LIFTS DEMAND | View |
| 890 | 2026-05-19 | LTO KARACHI HITS HISTORIC HIGH WITH RS3 TRILLION COLLECTION IN 10MFY26 | View |
| 891 | 2026-05-19 | PAKISTAN CUSTOMS TO AUCTION USED VEHICLES IN KARACHI ON MAY 20 | View |
| 892 | 2026-05-19 | FBR MAKES POS INTEGRATION MANDATORY FOR ISLAMABAD SERVICE PROVIDERS | View |
| 893 | 2026-05-19 | INDIAN SHARES TO OPEN TAD HIGHER AFTER TRUMP HINTS AT IRAN DEAL; ADANI GROUP IN FOCUS | View |
| 894 | 2026-05-19 | ASIAN SHARES MIXED, BONDS RECOVER AS OIL EASES ON TRUMP'S IRAN COMMENTS | View |
| 895 | 2026-05-19 | NIKKEI SLIPS FOR THIRD DAY AS GLOBAL BOND SELLOFF | View |
| 896 | 2026-05-19 | BUSINESS COMMUNITY CONCERNED OVER IRAN POWER IMPORT TARIFF | View |
| 897 | 2026-05-19 | CCP APPROVES INVESTMENT BY CDC IN NCMCL | View |
| 898 | 2026-05-18 | FBR TO SEEK TOUGHER PENALTIES FOR DIGITAL INVOICING VIOLATIONS IN FINANCE BILL 2026 | View |
| 899 | 2026-05-18 | FBR TO INTRODUCE NEW AUDIT SELECTION PARAMETERS TO RAISE TAX REVENUE | View |
| 900 | 2026-05-18 | WEEKLY COTTON REVIEW: SECTOR SHOWS EARLY SIGNS OF SEASONAL ACTIVITY | View |
| 901 | 2026-05-18 | ASIAN MARKETS SINK AS OIL PRICES SURGE | View |
| 902 | 2026-05-18 | WALL STREET WEEK AHEAD: NVIDIA, RETAILER REPORTS TO SHED LIGHT ON AI BOOM | View |
| 903 | 2026-05-16 | FBR AUTHORIZES VENDORS FOR PRODUCTION MONITORING IN BEVERAGE SUB-SECTORS | View |
| 904 | 2026-05-16 | NO UNDER-INVOICING DETECTED IN IMPORTED VEHICLES, SOLAR PANELS: MINISTER | View |
| 905 | 2026-05-16 | FBR TARGETS BOTTLED WATER PRODUCTION THROUGH ELECTRONIC MONITORING | View |
| 906 | 2026-05-16 | STOXX 600 LOGS WEEKLY LOSSES ON INFLATION WOES | View |
| 907 | 2026-05-16 | WALL ST RETREATS AS RISING YIELDS TEST AI-FUELED GAINS | View |
| 908 | 2026-05-16 | PAKISTAN CUTS PETROL, DIESEL PRICES BY RS5 PER LITRE | View |
| 909 | 2026-05-15 | JEWELERS PROPOSE SPECIAL REGIME FOR INCOME TAX PAYMENT AND RECORD KEEPING | View |
| 910 | 2026-05-15 | PATEL URGES SUNSET CLAUSE TO END SUPER TAX IN PAKISTAN | View |
| 911 | 2026-05-15 | PM COMMITTEE RECOMMENDS GROWTH-ORIENTED TAX MEASURES IN BUDGET 2026-27 | View |
| 912 | 2026-05-15 | S&P 500, NASDAQ HIT RECORD HIGHS | View |
| 913 | 2026-05-15 | ASIAN EQUITIES RISE ON AI, TRUMP-XI SUMMIT IN FOCUS | View |
| 914 | 2026-05-15 | REGIONAL SITUATION CREATES TRADE OPPORTUNITIES FOR KARACHI: VIETNAM ENVOY | View |
| 915 | 2026-05-15 | MINISTER URGED TO UNLOCK FULL EXPORT POTENTIAL OF LEATHER INDUSTRY | View |
| 916 | 2026-05-15 | OIL PRICES RISE MORE THAN 3% AMID FEARS OF RENEWED US-IRAN COMBAT | View |
| 917 | 2026-05-14 | FBR TO LAUNCH AI-BASED SYSTEM TO CHECK FALSE DATA IN TAX RETURNS THROUGH FINANCE BILL 2026 | View |
| 918 | 2026-05-14 | FBR TAX-TO-GDP RATIO SLIPS IN 9MFY26 DESPITE 10% REVENUE GROWTH | View |
| 919 | 2026-05-14 | INDIAN SHARES SNAP 4-SESSION LOSING RUN | View |
| 920 | 2026-05-14 | S&P 500 HOLDS NEAR RECORD HIGHS AS TECH BOOST OFFSETS HOT INFLATION DATA | View |
| 921 | 2026-05-14 | MOST GULF MARKETS FALL WITH IRAN CEASEFIRE IN FOCUS | View |
| 922 | 2026-05-14 | PAAPAM SEEKS MORE INDUSTRIAL LAND | View |
| 923 | 2026-05-14 | OPEC CUTS 2026 GLOBAL OIL DEMAND GROWTH FORECAST | View |
| 924 | 2026-05-14 | OIL SETTLES LOWER ON US RATE HIKE FEARS | View |
| 925 | 2026-05-14 | US NATURAL GAS FUTURES HIT SIX-WEEK HIGH AS OUTPUT DECLINES | View |
| 926 | 2026-05-13 | FBR ISSUES NEW IMPORT VALUES FOR SOLAR PANELS | View |
| 927 | 2026-05-13 | WALL ST FALLS AS HOT INFLATION, IRAN TENSIONS WEIGH | View |
| 928 | 2026-05-13 | CHINA STOCKS END LOWER ON PROFIT-TAKING | View |
| 929 | 2026-05-13 | APTMA URGES PUNJAB GOVT TO WITHDRAW PIDC BILL 2026 | View |
| 930 | 2026-05-13 | CONVERSION OF CCRI LAND INTO GYMKHANA CLUB OPPOSED | View |
| 931 | 2026-05-13 | MOU INKED WITH CHINESE CO: MILLAT TRACTORS ENTERING EV MARKET | View |
| 932 | 2026-05-12 | BANKING CUSTOMERS: MOHTASIB PROVIDES OVER RS1.87BN RELIEF IN CY25 | View |
| 933 | 2026-05-12 | SHARES OF INDIAN JEWELLERS SLIDE AFTER MODI URGES PAUSE ON GOLD PURCHASES | View |
| 934 | 2026-05-12 | BOFA SETTLES ALLEGATION OF INSIDER TRADING RULE VIOLATION WITH INDIA REGULATOR | View |
| 935 | 2026-05-12 | DUBAI HOLDING UNIT BECOMES EMAAR’S LARGEST SHAREHOLDER | View |
| 936 | 2026-05-12 | OIL PRICES SETTLE HIGHER | View |
| 937 | 2026-05-12 | US STOCKS DROP AFTER REPORT SHOWS APRIL INFLATION SURGE | View |
| 938 | 2026-05-11 | FBR REPORTS 37% SURGE IN REVENUE PAID WITH INCOME TAX RETURNS | View |
| 939 | 2026-05-11 | WEEKLY COTTON REVIEW: MARKET WITNESSES SHARP PRICE SURGE | View |
| 940 | 2026-05-11 | FAYSAL BANK & AVANZA STRENGTHEN DIGITAL COLLABORATION | View |
| 941 | 2026-05-11 | INTERNATIONAL CARPET EXHIBITION: CARPET MAKERS CONCERNED OVER NOT RELEASE FOR FUNDS | View |
| 942 | 2026-05-11 | BUSINESSMEN URGE KP GOVT TO ABOLISH 1PC IDC ON EXPORTS | View |
| 943 | 2026-05-11 | DIGITAL BANKING PRODUCTS AND SERVICES: ZTBL CREATES 900 JOBS FOR GRADUATES, POSTGRADUATES | View |
| 944 | 2026-05-11 | AURANGZEB ASSURES FACILITATIVE TAX MEASURES IN BUDGET 2026-27 | View |
| 945 | 2026-05-11 | FBR INTRODUCES NEW TAX ENROLMENT RULES FOR FOREIGN NGOS | View |
| 946 | 2026-05-09 | NIKKEI PULLS BACK FROM RECORD HIGH | View |
| 947 | 2026-05-09 | CHINA STOCKS GAIN DESPITE RENEWED US-IRAN HOSTILITIES | View |
| 948 | 2026-05-09 | EUROPEAN SHARES SLIDE AS MIDDLE EAST TENSIONS FLARE | View |
| 949 | 2026-05-09 | PIBF PRESENTS SEVEN-POINT ECONOMIC REVIVAL AGENDA | View |
| 950 | 2026-05-09 | PSW AND TDAP PARTNER TO BOOST TRADE DIGITALISATION | View |
| 951 | 2026-05-09 | PAKISTAN DROPS PETROL BOMB: FUEL PRICES SOAR ABOVE RS414 PER LITRE | View |
| 952 | 2026-05-08 | CCRI ADVISES GROWERS TO ADOPT HEATWAVE PROTECTION STEPS | View |
| 953 | 2026-05-08 | PAKISTAN’S HBL GOES LIVE ON TEMENOS CORE BANKING | View |
| 954 | 2026-05-08 | NIKKEI BLAZES PAST 63,000 ON EARNINGS | View |
| 955 | 2026-05-08 | EUROPEAN SHARES PULL BACK AS MIDEAST PEACE PROSPECTS ASSESSED | View |
| 956 | 2026-05-08 | TDAP SIGNS MOU WITH PSW | View |
| 957 | 2026-05-08 | SUPPLY OF TOYOTA GENUINE MOTOR OIL: WAFI ENERGY, IMC ENTER INTO STRATEGIC PARTNERSHIP | View |
| 958 | 2026-05-08 | INDIVIDUALS, SMES & AOPS: FBR ISSUES DRAFT OF ‘COMPLEX’ E-RETURN FORM | View |
| 959 | 2026-05-08 | INDIAN NON-BANK LENDERS PLAN $1.6 BILLION IN DEBT SALES AS YIELDS DECLINE, BANKERS SAY | View |
| 960 | 2026-05-07 | IRAN WAR PAUSES GLOBAL EASING PUSH BY CENTRAL BANKS IN APRIL | View |
| 961 | 2026-05-07 | EUROPE’S STOXX 600 UP OVER 2PC ON IRAN DEAL OPTIMISM | View |
| 962 | 2026-05-07 | S&P 500, NASDAQ HIT FRESH PEAK ON IRAN PEACE DEAL HOPE | View |
| 963 | 2026-05-07 | DUBAI LEADS GULF GAINS ON IRAN PEACE HOPES | View |
| 964 | 2026-05-07 | OIL PRICES FALL SHARPLY TO TWO-WEEK LOWS | View |
| 965 | 2026-05-07 | US NATURAL GAS FUTURES DROP AS LNG EXPORT FLOWS DROP, IRAN PEACE TALKS WEIGH | View |
| 966 | 2026-05-07 | PAKISTAN LOSES RS350BN ANNUALLY TO ILLICIT CIGARETTE TRADE, PHILIP MORRIS INTERNATIONAL TELLS MINISTER | View |
| 967 | 2026-05-07 | PAKISTAN APEX COURT STRIKES DOWN TAX ON DEEMED PROPERTY INCOME | View |
| 968 | 2026-05-07 | PAKISTAN SET TO REDUCE PTA MOBILE PHONE TAXES FOR OVERSEAS PAKISTANIS | View |
| 969 | 2026-05-07 | FBR ISSUES DRAFT INCOME TAX RETURN FORMS FOR TAX YEAR 2026 | View |
| 970 | 2026-05-07 | FBR REVISES CUSTOMS VALUES FOR SMART WATCHES IMPORTS IN PAKISTAN | View |
| 971 | 2026-05-06 | SINDH SLASHES SALES TAX TO 2% FOR MOTORCYCLE RIDE SERVICES IN MAJOR RELIEF MOVE | View |
| 972 | 2026-05-06 | FBR UPDATES CUSTOMS VALUES FOR IMPORTED HAND TOOLS AFTER NINE-YEAR HIATUS | View |
| 973 | 2026-05-06 | COTTON SECTOR: APTMA SEEKS MINISTER’S SUPPORT FOR REVIVAL | View |
| 974 | 2026-05-06 | IAP SUGGESTS RELIEF, TAX INCENTIVES | View |
| 975 | 2026-05-06 | FCEPL, SLIC TEAM UP: OVER 1,500 DAIRY FARMERS TO GET INSURANCE COVERAGE | View |
| 976 | 2026-05-06 | LESCO SETS UP INFORMATIVE STALL AT EXPO CENTRE | View |
| 977 | 2026-05-06 | FBR ANNOUNCES MEGA AUCTION OF CONFISCATED VEHICLES ON MAY 11 | View |
| 978 | 2026-05-06 | FBR SETS MAY 20 DEADLINE FOR CUSTOMS CLEARING AGENTS LICENCE APPLICATIONS | View |
| 979 | 2026-05-06 | FBR AWARDS MAJOR PENALTY ‘DISMISSAL FROM SERVICE’ TO CUSTOMS OFFICIAL | View |
| 980 | 2026-05-05 | FBR HOLDS URGENT MOOT ON NEW STEPS TO BRIDGE REVENUE SHORTFALL | View |
| 981 | 2026-05-05 | FTO DISMISSES RS70M TAX EVASION COMPLAINTS, REJECTS FRIVOLOUS CASES | View |
| 982 | 2026-05-05 | RETURN FILING 2026: CHECK NOW BUSINESS INCOME TAX RATES | View |
| 983 | 2026-05-05 | FBR MANDATES PETROLEUM LEVY INFORMATION IN SALES TAX RETURN | View |
| 984 | 2026-05-05 | SENATE SEEKS DETAILS OF FBR CORRUPTION CASES OVER PAST FIVE YEARS | View |
| 985 | 2026-05-04 | WEEKLY COTTON REVIEW: FIA MOVE INVITES SHARP CRITICISM | View |
| 986 | 2026-05-04 | JAPAN’S NIKKEI RISES ON TECH RALLY | View |
| 987 | 2026-05-04 | WALL ST WEEK AHEAD: US STOCKS RALLY COULD FIND FUEL IN EARNINGS | View |
| 988 | 2026-05-04 | AUSTRALIAN SHARES SNAP EIGHT-SESSION LOSING STREAK | View |
| 989 | 2026-05-04 | UAE EXITS ARAB OIL EXPORTER GROUP OAPEC | View |
| 990 | 2026-05-04 | FBR PLANS HARSH MEASURES TO OVERCOME REVENUE SHORTFALL | View |
| 991 | 2026-05-04 | FBR WAIVES PENALTIES ON RS8.77 BILLION TAX LIABILITY OF PIA | View |
| 992 | 2026-05-04 | FBR REVISES CUSTOMS VALUES OF FIRE ALARM SYSTEM PARTS AFTER UNDER-INVOICING DETECTION | View |
| 993 | 2026-05-03 | RANA TANVEER CALLS FOR DAIRY SECTOR TAX REFORMS TO BOOST NUTRITION, AFFORDABILITY | View |
| 994 | 2026-05-03 | OPEC+ HIKES OIL PRODUCTION QUOTAS WITHOUT MENTIONING UAE PULL-OUT | View |
| 995 | 2026-05-03 | US NATURAL GAS FUTURES CLIMB AS OUTPUT FALLS, LNG EXPORTS SURGE | View |
| 996 | 2026-05-02 | S&P 500, NASDAQ RALLY TO FRESH HIGHS | View |
| 997 | 2026-05-02 | EM STOCKS AND CURRENCIES INCH UP IN THIN TRADE | View |
| 998 | 2026-05-02 | TDAP, EMBASSY OF PAKISTAN IN OMAN FACILITATE REAP TEAM’S VISIT | View |
| 999 | 2026-05-02 | CRUDE FUTURES FALL | View |
| 1000 | 2026-05-01 | KARACHI CHAMBER BACKS FBR MONITORING OF JEWELERS, WARNS AGAINST HARASSMENT | View |
| 1001 | 2026-05-01 | FBR BRACES FOR HISTORIC TAX SHORTFALL IN FY2025-26 | View |
| 1002 | 2026-05-01 | PAKISTAN INFLATION RETURNS TO DOUBLE DIGITS AT 10.9% IN APRIL 2026 | View |
| 1003 | 2026-05-01 | VENEZUELA'S OIL EXPORTS JUMP TO HIGHEST SINCE 2018, WITH MORE SALES TO US, INDIA | View |
| 1004 | 2026-04-30 | FTO EXPOSES CASE OF ‘CYBER INTRUSION’ INTO TAX SYSTEM | View |
| 1005 | 2026-04-30 | INDIAN SHARES SET TO OPEN LOWER AS OIL SURGE WEIGHS ON SENTIMENT | View |
| 1006 | 2026-04-30 | TECH SHARES RISE IN ASIA, BONDS SCARRED BY CENTRAL BANK HAWKS AS OIL SPIKES | View |
| 1007 | 2026-04-30 | QUARTER ENDING MAR 31ST: ALLIED BANK POSTS RS16.867BN PBT | View |
| 1008 | 2026-04-30 | SINDH GOVERNOR APPRISED OF ISSUES FACING GWADAR TRADERS IN KARACHI | View |
| 1009 | 2026-04-30 | SCP DELIVERS PROFIT BEFORE TAX OF RS11.7BN | View |
| 1010 | 2026-04-30 | SITARA TO EXPAND RETAIL NETWORK WITH RS4.8BN IPO FUNDING | View |
| 1011 | 2026-04-30 | OIL PRICES EXTEND GAINS AS US-IRAN WAR DEADLOCK KEEPS SUPPLY OFF MARKET | View |
| 1012 | 2026-04-29 | PAKISTAN EMPOWERS TAX POLICY OFFICE TO DRAFT BUDGET 2026-27 | View |
| 1013 | 2026-04-29 | OIL RISES ON REPORTS US WILL EXTEND IRAN BLOCKADE, PROLONGING MIDEAST SUPPLY | View |
| 1014 | 2026-04-29 | US NATGAS EASES ON MILD WEATHER | View |
| 1015 | 2026-04-29 | OIL ENDS UP NEARLY 3PC | View |
| 1016 | 2026-04-29 | FEDERAL TAX OMBUDSMAN UNCOVERS MAJOR TAX SYSTEM HACK INVOLVING FAKE GST CLAIMS | View |
| 1017 | 2026-04-29 | FBR LODGES FIR AGAINST GOLD JEWELERS IN LAHORE AMID TAX MONITORING DISPUTE | View |
| 1018 | 2026-04-28 | PAKISTAN EYES RS350BN TAX MEASURES IN 2026–27 BUDGET UNDER IMF PLAN | View |
| 1019 | 2026-04-28 | OIL PRICES RISE AS NO END TO IRAN WAR STAND-OFF SEEMS IN SIGHT | View |
| 1020 | 2026-04-28 | OIL PRICES HIT TWO-WEEK HIGH AS IRAN TALKS STALL | View |
| 1021 | 2026-04-28 | US NATURAL GAS FUTURES RISE | View |
| 1022 | 2026-04-28 | SENATE SEEKS DATA ON DUAL NATIONALITY OF FBR OFFICERS | View |
| 1023 | 2026-04-27 | FBR UNVEILS PLAN TO ELIMINATE TAX EVASION COMPLETELY | View |
| 1024 | 2026-04-27 | PRIME MINISTER SHEHBAZ ORDERS CRACKDOWN ON $430 MILLION SOLAR PANEL SCANDAL | View |
| 1025 | 2026-04-27 | PAKISTAN HIKES APPLE IPHONE IMPORT RATES — HERE’S HOW MUCH MORE YOU’LL PAY | View |
| 1026 | 2026-04-27 | WEEKLY COTTON REVIEW: TRADING REMAINS MUTED AS PRICES STAY STABLE | View |
| 1027 | 2026-04-27 | PAKISTAN MAY REMOVE 1% IMPORT TAX RELIEF IN MAJOR POLICY SHIFT | View |
| 1028 | 2026-04-27 | FBR CLARIFIES TAX RELIEF FOR BUILDERS UNDER SPECIAL REGIME | View |
| 1029 | 2026-04-26 | GOLD AND SILVER PRICES WEEKLY TREND ENDING APRIL 25 | View |
| 1030 | 2026-04-25 | QUARTER ENDED MAR 31ST: BANK ALFALAH POSTS RS11.13BN PAT | View |
| 1031 | 2026-04-25 | MEEZAN BANK POSTS RS23.4BN PAT FOR Q1CY26 | View |
| 1032 | 2026-04-25 | S&P 500, NASDAQ SHRUG OFF WAR GLOOM AS INTEL POWERS CHIP RALLY | View |
| 1033 | 2026-04-25 | JAK DELIVERY LAUNCHED AT LCCI | View |
| 1034 | 2026-04-25 | OIL PRICES END VOLATILE SESSION MIXED BUT UP SHARPLY | View |
| 1035 | 2026-04-24 | MCB BANK REPORTS RESILIENT PERFORMANCE FOR Q1 WITH 90PC DIVIDEND PAYOUT | View |
| 1036 | 2026-04-24 | BOP SIGNS MOU WITH STACKS | View |
| 1037 | 2026-04-24 | EXTORTION, FACTORY ROBBERIES: SAI CONCERNED OVER RISING INCIDENTS | View |
| 1038 | 2026-04-24 | NESTLÉ PAKISTAN DELIVERS HEALTHY GROWTH IN Q1 2026 | View |
| 1039 | 2026-04-24 | PSMC BEGINS EXPORTING SUZUKI CULTUS PARTS TO THAILAND | View |
| 1040 | 2026-04-24 | US NATURAL GAS FUTURES DOWN | View |
| 1041 | 2026-04-24 | CRUDE OIL FUTURES JUMP USD5 | View |
| 1042 | 2026-04-24 | KTBA RAISES VOICE FOR HIGH EARNERS AMID FBR SUPER TAX SURCHARGE ACTION | View |
| 1043 | 2026-04-23 | CHINA STOCKS HIGHER AS IRAN CEASEFIRE OFFERS CAUTIOUS OPTIMISM | View |
| 1044 | 2026-04-23 | NIKKEI RISES TO RECORD CLOSING HIGH ON TECH BOOST | View |
| 1045 | 2026-04-23 | EUROPEAN STOCKS SLIP AS MIDEAST TENSIONS PERSIST | View |
| 1046 | 2026-04-23 | WALL ST GAINS AS IRAN CEASEFIRE EXTENSION AND ROBUST EARNINGS BRING RELIEF | View |
| 1047 | 2026-04-23 | FBR ANNOUNCES MEGA VEHICLE AUCTION IN PESHAWAR WITH DOZENS OF CONFISCATED CARS UP FOR BIDDING | View |
| 1048 | 2026-04-23 | NCCPL SETS APRIL 30 DEADLINE FOR MARCH CAPITAL GAINS TAX PAYMENT | View |
| 1049 | 2026-04-23 | INDIA'S CENTRAL BANK NET BOUGHT $7.41 BILLION IN FEBRUARY, BULLETIN SHOWS | View |
| 1050 | 2026-04-22 | SNGPL CLARIFIES DISPUTED TAX DEMAND, SAYS NO FINANCIAL IMPACT | View |
| 1051 | 2026-04-22 | FBR RAISES CUSTOMS VALUES FOR USED IMPORTED MOBILE PHONES | View |
| 1052 | 2026-04-22 | BUDGET 2026–27: KHURRAM IJAZ CALLS FOR BOLD STEPS TO BOOST EXPORTS | View |
| 1053 | 2026-04-22 | NIKKEI ENDS HIGHER AS TECH GAINS | View |
| 1054 | 2026-04-22 | CHINA STOCKS END HIGHER AS INVESTORS EYE PEACE TALKS | View |
| 1055 | 2026-04-22 | WALL STREET’S RALLY FADES AS ME ANGST OVERSHADOWS EARNINGS OPTIMISM | View |
| 1056 | 2026-04-22 | US NATGAS HOLDS NEAR ONE-WEEK HIGH ON LOWER OUTPUT | View |
| 1057 | 2026-04-22 | SINDH PARTNERS WITH BANKS TO DIGITISE PROPERTY TRANSFER TAX COLLECTION | View |
| 1058 | 2026-04-22 | FBR SLASHES PROPERTY VALUATION RATES IN FIVE CITIES TO BOOST REAL ESTATE ACTIVITY | View |
| 1059 | 2026-04-21 | PUNJAB ASSEMBLY HALTS REVISED AGRICULTURAL INCOME TAX RATES | View |
| 1060 | 2026-04-21 | NIKKEI CLIMBS AS AI OPTIMISM OUTWEIGHS MIDEAST CONCERNS | View |
| 1061 | 2026-04-21 | INDIAN SHARES END LITTLE CHANGED AHEAD OF ME CEASEFIRE DEADLINE | View |
| 1062 | 2026-04-21 | CHINA STOCKS AT ONE-MONTH HIGH ON ECONOMIC RESILIENCE | View |
| 1063 | 2026-04-21 | MERT TURGUT APPOINTED AS MAGNUM PAKISTAN GM | View |
| 1064 | 2026-04-21 | OIL FALLS ON EXPECTATIONS US-IRAN TALKS LIKELY TO PROCEED, OPENING SUPPLY | View |
| 1065 | 2026-04-21 | US NATGAS HITS ONE-WEEK HIGH AS OUTPUT DROPS, LNG EXPORTS SURGE | View |
| 1066 | 2026-04-21 | FBR CAPITAL GAINS TAX SURGES OVER RS100 BILLION IN 9MFY26 ON PSX RALLY | View |
| 1067 | 2026-04-21 | FBR REPORTS 22% DROP IN PROFIT-ON-DEBT TAX COLLECTION AMID RATE CUTS | View |
| 1068 | 2026-04-21 | FBR REVISES IMPORT VALUES FOR POLYESTER YARN AMID WAR CRISIS | View |
| 1069 | 2026-04-21 | TRUMP’S FED CHAIR PICK VOWS TO SAFEGUARD INDEPENDENCE AT CONFIRMATION HEARING | View |
| 1070 | 2026-04-20 | PAKISTAN TAX AUDIT RECOVERIES JUMP 110% IN FY25, FBR SAYS | View |
| 1071 | 2026-04-20 | WEEKLY COTTON REVIEW: SIGNIFICANT PRICE SURGE WITNESSED | View |
| 1072 | 2026-04-20 | HBL POSTS Q1’26 PBT OF RS33.7BN | View |
| 1073 | 2026-04-20 | OIL CLAWS BACK LOSSES AS STRAIT OF HORMUZ IS CLOSED AGAIN | View |
| 1074 | 2026-04-20 | OICCI PROPOSES 5% CAP ON WITHHOLDING TAX, URGES MAJOR TAX REFORM | View |
| 1075 | 2026-04-20 | LTO KARACHI POSTS RECORD RS2.58 TRILLION TAX COLLECTION IN 9MFY26 | View |
| 1076 | 2026-04-20 | BUSINESS COUNCIL URGES FBR TO WITHDRAW SUPER TAX SURCHARGE NOTICES | View |
| 1077 | 2026-04-19 | FBR SUSPENDS TOP CUSTOMS OFFICIALS IN HIGH-PROFILE SILVER SWAP SCANDAL | View |
| 1078 | 2026-04-19 | FOREIGN INVESTORS URGE TAX CUTS, REFORMS IN PAKISTAN BUDGET 2026-27 | View |
| 1079 | 2026-04-19 | PAKISTAN TAX RETURN COMPLIANCE HITS RECORD HIGH, FBR DATA SHOWS | View |
| 1080 | 2026-04-19 | US ENERGY CHIEF SAYS GAS PRICES COULD STAY ABOVE $3 PER GALLON UNTIL NEXT YEAR | View |
| 1081 | 2026-04-18 | PRA REGISTERS 33% JUMP IN MARCH TAX COLLECTION | View |
| 1082 | 2026-04-18 | FAISALABAD CUSTOMS HIGHLIGHTS BENEFITS OF EXPORT FACILITATION SCHEME | View |
| 1083 | 2026-04-17 | STOCKS SET FOR WEEKLY GAIN, OIL BELOW $100 ON PEACE DEAL HOPES | View |
| 1084 | 2026-04-17 | CHINA STOCKS RECORD FIVE-DAY WINNING STREAK | View |
| 1085 | 2026-04-17 | S&P 500, NASDAQ HIT INTRADAY RECORDS AS ME HOPES LIFT SENTIMENT | View |
| 1086 | 2026-04-17 | TAIWAN LEADS ASIAN STOCKS BACK TO PRE-IRAN WAR HIGHS | View |
| 1087 | 2026-04-17 | KAZAKHSTAN, PAKISTAN ELEVATE USD1BN TRADE TARGET: AMBASSADOR | View |
| 1088 | 2026-04-17 | MMC PARTNERS WITH TPL INSURANCE TO LAUNCH MMC CARES FOR BYD OWNERS | View |
| 1089 | 2026-04-17 | IPAK GROUP POSTS STRONG 9M EARNINGS | View |
| 1090 | 2026-04-17 | SAIF TEXTILE MILLS INSTALLS 10MW SOLAR POWER PROJECT | View |
| 1091 | 2026-04-17 | KAYANI URGES TRADERS TO REGISTER, FILE TAXES TO WIDEN TAX BASE | View |
| 1092 | 2026-04-17 | ISLAMABAD CUSTOMS TO AUCTION CONFISCATED VEHICLES ON APRIL 22 | View |
| 1093 | 2026-04-17 | MINISTER KAYANI TO HOLD KEY TAX TALKS WITH KARACHI BUSINESS LEADERS | View |
| 1094 | 2026-04-16 | SEC 7E OF INCOME TAX: LEVY OF TAX ON DEEMED INCOME UNCONSTITUTIONAL, FCC TOLD | View |
| 1095 | 2026-04-16 | CCP APPROVES UAE-BASED ACQUISITION OF PAK AIRCRAFT MAINTENANCE FIRM | View |
| 1096 | 2026-04-16 | SUPERNETGLOBAL ENTERS AFRICA WITH FIRST SATELLITE DEPLOYMENT | View |
| 1097 | 2026-04-16 | INSURANCE SOLUTIONS: EFU LIFE AND ABHI BANK TEAM UP | View |
| 1098 | 2026-04-16 | FBR PROBE EXPOSES LARGE-SCALE CORRUPTION IN PAKISTAN CUSTOMS | View |
| 1099 | 2026-04-16 | FBR IMPOSES MAJOR PENALTY ON CUSTOMS OFFICER OVER ‘LIVING BEYOND MEANS’ FINDING | View |
| 1100 | 2026-04-16 | FBR ISSUES NEW FAIR MARKET VALUES FOR ISLAMABAD PROPERTIES | View |
| 1101 | 2026-04-16 | FBR FORMS COMMITTEE TO STRENGTHEN COMPLIANCE RISK FRAMEWORK | View |
| 1102 | 2026-04-16 | FEDERAL TAX REVENUES MAY FALL UP TO RS1,000BN: SACM KP | View |
| 1103 | 2026-04-16 | PAKISTAN RAISES RS109.3BN VIA INAUGURAL ISSUANCE OF HYBRID SUKUKS | View |
| 1104 | 2026-04-16 | SBP-HELD FOREIGN EXCHANGE RESERVES DROP BY $1.32BN TO $15.08BN | View |
| 1105 | 2026-04-15 | SHC STAYS DEFAULT SURCHARGE RECOVERY ON SUPER TAX LIABILITY | View |
| 1106 | 2026-04-15 | CONCERN VOICED OVER DECLINE IN COTTON PRODUCTION | View |
| 1107 | 2026-04-15 | NIKKEI RALLIES TO SIX-WEEK HIGH AS OIL EASES | View |
| 1108 | 2026-04-15 | CHINA, HK STOCKS END HIGHER ON HOPES OF CONTINUED US-IRAN TALKS | View |
| 1109 | 2026-04-15 | WALL ST RALLIES ON HOPES FOR RENEWED US-IRAN TALKS | View |
| 1110 | 2026-04-15 | FBR CLARIFIES TAX RULES FOR BUILDERS AND DEVELOPERS UNDER SECTION 7F REGIME | View |
| 1111 | 2026-04-15 | PM SHEHBAZ UNLEASHES CRACKDOWN ON TAX FRAUD AND OVER-INVOICING CASE | View |
| 1112 | 2026-04-15 | FBR SETS NEW CUSTOMS VALUES FOR IMPORTED ALMONDS | View |
| 1113 | 2026-04-14 | PAKISTAN BANKS SEE RS141BN RISE IN MANUFACTURING DEPOSITS IN MARCH 2026 | View |
| 1114 | 2026-04-14 | JAPANESE SHARES END LOWER AS US-IRAN TALKS FALTER | View |
| 1115 | 2026-04-14 | CHINA SHARES FLAT AS US-IRAN PEACE TALKS COLLAPSE | View |
| 1116 | 2026-04-14 | EUROPEAN EQUITIES TICK LOWER AS FAILED US-IRAN TALKS WEIGH ON SENTIMENT | View |
| 1117 | 2026-04-14 | SECP GRANTS LICENSE TO ALIBABA’S KOKO TECH PAKISTAN | View |
| 1118 | 2026-04-13 | JUL-MAR SALES TAX ON SERVICES IN KP POSTS 21PC GROWTH YOY | View |
| 1119 | 2026-04-13 | WEEKLY REVIEW: STABILITY IN COTTON PRICES OBSERVED | View |
| 1120 | 2026-04-13 | ICCI CALLS FOR EASE IN BUSINESS HOURS IN ISLAMABAD | View |
| 1121 | 2026-04-13 | MADE IN GUJRANWALA EXPO: SMEDA FACILITATES MICROENTERPRISES | View |
| 1122 | 2026-04-13 | HSATI SLAMS DECISION TO SUSPEND GAS TO INDUSTRIES FOR 24 HOURS | View |
| 1123 | 2026-04-13 | GOVT MULLS REDUCING DAIRY GST TO 10% ON MINISTER’S DIRECTIVE | View |
| 1124 | 2026-04-13 | FBR REVISES CUSTOMS VALUES FOR IMPORTED AUTO SPARE PARTS AFTER 5 YEARS | View |
| 1125 | 2026-04-13 | FBR COLLECTS OVER RS12 BILLION IN CAPITAL VALUE TAX ON VEHICLES AND PROPERTIES | View |
| 1126 | 2026-04-13 | FBR SETS APRIL 24 DEADLINE FOR ASSET DECLARATIONS | View |
| 1127 | 2026-04-13 | PAKISTAN CUSTOMS ARRESTS OFFICERS IN ALLEGED SILVER BULLION SWAP CASE | View |
| 1128 | 2026-04-13 | FBR REVAMPS KPIS FOR INTERNATIONAL TAXATION AND INFORMATION EXCHANGE | View |
| 1129 | 2026-04-13 | ICICI PRUDENTIAL AMC QUARTERLY PROFIT JUMPS ON STRONG DOMESTIC INFLOWS | View |
| 1130 | 2026-04-12 | FBR REPORTS 42% DROP IN TAX COLLECTION FROM BUILDERS, DEVELOPERS | View |
| 1131 | 2026-04-12 | PUNJAB TO OFFER TAX RELIEF FOR REAL ESTATE IN BUDGET 2026-27, GOVERNOR SAYS | View |
| 1132 | 2026-04-11 | PAKISTAN CHEMICAL FORUM EXPO 2026 TO START FROM 23RD | View |
| 1133 | 2026-04-11 | NIKKEI HIGHER ON EARNINGS, TECH INVESTMENT OPTIMISM | View |
| 1134 | 2026-04-11 | SHANGHAI STOCK BENCHMARK BOOKS FIRST WEEKLY GAIN IN SIX WEEKS | View |
| 1135 | 2026-04-11 | S&P 500, NASDAQ RISE ON TECH RALLY AFTER INFLATION DATA | View |
| 1136 | 2026-04-10 | NEW CAR BOOM DRIVES 71% RISE IN PAKISTAN TAX REVENUE | View |
| 1137 | 2026-04-10 | FTO DIRECTS FBR TO SETTLE 2023 REFUND CLAIM, BARS COERCIVE RECOVERY BEFORE DECISION | View |
| 1138 | 2026-04-10 | CHINA, HK STOCKS END LOWER ON MARKET CONCERNS OVER US-IRAN CEASEFIRE | View |
| 1139 | 2026-04-10 | EUROPEAN SHARES PULL BACK AS FRAGILE US-IRAN TRUCE WEIGHS ON SENTIMENT | View |
| 1140 | 2026-04-10 | WALL ST CLIMBS AS FRESH ME DE-ESCALATION SIGNS LIFT RISK APPETITE | View |
| 1141 | 2026-04-10 | LANJAR INFORMS BUSINESS COMMUNITY: OPERATIONS AGAINST LAND MAFIAS WILL BE ACCELERATED | View |
| 1142 | 2026-04-10 | ANJUM NISAR ELECTED BMP GROUP CHAIRMAN | View |
| 1143 | 2026-04-10 | KARACHI CONTRIBUTES 45% TO PAKISTAN’S DIRECT TAX COLLECTION IN FY25 | View |
| 1144 | 2026-04-10 | INDIA’S CENTRAL BANK PROPOSES 1 TRILLION INDIAN RUPEES ASSET THRESHOLD FOR UPPER LAYER NBFCS | View |
| 1145 | 2026-04-10 | INDIA TO PUSH FOR REPORTING OF OFFSHORE INDIAN RUPEE TRADES DESPITE RESISTANCE, SOURCES SAY | View |
| 1146 | 2026-04-09 | RTO-II KARACHI COLLECTS RECORD RS154 BILLION IN SALARY TAX | View |
| 1147 | 2026-04-09 | PTCL CHALLENGES RS6.79 BILLION TAX DISPUTES WITH PROVINCIAL AUTHORITIES | View |
| 1148 | 2026-04-09 | FAYSAL BANK ACHIEVES AA+ RATING FROM PACRA | View |
| 1149 | 2026-04-09 | WORLD BANK SAYS SOUTH ASIA GROWTH TO SLOW TO 6.3PC IN 2026 AMID ME CONFLICT | View |
| 1150 | 2026-04-09 | PAKISTAN CUSTOMS COLLECTS OVER RS200 BILLION IN REGULATORY DUTY IN FY25 | View |
| 1151 | 2026-04-09 | SRB AWARDS 1300CC CAR IN POS INVOICE PRIZE DRAW TO BOOST TAX COMPLIANCE | View |
| 1152 | 2026-04-09 | BAHRAIN, UAE CENTRAL BANKS ANNOUNCE CURRENCY SWAP AGREEMENT | View |
| 1153 | 2026-04-08 | SALES TAX COLLECTION FROM MOTOR CARS SURGES 159% IN FY25 | View |
| 1154 | 2026-04-08 | FBR REPORTS 15% SURGE IN DUTY-FREE IMPORTS IN FY25 | View |
| 1155 | 2026-04-08 | FBR DATA SHOWS SHIFT IN CUSTOMS DUTY COLLECTION AWAY FROM KARACHI | View |
| 1156 | 2026-04-08 | WALL STREET DRIFTS LOWER | View |
| 1157 | 2026-04-08 | EUROPEAN SHARES DECLINE | View |
| 1158 | 2026-04-08 | AMIR GORAYA MADE NDRMF CEO | View |
| 1159 | 2026-04-08 | PRA MULLING BRINGING ADDITIONAL SERVICE SECTORS INTO TAX NET | View |
| 1160 | 2026-04-08 | FTO ORDERS FBR TO SETTLE REFUNDS BEFORE INCOME TAX RECOVERY | View |
| 1161 | 2026-04-08 | FBR ISSUES NEW CUSTOMS VALUES FOR LITHIUM-ION BATTERIES VIA VR-2062/2026 | View |
| 1162 | 2026-04-08 | INDIA’S FOREX RESERVES SUFFICIENT, NOT A MATTER OF CONCERN, RBI GOVERNOR SAYS | View |
| 1163 | 2026-04-08 | GWADAR PORT: BUSINESSMEN HAIL COMMERCIAL OPERATIONS | View |
| 1164 | 2026-04-07 | ASIAN STOCKS CAUGHT BETWEEN TRUMP’S THREATS AND CEASEFIRE HOPES | View |
| 1165 | 2026-04-07 | GULF EQUITIES MIXED | View |
| 1166 | 2026-04-07 | OIL RISES IN CHOPPY TRADE | View |
| 1167 | 2026-04-07 | PSX: VOLATILE SESSION ENDS ON POSITIVE NOTE | View |
| 1168 | 2026-04-07 | FBR ORDERS MAJOR RESHUFFLE, DIRECTS FOUR CCIRS TO HEADQUARTERS | View |
| 1169 | 2026-04-07 | FED’S WILLIAMS SAYS MIDDLE EAST WAR WILL DRIVE UP INFLATION: BLOOMBERG | View |
| 1170 | 2026-04-06 | BMP ASSAILS GOVT’S FUEL TAXATION POLICY | View |
| 1171 | 2026-04-06 | OIL PRICES RISE AS US-ISRAELI WAR WITH IRAN CONTINUES TO DISRUPT SUPPLY | View |
| 1172 | 2026-04-06 | MOTIWALA PROPOSES RESTORATION OF ZERO-RATED SALES TAX FOR EXPORTS | View |
| 1173 | 2026-04-06 | SALARIED CLASS PAYS RS420BN TAX—BURDEN KEEPS RISING | View |
| 1174 | 2026-04-05 | ICMAP PROPOSES VACANT URBAN LAND TAX IN BUDGET 2026-27 | View |
| 1175 | 2026-04-05 | FBR MAKES TAX RETURN FILING MANDATORY FOR SOCIAL MEDIA EARNERS IN PAKISTAN | View |
| 1176 | 2026-04-05 | ASKARI BANK, PVARA EXPLORE COLLABORATION ON VIRTUAL ASSETS ECOSYSTEM | View |
| 1177 | 2026-04-05 | OPEC+ AGREES IN PRINCIPLE ON THEORETICAL OIL OUTPUT HIKE AMID IRAN WAR PARALYSIS, SOURCES SAY | View |
| 1178 | 2026-04-05 | EGYPT RAISES ELECTRICITY PRICES FOR HIGHER-USE HOUSEHOLDS, BUSINESSES AMID ENERGY CRISIS | View |
| 1179 | 2026-04-04 | ICMAP PROPOSES CARBON, POLLUTION LEVY ON LARGE INDUSTRIES | View |
| 1180 | 2026-04-04 | IMF URGES BOJ TO KEEP RAISING RATES EVEN AS IRAN WAR POSES NEW RISKS | View |
| 1181 | 2026-04-03 | US CRUDE JUMPS OVER 11PC | View |
| 1182 | 2026-04-03 | OIL TANKERS THREATEN FUEL SUPPLY HALT AMID PRICE SHOCK IN PAKISTAN | View |
| 1183 | 2026-04-03 | FAST-TRACKING CORPORATE ACCOUNT OPENING: SECP INKS MOUS WITH ASKARI BANK, NAYAPAY | View |
| 1184 | 2026-04-03 | FBR LAUNCHES MONITORING OF TILES PRODUCTION THROUGH VIDEO ANALYTICS | View |
| 1185 | 2026-04-03 | CUSTOMS OFFICER PUNISHED AFTER DEADLY KARACHI OPERATION | View |
| 1186 | 2026-04-03 | TAXPAYER’S SECRET RECORDING LEADS TO MAJOR BREAK IN CORRUPTION CASE | View |
| 1187 | 2026-04-03 | FBR TO TAX NON-RESIDENT SOCIAL MEDIA ACCOUNT HOLDERS | View |
| 1188 | 2026-04-02 | SBP ALLOWS TEENAGERS TO INDEPENDENTLY OPEN, OPERATE BANK ACCOUNTS | View |
| 1189 | 2026-04-02 | CCP PENALIZES UNILEVER, FRIESLANDCAMPINA ENGRO OVER MISLEADING ICE CREAM ADS | View |
| 1190 | 2026-04-02 | FBR ANNOUNCES MAJOR RESHUFFLE, TRANSFERS 38 CUSTOMS OFFICERS ACROSS PAKISTAN | View |
| 1191 | 2026-04-02 | FBR SLAPS TAX ON YOUTUBERS & INFLUENCERS: HERE’S HOW THE COOKIE CRUMBLES | View |
| 1192 | 2026-04-02 | GOVT ANNOUNCES RS100 PETROL SUBSIDY FOR MOTORCYCLISTS AFTER PRICE SHOCK | View |
| 1193 | 2026-04-01 | FBR MISSES MARCH 2026 TARGET, FACES RS180 BILLION SHORTFALL | View |
| 1194 | 2026-04-01 | FBR–JEWELERS TALKS COLLAPSE OVER SECTION 175C, PROTESTS LOOM | View |
| 1195 | 2026-04-01 | FBR IMPLEMENTS LANDMARK PROPERTY TAX RELIEF PACKAGE | View |
| 1196 | 2026-04-01 | FBR OUTLINES TAXATION REGIME FOR PAKISTANI SOCIAL MEDIA INFLUENCERS | View |
| 1197 | 2026-04-01 | FBR IMPOSES TAX ON SOCIAL MEDIA CONTENT IN PAKISTAN | View |
| 1198 | 2026-04-01 | FBR ANNOUNCES MAJOR WITHHOLDING TAX RELIEF FOR PROPERTY BUILDERS, DEVELOPERS | View |
| 1199 | 2026-04-01 | Petrol and Diesel Prices Likely to Increase Within Days | View |
| 1200 | 2026-04-01 | Govt Completes Development of Petrol Subsidy App for Low-Income Pakistanis | View |
| 1201 | 2026-03-31 | PAKISTAN BUDGET 2026-27: ICMAP PUSHES CRYPTO TAX RELIEF | View |
| 1202 | 2026-03-31 | FBR UNVEILS NEW POLICY FOR DISPOSAL OF TAMPERED VEHICLES | View |
| 1203 | 2026-03-31 | FBR GIVES TAXPAYERS 72-HOUR WINDOW TO FIX E-INVOICES | View |
| 1204 | 2026-03-31 | FBR SETS NEW CUSTOMS VALUES FOR IMPORTED BEVERAGES – VR 2052/2026 | View |
| 1205 | 2026-03-30 | HOW FBR DETERMINES YOUR SALARY INCOME FOR RETURN FILING 2026 | View |
| 1206 | 2026-03-30 | FBR UPDATES LED LIGHTING IMPORT CUSTOMS VALUATION AFTER 9 YEARS | View |
| 1207 | 2026-03-30 | FBR ISSUES NEW POLYESTER FABRIC IMPORT VALUES – FULL RATE LIST | View |
| 1208 | 2026-03-30 | PAKISTAN CUSTOMS ANNOUNCES MEGA AUCTION OF PASSENGER BUSES, GOODS VEHICLES AT GADANI | View |
| 1209 | 2026-03-29 | FBR FACES MAJOR DELAY IN ENFORCING NEW TAX LAW SECTION 114C ON ECONOMIC RESTRICTIONS | View |
| 1210 | 2026-03-29 | ICMAP PROPOSES CONSUMER LOTTERY SCHEME TO BRING RETAILERS INTO TAX NET | View |
| 1211 | 2026-03-28 | FATIMA FERTILIZER JOINS MULTAN SULTANS FAMILY | View |
| 1212 | 2026-03-28 | JEWELERS RAISE TAX CHALLENGES IN KEY FBR MEETING IN ISLAMABAD | View |
| 1213 | 2026-03-27 | FBR CHAIRMAN TAKES ACTION ON KARACHI TAX COMPLAINTS | View |
| 1214 | 2026-03-27 | INDIA’S FX RESERVES FALL BELOW $700 BILLION FOR THE FIRST TIME IN OVER TWO MONTHS | View |
| 1215 | 2026-03-27 | SOUTH KOREAN SHARES SET FOR WEEKLY FALL ON MIDEAST UNCERTAINTY | View |
| 1216 | 2026-03-26 | FBR EXPANDS BORDER INFRASTRUCTURE AT PAKISTAN-IRAN CROSSING | View |
| 1217 | 2026-03-09 | BANK ALFALAH REPORTS RS2.84 BILLION TAX CONTINGENCIES FOR 2025 | View |
| 1218 | 2026-03-08 | SINDH MAKES THIRD-PARTY MOTOR INSURANCE MANDATORY FOR ALL VEHICLES | View |
| 1219 | 2026-03-08 | SUPREME COURT RULES FIR ILLEGAL WITHOUT DETERMINATION OF TAX LIABILITY | View |
| 1220 | 2026-02-19 | FBR DIRECTS BUSINESSES, PROFESSIONALS TO INTEGRATE E-INVOICING WITH INCOME TAX SYSTEM | View |
| 1221 | 2026-02-19 | FBR DIVIDEND TAX COLLECTION SOARS 21% IN FIRST SEVEN MONTHS | View |
| 1222 | 2026-02-18 | FBR, NADRA LAUNCH SECURE ELECTRONIC SYSTEM FOR SHARING CITIZENS’ DATA | View |
| 1223 | 2026-02-18 | PAKISTAN CUSTOMS TO AUCTION IMPORTED VEHICLES AT KGTL KARACHI ON FEBRUARY 25, 2026 | View |
| 1224 | 2026-02-18 | LTO KARACHI BREAKS RECORDS, COLLECTS RS2 TRILLION IN SEVEN MONTHS OF FY26 | View |
| 1225 | 2026-01-19 | FBR ISSUES NEW CUSTOMS VALUES FOR AMMUNITION IMPORTS UNDER VALUATION RULING 2036/2026 | View |
| 1226 | 2026-01-19 | PROCEDURE FOR ATTACHMENT AND SALE OF MOVABLE PROPERTY BY FBR OFFICIALS IN 2026 | View |
| 1227 | 2026-01-16 | SUPER TAX CASE: A RETROSPECTIVE LAW CANNOT IMPAIR OR DESTROY VESTED RIGHTS: COUNSEL | View |
| 1228 | 2026-01-16 | STATUS OF SM SUHAIL & CO UPGRADED | View |
| 1229 | 2026-01-15 | FBR MONITORING LIFESTYLES TO CATCH TAX EVADERS | View |
| 1230 | 2026-01-15 | PAKISTAN CUSTOMS MANDATES OFFICIAL EXCHANGE RATES ON SHIPPING CHARGES | View |
| 1231 | 2026-01-15 | FED ON AIR TRAVEL BECOMES MAJOR REVENUE DRIVER FOR FBR IN FY25 | View |
| 1232 | 2026-01-15 | OVER HALF A MILLION PAKISTANIS MOVED TO SAUDI ARABIA IN 2025 | View |
| 1233 | 2026-01-12 | PTBA URGES FBR TO END UNEQUAL ENFORCEMENT OF SECTION 7E ON PROPERTIES | View |
| 1234 | 2026-01-12 | RULE 20 EXPLAINED: CANCELLATION OR RETURN OF SUPPLY UNDER SALES TAX FOR 2026 | View |
| 1235 | 2026-01-12 | KNOW ABOUT CHANGES IN SALES TAX RETURN FILING FOR TAX YEAR 2026 | View |
| 1236 | 2026-01-12 | DUE DATES FOR FILING SALES TAX RETURNS IN 2026 (PAKISTAN) | View |
| 1237 | 2026-01-12 | PRA ISSUES NOTICES TO PUNJAB WEDDING HALLS OVER SALES TAX COMPLIANCE | View |
| 1238 | 2026-01-11 | FBR TOP OFFICIALS VISIT BALOCHISTAN TO BOOST ANTI-SMUGGLING EFFORTS | View |
| 1239 | 2026-01-11 | HOW TO RESTORE ACTIVE TAXPAYER STATUS UNDER SALES TAX LAWS IN PAKISTAN (2026) | View |
| 1240 | 2026-01-11 | BLACKLISTING AND SUSPENSION OF SALES TAX REGISTRATION IN 2026 – RULE 12 EXPLAINED | View |
| 1241 | 2026-01-11 | PROCEDURE FOR DE-REGISTRATION OF SALES TAX IN 2026 – COMPLETE GUIDE UNDER RULE 11 | View |
| 1242 | 2026-01-10 | PRESIDENT ISSUES ANOTHER RULING AGAINST FTO | View |
| 1243 | 2026-01-10 | CAN YOU HAVE MULTIPLE SALES TAX REGISTRATIONS IN PAKISTAN? (2026 GUIDE) | View |
| 1244 | 2026-01-10 | CAN FBR TRANSFER SALES TAX REGISTRATION TO ANOTHER FIELD OFFICE? (2026 GUIDE) | View |
| 1245 | 2026-01-10 | CAN YOU CHANGE PARTICULARS ON YOUR FBR SALES TAX REGISTRATION CERTIFICATE? (2026 GUIDE) | View |
| 1246 | 2026-01-09 | FBR TIGHTENS DIGITAL NOOSE AS LUXURY LIFESTYLES TRIGGER TAX SURVEILLANCE | View |
| 1247 | 2026-01-09 | FBR CURTAILS CONDONATION POWERS OF COMMISSIONER-IR TO TWO YEARS | View |
| 1248 | 2026-01-09 | FBR DISMISSES VETERAN CUSTOMS SUPERINTENDENT FOR CORRUPTION AT LAHORE AIRPORT | View |
| 1249 | 2026-01-09 | FBR TERMINATES PREVENTIVE OFFICER IN HIGH-PROFILE BRIBERY SCANDAL AT KARACHI AIRPORT | View |
| 1250 | 2026-01-08 | THINK TANK HIGHLIGHTS TAX-RETURN FILING ISSUES | View |
| 1251 | 2026-01-08 | ADVANCE TAX ON SUPPLY CHAIN: A TOOL FOR BROADENING TAX BASE IN 2026 | View |
| 1252 | 2026-01-07 | WEDDING TAX IN PAKISTAN 2026: HOW MUCH WILL YOU PAY ON MARRIAGE FUNCTIONS? | View |
| 1253 | 2026-01-07 | FBR SECURITY BREACH: TAXPAYER HACKED, NATIONAL REVENUE AT HUGE RISK | View |
| 1254 | 2026-01-07 | SCCI SUBMITS BUDGET FY27 PROPOSALS TO TAX POLICY OFFICE | View |
| 1255 | 2026-01-06 | GRIEVANCE REDRESSAL MECHANISM: FTO SAYS TAXPAYERS BE GIVEN EASY ACCESS | View |
| 1256 | 2026-01-06 | FBR IMPOSES PENALTY ON RTO TAX OFFICIAL | View |
| 1257 | 2026-01-05 | HOW FBR PROMOTES LOCAL ENTERTAINMENT THROUGH TAX IN 2026 | View |
| 1258 | 2026-01-05 | ARE YOU PLANNING TO SELL IMMOVABLE PROPERTY IN 2026? MUST-KNOW TAX RATES | View |
| 1259 | 2026-01-02 | AURANGZEB URGES FBR TO INTENSIFY ENFORCEMENT, EXPAND TAX NET | View |
| 1260 | 2026-01-02 | GET REWARD FROM FBR FOR SHARING INFORMATION OF TAX EVASION – FIND OUT HOW? | View |
| 1261 | 2026-01-02 | HOW MANY WAYS CAN FBR SEND YOU NOTICES IN TAX YEAR 2026? | View |
| 1262 | 2026-01-02 | CAN FBR ARREST A TAXPAYER FOR INCOME TAX CRIME? READ MORE | View |
| 1263 | 2026-01-01 | TAXPAYER REGISTRATION: AN ESSENTIAL STEP FOR TAX YEAR 2026 | View |
| 1264 | 2026-01-01 | FBR FACES OVER RS300 BILLION SHORTFALL IN REVENUE COLLECTION IN 1HFY26 | View |
| 1265 | 2026-01-01 | KNOW ABOUT AUDIT POWERS OF FBR COMMISSIONER IN TAX YEAR 2026 | View |
| 1266 | 2025-12-31 | GADANI CUSTOMS SEIZES SMUGGLED BETEL NUTS WORTH RS252.2 MILLION | View |
| 1267 | 2025-12-31 | PM ORDERS MAJOR PENALTY: FBR DEMOTES BS-20 IRS OFFICER OVER INEFFICIENCY, MISCONDUCT | View |
| 1268 | 2025-12-31 | NADRA COMPUTES YOUR TAX LIABILITY, SHARES INFORMATION WITH FBR | View |
| 1269 | 2025-12-24 | FBR LAUNCHES MAJOR PROBE INTO DOCTORS, HOSPITALS THROUGH HEALTH BILLS | View |
| 1270 | 2025-12-24 | WHY FBR COLLECTS SALARY TAX AT SOURCE IN PAKISTAN | View |
| 1271 | 2025-12-24 | IMPORTERS SHOULD KNOW SECTION 148 FOR ADVANCE TAX IN PAKISTAN | View |
| 1272 | 2025-12-24 | DECEMBER 31 SET AS DEADLINE FOR NOVEMBER 2025 CAPITAL GAIN TAX COLLECTION | View |
| 1273 | 2025-12-24 | IR, CUSTOMS OFFICERS: FTO’S KEY RECOMMENDATION REMAINS UNIMPLEMENTED | View |
| 1274 | 2025-12-23 | ARE PROVINCIAL REGISTERED PERSONS LIABLE TO PAY ADVANCE INCOME TAX TO FBR? | View |
| 1275 | 2025-12-22 | FBR SEES 92% GROWTH IN TAX COLLECTION FROM CAR MANUFACTURING IN NOVEMBER 2025 | View |
| 1276 | 2025-12-22 | CAN FBR RECOVER TAX FROM PERSONS ASSESSED IN AJK OR GILGIT-BALTISTAN? | View |
| 1277 | 2025-12-22 | ARE YOU LEAVING PAKISTAN PERMANENTLY? MUST KNOW TAX LIABILITY BEFORE DEPARTURE | View |
| 1278 | 2025-12-22 | FBR CHAIRMAN, BANGLADESH HIGH COMMISSIONER DISCUSS TAX COOPERATION, BILATERAL TRADE | View |
| 1279 | 2025-12-21 | SEC 109-A OF INCOME TAX LAW CHALLENGED: FCC SETS ASIDE SHC CB’S MAY 5 ORDER | View |
| 1280 | 2025-12-21 | FBR EXPLAINS LIQUIDATORS’ ROLE AND RESPONSIBILITIES FOR TAX YEAR 2026 | View |
| 1281 | 2025-12-21 | HOW WILL FBR RECOVER MONEY HELD FOR TAX DEFAULTERS IN TAX YEAR 2026? | View |
| 1282 | 2025-12-21 | KARACHI CUSTOMS CONFISCATES OVER 64,000 LITERS OF SMUGGLED IRANIAN FUEL IN MAJOR OPERATION | View |
| 1283 | 2025-12-21 | TAX DEFAULTERS TO FACE PROPERTY SALE AND ARREST FOR FBR RECOVERY | View |
| 1284 | 2025-12-21 | WHAT ARE TAX PAYMENT DEADLINES FOR TAX YEAR 2026? FBR EXPLAINS | View |
| 1285 | 2025-12-20 | FBR REPORTS 30% DROP IN KARACHI ELECTRICITY TAX COLLECTION DURING 5MFY26 | View |
| 1286 | 2025-12-18 | FBR POWERS TO COMPEL 2025 TAX RETURN FILING IN PAKISTAN | View |
| 1287 | 2025-12-17 | UNDERSTANDING ALTERNATIVE CORPORATE TAX IN PAKISTAN FOR TAX YEAR 2026 | View |
| 1288 | 2025-12-16 | FBR PUTS ISLAMABAD PROPERTY VALUATION TABLES ON HOLD AMID OBJECTIONS FROM REAL ESTATE STAKEHOLDERS | View |
| 1289 | 2025-12-16 | WHERE WILL MINIMUM TAX APPLY IN PAKISTAN FOR TAX YEAR 2026? WHAT YOU SHOULD KNOW | View |
| 1290 | 2025-12-16 | ZAFAR UL HAQ HIJAZI SWORN IN AS NEW FEDERAL TAX OMBUDSMAN | View |
| 1291 | 2025-12-16 | FBR IMPOSES COMPULSORY RETIREMENT ON CUSTOMS OFFICIAL FOR FALSE EXAMINATION | View |
| 1292 | 2025-12-16 | ARE YOU A 2025 TAX YEAR NON-FILER? YOU MAY FACE THESE RESTRICTIONS | View |
| 1293 | 2025-12-14 | HOW MANY TAXPAYERS NETTED? IMF ASKS FBR FOR MONTHLY TAX NET REPORT | View |
| 1294 | 2025-12-14 | WHAT WILL FBR DO WITH HIDDEN INCOME IN TAX YEAR 2026? YOU SHOULD KNOW | View |
| 1295 | 2025-12-14 | FBR APPROVES TAX CREDIT FOR VIDEO ANALYTICS INSTALLATION IN TEXTILE SPINNING UNITS | View |
| 1296 | 2025-12-14 | SENATE SEEKS DETAILS OF CORRUPTION COMPLAINTS AGAINST FBR OFFICIALS | View |
| 1297 | 2025-12-04 | PRA WARNS OF STRICT ACTION AGAINST UNREGISTERED BUSINESSES | View |
| 1298 | 2025-12-04 | CUSTOMS FOILS RS167M TAX EVASION BID | View |
| 1299 | 2025-12-04 | ZUBAIR BILAL GIVEN CHARGE OF MEMBER IR OPERATIONS FBR HQ | View |
| 1300 | 2025-12-04 | PRESIDENT APPOINTS ZAFAR HIJAZI AS NEW FEDERAL TAX OMBUDSMAN | View |
| 1301 | 2025-12-03 | KARACHI CUSTOMS FOILS MISDECLARATION ATTEMPT, PREVENTS RS167 MILLION LOSS | View |
| 1302 | 2025-12-03 | FBR OUTSOURCES MEDIA AND PUBLIC RELATIONS AFFAIRS | View |
| 1303 | 2025-12-03 | FBR APPOINTS ZUBAIR BILAL AS NEW MEMBER INLAND REVENUE OPERATIONS | View |
| 1304 | 2025-12-02 | LAPSES IN FBR’S ASSET ASSESSMENT INFLICT OVER RS900M LOSS ON EXCHEQUER | View |
| 1305 | 2025-12-02 | FBR REDUCES PENALTY ON SENIOR AUDITOR IN RS238BN TAX FRAUD INVESTIGATION | View |
| 1306 | 2025-12-01 | QUETTA CUSTOMS SEIZES 28 NCP VEHICLES WORTH RS272 MILLION | View |
| 1307 | 2025-12-01 | FBR ISSUES NEW CUSTOMS PROCEDURE FOR CONCESSIONARY IMPORTS TO TRIBAL AREAS | View |
| 1308 | 2025-12-01 | FBR SHAKE-UP: ATEEQ SARWAR TAKES ADDITIONAL CHARGE AS KEY MEMBER (IR-OPERATIONS) | View |
| 1309 | 2025-12-01 | FBR TO SET ASSET COSTS FOR TAX YEAR 2026 UNDER INCOME TAX ORDINANCE | View |
| 1310 | 2025-11-27 | SBP DIRECTS BANKS TO EXTEND HOURS FOR TAX COLLECTION ON NOVEMBER 29 | View |
| 1311 | 2025-11-27 | FBR CLARIFIES FAIR MARKET VALUE RULES FOR TAX YEAR 2026 | View |
| 1312 | 2025-11-27 | PM SHEHBAZ ORDERS TWO-YEAR INCREMENT FREEZE FOR BS-20 IRS OFFICER OVER INEFFICIENCY | View |
| 1313 | 2025-11-19 | PRA SEIZES RECORD OF 20 BUSINESSES | View |
| 1314 | 2025-11-19 | FBR ISSUES STRICT WARNING TO TAX OFFICIALS AGAINST SEEKING INFLUENCED POSTINGS | View |
| 1315 | 2025-11-19 | KCAA CONFIRMS CONTAINER BACKLOG CLEARED AT KARACHI INTERNATIONAL CONTAINER TERMINAL | View |
| 1316 | 2025-11-19 | BUILDERS, DEVELOPERS UNABLE TO DOWNLOAD TAX RETURN EVIDENCE: KTBA HIGHLIGHTS IRIS GLITCH | View |
| 1317 | 2025-11-19 | FBR TIGHTENS GRIP ON RETAILERS WITH ADVANCED VIDEO SURVEILLANCE | View |
| 1318 | 2025-11-19 | FBR HANDS KCCI TAX ASSESSMENT TO LTO KARACHI IN MAJOR MOVE | View |
| 1319 | 2025-11-19 | FBR ISSUES STRICT WARNING TO TAX OFFICIALS AGAINST SEEKING INFLUENCED POSTINGS | View |
| 1320 | 2025-11-19 | KCAA CONFIRMS CONTAINER BACKLOG CLEARED AT KARACHI INTERNATIONAL CONTAINER TERMINAL | View |
| 1321 | 2025-11-19 | BUILDERS, DEVELOPERS UNABLE TO DOWNLOAD TAX RETURN EVIDENCE: KTBA HIGHLIGHTS IRIS GLITCH | View |
| 1322 | 2025-11-19 | FBR TIGHTENS GRIP ON RETAILERS WITH ADVANCED VIDEO SURVEILLANCE | View |
| 1323 | 2025-11-19 | FBR HANDS KCCI TAX ASSESSMENT TO LTO KARACHI IN MAJOR MOVE | View |
| 1324 | 2025-11-19 | Made-in-Pakistan Secure Phones Are Finally a Reality | View |
| 1325 | 2025-11-18 | 60PC OF TOTAL REVENUE COMES FROM LARGE-SCALE MANUFACTURING SECTOR: PASHA | View |
| 1326 | 2025-11-18 | FBR IMPOSES PENALTIES FOR 2025 WEALTH STATEMENT NON-SUBMISSION | View |
| 1327 | 2025-11-18 | FBR ISSUES DRAFT INSURANCE GUARANTEE FORMAT FOR EXPORT FACILITATION SCHEME | View |
| 1328 | 2025-11-17 | FTO URGES ACTION AGAINST CTO ISLAMABAD OFFICIALS | View |
| 1329 | 2025-11-17 | PAKISTAN MANDATES 100% X-RAY SCANNING FOR ALL AFGHAN TRANSIT TRADE CARGO (ATT) | View |
| 1330 | 2025-11-17 | FBR ISSUES NEW SOP FOR CONTAINER X-RAY SCANNING IN PAKISTAN | View |
| 1331 | 2025-11-16 | FBR SET TO PUNISH WITHHOLDING AGENTS FOR CONCEALING KEY INFORMATION | View |
| 1332 | 2025-11-16 | FBR SET TO PUNISH WITHHOLDING AGENTS FOR CONCEALING KEY INFORMATION | View |
| 1333 | 2025-11-14 | FBR REPORTS EIGHT-FOLD RISE IN FY2025 REVENUE THROUGH ENFORCEMENT MEASURES | View |
| 1334 | 2025-11-14 | APPRAISING OFFICER PENALIZED FOR AIDING MISDECLARATION AT PAKISTAN CUSTOMS | View |
| 1335 | 2025-11-13 | CUSTOMS OFFICER FACES MAJOR PENALTY FOR FACILITATING SMUGGLING AT LAHORE AIRPORT | View |
| 1336 | 2025-11-13 | FALSE STATEMENT ALERT: 2025 TAX RETURN FILERS FACE MAJOR FBR CRACKDOWN | View |
| 1337 | 2025-11-13 | FBR IMPOSES HEAVY FINES FOR NON-FILING OF 2025 INCOME TAX RETURNS | View |
| 1338 | 2025-11-09 | FBR BOOSTS BUSINESS CONFIDENCE WITH RS493 BILLION REFUNDS IN FY2024-25 | View |
| 1339 | 2025-11-09 | FBR REPORTS STRONG ENFORCEMENT GAINS IN INCOME TAX COLLECTION FY2024-25 | View |
| 1340 | 2025-11-09 | PETROLEUM LEVY CONTINUES TO SQUEEZE CITIZENS UNDER FIVE-YEAR IMF-BACKED PLAN | View |
| 1341 | 2025-10-31 | FBR NETS 200 CORPORATE CASES THROUGH AI-DRIVEN AUDIT SELECTION | View |
| 1342 | 2025-10-31 | THIRD EXTENSION LOOMS: FBR FACES UPROAR OVER RETURN FILING CHAOS | View |
| 1343 | 2025-10-30 | TAXPAYERS’ FACILITATION: FBR CONSTITUTES ONLINE RETURN FILING BODY | View |
| 1344 | 2025-10-30 | 7-15 DAYS MORE EXTENSION SOUGHT: EXPERTS WELCOME FBR MOVE TO SET UP TAX RETURN BODY | View |
| 1345 | 2025-10-30 | FBR ACHIEVES HISTORIC 10.3% TAX-TO-GDP RATIO IN FY25 | View |
| 1346 | 2025-10-30 | PM SHEHBAZ ORDERS FORENSIC AUDIT OF PRAL OVER MAJOR SALES TAX FRAUD | View |
| 1347 | 2025-10-30 | SRB EXTENDS AGRICULTURAL INCOME TAX FILING DEADLINE TO NOVEMBER 15, 2025 | View |
| 1348 | 2025-10-30 | KTBA URGES FBR TO EXTEND 2025 TAX RETURN DEADLINE AMID IRIS GLITCHES | View |
| 1349 | 2025-10-29 | INCOME TAX COLLECTION SURGES TO RECORD RS5.83TRN IN FY25 | View |
| 1350 | 2025-10-29 | FBR TELLS TAXPAYERS: AVOID EASILY PREDICTABLE PASSWORDS | View |
| 1351 | 2025-10-29 | PRA INTENSIFIES ENFORCEMENT DRIVE | View |
| 1352 | 2025-10-29 | FBR SUSPENDS NINE FACELESS CUSTOMS OFFICIALS IN MAJOR CRACKDOWN | View |
| 1353 | 2025-10-29 | FBR FORMS COMMITTEE TO ADDRESS RETURN FILING GLITCHES AS DEADLINE NEARS | View |
| 1354 | 2025-10-29 | KTBA SLAMS FBR OVER MAJOR TAX CALCULATION GLITCH ON IRIS PORTAL DAYS BEFORE RETURN DEADLINE | View |
| 1355 | 2025-10-29 | FBR LAUNCHES VIDEO SURVEILLANCE SYSTEM TO MONITOR SUGAR SUPPLY CHAIN | View |
| 1356 | 2025-10-28 | FBR SAYS FTO ORDER ON CYBER-SECURITY WRONGLY INTERPRETED | View |
| 1357 | 2025-10-28 | LTBA URGES PM SHEHBAZ FOR TAX RETURN EXTENSION TO NOV 30 | View |
| 1358 | 2025-10-28 | FBR’S 2025 TAX RETURN SHOCK STUNS TAXPAYERS NATIONWIDE | View |
| 1359 | 2025-10-28 | PAKISTAN CUSTOMS FOILS MAJOR DRUG SMUGGLING AT KARACHI AIRPORT | View |
| 1360 | 2025-10-28 | KTBA WARNS: IRIS GLITCH BLOCKS 2025 TAX RETURN EXTENSIONS | View |
| 1361 | 2025-10-24 | LTO KARACHI RAKES IN RS757 MILLION TAX FROM LAVISH WEDDINGS AND GRAND FUNCTIONS | View |
| 1362 | 2025-10-24 | FBR ISSUES UPDATE ON CUSTOMS CLEARANCE AT PAKISTAN-AFGHANISTAN BORDER | View |
| 1363 | 2025-10-23 | SECRETARIAT RESOLVES 57,000 COMPLAINTS OF TAXPAYERS: FTO | View |
| 1364 | 2025-10-23 | FBR FINALIZES ARREST PROCEDURE FOR BUSINESSMEN IN SALES TAX FRAUD CASES | View |
| 1365 | 2025-10-23 | CUSTOMS CLEARANCE AT PAK-AFGHAN BORDER REMAINS SUSPENDED: FBR | View |
| 1366 | 2025-10-22 | TAX ON DEEMED INCOME ON PROPERTY: FTO ORDERS PROBE INTO BIAS TREATMENT TO TAXPAYERS | View |
| 1367 | 2025-10-22 | PROBE INTO MALADMINISTRATION CHARGES: FBR RELUCTANT TO FILE COMMENTS BEFORE FTO | View |
| 1368 | 2025-10-22 | THREATS TO SC ADVOCATE: LTBA URGES CJP TO ORDER LEGAL ACTION AGAINST FBR OFFICIALS | View |
| 1369 | 2025-10-22 | PESHAWAR CUSTOMS REVEALS AUCTION SCHEDULE FOR NON-DUTY PAID VEHICLES | View |
| 1370 | 2025-10-22 | FBR ISSUES NEW PROCEDURE FOR CHANGING NTN OR STRN ON GAS AND ELECTRICITY BILLS | View |
| 1371 | 2025-10-21 | RCCI REFUTES CLAIMS ON SALARIED CLASS AS TOP TAXPAYER | View |
| 1372 | 2025-10-21 | ISLAMABAD CUSTOMS TO AUCTION 38 CONFISCATED VEHICLES ON OCTOBER 23, 2025 | View |
| 1373 | 2025-10-21 | FBR FACES SHORTAGE OF CHARTERED ACCOUNTANTS FOR THIRD-PARTY TAX AUDITORS | View |
| 1374 | 2025-10-16 | FBR NEGLIGENCE OVER 2025 MANUAL RETURN FORM EXPOSED | View |
| 1375 | 2025-10-16 | PAKISTAN SUSPENDS AFGHAN TRANSIT TRADE AMID BORDER UNREST | View |
| 1376 | 2025-10-16 | TWO CUSTOMS INTELLIGENCE OFFICERS FACE MAJOR PENALTY OVER BRIBERY ALLEGATIONS | View |
| 1377 | 2025-10-15 | PCDMA URGES FBR TO EXTEND RETURN FILING DEADLINE | View |
| 1378 | 2025-10-15 | FPCCI, LCCI URGE GOVT TO EXTEND DEADLINE BY ONE MONTH FOR FILING RETURNS | View |
| 1379 | 2025-10-15 | THREATS TO LAWYER: LTBA DEMANDS DISCIPLINARY ACTION AGAINST TAXMEN | View |
| 1380 | 2025-10-15 | AGP DETECTS RS144M ST IRREGULARITY IN BRICK KILNS | View |
| 1381 | 2025-10-14 | PCDMA SEEKS 2025 RETURN FILING EXTENSION TO NOV 30 | View |
| 1382 | 2025-10-14 | LTO ISLAMABAD SEIZES BAHRIA TOWN LAND FOR RS24.47BN | View |
| 1383 | 2025-10-12 | FBR COLLECTS RS422BN INCOME TAX ON IMPORTS IN FY25 | View |
| 1384 | 2025-10-12 | KARACHI CUSTOMS FOILS BID TO CLEAR INDIAN TEXTILE MACHINERY | View |
| 1385 | 2025-10-11 | CHARGES AGAINST TAXMEN: CTO THREATENS TAX LAWYER OF HARSH LEGAL ACTION | View |
| 1386 | 2025-10-08 | FBR MOVES TO PUBLICIZE CIVIL SERVANTS’ ASSET DECLARATIONS | View |
| 1387 | 2025-10-08 | PBC POINTS OUT TAX CREDIT MISCALCULATION IN 2025 RETURNS | View |
| 1388 | 2025-10-08 | FBR DIGITIZES ALL SALES TAX DE-REGISTRATION PROCESS | View |
| 1389 | 2025-10-08 | FBR REPORTS 19% RISE IN TAX COLLECTED FROM WEDDINGS | View |
| 1390 | 2025-10-08 | PAKISTAN MAY END CAR IMPORT BAGGAGE, GIFT SCHEMES | View |
| 1391 | 2025-10-08 | FBR EXPLORES NEW MEASURES TO BOOST FY26 TAX COLLECTION | View |
| 1392 | 2025-10-07 | 1,442,601 WOMEN FILERS APPEARING ON ATL: FBR | View |
| 1393 | 2025-10-07 | FBR TO SEND WHATSAPP MESSAGES TO TAXPAYERS | View |
| 1394 | 2025-10-07 | SALES TAX ACT GRANTS SUO MOTO POWERS TO COMMISSIONER IR | View |
| 1395 | 2025-10-07 | KARACHI UNIVERSITY HOSTS SEMINAR ON TAX FILING, PENSION REFORMS | View |
| 1396 | 2025-10-07 | ‘FBR’S REVENUE SHORTFALL REFLECTS DEEP STRUCTURAL FISCAL ISSUES’ | View |
| 1397 | 2025-10-06 | RTO-II KARACHI COLLECTS RS17.32B FROM SINDH EMPLOYEES | View |
| 1398 | 2025-10-06 | PAKISTAN GRANTS RS61B IN TAX EXEMPTIONS UNDER TRADE AGREEMENTS | View |
| 1399 | 2025-10-06 | FBR TO REVISE CUSTOMS VALUES OF OLD, USED MOBILE PHONES | View |
| 1400 | 2025-10-03 | RECORD RS556BN TAX PAID BY SALARIED CLASS IN FY25 | View |
| 1401 | 2025-10-02 | SUPER TAX CASE: TAXPAYERS’ LAWYER ARGUES AS SC HEARS FBR APPEALS | View |
| 1402 | 2025-10-02 | FBR MAY IMPOSE ECONOMIC RESTRICTIONS ON 2025 TAX NON-FILERS | View |
| 1403 | 2025-10-02 | PSO REVEALS INCOME TAX CONTINGENCIES UP TO JUNE 2025 | View |
| 1404 | 2025-10-02 | FBR SLAPS ADDITIONAL 40% REGULATORY DUTY ON IMPORTED CARS | View |
| 1405 | 2025-09-30 | FBR EXTENDS 2025 TAX RETURN FILING DEADLINE TO OCT 15 | View |
| 1406 | 2025-09-30 | KTBA SLAMS FBR OVER 2025 RETURN FILING DISASTER, DEMANDS APOLOGY | View |
| 1407 | 2025-09-29 | BUSINESS COMMUNITY PRAISES ROLE OF FTO | View |
| 1408 | 2025-09-29 | TAX EXPERTS, OTHERS URGE FBR TO EXTEND IT RETURN FILING DEADLINE | View |
| 1409 | 2025-09-29 | EXPERT WARNS OF IRIS SLOWDOWN AHEAD OF IT RETURN FILING DEADLINE | View |
| 1410 | 2025-09-28 | FBR WARNS STRICT PENALTIES FOR NON-FILING OF 2025 TAX RETURNS | View |
| 1411 | 2025-09-28 | PTAA SEEKS TAX RETURN FILING DEADLINE TILL NOV 30 | View |
| 1412 | 2025-09-26 | PCDMA FOR EXTENSION OF INCOME TAX RETURN FILING DEADLINE | View |
| 1413 | 2025-09-26 | ‘ESTIMATED CURRENT MARKET VALUE’: TAXPAYERS COMPELLED TO RESUBMIT RETURNS AFTER INSERTION OF NEW OPTION | View |
| 1414 | 2025-09-26 | AMENDMENTS TO INCOME TAX STATEMENT FORMS: INDUSTRIAL COMMUNITY EXPRESSES ITS CONCERN | View |
| 1415 | 2025-09-26 | FBR WITHDRAWS MARKET VALUE FROM 2025 TAX FILINGS | View |
| 1416 | 2025-09-26 | FBR KEEPS IR OFFICES OPEN AHEAD OF RETURN DEADLINE | View |
| 1417 | 2025-09-26 | FTO PROBES CONTROVERSIAL CHANGES TO WEALTH STATEMENT | View |
| 1418 | 2025-09-26 | FBR EXCLUDES KEY INCOME TAX EXEMPTIONS FROM ESTIMATES | View |
| 1419 | 2025-09-26 | FBR’S MAGICAL RETURN FORM: CHANGED WITHOUT CHANGE! | View |
| 1420 | 2025-09-26 | PAKISTAN ALTERS WEALTH STATEMENT RULES, SAYS ZAIDI | View |
| 1421 | 2025-09-26 | TAX EXPERTS REJECT MARKET VALUE RULE IN 2025 RETURNS | View |
| 1422 | 2025-09-25 | INCOME TAX RETURNS FILING: KTBA URGES FBR TO EXTEND DEADLINE TILL OCT 31 | View |
| 1423 | 2025-09-25 | FBR CLARIFIES MARKET VALUE REQUIREMENT FOR 2025 RETURN FILING | View |
| 1424 | 2025-09-25 | BUSINESS LEADERS SLAM FBR OVER 2025 RETURN FORM CHAOS | View |
| 1425 | 2025-09-24 | WEALTH STATEMENT 2025 CHAOS – TAXPAYERS FACE NEW TRAP | View |
| 1426 | 2025-09-24 | FBR EXTENDS DEADLINES FOR E-INVOICE COMPLIANCE | View |
| 1427 | 2025-09-24 | KARACHI TAX BAR DEMANDS EXTRA TIME FOR 2025 RETURNS | View |
| 1428 | 2025-09-22 | HCSTSI URGES FBR TO EXTEND RETURN FILING DEADLINE BY 48 DAYS | View |
| 1429 | 2025-09-22 | PPWSMA URGES FBR TO IMPLEMENT FTO’S RECOMMENDATIONS | View |
| 1430 | 2025-09-22 | SALARY INCOME TAX CREDIT ON PENSION FUND CONTRIBUTION | View |
| 1431 | 2025-09-21 | TAX FORMULA FOR DISPOSAL OF STOCK-IN-TRADE | View |
| 1432 | 2025-09-21 | ACCRUAL BASED ACCOUNTING UNDER PAKISTAN TAX LAWS | View |
| 1433 | 2025-09-21 | FBR ISSUES BENCHMARKS FOR INCOME TAX EXEMPTIONS | View |
| 1434 | 2025-09-18 | FBR REPORTS 45% CUT IN TAX EXEMPTION ON GRATUITY INCOME | View |
| 1435 | 2025-09-17 | FBR ALLOWS ZAKAT AS DEDUCTIBLE ALLOWANCE FOR TAX YEAR 2025-26 | View |
| 1436 | 2025-09-17 | TAX YEAR 2025-26: SALES TAX PENALTY FOR OBSTRUCTING FBR OFFICIALS | View |
| 1437 | 2025-09-17 | FBR SETS PENALTIES FOR NON-COMPLIANCE IN SALES TAX RECORD SHARING | View |
| 1438 | 2025-09-17 | SUPER TAX LEVIED UNDER SECTION 4C: SC HEARS APPEALS AGAINST JUDGEMENTS OF SINDH, LAHORE AND ISLAMABAD HCS | View |
| 1439 | 2025-09-13 | WHAT IS METHOD OF ACCOUNTING IN TAX YEAR 2025-26? | View |
| 1440 | 2025-09-10 | FBR INTRODUCES DIGITAL INVOICING SYSTEM | View |
| 1441 | 2025-09-10 | E-INVOICING SYSTEM: SITE BODY SAYS CONCERNED AT ABRUPT ROLLOUT BY FBR | View |
| 1442 | 2025-09-09 | FBR’S IRIS PORTAL: DEMAND TO REMOVE SYSTEM GLITCHES | View |
| 1443 | 2025-09-09 | PAKISTAN’S IT MINISTER, AZERBAIJAN’S SAPSSI CHIEF DISCUSS DIGITAL REFORMS | View |
| 1444 | 2025-09-09 | PAKISTAN’S TAX EXPENDITURE LOWER THAN GLOBAL AVERAGE: FBR | View |
| 1445 | 2025-09-09 | FBR UNVEILS REPORT: FY24 TAX EXPENDITURE ESTIMATED AT RS2.43TRN | View |
| 1446 | 2025-09-09 | TAX EXEMPTIONS: ALTERNATIVE MEASURES HELPED BRIDGE REVENUE GAP, SAYS FBR | View |
| 1447 | 2025-09-09 | PM SHEHBAZ ORDERS FBR TO TRACK DOWN TAX EVADERS | View |
| 1448 | 2025-09-09 | TAX CONCESSION FOR SCIENTIFIC RESEARCH IN PAKISTAN IN 2025-26 | View |
| 1449 | 2025-09-09 | PENSION INCOME TOPS TAX EXEMPTIONS IN FBR’S 2025 REPORT | View |
| 1450 | 2025-09-08 | HOW TO CLAIM TAX DEDUCTIONS FOR INTANGIBLES IN 2025-26 | View |
| 1451 | 2025-09-08 | FBR ARMS OFFICERS WITH CARS, DEMANDS TOUGH ENFORCEMENT | View |
| 1452 | 2025-09-08 | LTBA FLAGS CRISIS IN 2025 RETURN FILING | View |
| 1453 | 2025-09-08 | TAX EXEMPTIONS COST PAKISTAN 2.32% OF GDP: REPORT | View |
| 1454 | 2025-09-04 | WHICH BUSINESS DEDUCTIONS ARE NOT ALLOWED IN 2025-26? | View |
| 1455 | 2025-09-04 | FBR EXPLAINS TAX DEDUCTIONS FOR BUSINESS INCOME IN 2025-26 | View |
| 1456 | 2025-09-04 | FBR ISSUES TAX RATES ON TELEPHONE, INTERNET USAGE IN 2025-26 | View |
| 1457 | 2025-09-03 | PAKISTAN CUSTOMS TARGETS 80% GREEN CHANNEL CLEARANCE | View |
| 1458 | 2025-09-03 | FIA ARRESTS FBR OFFICIALS IN SMUGGLED VEHICLE LEGALISATION CASE | View |
| 1459 | 2025-09-03 | E-INVOICING SYSTEM: PCDMA CRITICISES FBR FOR ‘SUDDEN’ ROLLOUT | View |
| 1460 | 2025-09-02 | THIRD-PARTY RETURN FILING MAY RISK YOUR IDENTITY | View |
| 1461 | 2025-09-02 | PCDMA CRITICIZES FBR OVER PREMATURE E-INVOICING ROLLOUT | View |
| 1462 | 2025-09-02 | NCCPL SETS DEADLINE FOR JULY CAPITAL GAIN TAX COLLECTION | View |
| 1463 | 2025-09-02 | 2025 TAX RETURN FILING MUST FOR BUSINESS INCOME OVER RS350,000 | View |
| 1464 | 2025-09-02 | WHO IS RESPONSIBLE FOR FILING TAX RETURN OF A DECEASED PERSON? | View |
| 1465 | 2025-09-01 | FBR REORGANIZES CUSTOMS POST-CLEARANCE, INTERNAL AUDIT FRAMEWORK | View |
| 1466 | 2025-09-01 | TAX TREATMENT OF SPECULATION BUSINESS FOR 2025-26 | View |
| 1467 | 2025-09-01 | DOMESTIC ELECTRICITY CONSUMERS GRANTED WITHHOLDING TAX RELIEF | View |
| 1468 | 2025-09-01 | HOW TO DETERMINE BUSINESS INCOME FOR TAX YEAR 2025-26 | View |
| 1469 | 2025-08-19 | WITHHOLDING TAX CARD FOR PENSION INCOME – TAX YEAR 2025-26 | View |
| 1470 | 2025-08-19 | WHAT IS THE NEW ‘SIMPLIFIED’ 2025 TAX RETURN FORM? | View |
| 1471 | 2025-08-18 | FINALLY! FBR ISSUES FINALIZED 2025 TAX RETURN FORMS | View |
| 1472 | 2025-08-17 | BIOMETRIC VERIFICATION OF REGISTERED PERSONS: LTBA URGES FBR, NADRA TO BRING IN SECURE MOBILE APP | View |
| 1473 | 2025-08-17 | FBR ISSUES TAX RATE ON DEEMED PROPERTY INCOME FOR 2025-26 | View |
| 1474 | 2025-08-16 | 2025 TAX RETURN FILERS: MASTERING YOUR WEALTH STATEMENT | View |
| 1475 | 2025-08-16 | SBP MANDATES H.S. CODES IN ALL TRADE-LINKED TRANSACTIONS | View |
| 1476 | 2025-08-16 | LTBA PROPOSES FBR MOBILE APP FOR BIOMETRIC VERIFICATION | View |
| 1477 | 2025-08-15 | SRB UNVEILS SINDH’S TOP 10 TAX WITHHOLDING AGENTS | View |
| 1478 | 2025-08-15 | FBR GEARS UP FOR MEGA TAX AUDIT DRIVE IN TEXTILE SECTOR | View |
| 1479 | 2025-08-14 | FBR ISSUES COMPREHENSIVE SUPER TAX GUIDELINES FOR FY 2025–26 | View |
| 1480 | 2025-08-13 | SRB ANNOUNCES 75 PRIZES IN SECOND POS INVOICES DRAW | View |
| 1481 | 2025-08-13 | FBR CAPS CASH PAYMENTS AT RS200,000 FOR RETAIL, E-COMMERCE | View |
| 1482 | 2025-08-12 | FBR TO DEPLOY FOUR EXPERTS FOR AUTO SECTOR AUDIT | View |
| 1483 | 2025-08-11 | WHO IS TAXPAYER IN PAKISTAN? FBR EXPLAINS | View |
| 1484 | 2025-08-08 | STGO ISSUANCE WELCOMED: BUSINESSMEN LAUD CURBS ON FBR ARREST POWERS | View |
| 1485 | 2025-08-08 | LTO KARACHI RECOVERS RS4 BILLION CVT FROM FOREIGN ASSETS | View |
| 1486 | 2025-08-07 | WAJID ALI APPOINTED AS MEMBER CUSTOMS OPERATIONS | View |
| 1487 | 2025-08-07 | FBR SLAMS MEDIA FOR MISLEADING REPORTS ON FCA | View |
| 1488 | 2025-08-06 | FBR ORDERS PENALTIES FOR DELAYED DUTY PAYMENT AFTER GOODS AUCTION | View |
| 1489 | 2025-08-06 | PURVIEW OF EXPORT FACILITATION SCHEME: FBR NOTIFIES EXCLUSION OF COTTON YARN, GREY CLOTH AND RAW COTTON | View |
| 1490 | 2025-08-06 | FBR EXTENDS RETURNS FILING DEADLINE TO AUGUST 8 | View |
| 1491 | 2025-08-06 | WITHHOLDING AGENTS: FBR ISSUES 3 FORMS FOR NEW CATEGORIES | View |
| 1492 | 2025-08-06 | FINANCE ACT 2025 SETS RETAIL PRICE FOR IMPORTED GOODS: FBR | View |
| 1493 | 2025-08-06 | FBR TARGETS 14 KEY SECTORS FOR INTENSIVE TAX SCRUTINY | View |
| 1494 | 2025-08-05 | GOVT CONFIDENT OF FULL-YEAR ACHIEVEMENT AS FBR MEETS JULY TAX TARGET | View |
| 1495 | 2025-08-05 | BANK DEPOSITS HIT HIGH, FBR TAX INTAKE DROPS | View |
| 1496 | 2025-08-05 | PM SHEHBAZ ORDERS RED TAPE REMOVAL TO ACCELERATE FBR REFORMS | View |
| 1497 | 2025-08-04 | COMPLAINTS OF TAX FRAUDS: BUSINESSMEN LAUD FORMATION OF GRIEVANCE-REDRESSAL BODIES | View |
| 1498 | 2025-08-04 | PTBA HOLDS TAX BAR SUMMIT: GOVT INITIATES REFORMS IN TAX SYSTEM TO BRING IN TRANSPARENCY: MINISTER | View |
| 1499 | 2025-08-03 | E-GST INVOICES: FBR EXTENDS REGISTRATION DEADLINE TILL 10TH | View |
| 1500 | 2025-08-03 | FBR EXPLAINS HIGHER WITHHOLDING TAX RATES ON PROPERTY SALES | View |
| 1501 | 2025-08-03 | FBR BEGINS MATCHING BANK DATA OF HIGH-RISK TAXPAYERS | View |
| 1502 | 2025-08-03 | WITHHOLDING TAX RATE ENHANCED FOR SPORTS PERSONS TO 15% | View |
| 1503 | 2025-08-03 | FBR CONFIRMS TAX AMNESTY FOR INELIGIBLE PERSONS | View |
| 1504 | 2025-08-03 | PAKISTAN ENDS BLANKET INCOME TAX EXEMPTIONS FROM FY26 | View |
| 1505 | 2025-08-01 | FBR CREATES PANELS FOR SECTION 37A, 40B OVERSIGHT | View |
| 1506 | 2025-08-01 | FBR ISSUES URGENT FIRE SAFETY ORDERS AFTER ISLAMABAD INCIDENT | View |
| 1507 | 2025-08-01 | FBR ANNOUNCES NEW DEADLINES FOR E-INVOICE INTEGRATION | View |
| 1508 | 2025-08-01 | FBR REACHES HISTORIC 7.5 MILLION ACTIVE TAXPAYERS | View |
| 1509 | 2025-08-01 | PAKISTAN SLAPS PENALTY IN TRADE-BASED MONEY LAUNDERING CASE | View |
| 1510 | 2025-08-01 | FBR EXCEEDS REVENUE COLLECTION TARGET FOR JULY 2025 | View |
| 1511 | 2025-07-31 | FBR CLARIFIES SCOPE OF DIGITAL PRESENCE TAX | View |
| 1512 | 2025-07-31 | FBR ISSUES FRESH CUSTOMS VALUES FOR SOLAR INVERTERS | View |
| 1513 | 2025-07-30 | DISPUTED SCRAP’ FBR DIRECTS CUSTOMS TO ENFORCE NEW LAW | View |
| 1514 | 2025-07-30 | FBR LAUNCHES CRACKDOWN ON BENAMI USED CARS IMPORT | View |
| 1515 | 2025-07-30 | FBR LISTS CATEGORIES EXEMPT FROM FILING 2025 TAX RETURN | View |
| 1516 | 2025-07-30 | ALLIED BANK, BEFILER JOIN FORCES FOR SEAMLESS 2025 TAX FILING | View |
| 1517 | 2025-07-30 | FBR STARTS ACTION AGAINST TAXPAYERS OVER INTEGRATION FAILURE | View |
| 1518 | 2025-07-29 | FBR ISSUES GUIDELINES FOR CHANGING PERSONAL DETAILS ON IRIS | View |
| 1519 | 2025-07-29 | FBR RECONSTITUTES COMMITTEE FOR SALES TAX INTEGRATION LICENSING | View |
| 1520 | 2025-07-29 | FBR GETS 41% MORE FUNDS FOR FY 2025-26 EXPENSES | View |
| 1521 | 2025-07-29 | TAX BAR FILES COMPLAINT AGAINST QR SCANNING, SYSTEM INTEGRATION | View |
| 1522 | 2025-07-29 | FBR NOTIFIES OPTION TO PAY DUTIES AFTER ASSESSMENT FOR EARLY GDS | View |
| 1523 | 2025-07-28 | FBR RESUMES STALLED REFUNDS FOR EXPORTERS | View |
| 1524 | 2025-07-28 | FBR ASSIGNS ADDITIONAL CHARGE OF MEMBER IR OPERATIONS POST | View |
| 1525 | 2025-07-28 | WITHHOLDING TAX CARD 2025-26 FOR SALARY INCOME | View |
| 1526 | 2025-07-27 | LADY INLAND REVENUE OFFICER DEMOTED OVER MISCONDUCT CHARGES | View |
| 1527 | 2025-07-27 | FBR GETS NEW POWERS TO CONTROL RETAIL PRICES TO FIGHT TAX EVASION | View |
| 1528 | 2025-07-26 | CASES WON BY TAXPAYERS: FBR TO MOVE SC, COURTS DUE TO FEAR OF NAB, AGP: IR MEMBER | View |
| 1529 | 2025-07-26 | SUPREME COURT REJECTS FBR INPUT TAX ADJUSTMENT CASE | View |
| 1530 | 2025-07-26 | PM SHEHBAZ APPROVES FORMATION OF DIGITAL ECOSYSTEM IN FBR | View |
| 1531 | 2025-07-25 | TAX EXEMPTION MISUSE: SENATE PANEL VOICES CONCERN OVER ABUSE OF IT SECTOR | View |
| 1532 | 2025-07-25 | FBR SHARES PROCEDURE TO ACCESS IRIS PORTAL FOR NEW RETURN FILERS | View |
| 1533 | 2025-07-25 | NCCPL TO COLLECT JUNE CGT ON JULY 31, 2025 | View |
| 1534 | 2025-07-25 | FBR EXTENDS TAX RETURNS FILING DEADLINE TO AUG 4 | View |
| 1535 | 2025-07-25 | FBR JOLTS FERTILIZER SECTOR BY REVOKING TAX EXEMPTION CERTIFICATE | View |
| 1536 | 2025-07-25 | PUNJAB DIRECTS THREE MAJOR SECTORS TO WITHHOLD 80% TAX ON SERVICES | View |
| 1537 | 2025-07-24 | PAKISTAN’S TAX PUZZLE: WHY MORE FILERS AREN’T FILLING THE COFFERS | View |
| 1538 | 2025-07-24 | FBR TAKES NOTICE OVER MISCONDUCT IN USE OF OPERATIONAL VEHICLES | View |
| 1539 | 2025-07-24 | FBR RECOVERS RS7.81 BILLION IN PENALTIES FROM NON-FILERS | View |
| 1540 | 2025-07-23 | PM SHEHBAZ LAUDS FBR REFORMS AS TAX FILERS JUMP TO 7.2MN | View |
| 1541 | 2025-07-23 | LEGAL QUESTIONS RAISED ON 2025 TAX RETURN FILING WITHOUT SRO | View |
| 1542 | 2025-07-23 | FBR SHOCKS TAXPAYERS WITH AI-DRIVEN TAX NOTICES | View |
| 1543 | 2025-07-23 | PRINCIPAL APPRAISER PENALIZED FOR SHOCKING INEFFICIENCY | View |
| 1544 | 2025-07-23 | PM SHEHBAZ DIRECTS FBR TO CURB INFORMAL ECONOMY | View |
| 1545 | 2025-07-23 | FBR TIGHTENS GRIP ON SALES TAX EVADERS WITH NEW RESTRICTIONS | View |
| 1546 | 2025-07-22 | ONLY TAX REGISTERED SELLERS CAN SELL ONLINE IN PAKISTAN: EXPERT | View |
| 1547 | 2025-07-22 | COAS MUNIR INSTRUCTS FBR TO HAVE DIALOGUE WITH BUSINESSMEN OVER ARREST POWERS, PENALTIES: FPCCI | View |
| 1548 | 2025-07-22 | FBR OPENS TAX YEAR 2025 FILING AMID GLITCHES: ALI A. RAHIM | View |
| 1549 | 2025-07-22 | FBR TIGHTENS CONTROL OVER PROCESSED TOBACCO MOVEMENT | View |
| 1550 | 2025-07-22 | IS YOUR REGISTERED VEHICLE AT RISK OF BEING DECLARED SMUGGLED? | View |
| 1551 | 2025-07-22 | FBR EXPLAINS KEY CONCEPTS OF SALES TAX LAWS | View |
| 1552 | 2025-07-21 | FBR PUNISHES CUSTOMS OFFICIALS IN SAMSUNG GALAXY A7 CASE | View |
| 1553 | 2025-07-21 | FBR ISSUES FRESH CUSTOMS VALUES FOR SOLAR PANELS | View |
| 1554 | 2025-07-21 | FBR DEVELOPS IT-BASED SOLUTION TO TRACK FOREIGN ASSETS | View |
| 1555 | 2025-07-20 | PAKISTAN NOTIFIES DUTY RATES FOR ELECTRIC VEHICLES IN FY26 | View |
| 1556 | 2025-07-20 | FBR NOTIFIES DUTY STRUCTURE FOR HEV IMPORTS DURING 2025–26 | View |
| 1557 | 2025-07-20 | RCCI SLAMS 16% TAX ON PROPERTY RENT IN PUNJAB | View |
| 1558 | 2025-07-20 | MERCHANT UNLOCKS SECTIONS 37A AND 37B OF SALES TAX ACT | View |
| 1559 | 2025-07-20 | FBR ADVISES CAUTION AGAINST FRAUD IN TAX RETURN FILING | View |
| 1560 | 2025-07-18 | PAC SAYS CONCERNED AT RISING TOLL TAX | View |
| 1561 | 2025-07-18 | FBR NOTIFIES NEV ADOPTION LEVY ON LOCAL, IMPORTED VEHICLES | View |
| 1562 | 2025-07-18 | FBR WARNS RELEASE OF TAX FRAUDSTERS THREATENS FUTURE DETERRENCE | View |
| 1563 | 2025-07-18 | FBR ANNOUNCES PROMOTION OF SENIOR OFFICERS TO BS-22 RANK | View |
| 1564 | 2025-07-18 | FBR WARNS RELEASE OF TAX FRAUDSTERS THREATENS FUTURE DETERRENCE | View |
| 1565 | 2025-07-18 | FBR SHATTERS RECORDS AS ACTIVE TAXPAYERS LIST HITS 7.40 MILLION | View |
| 1566 | 2025-07-17 | SINDH MANDATES TAX INVOICES FOR PROPERTY RENT SERVICES | View |
| 1567 | 2025-07-17 | SRB EXPANDS SCOPE OF SERVICES FOR QUARTERLY TAX RETURN FILING | View |
| 1568 | 2025-07-17 | PM SHEHBAZ FORMS HIGH-LEVEL COMMITTEE BEFORE JULY 19 TAX STRIKE | View |
| 1569 | 2025-07-17 | FBR NOTIFIES RATES FOR NEW ENERGY VEHICLES ADOPTION LEVY | View |
| 1570 | 2025-07-16 | LTBA SEEKS RETURN FILING DEADLINE EXTENSION OVER LOGIN OBSTACLES | View |
| 1571 | 2025-07-16 | KTBA FLAGS IRIS LOGIN WOES, SEEKS URGENT FIXES | View |
| 1572 | 2025-07-16 | UNPACKING SECTION 37A: FAIR ENFORCEMENT OR FEAR TACTIC? | View |
| 1573 | 2025-07-15 | SUPREME COURT HALTS SAME-DAY TAX RECOVERY NOTICES | View |
| 1574 | 2025-07-15 | AURANGZEB ENGAGES BUSINESS LEADERS AHEAD OF JULY 19 STRIKE | View |
| 1575 | 2025-07-15 | FBR EMPOWERS PROVINCIAL OFFICIALS TO SEIZE ILLICIT CIGARETTES | View |
| 1576 | 2025-07-15 | PAKISTAN CUSTOMS SETS EXPORT VALUES FOR MANGOES | View |
| 1577 | 2025-07-15 | SECTION 11E GIVES FBR BIG TEETH IN SALES TAX RECOVERY | View |
| 1578 | 2025-07-14 | RETHINKING TAX POLICY | View |
| 1579 | 2025-07-14 | FBR DEMANDS PROPERTY VALUES IN 2025 TAX RETURNS | View |
| 1580 | 2025-07-14 | FBR OPENS 2025 RETURN FILING PORTAL ON JULY 15 | View |
| 1581 | 2025-07-14 | SHEHBAZ ORDERS HELPLINE, AI UPGRADES TO BOOST TAX RETURN FILING | View |
| 1582 | 2025-07-14 | FBR ISSUES TIMELINE FOR ATL 2025 PUBLICATION | View |
| 1583 | 2025-07-13 | SALES TAX EXEMPTIONS ON IMPORTS SOAR BY 74% IN FY2025 | View |
| 1584 | 2025-07-13 | KARACHI PROPERTY VALUATIONS AND NEW TAX CHANGES | View |
| 1585 | 2025-07-13 | FBR UNLEASHES DIGITAL DRAGNET IN TAX FRAUD CRACKDOWN | View |
| 1586 | 2025-07-12 | READY TO FILE YOUR 2025 TAX RETURN? START BY REGISTERING WITH FBR | View |
| 1587 | 2025-07-12 | FBR HARASSING EXPORTERS ON TAX FRAUD ALLEGATIONS: FTO | View |
| 1588 | 2025-07-12 | RETURN FILING 2025 NOW MANDATORY FOR INCOME ABOVE RS300,000 | View |
| 1589 | 2025-07-12 | FBR TO INVOKE SECTION 37A ONLY AGAINST FRAUDSTERS: MEMBER | View |
| 1590 | 2025-07-11 | FBR TIGHTENS OVERSIGHT ON TERMINAL OPERATORS | View |
| 1591 | 2025-07-11 | HOW NEW TAX CHANGES IMPACT FBR PROPERTY VALUATIONS IN KARACHI | View |
| 1592 | 2025-07-11 | FBR URGES BUSINESSES: LIMIT CASH TO AVOID TAX TROUBLES | View |
| 1593 | 2025-07-10 | COURT HALTS FBR’S MOVE IN TAX INTEGRATION DISPUTE | View |
| 1594 | 2025-07-06 | TAX-FREE TOTAL INCOME COSTS FBR RS443 BILLION IN FY25 | View |
| 1595 | 2025-07-06 | BANKS START 0.8% TAX ON CASH WITHDRAWAL: FBR | View |
| 1596 | 2025-07-05 | FEDERAL GOVT EMPLOYEES: MOF NOTIFIES 10PC AD HOC RELIEF, 30PC DRA | View |
| 1597 | 2025-07-05 | SINDH NOTIFIES RS40,000 MINIMUM WAGE FOR 2025-26 | View |
| 1598 | 2025-06-30 | TAX AND SURCHARGE ON PENSION INCOME TO APPLY FROM FY 2025-26 | View |
| 1599 | 2025-06-29 | FBR EMPOWERED TO RECOVER SALES TAX BASED ON WITHHOLDING TAX DATA | View |
| 1600 | 2025-06-27 | WHO WARNS UNCHANGED FED ON CIGARETTES MAY BOOST CONSUMPTION | View |
| 1601 | 2025-06-27 | WHO WARNS PAKISTAN’S FED FREEZE TO BOOST CIGARETTES CONSUMPTION | View |
| 1602 | 2025-06-24 | DIAMONDS AND DRONES: PAKISTAN TAX UNIT SCANS SOCIAL MEDIA FOR EVASION | View |
| 1603 | 2025-06-23 | NEW TAXATION MEASURES ANNOUNCED | View |
| 1604 | 2025-06-23 | BUDGET FY26: AURANGZEB ANNOUNCES MAJOR TAX RELIEF FOR SALARIED CLASS, SOLAR SECTOR | View |
| 1605 | 2025-06-23 | FINANCE BILL CONTAINS DRAFTING ERRORS: EXPERTS | View |
| 1606 | 2025-06-23 | PBC RAISES ALARM OVER DRACONIAN POWERS PROPOSED FOR FBR | View |
| 1607 | 2025-06-22 | FBR’S TAX-TO-GDP RATIO REMAINS IN SINGLE DIGITS FOR 24 YEARS | View |
| 1608 | 2025-06-22 | SENATE RECOMMENDS ENHANCING LIMIT FOR ELIGIBLE TRANSACTIONS | View |
| 1609 | 2025-06-22 | ALL YOU NEED TO KNOW ABOUT DIGITAL PRESENCE PROCEEDS TAX ACT | View |
| 1610 | 2025-06-21 | TAX TREATMENT ON CHARITABLE DONATIONS IN PAKISTAN | View |
| 1611 | 2025-06-21 | ARRESTS FOR TAX FRAUD: MAJOR CHANGES MADE IN ST LAW THRU FINANCE BILL | View |
| 1612 | 2025-06-21 | IMPORT OF UP TO 5-YEAR-OLD USED VEHICLES ALLOWED WITH 40PC EXTRA TARIFF | View |
| 1613 | 2025-06-21 | BUDGET TO CONSOLIDATE ECONOMIC GAINS, NA TOLD | View |
| 1614 | 2025-06-21 | FBR OFFICIALS: OICCI SAYS CONCERNED AT PROPOSED ARREST POWERS | View |
| 1615 | 2025-06-21 | PTI QUESTIONS PBS FIGURES | View |
| 1616 | 2025-06-21 | NA PANEL APPROVES BRINGING OVER RS10M PENSION INTO TAX NET | View |
| 1617 | 2025-06-21 | ‘TRANSFER OF RAW MATERIAL WITHIN SISTER CONCERNS IS NOT SALES’ | View |
| 1618 | 2025-06-16 | PM SHEHBAZ DIRECTS CURTAILMENT OF FBR ARREST POWERS | View |
| 1619 | 2025-06-16 | FBR EXPOSES INFLUENTIAL FIGURES INVOLVED IN TAX FRAUD | View |
| 1620 | 2025-06-14 | TAX GAP TOUCHES RS7.1TRN MARK: FBR SAYS RS389BN ENFORCEMENT STEPS HINGE ON PARLIAMENT NOD | View |
| 1621 | 2025-06-14 | SALES TAX ACT: PROPOSED SECTION 37AA IRKS BUSINESSMEN AT LARGE | View |
| 1622 | 2025-06-12 | TRADERS, CONSUMERS, POLITICIANS REJECT TAXATION MEASURES | View |
| 1623 | 2025-06-12 | POST-BUDGET PRESS BRIEFING: GOVT WARNS OF RS500BN MORE REVENUE STEPS | View |
| 1624 | 2025-06-12 | HOUSING SCHEME WITH SBP’S HELP: RS5BN SET ASIDE FOR MARK-UP SUBSIDY | View |
| 1625 | 2025-06-12 | RETAIL SECTOR WOES PROMPT TAX ON DIGITAL PLATFORMS: FBR | View |
| 1626 | 2025-06-12 | MAXIMUM RELIEF FOR LOW & MIDDLE-INCOME EARNERS: AURANGZEB | View |
| 1627 | 2025-06-12 | PAKISTAN’S PLAN TO SHARPLY INCREASE GROWTH FACES HEADWINDS, ANALYSTS SAY | View |
| 1628 | 2025-06-12 | CONFRONTING THE DEARTH OF EDUCATED AND TRAINED MANPOWER | View |
| 1629 | 2025-06-12 | BEYOND THE DIVIDE: RETHINKING FEDERAL-PROVINCIAL COLLABORATION FOR ECONOMIC TRANSFORMATION—II | View |
| 1630 | 2025-06-11 | TAX ARREARS RECOVERY PERIOD SLASHED | View |
| 1631 | 2025-06-05 | NEC APPROVES NATIONAL DEVELOPMENT BUDGET WORTH RS4.22TRN FOR NEXT FISCAL YEAR | View |
| 1632 | 2025-06-05 | TEXTILE BODIES DEMAND CONTINUATION OF ORIGINAL EFS | View |
| 1633 | 2025-06-05 | NEW FRAMEWORK PROPOSED TO TAX DIGITAL PLATFORMS IN PAKISTAN | View |
| 1634 | 2025-06-05 | FBR SHARES KEY TAX OPERATIONS DATA WITH IMF UNDER EFF MONITORING | View |
| 1635 | 2025-06-04 | UNREGISTERED TAXPAYERS: 4PC ‘FURTHER SALES TAX’ TO BE ABOLISHED | View |
| 1636 | 2025-06-04 | CONFUSION OVER STOCK DECLARATION HALTS SALES TAX FILING: PCDMA | View |
| 1637 | 2025-06-03 | APCC PROPOSES HISTORIC RS4.083TRN OUTLAY | View |
| 1638 | 2025-06-03 | BUDGET TALKS WITH IMF SUCCESSFUL: PM | View |
| 1639 | 2025-06-03 | EXTERNAL FINANCING IN FY2025-26 | View |
| 1640 | 2025-06-03 | GERMANY PLANS TAX CUTS TO BOOST STAGNANT ECONOMY | View |
| 1641 | 2025-06-02 | FBR MAY IMPOSE 18PC ST ON LOCALLY-MANUFACTURED CARS | View |
| 1642 | 2025-06-02 | PSX SEES MILD RECOVERY | View |
| 1643 | 2025-06-02 | TRADE BARRIERS AND COOLING SUPPLY CHAINS: APPAREL SECTOR WARNS OF SETBACKS | View |
| 1644 | 2025-06-02 | SINDH FARMERS ASK FBR TO REDUCE DUTY ON TRACTORS | View |
| 1645 | 2025-06-02 | BUDGET FY26: FISCAL DISCIPLINE WITHOUT REFORM | View |
| 1646 | 2025-06-02 | TAX ON BANK DEPOSITS LIKELY TO INCREASE IN BUDGET 2025-26 | View |
| 1647 | 2025-06-02 | PAKISTAN’S TOP LEADERSHIP STRESSES PUBLIC RELIEF IN BUDGET 2025–26 | View |
| 1648 | 2025-06-02 | JULY-MAY (2024-25): FBR TOBACCO REVENUE HITS RS240BN, SET TO EXCEED RS 285BN | View |
| 1649 | 2025-06-02 | FACELESS CUSTOMS: A NIGHTMARE FOR CORRUPT ELEMENTS | View |
| 1650 | 2025-06-02 | BUDGET 2025-26: RS1TRN PLANNED FOR PSDP, SAYS AHSAN IQBAL | View |
| 1651 | 2025-06-02 | BUDGET 26: GOVT LOOKING TO BOOST EXPORT OF ‘MADE IN PAKISTAN’ MOBILE PHONES, SAY ASSEMBLERS | View |
| 1652 | 2025-06-02 | FBR RECOVERS RS36.14BN IN LEGAL VICTORIES, INCLUDING MAJOR WIN AGAINST BAHRIA TOWN | View |
| 1653 | 2025-06-02 | PM CALLS FOR THIRD-PARTY VALIDATION OF FBR REFORMS | View |
| 1654 | 2025-06-01 | STEEL MELTERS SEEK BUSINESS-FRIENDLY BUDGET | View |
| 1655 | 2025-06-01 | IMF PRESSES FBR TO OFFSET SALARIED CLASS TAX RELIEF IN FY26 BUDGET | View |
| 1656 | 2025-06-01 | ICAP RECOMMENDS WHT ON ROYALTY PAYMENTS TO LOCAL RECIPIENTS | View |
| 1657 | 2025-06-01 | KCCI ENDORSES FACELESS CUSTOMS, CALLS NATIONWIDE IMPLEMENTATION | View |
| 1658 | 2025-06-01 | SINDH OPPOSES IMF PROPOSAL FOR INCREASED AGRICULTURAL TAXES | View |
| 1659 | 2025-05-29 | SINDH CM ASKS TWO KEY DEPTS TO FIRM UP BUDGET PROPOSALS | View |
| 1660 | 2025-05-28 | LOCAL COTTON: GOVT WORKING TO ABOLISH 18PC GST: MINISTER | View |
| 1661 | 2025-05-27 | KE’S TURNING POINT | View |
| 1662 | 2025-05-27 | RETHINKING FOOD TAXES | View |
| 1663 | 2025-05-27 | FY2025-26: BUDGET ESTIMATES | View |
| 1664 | 2025-05-27 | PBF URGES GROWTH-FOCUSED BUDGET IN LIGHT OF REGIONAL, ECONOMIC SITUATION | View |
| 1665 | 2025-05-27 | AURANGZEB SAYS BUDGET TO EXHIBIT ‘BOLD INITIATIVES’ | View |
| 1666 | 2025-05-27 | IMF IN DISAGREEMENT OVER KEY TARGETS, SUBSIDIES | View |
| 1667 | 2025-05-23 | CGT PAYMENT DEADLINE FOR APRIL 2025 SHARE DISPOSALS SET FOR JUNE 2 | View |
| 1668 | 2025-05-23 | FPCCI SECURES ASSURANCE FOR REVIEW OF CONTROVERSIAL TAX LAWS | View |
| 1669 | 2025-05-23 | MTO KARACHI TRAINS KATI MEMBERS ON DIGITAL TAX REFORMS | View |
| 1670 | 2025-05-23 | FY26 BUDGET: ACCA PAKISTAN UNVEILS BOLD TAXATION BLUEPRINT | View |
| 1671 | 2025-05-23 | FOREIGN INVESTORS URGE TAX RELIEF FOR BEVERAGE INDUSTRY IN BUDGET | View |
| 1672 | 2025-05-23 | FBR DEPLOYS 520 THIRD-PARTY AUDITORS TO ENHANCE TAX SCRUTINY | View |
| 1673 | 2025-05-23 | FBR RAKES IN RS30 BILLION FROM KARACHI ELECTRICITY CONSUMERS | View |
| 1674 | 2025-05-23 | CUSTOMS TO AUCTION RUSTED, SEIZED VEHICLES ON MAY 29 AT GADANI | View |
| 1675 | 2025-05-23 | PAKISTAN BUDGET 2025-26 TARGETS CHOCOLATES, COOKIES WITH TAXES | View |
| 1676 | 2025-05-23 | BUDGET 2025-26: FBR REJECTS FINAL TAX REGIME REVIVAL FOR EXPORTERS | View |
| 1677 | 2025-05-22 | SINDH NOTIFIES SUPER TAX RATES ON AGRICULTURAL INCOME | View |
| 1678 | 2025-05-22 | FBR EYES HARSHER PENALTIES FOR RETAILERS IN BUDGET 2025-26 | View |
| 1679 | 2025-05-22 | GOVT PRIORITIZING TAX COMPLIANCE OVER SIM BLOCKING: SAAD WASEEM | View |
| 1680 | 2025-05-21 | FBR SEEKS DATA ON OFFICIALS RECEIVING BOTH SALARY AND PENSION | View |
| 1681 | 2025-05-21 | FBR CRACKS DOWN ON 72 PAKISTANIS’ FOREIGN INCOME, ASSETS SECRETS | View |
| 1682 | 2025-05-21 | BANKS ADVOCATE REVISIONS IN TAX RECOVERY FROM CUSTOMER ACCOUNTS | View |
| 1683 | 2025-05-21 | LTO KARACHI AMASS RECORD RS2.56 TRILLION TAX REVENUE IN 10MFY25 | View |
| 1684 | 2025-05-21 | FBR BOOTS CORRUPT OFFICER OVER WEAPONS, SMUGGLING, LUXURY ASSETS | View |
| 1685 | 2025-05-21 | FY26 BUDGET: GOVT PLANS TO EXPAND 25% SALES TAX ON LUXURY ITEMS | View |
| 1686 | 2025-05-18 | TAJIR DOST SCHEME ENDS IN FAILURE, CONFIRMS IMF | View |
| 1687 | 2025-05-18 | FBR TARGETS HIGH-RISK TAXPAYERS IN REAL ESTATE AND RETAILERS | View |
| 1688 | 2025-05-18 | FBR EXPANDS TRANSIT FEE ON AFGHAN GOODS THROUGH NEW SRO | View |
| 1689 | 2025-05-18 | FPCCI REJECTS TAX LAWS (AMENDMENT) ORDINANCE, 2025 | View |
| 1690 | 2025-05-18 | PAKISTAN SET TO IMPOSE CARBON LEVY IN BUDGET 2025-26 | View |
| 1691 | 2025-05-18 | PAKISTAN TO PHASE OUT ADDITIONAL DUTIES AND TAXES FOR AUTO SECTOR | View |
| 1692 | 2025-05-16 | BS-16 TO 19 NON-CADRE OFFICERS: FBR BODY TO ANALYSIS PERFORMANCE MANAGEMENT REGIME | View |
| 1693 | 2025-05-15 | FY26 BUDGET: CASH ON DELIVERY ONLINE SHOPPING MAY FACE FBR TAX | View |
| 1694 | 2025-05-15 | HOW TO GET REGISTERED FOR PAKISTAN CUSTOMS (WEBOC SYSTEM) | View |
| 1695 | 2025-05-15 | RTO-1 KARACHI CRACKS MULTI-BILLION RUPEE FAKE INVOICE MAFIA RING | View |
| 1696 | 2025-05-15 | KCCI WARNS OF NATIONWIDE PROTEST OVER HARSH TAX LAWS | View |
| 1697 | 2025-05-15 | PAKISTAN CONSIDERS TAX RELIEF FOR TOBACCO SECTOR IN FY26 BUDGET | View |
| 1698 | 2025-05-14 | CONSTITUTION OF ADRCS: THREE SOES DIRECTED TO APPROACH FBR | View |
| 1699 | 2025-05-14 | DIGITAL INVOICING SYSTEMS: ‘PRAL COMMITTED TO RENDERING COSTFREE SERVICES TO TAXPAYERS’ | View |
| 1700 | 2025-05-14 | STD SECURES PENALTY-DEFAULT SURCHARGE | View |
| 1701 | 2025-05-14 | TAX LAWS TERMED ‘DEATH WARRANTS FOR INDUSTRIES’ | View |
| 1702 | 2025-05-14 | KTBA RECOMMENDS BAN ON NON-FILER PROPERTY TRANSACTIONS | View |
| 1703 | 2025-05-14 | GEM AND JEWELLERY EXPORTS GRIND TO HALT AMID SRO SUSPENSION | View |
| 1704 | 2025-05-14 | LUXURY CAR SALES SOAR, REVEALING PAKISTAN’S CLASS DIVIDE | View |
| 1705 | 2025-05-14 | SRB REWARDS TAX-CONSCIOUS CUSTOMERS WITH FIRST POS PRIZE DRAW | View |
| 1706 | 2025-05-14 | LCCI URGES PM TO WITHDRAW FBR SROS IMPACTING CEMENT SECTOR | View |
| 1707 | 2025-05-14 | CHINA, US SLASH SWEEPING TARIFFS IN TRADE WAR CLIMBDOWN | View |
| 1708 | 2025-05-13 | TAX DEPT FAILS TO PROVE TRANSACTIONS BETWEEN TWO ENTITIES AS ‘SALES’ | View |
| 1709 | 2025-05-13 | PAKISTAN MAY ABOLISH SALES TAX ON COTTON IN 2025-26 BUDGET | View |
| 1710 | 2025-05-13 | FBR ADDS 2.39 MILLION TAXPAYERS VIA LAW AMENDMENTS, NA INFORMED | View |
| 1711 | 2025-05-12 | FTO DIRECTS FBR TO RESOLVE LONG-STANDING ELECTRICITY DUTY ISSUE | View |
| 1712 | 2025-05-12 | PAKISTAN TO AUCTION MASSIVE STOCK OF SEIZED IRANIAN DIESEL, PETROL | View |
| 1713 | 2025-05-12 | GADANI CUSTOMS TO HOLD MEGA VEHICLE AUCTION ON MAY 15, 2025 | View |
| 1714 | 2025-05-12 | KTBA URGES GOVERNMENT TO ABOLISH TAX ON NPOS SURPLUS FUNDS | View |
| 1715 | 2025-05-12 | OICCI PROPOSES POS INTEGRATION AT AIRLINES AND TRAVEL AGENCIES | View |
| 1716 | 2025-05-12 | FBR BEGINS ON-SITE MONITORING OF BEVERAGE MANUFACTURING UNITS | View |
| 1717 | 2025-05-11 | US HOUSE BODY UNVEILS PARTIAL TAX PLAN TO ACHIEVE TRUMP AGENDA | View |
| 1718 | 2025-05-11 | PAKISTAN MAY INTRODUCE CAPITAL VALUE TAX FOR CRYPTO ASSETS | View |
| 1719 | 2025-05-11 | MOTOR VEHICLE TAX COLLECTION IN PAKISTAN JUMPS 58% IN 9MFY25 | View |
| 1720 | 2025-05-11 | FBR ADVISED TO ENFORCE MANDATORY RETURN FILING FOR PROFESSIONALS | View |
| 1721 | 2025-05-11 | FBR CONSIDERS POSSIBLE TAX CUTS ON IMMOVABLE PROPERTIES IN BUDGET | View |
| 1722 | 2025-05-11 | SMOKING POSES SERIOUS HEALTH RISKS: FBR MULLS CIGARETTE FED HIKE | View |
| 1723 | 2025-05-10 | TAX LAW ORDINANCE IGNITES CONCERN IN FINANCE COMMITTEE | View |
| 1724 | 2025-05-10 | FBR REVEALS MASSIVE TAX EVASION IN TOBACCO AND POULTRY SECTORS | View |
| 1725 | 2025-05-10 | EXPECTED TAX RATE CUTS FOR SALARIED INDIVIDUALS IN BUDGET 2025-26 | View |
| 1726 | 2025-05-09 | EXPERTS SAY TAX ORDINANCE WILL HARM INVESTMENT CLIMATE | View |
| 1727 | 2025-05-09 | TAXPAYERS’ PASSWORDS: FTO DIRECTS FBR TO ISSUE NEW POLICY OF EXPIRY | View |
| 1728 | 2025-05-09 | FBR STRIKES LEGAL GOLD, RECOVERS RS36 BILLION FAST | View |
| 1729 | 2025-05-09 | FY26 BUDGET: TELECOM SECTOR SEEKS 15% WITHHOLDING TAX REMOVAL | View |
| 1730 | 2025-05-09 | OICCI ADVOCATES BROADENING TAX BASE TO ACHIEVE 15% TAX-TO-GDP | View |
| 1731 | 2025-05-08 | ATIR’S LANDMARK ORDER: SENIOR TAXMEN FACE FBR LAW DIRECTOR’S ACTION | View |
| 1732 | 2025-05-08 | FBR IMPOSES MAJOR PENALTY ON FEMALE IRS OFFICER (BS-18) | View |
| 1733 | 2025-05-07 | FTO RECEIVES 7,919 ANTI-FBR COMPLAINTS ONLY IN APRIL | View |
| 1734 | 2025-05-07 | EPBD ASKS GOVT TO WITHDRAW TAX LAWS ORDINANCE | View |
| 1735 | 2025-05-07 | PTBA URGES PRESIDENT TO WITHDRAW TAX AMENDMENTS ORDINANCE | View |
| 1736 | 2025-05-07 | FBR SEALS FAMOUS JEWELRY SHOP IN KARACHI OVER POS VIOLATION | View |
| 1737 | 2025-05-07 | PTBA DECRIES TAX AMENDMENTS AS VIOLATION OF TAXPAYERS’ RIGHTS | View |
| 1738 | 2025-05-06 | APTMA OPPOSES NEW ‘DRACONIAN’ TAX ORDINANCE, CALLS FOR IMMEDIATE REPEAL | View |
| 1739 | 2025-05-06 | FBR CRACKS DOWN ON GOLD TRADE TO CURB MONEY LAUNDERING | View |
| 1740 | 2025-05-06 | KCCI, RCCI LEAD UNIFIED BUSINESS STAND AGAINST TAX ORDINANCE | View |
| 1741 | 2025-05-06 | KTBA URGES FBR TO PRIORITIZE RETURN ENFORCEMENT OVER HIGH TAX RATES | View |
| 1742 | 2025-05-06 | FBR TO ESTABLISH TAX FACILITATION COUNTER FOR KARACHI BUSINESSES | View |
| 1743 | 2025-05-06 | FBR MULLS TAX ON HIGH PENSIONS, INCOME TAX RELIEF IN FY26 BUDGET | View |
| 1744 | 2025-05-05 | ABBOTTABAD: DG I&I IR PESHAWAR OFFICERS CAN’T RECOVER ST LIABILITIES: PHC | View |
| 1745 | 2025-05-05 | JEWELERS BLAST NEW TAX ORDINANCE, WARN OF GROWING CRISIS | View |
| 1746 | 2025-05-04 | FBR OPERATIONALISES SECTION 175C OF ITO | View |
| 1747 | 2025-05-04 | KCCI REJECTS NEW TAX ORDINANCE, URGES IMMEDIATE WITHDRAWAL | View |
| 1748 | 2025-05-04 | KTBA PROPOSES OVERHAUL OF TAX AUDIT FRAMEWORK FOR FBR | View |
| 1749 | 2025-05-04 | PSX PROPOSES TAX CREDITS REVIVAL FOR SALARIED SHARE INVESTORS | View |
| 1750 | 2025-05-04 | FBR UNLEASHES CRACKDOWN USING NEW SWEEPING LEGAL AUTHORITY | View |
| 1751 | 2025-05-04 | TEA IMPORTERS URGE REVIEW OF MINIMUM RETAIL PRICE POLICY | View |
| 1752 | 2025-05-01 | ERSTWHILE TRIBAL AREAS: SENATE PANEL ENDORSES PROPOSAL FOR NOT EXTENDING SALES TAX EXEMPTION | View |
| 1753 | 2025-05-01 | KCCI PUSHES BUDGET RELIEF TO CURB AUTO PARTS SMUGGLING | View |
| 1754 | 2025-05-01 | KARACHI TAX BAR POINTS OUT CRITICAL ANOMALIES IN IRIS SYSTEM | View |
| 1755 | 2025-05-01 | KTBA URGES FBR TO ELIMINATE SECTION 7E IN BUDGET 2025–26 | View |
| 1756 | 2025-04-30 | PROBATIONARY OFFICERS OF IRS VISIT FBR | View |
| 1757 | 2025-04-30 | HIGHER PROPERTY TAXES SLOW HOUSING LOAN DEMAND: SBP REPORT | View |
| 1758 | 2025-04-29 | TAX RATES REVISION: PANEL TO PRESENT REPORT TO SAPM FOR BUDGET INCLUSION | View |
| 1759 | 2025-04-29 | EX-CADRE OFFICERS, STAFF OF FBR DEMAND REWARD PAYMENT | View |
| 1760 | 2025-04-29 | FBR SETS CEMENT SALES TAX VALUE BASED ON SPI DATA | View |
| 1761 | 2025-04-29 | FBR ENGAGES INDUSTRY EXPERTS, THIRD-PARTY AUDITORS TO TRAIN OFFICERS | View |
| 1762 | 2025-04-27 | KCCI CALLS FOR TAX RELIEF FOR YARN TRADERS IN BUDGET 2025-26 | View |
| 1763 | 2025-04-25 | LTO ISLAMABAD RECONSTITUTES RIC | View |
| 1764 | 2025-04-25 | RAWALPINDI DIVISION: PRA LAUNCHES TAX AWARENESS CAMPAIGN | View |
| 1765 | 2025-04-24 | WORLD BANK FLAGS PAKISTAN FOR LOWEST TAX BUOYANCY AMONG EMDES | View |
| 1766 | 2025-04-23 | PRESIDENT ENDORSES 92PC OF FTO ORDERS AGAINST FBR | View |
| 1767 | 2025-04-22 | UNDERSTANDING TAXPAYERS’ RIGHTS WHEN FBR IMPOUNDS RECORDS | View |
| 1768 | 2025-04-22 | PCDMA SEEKS FTR REVIVAL, RELIEF FOR COMMERCIAL IMPORTERS | View |
| 1769 | 2025-04-20 | FBR GRANTS RS 127 BILLION CUSTOMS DUTY EXEMPTION TO EXPORTS | View |
| 1770 | 2025-04-20 | KARACHI CHAMBER SUGGESTS REVIVAL OF FTR TO BOOST EXPORT SECTOR | View |
| 1771 | 2025-04-20 | KARACHI CHAMBER SUGGESTS REVIVAL OF FTR TO BOOST EXPORT SECTOR | View |
| 1772 | 2025-04-20 | TAX DAILY WAGES EMPLOYEES UNDER SECTION 149: FTO | View |
| 1773 | 2025-04-20 | TAX DAILY WAGES EMPLOYEES UNDER SECTION 149: FTO | View |
| 1774 | 2025-04-19 | REVENUE COLLECTION TARGETS: FBR INSTRUCTS FIELD FORMATIONS TO TAKE ENFORCEMENT ACTION | View |
| 1775 | 2025-04-19 | UNLOCK YOUR BAGGAGE RIGHTS WHEN ENTERING PAKISTAN | View |
| 1776 | 2025-04-18 | FBR DECIDES TO CONDUCT 3RD PARTY AUDIT OF TRACKING SERVICES | View |
| 1777 | 2025-04-18 | FTO DECLARES NON-COMPLIANCE OF STAY ORDER AS MALADMINISTRATION | View |
| 1778 | 2025-04-18 | FBR CANCELS SATURDAYS OFF, INTENSIFIES TAX COLLECTION | View |
| 1779 | 2025-04-18 | KCCI URGES WAIVER OF FACTORY VISIT FOR TAX EXEMPTION CERTIFICATES | View |
| 1780 | 2025-04-18 | FBR URGED TO SHIFT EXPORTERS INTO REGULAR INCOME TAX REGIME | View |
| 1781 | 2025-04-18 | FBR EXTENDS FEBRUARY, MARCH SALES TAX RETURN FILING DEADLINE | View |
| 1782 | 2025-04-18 | MOBILE PHONES DRAIN RS33 BILLION THROUGH TAX WAIVERS | View |
| 1783 | 2025-04-18 | PM SHEHBAZ LAUNCHES PERFORMANCE SYSTEM FOR FBR OFFICERS | View |
| 1784 | 2025-04-17 | FBR TIGHTENS SALES TAX DE-REGISTRATION RULES TO CURB TAX EVASION | View |
| 1785 | 2025-04-17 | FBR INTRODUCES STRICTER PARAMETERS FOR SALES TAX SUSPENSION | View |
| 1786 | 2025-04-17 | FBR GRANTS RS81 BILLION SALES TAX EXEMPTION TO POULTRY FEED | View |
| 1787 | 2025-04-17 | ICMAP PROPOSES 3.5% TAX ON SOCIAL MEDIA PLATFORM EARNINGS | View |
| 1788 | 2025-04-17 | KCCI URGES TAX RELIEF FOR FOREIGN EXCHANGE-EARNING BUSINESSES | View |
| 1789 | 2025-04-16 | FTO BARS FBR FROM PENALIZING TAXPAYERS FOR ST RETURN DELAYS | View |
| 1790 | 2025-04-15 | CRACKDOWN AGAINST SALES TAX VIOLATORS; SUPER MART SEALED | View |
| 1791 | 2025-04-15 | TRIBAL AREAS RECEIVE RS14 BILLION ELECTRICITY TAX RELIEF: FBR | View |
| 1792 | 2025-04-15 | KCCI RECOMMENDS ADVANCE TAX EXEMPTIONS ON FMCGS | View |
| 1793 | 2025-04-15 | FBR URGES FIELD FORMATIONS TO SUBMIT VACANCY DETAILS BY APRIL 18 | View |
| 1794 | 2025-04-14 | FBR EXTENDS RS 60 BILLION REDUCED TAX RELIEF ON IMPORTS | View |
| 1795 | 2025-04-14 | 18% GST PUSHING BUSINESSES TO EVADE, WARNS PBC | View |
| 1796 | 2025-04-13 | CHINA URGES US TO ABANDON RECIPROCAL TARIFFS | View |
| 1797 | 2025-04-13 | KCCI SEEKS 0% VAT ON COMMERCIAL IMPORTERS IN BUDGET 2025-26 | View |
| 1798 | 2025-04-13 | CHINESE SMARTPHONES, LAPTOPS GET U.S. TARIFF EXEMPTION | View |
| 1799 | 2025-04-12 | FTO SECRETARIAT: FIRST-EVER ‘DIPLOMATIC GRIEVANCE REDRESSAL CELL’ INAUGURATED | View |
| 1800 | 2025-04-12 | IRIS PORTAL: KCCI URGES PM TO TAKE NOTICE OF TECHNICAL FAILURES | View |
| 1801 | 2025-04-12 | FBR ISSUES SRO FOR ICC TAX EXEMPTION | View |
| 1802 | 2025-04-11 | CHINA RAISES CUSTOMS TARIFFS TO 125% ON U.S. GOODS | View |
| 1803 | 2025-04-11 | IRIS GLITCHES PROMPT KCCI TO SEEK PM SHEHBAZ’S INTERVENTION | View |
| 1804 | 2025-04-11 | TOP IRS OFFICER DISMISSED OVER FRAUD, MISCONDUCT CHARGES | View |
| 1805 | 2025-04-11 | KCCI SUGGESTS TAX EXEMPTION FOR PROPERTIES UP TO RS 10 MILLION | View |
| 1806 | 2025-04-10 | REGISTERED PERSONS: FBR TIGHTENS GST DOCUMENTATION RULES | View |
| 1807 | 2025-04-10 | TAX RETURN DEADLINE EXTENDED TILL 13TH | View |
| 1808 | 2025-04-10 | CUSTOMS DEPT FAILED TO PROVE ALLEGATION | View |
| 1809 | 2025-04-10 | CRYPTO TAX: FTO CHASTISES FBR FOR INACTION, LACK OF CLARITY | View |
| 1810 | 2025-04-10 | FBR REVISES PROCEDURE FOR MONETARY REWARD PAYMENT | View |
| 1811 | 2025-04-10 | SRB REVISES SINDH SALES TAX RULES FOR FOOD DELIVERY PLATFORMS | View |
| 1812 | 2025-04-09 | FBR ISSUES NEW REWARD RULES FOR OFFICERS AMID CRITICISM | View |
| 1813 | 2025-04-09 | PACKAGING SECTOR SEEKS TAX INCENTIVES, FINANCING SUPPORT | View |
| 1814 | 2025-04-09 | NON-PAYMENT OF REFUND: FTO REFUSES TO ENTERTAIN TAXPAYER’S COMPLAINT | View |
| 1815 | 2025-04-08 | TARIFF-RELATED CONCERNS: JAM VOWS SUPPORT TO FRUIT, JUICE SECTOR | View |
| 1816 | 2025-04-08 | KTBA CONCERNED AT FBR’S HS CODES, UOM REQUIREMENTS | View |
| 1817 | 2025-04-08 | PRESSURE FOR CHOICE POSTING: FBR RE-INSTATES SUSPENDED OFFICER | View |
| 1818 | 2025-04-08 | MTO KARACHI SEALS DIVAGO OUTLET FOR POS NON-COMPLIANCE | View |
| 1819 | 2025-04-08 | MINISTRY PROPOSES 20% REGULATORY DUTY ON LED PRODUCTS | View |
| 1820 | 2025-04-08 | FBR LINKS SUGAR SALES TAX TO RETAIL PRICE | View |
| 1821 | 2025-04-08 | IR INSPECTOR REMOVED FROM SERVICE OVER UNAUTHORIZED ABSENCE | View |
| 1822 | 2025-04-05 | KPRA COLLECTS RS37.37B IN 9 MONTHS | View |
| 1823 | 2025-04-04 | PAKISTAN CUSTOMS REVISES VALUES FOR OLD AND USED AUTOPARTS | View |
| 1824 | 2025-04-04 | PAKISTAN ISSUES CUSTOMS VALUES FOR AMMUNITION IMPORTS | View |
| 1825 | 2025-04-04 | HOW TO IMPORT VEHICLES INTO PAKISTAN UNDER VARIOUS SCHEMES | View |
| 1826 | 2025-04-02 | AUTOMOTIVE SECTOR DOMINATES CUSTOMS DUTY RELIEF IN FBR REPORT | View |
| 1827 | 2025-04-01 | HOW MUCH TAX DO YOU PAY FOR PROPERTY TRANSACTIONS IN KARACHI? | View |
| 1828 | 2025-04-01 | FBR SETS NEW RECORD WITH SURGE IN ACTIVE TAXPAYERS LIST | View |
| 1829 | 2025-03-30 | FBR MUST COLLECT RS 1.50 TRILLION MONTHLY TO MEET FY25 TARGET | View |
| 1830 | 2025-03-29 | EXPORTERS UNDER FBR LENS FOLLOWING DECLINE IN TAX COLLECTION | View |
| 1831 | 2025-03-28 | PAKISTAN REVISES CUSTOMS VALUATION FOR LEAD-ACID BATTERIES | View |
| 1832 | 2025-03-28 | FBR TRANSFERS MOST SENIOR CUSTOMS OFFICERS TO STRAW | View |
| 1833 | 2025-03-28 | FBR ESTABLISHES DIRECTORATE FOR SPECIAL CUSTOMS INITIATIVES | View |
| 1834 | 2025-03-28 | FBR REPORTS 503% SURGE IN CGT COLLECTION IN FEBRUARY 2025 | View |
| 1835 | 2025-03-27 | TELECOM INDUSTRY SEEKS TAX INCENTIVES IN BUDGET 2025-26 | View |
| 1836 | 2025-03-27 | SBP DIRECTS BANKS TO FACILITATE TAXPAYERS WITH EXTRA HOURS | View |
| 1837 | 2025-03-27 | UNRESOLVED SYSTEM ERRORS STALL SALES TAX RETURN PROCESS | View |
| 1838 | 2025-03-26 | PAKISTAN REVISES CUSTOMS VALUATION FOR IRON AND STEEL KITCHENWARE | View |
| 1839 | 2025-03-26 | PM SHEHBAZ RESTORES TAX REBATES FOR TEACHERS AND RESEARCHERS | View |
| 1840 | 2025-03-26 | KCAA RAISES ALARM OVER CONSIGNMENT CLEARANCE REVIEW DELAYS | View |
| 1841 | 2025-03-26 | CASHEW NUT VALUATION IN PAKISTAN REVISED BY CUSTOMS AUTHORITY | View |
| 1842 | 2025-03-26 | NESTLÉ PAKISTAN ATTRIBUTES CY24 REVENUE DECLINE TO HIGHER GST | View |
| 1843 | 2025-03-26 | IR & PAK CUSTOMS: FBR ESTABLISHES STRATEGIC TARIFF, REVENUE ANALYSIS WINGS | View |
| 1844 | 2025-03-25 | WILL THE SALARIED CLASS RECEIVE TAX RELIEF IN BUDGET 2025-26? | View |
| 1845 | 2025-03-25 | LTO KARACHI SEALS COLLECTIBLES OUTLETS OVER SALES TAX FRAUD | View |
| 1846 | 2025-03-25 | FBR ESTABLISHES STRAW, TRANSFERS 11 BS-21 IRS OFFICERS | View |
| 1847 | 2025-03-25 | FBR ISSUES METHODOLOGY FOR SETTLEMENT OF CLASSIFICATION DISPUTES | View |
| 1848 | 2025-03-25 | FBR’S TAX COLLECTION WINDOW TO CLOSE FOR EID-UL-FITR HOLIDAYS | View |
| 1849 | 2025-03-20 | IRIS ERRORS DISRUPT SALES TAX FILING AS DEADLINE PASSES | View |
| 1850 | 2025-03-20 | RTO HYDERABAD SEALS SUPER MART FOR ISSUING FAKE INVOICES | View |
| 1851 | 2025-03-19 | CHIEF COMMISSIONER UNDER SCRUTINY AS SHC FREEZES TAX ORDER | View |
| 1852 | 2025-03-19 | FBR ENFORCES STRICT PENALTY ON KARACHI CUSTOMS APPRAISER | View |
| 1853 | 2025-03-19 | BIG RELIEF EXPECTED FOR PROPERTY BUYERS IN BUDGET 2025-26 | View |
| 1854 | 2025-03-18 | CUSTOMS ISSUES VALUATIONS FOR FERRO MANGANESE, FERRO SILICON | View |
| 1855 | 2025-03-18 | ‘LATE DOCUMENT SUBMISSION DOESN'T VOID SELF-ASSESSMENT BENEFIT’ | View |
| 1856 | 2025-03-18 | MTO KARACHI SEALS HOBNOB OUTLETS FOR SALES TAX FRAUD | View |
| 1857 | 2025-03-15 | PE&TD ANNOUNCES CRACKDOWN ON PROPERTY TAX DEFAULTERS | View |
| 1858 | 2025-03-15 | KTBA REQUESTS FBR TO RESOLVE TECHNICAL GLITCHES, REMOVE ANOMALIES IN IRIS PORTAL | View |
| 1859 | 2025-03-15 | PM SHEHBAZ CONFIDENT OF RESOLVING RS 400 BILLION TAX CASES | View |
| 1860 | 2025-03-15 | PUNJAB CRACKS DOWN ON PROPERTY TAX DEFAULTERS | View |
| 1861 | 2025-03-14 | WILL PAKISTAN ACHIEVE ITS FY25 TAX COLLECTION TARGET? | View |
| 1862 | 2025-03-14 | P@SHA SEEKS DECADE-LONG EXPANSION OF FINAL TAX REGIME | View |
| 1863 | 2025-03-14 | KTBA FLAGS GLITCHES AND ANOMALIES IN IRIS PORTAL | View |
| 1864 | 2025-03-13 | ILLEGAL ECONOMY COSTS PAKISTAN $100 BILLION EVERY YEAR: REPORT | View |
| 1865 | 2025-03-13 | FBR SETS GUIDELINES FOR ADMIN POOL OFFICER POSTING | View |
| 1866 | 2025-03-13 | PAKISTAN REACHES 6.51 MILLION ACTIVE TAXPAYERS FOR FIRST TIME | View |
| 1867 | 2025-03-12 | FBR RECONSTITUTES PROJECT TEAM FOR TAX DIGITALIZATION INITIATIVE | View |
| 1868 | 2025-03-11 | FBR TO AUCTION NDP VEHICLES IN D.I. KHAN ON MARCH 13, 2025 | View |
| 1869 | 2025-03-11 | FBR APPOINTS REFUND COMMISSIONER AT CTO KARACHI | View |
| 1870 | 2025-03-11 | FBR ESTABLISHES CUSTOMS WAREHOUSING STATION AT DISTRICT BUNER | View |
| 1871 | 2025-03-10 | GOVT EYES INSURANCE SECTOR TO DIVERSIFY LENDING SOURCES: AURANGZEB | View |
| 1872 | 2025-03-09 | SECTIONS 4B & 4C OF INCOME TAX LAW: SC WILL HEAR PETITIONS FROM TOMORROW | View |
| 1873 | 2025-03-08 | FBR UNVEILS PROCEDURE TO CALCULATE TAXABLE INCOME | View |
| 1874 | 2025-03-07 | FTO DIRECTS FBR TO UTILIZE IP TRACKING IN TAX FRAUD PROBES | View |
| 1875 | 2025-03-07 | SALES TAX COLLECTION ON MOTOR CARS SURGES 193% IN 1HFY25 | View |
| 1876 | 2025-03-07 | FBR REPORTS 40% GROWTH IN TAX PAYMENTS WITH RETURNS | View |
| 1877 | 2025-03-06 | BANKS PLAN TO MOVE SUPREME COURT ON WINDFALL TAX | View |
| 1878 | 2025-03-06 | BANKISLAMI TO CHALLENGE WINDFALL TAX IN SUPREME COURT | View |
| 1879 | 2025-03-06 | KCCI HIGHLIGHTS TAX ABUSE AT CTO KARACHI | View |
| 1880 | 2025-03-05 | NAJEEB MEMON APPOINTED AS OFFICIAL SPOKESPERSON OF FBR | View |
| 1881 | 2025-03-05 | KTBA CALLS FOR IMMEDIATE APPOINTMENT OF REFUND COMMISSIONER | View |
| 1882 | 2025-03-05 | SCB PAKISTAN PAYS RS59BN INCOME TAX AT 54.2% CORPORATE RATE | View |
| 1883 | 2025-03-04 | SUPERVISORY, INVIGILATION DUTIES: FTO ASKS FBR TO INSULATE TEACHERS FROM PAYING WT UNDER SEC 153 | View |
| 1884 | 2025-03-04 | PAKISTAN CUSTOMS ASSURES FAIR VALUATION, EXPANDS LAHORE OFFICE | View |
| 1885 | 2025-03-04 | PAKISTAN CUSTOMS REVISES VALUES FOR MOBILE PHONE LCD SCREENS | View |
| 1886 | 2025-03-04 | FBR FORMS MONITORING COMMITTEE TO OVERSEE ICTE | View |
| 1887 | 2025-03-03 | ALLIED BANK DISCLOSES TAX CONTINGENCIES UP TO CY24 | View |
| 1888 | 2025-03-03 | FBR COLLECTS RS 5.71 BILLION ADVANCE TAX ON CASH WITHDRAWALS | View |
| 1889 | 2025-03-02 | FBR RAISES RS 1.22 BILLION TAX DEMAND AGAINST BANK ALFALAH | View |
| 1890 | 2025-03-02 | FBR COLLECTS RS 11 BILLION FROM EXPORTERS UNDER NEW TAX RULES | View |
| 1891 | 2025-03-02 | FPCCI PROPOSES ABOLISHING WITHHOLDING TAX ON SALES TO RETAILERS | View |
| 1892 | 2025-03-01 | FBR COLLECTS RS 7.34 TRILLION IN 8MFY25 BUT MISSES TARGET | View |
| 1893 | 2025-02-28 | FBR SUSPENDS TWO CUSTOMS OFFICERS | View |
| 1894 | 2025-02-27 | KCCI TO DISCUSS ISSUES RELATED TO SRO 55 WITH FBR | View |
| 1895 | 2025-02-27 | CAPITAL GAIN TAX COLLECTION SURGES 82% IN 7MFY25 | View |
| 1896 | 2025-02-26 | RTO-I KARACHI SEALS MEDICAL STORE IN CLIFTON FOR POS VIOLATION | View |
| 1897 | 2025-02-26 | PAKISTAN CUSTOMS ISSUES FRESH VALUATION FOR CERAMIC TILES | View |
| 1898 | 2025-02-26 | Karachi, February 26, 2025 – Pakistan Customs has issued a new valuation ruling for ceramic and porcelain tiles to determine the applicable duties and taxes on imported consignments. The Directorate General of Customs (Valuation), Karachi, has formally | View |
| 1899 | 2025-02-26 | FPCCI SUBMITS KEY SALES TAX PROPOSALS FOR BUDGET 2025-26 | View |
| 1900 | 2025-02-25 | PTBA HIGHLIGHTS TAXPAYER HARDSHIPS IN COMPLYING TAX STATUTES | View |
| 1901 | 2025-02-25 | FBR INTRODUCES AUTOMATED SYSTEM FOR UNREGISTERED SUPPLIES | View |
| 1902 | 2025-02-25 | FBR PENALIZES IRS BS-20 OFFICER, STOPS PROMOTION FOR TWO YEARS | View |
| 1903 | 2025-02-25 | FTO UNCOVERS RS 9.38 BILLION ANNUAL ELECTRICITY TAX LOSS | View |
| 1904 | 2025-02-25 | FBR ESTABLISHES CENTRALIZED CUSTOMS EXAMINATION UNIT | View |
| 1905 | 2025-02-24 | WINDFALL TAX ISSUE REMAINS IN LAHORE HIGH COURT: MCB BANK | View |
| 1906 | 2025-02-24 | FPCCI PROPOSES ADVANCE TAX REMOVAL ON FIRST PROPERTY PURCHASE | View |
| 1907 | 2025-02-24 | PBC URGES LIMITING CAR PURCHASES TO CURB BENAMI TRANSACTIONS | View |
| 1908 | 2025-02-24 | DEADLINE ANNOUNCED FOR JANUARY CGT PAYMENT | View |
| 1909 | 2025-02-23 | WINDFALL TAX: FBR RECOVERS RS 23BN FROM 16 BANKS | View |
| 1910 | 2025-02-23 | FBR COLLECTS KEY PROVINCIAL DATA TO EXPAND TAX BASE | View |
| 1911 | 2025-02-23 | AURANGZEB ASSURES BUSINESSES OF FAIR TAXATION | View |
| 1912 | 2025-02-22 | TAX COLLECTION FROM RETAILERS SURGES 98% IN 7MFY25 | View |
| 1913 | 2025-02-22 | PTBA URGES CJP TO IMPLEMENT VIDEO LINK FACILITY FOR TAX CASES | View |
| 1914 | 2025-02-22 | BANKS PAY RS 25 BILLION WINDFALL TAX AFTER PETITION DISMISSAL | View |
| 1915 | 2025-02-21 | PROPERTY TAX COLLECTION RISES TO RS 130B AMID POLICY CHANGES | View |
| 1916 | 2025-02-21 | PAKISTAN CUSTOMS REVISES VALUATION FOR MULTIMEDIA PROJECTORS | View |
| 1917 | 2025-02-21 | ICC CHAMPIONS TROPHY 2025: ECC APPROVES INCOME TAX EXEMPTION FOR ICC | View |
| 1918 | 2025-02-20 | REAL ESTATE SECTOR: FBR ASKED TO GRANT TAX RELIEF INCENTIVES | View |
| 1919 | 2025-02-20 | DUTY AND TAX REMISSION ON EXPORTS: TAXPAYER AVAILS DUTY & TAXES APPLICABLE ON DAMAGED GOODS | View |
| 1920 | 2025-02-20 | PVMA CHIEF SLAMS TAX EXEMPTION POLICY FOR FATA/PATA | View |
| 1921 | 2025-02-20 | ECC APPROVES TAX EXEMPTION FOR ICC CHAMPIONS TROPHY INCOME | View |
| 1922 | 2025-02-20 | FBR MISSES DEADLINE FOR NOTIFYING 2025 INCOME TAX RETURN FORMS | View |
| 1923 | 2025-02-18 | HIGH SALARY TAX RATES FUEL BRAIN DRAIN: PBC | View |
| 1924 | 2025-02-18 | RTO-1 KARACHI TARGETS POS RULE BREAKERS ON TARIQ ROAD | View |
| 1925 | 2025-02-18 | UNDERSTANDING FRAUD UNDER THE CUSTOMS ACT, 1969 | View |
| 1926 | 2025-02-17 | FAPUASA URGES FBR TO HALT REVOKING 25PC TAX REBATE FOR TEACHERS | View |
| 1927 | 2025-02-16 | NO TAX AMNESTY FOR PROPERTY TRANSACTIONS: FBR CHAIRMAN | View |
| 1928 | 2025-02-16 | PUNJAB LEADS MOTOR VEHICLE TAX COLLECTION FOR HALF-YEAR FY25 | View |
| 1929 | 2025-02-16 | POWER OF CUSTOMS OFFICER TO CALL FOR DOCUMENTS | View |
| 1930 | 2025-02-16 | FBR REPORTS 53% SURGE IN SALARY TAX COLLECTION DURING 7MFY25 | View |
| 1931 | 2025-02-14 | DELAYING TACTICS IN REFUNDS: TAXPAYERS BEING FORCED TO WITHDRAW COMPLAINTS FILED WITH FTO: EXPERTS | View |
| 1932 | 2025-02-14 | WHAT ARE DUTIABLE GOODS? FBR EXPLAINS | View |
| 1933 | 2025-02-14 | TAX POLICY OFFICE ESTABLISHED, FBR FOCUSES ON REVENUE COLLECTION | View |
| 1934 | 2025-02-14 | PTBA HIGHLIGHTS RISKS OF SRO 69 FOR BUSINESSES | View |
| 1935 | 2025-02-14 | FBR SEALS SUGAR MILL IN SINDH OVER TAX FRAUD | View |
| 1936 | 2025-02-13 | FBR NOTIFIES PROHIBITED GOODS FOR FOREIGN TRADE | View |
| 1937 | 2025-02-13 | KTBA RAISES ALARM OVER TAX TURMOIL FOR SALARIED CLASS | View |
| 1938 | 2025-02-13 | ISSUANCE OF REFUNDS: TAXPAYERS BEING PRESSURIZED TO WITHDRAW COMPLAINT | View |
| 1939 | 2025-02-13 | FBR NOTIFIES PROHIBITED GOODS FOR FOREIGN TRADE | View |
| 1940 | 2025-02-13 | KTBA RAISES ALARM OVER TAX TURMOIL FOR SALARIED CLASS | View |
| 1941 | 2025-02-12 | FBR UPDATES METHOD FOR ZERO-RATED SUPPLIES TO DUTY-FREE SHOPS | View |
| 1942 | 2025-02-12 | RTO HYDERABAD SEALS FAMOUS BAKERY FOR ISSUING FAKE INVOICES | View |
| 1943 | 2025-02-12 | NA COMMITTEE DELAYS ECONOMIC RESTRICTIONS ON TAX NON-FILERS | View |
| 1944 | 2025-02-11 | NON-FILERS DRIVE 85% SPIKE IN CAR BUYING | View |
| 1945 | 2025-02-06 | PRA INTENSIFIES ENFORCEMENT ACTIONS AGAINST EATERIES | View |
| 1946 | 2025-02-06 | PM SHEHBAZ TO REVIEW TAX RECOMMENDATIONS FOR HOUSING SECTOR | View |
| 1947 | 2025-02-06 | FBR UPDATES EXTRA TAX COLLECTION PROCEDURE FROM NON-ATL USERS | View |
| 1948 | 2025-02-05 | PENSIONERS AVAIL RS 43.61 BILLION INCOME TAX EXEMPTION: FBR | View |
| 1949 | 2025-02-04 | REINSTATEMENT OF 25PC TAX REBATE FOR TEACHERS, RESEARCHERS ADVOCATED | View |
| 1950 | 2025-02-04 | PCDMA SLAMS NEW CONDITIONS IN FBR’S SRO 55 | View |
| 1951 | 2025-02-04 | CENTRE ASKED TO REDUCE PROPERTY TRANSFER TAX RATES LIKE KP GOVT | View |
| 1952 | 2025-02-04 | TAXATION MEASURE: RELUCTANT SINDH APPROVES AGRICULTURAL INCOME TAX BILL 2025 | View |
| 1953 | 2025-02-03 | PUNISHMENT TO TAX OFFICIALS MODIFIED BY FTO OFFICE | View |
| 1954 | 2025-02-03 | MILLAT TRACTORS TO CHALLENGE FBR’S RS18BN SALES TAX DEMAND | View |
| 1955 | 2025-02-03 | PCDMA HIGHLIGHTS COMPLEXITIES IN SRO 55 ISSUED BY FBR | View |
| 1956 | 2025-02-03 | APCAA WARNS OF COUNTRYWIDE HALT IN CUSTOMS CLEARANCE OPERATIONS | View |
| 1957 | 2025-02-03 | FBR UPDATES SALES TAX EXEMPTION PROCEDURE | View |
| 1958 | 2025-02-03 | SINDH APPROVES LANDMARK AGRICULTURAL INCOME TAX LAW | View |
| 1959 | 2025-02-03 | FBR LIKELY TO ABOLISH SECTION 7E ON DEEMED PROPERTY INCOME | View |
| 1960 | 2025-02-02 | FCAS-BASED RS96.3BN DUTY COLLECTED IN JAN | View |
| 1961 | 2025-02-02 | KCAA TO STAGE PROTEST AGAINST SUSPENSION OF CUSTOMS AGENTS | View |
| 1962 | 2025-02-02 | HYDERABAD CUSTOMS TO AUCTION NDP VEHICLES ON FEBRUARY 6, 2025 | View |
| 1963 | 2025-02-02 | GOVERNMENT TO ANNOUNCE TAX PACKAGE FOR PROPERTY TRANSACTIONS | View |
| 1964 | 2025-02-02 | FBR CLARIFIES ZERO-RATED SUPPLIES TO DIPLOMATS AND FOREIGN MISSIONS | View |
| 1965 | 2025-02-01 | ‘PAPERS NOT FILED TO ANSWER NOTICE’: HIGHER TRIBUNAL UPHOLDS STANCE OF TAX DEPT | View |
| 1966 | 2025-02-01 | IHC STOPS FBR FROM TAKING ACTION AGAINST SEALED EATERY | View |
| 1967 | 2025-02-01 | FBR SUCCESSFULLY THWARTS ATTEMPT TO MANIPULATE NEWLY LAUNCHED FCAS | View |
| 1968 | 2025-02-01 | LIST OF 45 CUSTOMS AGENTS SUSPENDED IN FACELESS SCANDAL | View |
| 1969 | 2025-02-01 | FBR FALLS SHORT OF JANUARY TAX COLLECTION TARGET BY RS 85 BILLION | View |
| 1970 | 2025-02-01 | NEW AMNESTY FOR PROPERTY TRANSACTIONS IN PAKISTAN? | View |
| 1971 | 2025-02-01 | REAL ESTATE PUSHES FOR INCOME DISCLOSURE EXEMPTION ON PROPERTY | View |
| 1972 | 2025-01-31 | BUYING PROPERTY: SOLUTION FOR FILING OF ADDITIONAL RESOURCES YET TO BE DEVELOPED: FBR OFFICIAL | View |
| 1973 | 2025-01-31 | IRIS RESTRICTS AUTO REVISION OF SALES TAX RETURN: KTBA | View |
| 1974 | 2025-01-31 | FBR LAUNCHES SWEEPING CRACKDOWN ON RS 200 BILLION WITHHOLDING TAX DISCREPANCIES | View |
| 1975 | 2025-01-30 | DG EXCISE DIRECTS ACTIONS AGAINST TOKEN TAX DEFAULTERS | View |
| 1976 | 2025-01-30 | REGISTERED PERSONS, RETAILERS: PRAL TO PROVIDE FREE INTEGRATION SERVICES | View |
| 1977 | 2025-01-30 | USA, CANADA, SAUDI ARABIA, CHINA ‘OVERSEAS PAKISTANIS, FOREIGNERS TIMELY FILING COMPLAINTS WITH FTO’ | View |
| 1978 | 2025-01-30 | FBR ACHIEVES 42.56% OF ANNUAL TAX TARGET IN FIRST HALF OF FY25 | View |
| 1979 | 2025-01-30 | SENATE PANEL QUESTIONS ‘EFFECTIVENESS’ OF TRAINING PROGRAMMES FOR FBR OFFICERS | View |
| 1980 | 2025-01-30 | IRSOA STRONGLY REBUTS SENATOR FAISAL VAWDA’S ALLEGATIONS | View |
| 1981 | 2025-01-30 | NEW CONDITIONS MAKE SALES TAX RETURN FILING IMPOSSIBLE: KCCI | View |
| 1982 | 2025-01-30 | FBR UNCOVERS RS 78 BN TAX EVASION IN WITHHOLDING OF SALARY TAX | View |
| 1983 | 2025-01-29 | PAKISTAN CUSTOMS REVISES VALUATION FOR PLASTIC RAW MATERIALS | View |
| 1984 | 2025-01-29 | PBC RECOMMENDS ESTABLISHMENT OF NATIONAL TAX AUTHORITY | View |
| 1985 | 2025-01-29 | KTBA CALLS FOR FIXING ANOMALY IN SALES TAX RETURN | View |
| 1986 | 2025-01-29 | FBR UPDATES RULES FOR ELECTRONIC SALES TAX INVOICING, INTEGRATION | View |
| 1987 | 2025-01-29 | FBR OUTLINES DIGITAL TAX AUDIT SYSTEM FOR SEAMLESS COMPLIANCE | View |
| 1988 | 2025-01-28 | FBR TARGETS SOURCE OF INCOME IN PROPERTY TRANSACTIONS | View |
| 1989 | 2025-01-28 | AURANGZEB HINTS AT TAX REFORMS FOR PAKISTAN’S SALARIED GROUP | View |
| 1990 | 2025-01-28 | FBR COLLECTS IR OFFICIALS’ DATA FOR RIGHTSIZING INITIATIVE | View |
| 1991 | 2025-01-28 | MINISTER AURANGZEB ANNOUNCES MAJOR SHIFT IN TAX POLICY CONTROL | View |
| 1992 | 2025-01-28 | PUNJAB EXTENDS DEADLINE FOR MOTOR VEHICLE TAX PAYMENTS | View |
| 1993 | 2025-01-28 | KARACHI TAX BAR HIGHLIGHTS CHALLENGES IN PROPERTY VALUATION | View |
| 1994 | 2025-01-28 | HOW FBR SELECTS CASES FOR SALES TAX AUDIT | View |
| 1995 | 2025-01-27 | PM TASK FORCE EXAMINES HIGH PROPERTY TRANSACTION TAXES | View |
| 1996 | 2025-01-27 | FBR DECODES MECHANISM FOR ADJUSTMENT OF INPUT AND OUTPUT TAX | View |
| 1997 | 2025-01-27 | FBR INVESTIGATES DUAL NATIONALITY OF IR OFFICIALS | View |
| 1998 | 2025-01-27 | FBR REVISES TAX RATES FOR PROPERTY TRANSACTIONS IN 2025 | View |
| 1999 | 2025-01-26 | FBR CHIEF STANDS FIRM ON DECISION TO PURCHASE 1,010 CARS FOR TAX OFFICERS | View |
| 2000 | 2025-01-26 | TAX EVASION: IHC ISSUES NOTICE TO TOP WOMAN ANCHORPERSON | View |
| 2001 | 2025-01-26 | KARACHI TRADERS LAUD FACELESS CUSTOMS SYSTEM: FBR CHIEF | View |
| 2002 | 2025-01-26 | FBR DEFENDS PLAN TO BUY 1,010 CARS AMID CORRUPTION ALLEGATIONS | View |
| 2003 | 2025-01-26 | FBR UPDATES RULES FOR SALES TAX SUSPENSION PROCESS | View |
| 2004 | 2025-01-25 | PROPERTY TAX TO BE DETERMINED ON DC VALUE | View |
| 2005 | 2025-01-25 | REVENUE DIVISION SEEKS EXEMPTION FROM VACANT POST ABOLITION REQUIREMENT | View |
| 2006 | 2025-01-25 | IRS TO ISSUE $1,400 STIMULUS CHECKS IN 2025 TO ELIGIBLE TAXPAYERS | View |
| 2007 | 2025-01-25 | MASSIVE BANK WITHDRAWALS AMID LOOMING TAX RESTRICTIONS | View |
| 2008 | 2025-01-25 | FBR DEACTIVATES AFFIDAVIT REQUIREMENTS FOR SALES TAX RETURNS | View |
| 2009 | 2025-01-25 | FBR UNVEILS PROCEDURE FOR UPDATING SALES TAX REGISTRATION DETAILS | View |
| 2010 | 2025-01-24 | SECTIONS 177 AND 214C OF INCOME TAX LAW: STRUCTURED PROCEDURE FOR AUDITS BY IR EXPLAINED | View |
| 2011 | 2025-01-23 | PTBA DECRIES SECURITY CLEARANCE DENIALS FOR FOREIGN INVESTORS | View |
| 2012 | 2025-01-23 | BANKS WITNESS RS862BN WITHDRAWALS AMID NON-FILER RESTRICTIONS | View |
| 2013 | 2025-01-23 | FBR FAILS TO SATISFY SENATE ON PURCHASE OF 1,010 HONDA CARS | View |
| 2014 | 2025-01-23 | PESHAWAR TAX BAR URGES FBR FOR REMOVAL OF PASSWORD EXPIRY | View |
| 2015 | 2025-01-22 | PTBA proposes forming body to evaluate pending tax cases | View |
| 2016 | 2025-01-22 | FBR INITIATES OFFICER SELECTION FOR CARS AND CASH INCENTIVES | View |
| 2017 | 2025-01-22 | HONDA PAKISTAN REPORTS 296% PROFIT RISE AHEAD MAJOR FBR DEAL | View |
| 2018 | 2025-01-22 | FBR CALLS FOR CUSTOMS DUTY PROPOSALS FOR BUDGET 2025-26 | View |
| 2019 | 2025-01-22 | FACELESS CUTS CUSTOMS CLEARANCE TIME BY 83%: CHIEF COLLECTOR | View |
| 2020 | 2025-01-22 | IRSOA SET TO BOYCOTT FBR’S RATING AND REWARD SYSTEM | View |
| 2021 | 2025-01-21 | FTO PRESENTS ANNUAL REPORT TO PRESIDENT | View |
| 2022 | 2025-01-21 | LHC Rejects FBR’s Income Tax Reference | View |
| 2023 | 2025-01-21 | FBR Directed to Address Excessive Tax on Electricity Bills | View |
| 2024 | 2025-01-21 | Complaints Against FBR Surge 51% in 2024: FTO | View |
| 2025 | 2025-01-21 | FBR Secures Rs 200 Billion Tax From Property Transactions | View |
| 2026 | 2025-01-21 | PTA Urges Telecom Consumers to Pay FBR Taxes for Registration | View |
| 2027 | 2025-01-21 | FBR Updates Rules for Sales Tax Registration | View |
| 2028 | 2025-01-21 | Pakistan Grants Rs 91 Billion Income Tax Exemptions to Foreigners | View |
| 2029 | 2025-01-21 | FBR Sets January 31 Deadline for Budget Proposals 2025-26 | View |
| 2030 | 2025-01-21 | RTO-1 Karachi Seals Toy Shop for POS Non-Compliance | View |
| 2031 | 2025-01-20 | New Tax Laws to Abolish Higher Tax Rates on Non-Filers | View |
| 2032 | 2025-01-20 | FBR TESTS NEW SYSTEM FOR RATING AND REWARDS | View |
| 2033 | 2025-01-20 | PETROLEUM PRODUCTS DRAIN RS 1.42 TRILLION IN TAXES: FBR | View |
| 2034 | 2025-01-20 | FBR PRIORITIZES TAX COLLECTION AND BROADENING FOR BUDGET 2025-26 | View |
| 2035 | 2025-01-20 | FBR ACHIEVES HISTORIC MILESTONE WITH 6 MILLION ACTIVE TAXPAYERS | View |
| 2036 | 2025-01-20 | NEW TAX LAWS TO ABOLISH HIGHER TAX RATES ON NON-FILERS | View |
| 2037 | 2025-01-20 | FBR TO INCENTIVIZE WHISTLEBLOWERS IN SALES TAX EVASION CASES | View |
| 2038 | 2025-01-19 | FBR Acquires 5-Year Data on Car Purchases by Non-Filers | View |
| 2039 | 2025-01-19 | FBR Disallows Sales Tax Refund Claims Filed After One Year | View |
| 2040 | 2025-01-18 | FBR to Pay Interest at KIBOR for Delayed Sales Tax Refunds | View |
| 2041 | 2025-01-18 | Sindh Initiates Real-Time Property Transaction Sharing with FBR | View |
| 2042 | 2025-01-18 | Transit Trade Monitoring Debacle: Call for Thorough Probe | View |
| 2043 | 2025-01-17 | CUSTOMS TRIBUNAL RULES IN FAVOUR OF VEHICLE OWNER, WAIVES PENALTY | View |
| 2044 | 2025-01-17 | TAX REBATE FOR FULL-TIME TEACHERS: FBR DIRECTED TO ISSUE DETAILED IT EXPLANATORY CIRCULAR | View |
| 2045 | 2025-01-17 | STZA LICENCEES SHOULD OBTAIN REGISTRATION UNDER PSW: FBR | View |
| 2046 | 2025-01-17 | PUNJAB GOVT INTRODUCES NEW PROPERTY TAX SYSTEM | View |
| 2047 | 2025-01-17 | FBR FORMALLY ISSUES AZERBAIJAN-PAKISTAN TRANSIT TRADE RULES | View |
| 2048 | 2025-01-17 | PM SHEHBAZ WARNS FBR: NO TOLERANCE FOR FALSE CASES | View |
| 2049 | 2025-01-17 | PM SHEHBAZ ORDERS MODERN CARGO SCANNERS TO CURB SMUGGLING | View |
| 2050 | 2025-01-17 | NEW PROPERTY TAX MECHANISM INTRODUCED BY PUNJAB | View |
| 2051 | 2025-01-16 | LCCI PUSHES FOR REAL ESTATE TAX REFORMS | View |
| 2052 | 2025-01-16 | MODES OF NOTICE SERVICE UNDER SALES TAX ACT | View |
| 2053 | 2025-01-16 | EXTENSIVE TOOLS EMPOWER IR OFFICERS FOR TAX RECOVERY | View |
| 2054 | 2025-01-16 | FBR ESTABLISHES DATA GOVERNANCE OFFICE | View |
| 2055 | 2025-01-15 | TIER-I RETAILERS: FBR LURES CUSTOMERS OVER REPORTING ‘UNVERIFIED INVOICES’ | View |
| 2056 | 2025-01-15 | PRA SET TO EXPAND TAX NET | View |
| 2057 | 2025-01-15 | FBR UNVEILS ARREST GUIDELINES FOR INLAND REVENUE OFFICERS | View |
| 2058 | 2025-01-15 | FBR WORKFORCE ACCOUNTS FOR ONLY 2% OF TOTAL TAX COLLECTION | View |
| 2059 | 2025-01-15 | PAKISTAN TO EXTEND REGULATORY DUTY ON STEEL PRODUCTS | View |
| 2060 | 2025-01-14 | PUNJAB EXPANDS BROADENING OF TAX BASE TO DISTRICT LEVEL | View |
| 2061 | 2025-01-14 | SENATE TAKES NOTICE OF FBR’S PROCUREMENT OF 1,010 HONDA CARS | View |
| 2062 | 2025-01-14 | FINANCIAL SECTOR EMERGES AS LARGEST BENEFICIARY OF TAX RELIEF: FBR | View |
| 2063 | 2025-01-14 | FTO DIRECTS FBR TO CLARIFY TAX DEDUCTION ON INTERNET USAGE | View |
| 2064 | 2025-01-14 | FBR ACTIVATES INTERNATIONAL CENTRE OF TAX EXCELLENCE | View |
| 2065 | 2025-01-13 | PAKISTAN CUSTOMS DECIDES PEPSI COLA CLASSIFICATION CASE | View |
| 2066 | 2025-01-13 | AURANGZEB CONFIDENT OVER ACHIEVING FY25 TAX COLLECTION TARGET | View |
| 2067 | 2025-01-13 | PM SHEHBAZ WANTS ARTIFICIAL INTELLIGENCE FOR CUSTOMS CLEARANCE | View |
| 2068 | 2025-01-13 | TAXPAYER MONEY DRIVES HEATED DEBATE ON FBR HONDA CAR FLEET | View |
| 2069 | 2025-01-12 | FBR PURCHASES 1,010 HONDA CITY 1.2 L TO BOOST TAX ENFORCEMENT | View |
| 2070 | 2025-01-12 | PM SHEHBAZ SETS RS15M REWARD FOR FACELESS CUSTOMS ROLLOUT | View |
| 2071 | 2025-01-12 | GOVERNMENT TO MAKE SHOPPING DIFFICULT FOR NON-FILERS: FBR CHIEF | View |
| 2072 | 2025-01-12 | LTO KARACHI LAUNCHES SQUAD TO TACKLE TAX EVASION | View |
| 2073 | 2025-01-11 | TPL ADMITS FAILURE IN PROVIDING SATELLITE SERVICES: FBR | View |
| 2074 | 2025-01-11 | HOW MUCH YOU PAY DEFAULT SURCHARGE FOR TAX PAYMENT FAILURE? | View |
| 2075 | 2025-01-11 | TAX DEPT’S ‘COERCIVE’ MEASURES AGAINST SOES CHALLENGED | View |
| 2076 | 2025-01-11 | SALES TAX ACT EMPOWERS IR OFFICERS TO ARREST AND PROSECUTE | View |
| 2077 | 2025-01-11 | FBR AGREES TO TAX RELIEF ON PROPERTY TRANSACTIONS | View |
| 2078 | 2025-01-10 | CARGO CONTAINERS FOR AFGHANISTAN: FBR’S DECISION TO END SATELLITE TRACKING IRKS PBC | View |
| 2079 | 2025-01-10 | FORUM SETS ASIDE FTO’S ORDER AGAINST IR OFFICIAL | View |
| 2080 | 2025-01-10 | FBR ENHANCES TAX SYSTEM WITH TELECOM DATA INTEGRATION | View |
| 2081 | 2025-01-10 | EVADE TAX, FACE 10 YEARS: FBR SENDS STERN MESSAGE | View |
| 2082 | 2025-01-10 | PM SHEHBAZ ORDERS SWIFT RESOLUTION OF FBR LEGAL CASES | View |
| 2083 | 2025-01-10 | FBR UNEARTHS RS106B MONEY LAUNDERING IN SOLAR PANEL IMPORTS | View |
| 2084 | 2025-01-09 | FBR INVITES PROPOSALS FOR BUDGET FY2025-26 | View |
| 2085 | 2025-01-09 | ‘FTO DISPOSES OF RECORD-BREAKING 12,914 COMPLAINTS IN 2024’ | View |
| 2086 | 2025-01-09 | KARACHI SHARES 46% OF FBR TOTAL REVENUE COLLECTION IN FY24 | View |
| 2087 | 2025-01-09 | HYDERABAD CUSTOMS ANNOUNCES AUCTION OF NON-DUTY PAID VEHICLES | View |
| 2088 | 2025-01-09 | FBR ENDS SUBSTANDARD CARGO TRACKING, INITIATES NEW PROCESS | View |
| 2089 | 2025-01-09 | RTO-I KARACHI CRACKS DOWN ON SIX MORE WEDDING HALLS | View |
| 2090 | 2025-01-09 | PBC CRITICIZES TERMINATION OF TRANSIT CARGO SATELLITE TRACKING | View |
| 2091 | 2025-01-09 | HARSH PENALTIES ANNOUNCED FOR OBSTRUCTING FBR OFFICIALS | View |
| 2092 | 2025-01-08 | SINDH PA PASSES RESOLUTION AGAINST RISING TOLL TAXES | View |
| 2093 | 2025-01-08 | FBR REPORTS ALARMING RISE IN SALES TAX REFUND DELAYS | View |
| 2094 | 2025-01-08 | FBR ATL GAPS: 38% FROM 13.45M REGISTERED TAXPAYERS | View |
| 2095 | 2025-01-08 | FBR, AGPR AT ODDS OVER SPECIAL CUSTOMS DUTY FIGURES | View |
| 2096 | 2025-01-08 | PM SHEHBAZ LAUNCHES FACELESS CUSTOMS ASSESSMENT SYSTEM | View |
| 2097 | 2025-01-08 | COMMERCE MINISTRY SETS DEADLINE FOR BUDGET PROPOSALS 2025-26 | View |
| 2098 | 2025-01-07 | PITB BEGINS PROCESS FOR E-AUCTION OF VEHICLE NUMBERS | View |
| 2099 | 2025-01-07 | FTO LAHORE RESOLVES 2442 COMPLAINTS IN 2024 | View |
| 2100 | 2025-01-07 | CRAFTING BUDGET 2025-26: FBR’S CALL FOR BOLD IDEAS | View |
| 2101 | 2025-01-07 | FBR COMPLETES 100% AUTOMATION OF KEY PROCESSES | View |
| 2102 | 2025-01-07 | LTO KARACHI MAINTAINS TOP SPOT AS FBR’S LEADING TAX COLLECTOR | View |
| 2103 | 2025-01-06 | VEHICLE TAX DEADLINE EXTENDED | View |
| 2104 | 2025-01-06 | STOCK BROKERS RAISE CONCERNS OVER PROPOSED SECTION 114C | View |
| 2105 | 2025-01-06 | ATIR DISMISSES NON-RESIDENT’S TAX APPEAL ON TECHNICAL GROUNDS | View |
| 2106 | 2025-01-06 | SHC DIRECTS FBR TO DISCLOSE NAB CASES AGAINST TAX OFFICERS | View |
| 2107 | 2025-01-06 | MONETARY PENALTY PRESCRIBED FOR FALSIFYING SALES TAX RECORDS | View |
| 2108 | 2025-01-06 | FBR IMPOSES PENALTY FOR FAILURE TO REGISTER FOR SALES TAX | View |
| 2109 | 2025-01-05 | ATIR REFERS CASE TO FBR CHIEF AGAINST ASSESSING OFFICERS | View |
| 2110 | 2025-01-05 | TAX EXPERTS QUESTION NEW ELIGIBILITY CRITERIA FOR PROPERTY TRANSACTIONS | View |
| 2111 | 2025-01-05 | SALES TAX DEPOSIT FAILURE TO ATTRACT THREE-YEAR JAIL | View |
| 2112 | 2025-01-05 | FBR TO IMPOSE STIFF FINES FOR SALES TAX RETURN OFFENSES | View |
| 2113 | 2025-01-04 | FBR TIGHTENS REINS: FULL SALES DETAILS NOW COMPULSORY | View |
| 2114 | 2025-01-04 | ST RETURN FILING DEADLINE? FBR REVEALS EXTENSION SECRETS | View |
| 2115 | 2025-01-03 | DEC SRB COLLECTION GROWS 27PC YOY | View |
| 2116 | 2025-01-03 | TAX DEPT SUGGESTS CAA TO OPT FOR ADR PATH TO CLAIM TAX EXEMPTION | View |
| 2117 | 2025-01-03 | TAX REDUCTIONS CAN HELP BOOST SALES: APCMA: DEC DOMESTIC CEMENT DESPATCHES FALL 4.76PC YOY | View |
| 2118 | 2025-01-03 | ATIR URGES FBR TO ACT EFFICIENTLY IN EXECUTING TAX DEMANDS | View |
| 2119 | 2025-01-03 | KPRA COLLECTS RS24.2BN IN SIX MONTHS OF FY25 | View |
| 2120 | 2025-01-02 | FTO RESOLVES 12941 COMPLAINTS IN 2024 | View |
| 2121 | 2025-01-02 | PRA ACHIEVES 16.16PC GROWTH | View |
| 2122 | 2025-01-02 | PRA ACHIEVES 16.16PC GROWTH | View |
| 2123 | 2025-01-02 | TAX REVENUE: PUNJAB COLLECTS RS650BN THROUGH E-PAY | View |
| 2124 | 2025-01-02 | SECTION 21 OF THE SALES TAX ACT, 1990: SUSPENSION OF REGISTRATION | View |
| 2125 | 2025-01-01 | COCOA POWDER IMPORTERS FAIL TO CLAIM EXEMPTION | View |
| 2126 | 2025-01-01 | ERSTWHILE TRIBAL AREAS: PALSP URGES GOVT TO WITHDRAW ‘UNFAIR’ TAX EXEMPTION | View |
| 2127 | 2025-01-01 | FBR SEALS TWO FAMOUS BAKERIES IN KARACHI FOR POS VIOLATION | View |
| 2128 | 2024-12-31 | PAKISTAN WAIVES CUSTOMS DUTY ON 261 ITEMS FOR D-8 COUNTRIES | View |
| 2129 | 2024-12-31 | FBR TO COLLECT RS 70 BILLION FROM BANKS AS TAX LAWS PROMULGATED | View |
| 2130 | 2024-12-31 | FBR TO DISCONTINUE GAS AND ELECTRICITY ON TAX NON-COMPLIANCE | View |
| 2131 | 2024-12-29 | CUSTOMS CLASSIFICATION BODY ISSUES NEW VALUATION RULING | View |
| 2132 | 2024-12-29 | BANKS PAY PRICE FOR ADR TAX REMOVAL: ANALYSTS | View |
| 2133 | 2024-12-29 | POWER OF TAX AUTHORITIES TO MODIFY ORDERS UNDER STA 1990 | View |
| 2134 | 2024-12-29 | FBR CAN RECOVER SHORT PAID SALES TAX WITHOUT NOTICE | View |
| 2135 | 2024-12-28 | RTO-1 KARACHI SEALS 19 RETAIL OUTLETS FOR POS VIOLATIONS | View |
| 2136 | 2024-12-28 | TAX VIOLATIONS: CRACKDOWN AGAINST MARRIAGE HALLS LAUNCHED | View |
| 2137 | 2024-12-28 | FBR SUSPENDS FOUR CUSTOMS OFFICIALS FOR RULE VIOLATIONS | View |
| 2138 | 2024-12-27 | INDIA CONSIDERS CUTTING PERSONAL INCOME TAX TO LIFT CONSUMPTION | View |
| 2139 | 2024-12-27 | HNWIS TO BE TAXED: AURANGZEB UNVEILS FBR DIGITISATION STRATEGY | View |
| 2140 | 2024-12-27 | RTO-1 KARACHI TARGETS TAX-EVADING WEDDING HALLS | View |
| 2141 | 2024-12-27 | FBR, NADRA IDENTIFY 4.9M AFFLUENT INDIVIDUALS FOR TAX EXPANSION | View |
| 2142 | 2024-12-27 | TAX BILL UNLIKELY TO IMPACT STOCK MARKET: ANALYSTS | View |
| 2143 | 2024-12-27 | FINANCE MINISTRY EXPOSES ALARMING FBR REVENUE SHORTFALL | View |
| 2144 | 2024-12-26 | FBR EXPLAINS JOINT AND SEVERAL LIABILITY ON UNPAID TAX | View |
| 2145 | 2024-12-26 | FBR ALLOWS REFUNDS OF INPUT TAX UNDER SALES TAX ACT | View |
| 2146 | 2024-12-26 | FBR Uncovers 190,000 Tax Evaders, Rs 60 Bn at Risk: Aurangzeb | View |
| 2147 | 2024-12-26 | Citizens Face Tax Penalty on Non-Banking Property Deals | View |
| 2148 | 2024-12-26 | PAKISTAN’S TOP 5% EARNERS LIABLE TO PAY RS1.6TRN IN TAXES, SAYS FBR CHIEF | View |
| 2149 | 2024-12-26 | FBR DISMISSES CUSTOMS INSPECTOR IN MISCONDUCT CASE | View |
| 2150 | 2024-12-26 | FBR INTRODUCES POINT SCORING SYSTEM FOR CUSTOMS AGENTS | View |
| 2151 | 2024-12-26 | PTBA RECOMMENDS 2FA FOR TAXPAYERS LOGIN SECURITY ON IRIS | View |
| 2152 | 2024-12-26 | CITIZENS FACE TAX PENALTY ON NON-BANKING PROPERTY DEALS | View |
| 2153 | 2024-12-25 | FBR ANNOUNCES SPECIAL YEAR-END TAX COLLECTION MEASURES | View |
| 2154 | 2024-12-25 | FBR ACHIEVES 135% GROWTH IN CAPITAL GAINS TAX COLLECTION | View |
| 2155 | 2024-12-25 | TAX BARS CALL ON FBR TO ABANDON PASSWORD EXPIRY POLICY | View |
| 2156 | 2024-12-25 | CITIZENS RELUCTANT TO ENGAGE WITH TAX AUTHORITIES: AURANGZEB | View |
| 2157 | 2024-12-24 | PUNJAB GOVT EXTENDS SCOPE OF SSTR TO 2 MORE SECTORS | View |
| 2158 | 2024-12-24 | FBR ESTABLISHES WELFARE CELL FOR FAMILIES OF DECEASED OFFICERS | View |
| 2159 | 2024-12-23 | KPRA SLAPS FINE ON FAMOUS RESTAURANT KPRA SLAPS FINE ON FAMOUS RESTAURANT | View |
| 2160 | 2024-12-23 | FBR RECORDS 95% SURGE IN TAX COLLECTION ON DIVIDEND PAYOUTS | View |
| 2161 | 2024-12-23 | ATL SOARS TO 5.83 MILLION FOR TAX YEAR 2024: FBR | View |
| 2162 | 2024-12-23 | FBR CLARIFIES TAX CREDIT RESTRICTIONS FOR SUPPLIES | View |
| 2163 | 2024-12-22 | IMPOSITION OF AGRI TAX FROM JAN 2025: EXPERTS URGE NEED TO ENGAGE RURAL YOUTH IN AGRI PRODUCTIVE ACTIVITIES | View |
| 2164 | 2024-12-22 | SALES TAX REGISTERED PERSONS ALLOWED INPUT DEDUCTION | View |
| 2165 | 2024-12-22 | CONSTITUTIONAL CLASH: TAX BILL AMENDMENTS SPARK DEBATE | View |
| 2166 | 2024-12-21 | TAX LAWS (AMENDMENT) BILL, 2024: COMMENTS | View |
| 2167 | 2024-12-21 | PM SHEHBAZ DIRECTS STERN ACTION AGAINST TAX EVADERS | View |
| 2168 | 2024-12-21 | COMMITTEE FORMED TO DEVELOP TAXATION FRAMEWORK FOR NMDS | View |
| 2169 | 2024-12-21 | COMMITTEE FORMED TO DEVELOP TAXATION FRAMEWORK FOR NMDS | View |
| 2170 | 2024-12-21 | TAX BILL PROPOSES RESTRICTIONS ON VARIOUS TRANSACTIONS | View |
| 2171 | 2024-12-21 | FBR TO GAIN UNPRECEDENTED ACCESS TO BANK DATA | View |
| 2172 | 2024-12-21 | ONLY ELIGIBLE PERSONS TO MAKE FINANCIAL TRANSACTIONS IN PAKISTAN | View |
| 2173 | 2024-12-20 | PROPOSED TAX AMENDMENTS TO BOLSTER CASH ECONOMY: EXPERTS | View |
| 2174 | 2024-12-20 | PTBA DEMANDS ACCOUNTABILITY IN UTILIZATION OF TAXPAYERS MONEY | View |
| 2175 | 2024-12-20 | FBR ISSUES WORK SCHEDULE ON HOLIDAYS FOR TAX OFFICES | View |
| 2176 | 2024-12-19 | FEDERAL TAX LAWS: TAXPAYERS’ RIGHTS FULLY PROTECTED: FTO | View |
| 2177 | 2024-12-19 | PAKISTAN PROHIBITS BANK CASH WITHDRAWALS FOR TAX DODGERS | View |
| 2178 | 2024-12-18 | WHAT IS TAX LAWS (AMENDMENT) BILL, 2024 INTRODUCED IN NATIONAL ASSEMBLY? | View |
| 2179 | 2024-12-18 | TAX LAWS (AMENDMENT) BILL, 2024: NO INPUT TAX ADJUSTMENT | View |
| 2180 | 2024-12-18 | PAKISTAN PROPOSES HARSH ACTIONS FOR SALES TAX REGISTRATION FAILURE | View |
| 2181 | 2024-12-18 | TAX LAWS (AMENDMENT) BILL, 2024: PROPERTY TRANSFER RESTRICTION | View |
| 2182 | 2024-12-18 | TAX LAWS (AMENDMENT) BILL, 2024: BAR ON BANK ACCOUNT OPERATIONS | View |
| 2183 | 2024-12-18 | FBR SET TO BAN CASH WITHDRAWALS BY NON-FILERS | View |
| 2184 | 2024-12-18 | FBR HALTS ISSUANCE OF NOC FOR SPECIALIZED TRUSTS | View |
| 2185 | 2024-12-17 | SUGAR MILLS TAX EVASION: FBR ISSUES NOTIFICATION ON SUSPENSION OF 9 IR OFFICIALS | View |
| 2186 | 2024-12-17 | FBR CLARIFIES SALES TAX TREATMENT IN CASE OF RATE CHANGE | View |
| 2187 | 2024-12-17 | FBR INTEGRATES FMCG SECTOR WITH DIGITAL INVOICING SYSTEM | View |
| 2188 | 2024-12-16 | AURANGZEB LAUDS FORMAL SECTOR FOR BEARING TAX BURDEN | View |
| 2189 | 2024-12-16 | FBR LISTS GOODS FOR ZERO RATING OF SALES TAX FOR TY 2025 | View |
| 2190 | 2024-12-16 | LTO KARACHI HITS RECORD RS 1.11 TRILLION MILESTONE IN 5MFY25 | View |
| 2191 | 2024-12-16 | FBR CONFIRMS DEC 31 AS RETURN FILING DEADLINE FOR COMPANIES | View |
| 2192 | 2024-12-15 | FBR IMPOSES 24% TAX ON BROKERAGE COMMISSION FOR NON-ATL | View |
| 2193 | 2024-12-15 | FBR CLARIFIES TREATMENT OF COLLECTION OF EXCESS SALES TAX | View |
| 2194 | 2024-12-15 | PAKISTAN MAINTAINS REGULAR SALES TAX RATE AT 18% | View |
| 2195 | 2024-12-15 | FBR CRACKS DOWN ON TAX EVASION IN SUGAR MILLS | View |
| 2196 | 2024-12-14 | FBR STARTS CUSTOMS GOODS ASSESSMENT THROUGH FACELESS SYSTEM | View |
| 2197 | 2024-12-14 | FBR TAKES DISCIPLINARY ACTION, SUSPENDS NINE IR OFFICIALS | View |
| 2198 | 2024-12-13 | FBR ISSUES GUIDELINES FOR NOTICES ON UNEXPLAINED INCOME | View |
| 2199 | 2024-12-13 | BANKS OFFER CHEAPER LOANS TO BOOST ADR RATIOS | View |
| 2200 | 2024-12-12 | KTBA ELECTS NEW OFFICE-BEARERS | View |
| 2201 | 2024-12-12 | SUVS/EVS: FBR CHAIRMAN BRIEFS SENATE BODY ON CHARGEABILITY OF FED | View |
| 2202 | 2024-12-12 | WHO QUALIFIES AS A TIER-1 RETAILER UNDER THE SALES TAX ACT, 1990? | View |
| 2203 | 2024-12-12 | FBR REMOVES CONFUSION REGARDING TIME OF SUPPLY FOR SALES TAX | View |
| 2204 | 2024-12-12 | FBR EXPLAINS FEDERAL EXCISE DUTY ON ELECTRIC VEHICLES | View |
| 2205 | 2024-12-12 | PM SHEHBAZ CONSTITUTES PROBE TEAM FOR SALES TAX FRAUDS | View |
| 2206 | 2024-12-11 | 9,900 OUT OF 10,515 COMPLAINTS RESOLVED: FTO | View |
| 2207 | 2024-12-11 | BANKING SECTOR’S ADR CLIMBS TO NEARLY 48% AS OF NOV 29 | View |
| 2208 | 2024-12-11 | ‘CLEVER’ TAXPAYER FAILS TO BYPASS ESTABLISHED PROCEDURES | View |
| 2209 | 2024-12-11 | ALI A. RAHIM ELECTED UNOPPOSED AS KTBA PRESIDENT | View |
| 2210 | 2024-12-11 | FBR CLARIFIES AMENDMENTS TO BAGGAGE RULES | View |
| 2211 | 2024-12-11 | FBR UPDATES DEFINITION OF SALES TAX FRAUD | View |
| 2212 | 2024-12-10 | FBR DESIGNATES 34 BANKS AS SWAPS WITHHOLDING TAX AGENTS | View |
| 2213 | 2024-12-10 | FBR LAUNCHES FACELESS CUSTOMS ASSESSMENT FOR TRADE EASE | View |
| 2214 | 2024-12-09 | RELIEF FROM FOREIGN DOUBLE TAXATION FOR RESIDENT PERSONS | View |
| 2215 | 2024-12-09 | FBR PROVIDES PROCEDURE FOR CLAIMING FOREIGN TAX CREDIT | View |
| 2216 | 2024-12-09 | FBR PUBLISHES NAMES OF 5.7 MILLION ACTIVE TAXPAYERS | View |
| 2217 | 2024-12-09 | FBR AMENDS BAGGAGE RULES, ISSUES SRO 2028 | View |
| 2218 | 2024-12-09 | GOVT. WEIGHS TAX SCHEMES FOR BANKS AMID ADR CONCERNS | View |
| 2219 | 2024-12-09 | PAKISTAN CUSTOMS ESTABLISHES MINIMUM EXPORT VALUE FOR KINO | View |
| 2220 | 2024-12-08 | FBR DEFINES RESIDENT INDIVIDUAL FOR TAX PURPOSESFBR DEFINES RESIDENT INDIVIDUAL FOR TAX PURPOSES | View |
| 2221 | 2024-12-08 | SPECIAL PROCEDURE FOR COLLECTION OF CAPITAL GAINS TAX | View |
| 2222 | 2024-12-08 | FBR DIRECTS PSX INVESTORS TO MAINTAIN COMPREHENSIVE RECORDS | View |
| 2223 | 2024-12-08 | FBR RESTRICTS ENTERTAINMENT EXPENDITURES FOR TAX ADJUSTMENTS | View |
| 2224 | 2024-12-07 | IHC HALTS FINAL APPOINTMENTS OF ATIR MEMBERS | View |
| 2225 | 2024-12-07 | TAX TREATMENT OF BONUS SHARES FOR TAX YEAR 2025 | View |
| 2226 | 2024-12-07 | PSW PARTNERS WITH ALIBABA TO DEVELOP E-COMMERCE MODULE | View |
| 2227 | 2024-12-06 | FBR UPDATES TAX RATES ON PROPERTY PURCHASE FOR TY 2025 | View |
| 2228 | 2024-12-06 | COMMITTEES FORMED FOR PROCUREMENTS AT FBR | View |
| 2229 | 2024-12-06 | FBR INSTRUCTS CCIRS TO FACILITATE OVERSEAS PAKISTANIS IN ONE DAY | View |
| 2230 | 2024-12-06 | FBR ISSUES RULES FOR AZERBAIJAN-PAKISTAN TRANSIT TRADE | View |
| 2231 | 2024-12-06 | FBR EXPANDS SINGLE SALES TAX RETURN TO TWO NEW SECTORS | View |
| 2232 | 2024-12-06 | FBR SETS DEADLINE FOR CORPORATE 2024 RETURN FILING | View |
| 2233 | 2024-12-05 | NATIONAL TAX COUNCIL MEETS TO DISCUSS TAX REFORMS, HARMONISATION | View |
| 2234 | 2024-12-05 | OMBUDSMAN INSTITUTIONS: FTO UNVEILS PROGRAMME TO FOSTER GLOBAL CO-OPERATION | View |
| 2235 | 2024-12-05 | NTC REVIEWS PROVINCIAL TAX REFORMS | View |
| 2236 | 2024-12-05 | ADVANCE TAX ON RETAILERS, DISTRIBUTORS, WHOLESALERS EXPLAINED | View |
| 2237 | 2024-12-05 | PSW SHARES UPCOMING INTEGRATIONS FOR SWIFT CLEARANCE | View |
| 2238 | 2024-12-04 | NTC REVIEWS AGRICULTURE, PROPERTY TAXATION STRATEGIES | View |
| 2239 | 2024-12-04 | TAX RATES FOR FOREIGN TV PLAYS, ADVERTISEMENTS IN PAKISTAN | View |
| 2240 | 2024-12-04 | FBR ESTABLISHES PROCUREMENT COMMITTEES FOR TRANSFORMATION PLAN | View |
| 2241 | 2024-12-04 | FBR MANDATES FORENSIC LAB TESTS FOR VEHICLE AUCTIONS | View |
| 2242 | 2024-12-04 | AURANGZEB VOWS SUPPORT FOR SMALL TRADERS IN TAX REFORMS | View |
| 2243 | 2024-12-03 | ADVANCE TAX ON MARRIAGE FUNCTIONS UPDATED FOR TAX YEAR 2025 | View |
| 2244 | 2024-12-03 | FBR IMPLEMENTS NEW TAX RATES ON SALE OF IMMOVABLE PROPERTY | View |
| 2245 | 2024-12-03 | PROVINCES MISS DEADLINE TO AMEND AGRICULTURAL TAX LAWS | View |
| 2246 | 2024-12-02 | ATIR REJECTS FBR APPEAL AGAINST SUPERNET ON TECHNICAL GROUNDS | View |
| 2247 | 2024-12-02 | KCCI DEMANDS REMOVAL OF MRP TEA VALUATION FOR TAX COLLECTION | View |
| 2248 | 2024-12-02 | FBR AMENDS RULES FOR TEMPORARY IMPORT OF VEHICLES | View |
| 2249 | 2024-12-02 | FBR ADDS 0.3 MILLION ACTIVE TAXPAYERS TO ATL FOR 2024 IN NOVEMBER | View |
| 2250 | 2024-12-01 | FBR IMPLEMENTS SUNDAY RESHUFFLE OF IRS OFFICERS | View |
| 2251 | 2024-12-01 | ADVANCE INCOME TAX ON PROPERTY AUCTIONS FOR TY 2025 | View |
| 2252 | 2024-12-01 | TAX ON TELEPHONE AND INTERNET USERS IN PAKISTAN FOR TY 2025 | View |
| 2253 | 2024-12-01 | FAKE SALES TAX INVOICES LAND CFOS IN HOT WATER WITH FBR | View |
| 2254 | 2024-12-01 | FBR FACES EXPANDING REVENUE SHORTFALL IN NOVEMBER 2024 | View |
| 2255 | 2024-12-01 | Minute sheets in tax assessment issue: IHC issues notices to FTO, FBR chief, others | View |
| 2256 | 2024-11-30 | FBR COLLECTS RS837BN TAX IN NOV | View |
| 2257 | 2024-11-29 | IMMOVABLE PROPERTIES IN KARACHI: NO CUT IN VALUES OFFERED IN NEW VALUATION TABLE | View |
| 2258 | 2024-11-29 | FBR GRANTS TAX EXEMPTION TO OVERSEAS PAKISTANIS ON PROPERTIES | View |
| 2259 | 2024-11-29 | FBR URGES SBP TO ENSURE TAX PAYMENT SATURDAY ARRANGEMENTS | View |
| 2260 | 2024-11-29 | FBR ANTICIPATES REVENUE SHORTFALL DUE TO POLITICAL TURMOIL | View |
| 2261 | 2024-11-29 | KARACHI’S LARGE TAXPAYERS PAY RS 12.50 BILLION ELECTRICITY TAX | View |
| 2262 | 2024-11-29 | OVER 1,500 EXPORTERS AVAIL DUTY-FREE FACILITATION SCHEME: FBR | View |
| 2263 | 2024-11-28 | PTBA DEMANDS DATA SHARING ON DIGITAL TRANSFORMATION PROGRESS | View |
| 2264 | 2024-11-28 | FBR WITHDRAWS PROPERTY VALUATION REBATES IN KARACHI | View |
| 2265 | 2024-11-28 | FBR INITIATES REGISTRATION OF 1.35 MILLION POTENTIAL TAXPAYERS | View |
| 2266 | 2024-11-28 | CARPET MANUFACTURERS SEEK URGENT CUSTOMS DUTY RELIEF | View |
| 2267 | 2024-11-27 | TAX COLLECTION FROM NEW CAR REGISTRATIONS JUMPS 111% IN 4MFY25 | View |
| 2268 | 2024-11-27 | TAX COLLECTION FROM CASH WITHDRAWALS DROPS 21% IN OCTOBER 2024 | View |
| 2269 | 2024-11-26 | ADVANCE TAX IMPOSED ON FOREIGN DOMESTIC WORKERS IN PAKISTAN | View |
| 2270 | 2024-11-26 | PAKISTAN, WORLD BANK DISCUSS TAX POLICY FRAMEWORK | View |
| 2271 | 2024-11-26 | FBR STRUGGLES AS POLITICAL PROTESTS UNDERMINE REVENUE GOALS | View |
| 2272 | 2024-11-25 | SBA OPPOSES INCREASE IN PROPERTY TAX | View |
| 2273 | 2024-11-25 | ADVANCE TAX ON MOTOR VEHICLES IN PAKISTAN FOR TY 2024-25 | View |
| 2274 | 2024-11-25 | FBR ASKS BANKS TO COLLECT 0.6% TAX ON NON-ATL CASH WITHDRAWAL | View |
| 2275 | 2024-11-24 | FBR OUTLINES ARREST PROTOCOL FOR TAX DEFAULTERS | View |
| 2276 | 2024-11-24 | TAX OFFICIALS EMPOWERED TO ARREST FOR INCOME CONCEALMENT | View |
| 2277 | 2024-11-24 | PHC RULES AGAINST PAY ORDER REQUIREMENT FOR TAX EXEMPTION | View |
| 2278 | 2024-11-22 | FALSE TAX STATEMENTS COULD LEAD TO TWO YEARS IN JAIL: FBR | View |
| 2279 | 2024-11-22 | FBR OUTLINES PROCEDURE FOR REACTIVATING MOBILE PHONE SIMS | View |
| 2280 | 2024-11-22 | PUNJAB SET TO INTEGRATE E-IMS SYSTEM WITH POS SYSTEM | View |
| 2281 | 2024-11-21 | FBR GIVES LEGAL COVER TO PM APPROVED REWARDS TO IR OFFICIALS | View |
| 2282 | 2024-11-21 | LTOS, MTOS & RTOS TO WORK ON 23RD, 30TH | View |
| 2283 | 2024-11-21 | RTO’S ONLINE OPEN COURT FOR TAXPAYERS ON FRIDAY | View |
| 2284 | 2024-11-21 | RTO ISLAMABAD SEALS FIVE RESTAURANTS FOR ISSUING FAKE INVOICE | View |
| 2285 | 2024-11-20 | CURBS ON IRANIAN BORDER TRADE AFFECT FBR COLLECTION | View |
| 2286 | 2024-11-20 | TAX-RELATED ISSUES TO BE RESOLVED ON PRIORITY: FTO | View |
| 2287 | 2024-11-20 | FBR ANNOUNCES NORMAL WORKING DAYS FOR NOVEMBER SATURDAYS | View |
| 2288 | 2024-11-19 | SDPI HOLDS SEMINAR: SPEAKERS HIGHLIGHT NEED FOR ROBUST TOBACCO TAX POLICY | View |
| 2289 | 2024-11-19 | SUGAR SECTOR: PM ORDERS CRACKDOWN ON TAX EVADERS, HOARDERS | View |
| 2290 | 2024-11-19 | PM SHEHBAZ ORDERS CRACKDOWN ON SUGAR SECTOR TAX EVASION | View |
| 2291 | 2024-11-19 | FBR CHAIRMAN BRIEFS WORLD BANK ON TRANSFORMATION PLAN | View |
| 2292 | 2024-11-19 | FBR SET TO PROSECUTE BANKS FOR INCOMPLETE DECLARATIONS | View |
| 2293 | 2024-11-18 | FBR ANNOUNCES CHANGES IN CUSTOMS FORMATION NOMENCLATURE | View |
| 2294 | 2024-11-18 | PORT CONGESTION WORSENS AMID GREEN CHANNEL POLICY CHANGES | View |
| 2295 | 2024-11-18 | FBR UPDATES ACTIVE TAXPAYERS LIST FOR 2024 TO 5.52 MILLION | View |
| 2296 | 2024-11-17 | NON-FILING OF TAX RETURNS A PUNISHABLE OFFENSE IN PAKISTAN: FBR | View |
| 2297 | 2024-11-17 | FBR HIGHLIGHTS SIGNIFICANCE OF SECTION 182A FOR NON-FILERS | View |
| 2298 | 2024-11-17 | RTO HYDERABAD SEIZES NON-DUTY PAID CIGARETTES CACHE | View |
| 2299 | 2024-11-16 | FORMER SENIOR VP FPCCI UNDERSCORES NEED FOR URGENT TAX REFORMS | View |
| 2300 | 2024-11-16 | FARMERS TARGET PM STARMER IN PROTEST AGAINST NEW UK TAX RULES | View |
| 2301 | 2024-11-16 | FRAUDSTERS INCLUDING FBR GUARD HELD FOR ILLEGAL SEARCH | View |
| 2302 | 2024-11-16 | PTBA URGES CJP TO HELP RESOLVE HIGH-PROFILE PENDING TAX MATTERS | View |
| 2303 | 2024-11-16 | FBR RESHUFFLES CLUSTER OF 69 CUSTOMS OFFICERS IN BS-17 AND BS-18 | View |
| 2304 | 2024-11-16 | PTBA SEEKS CHIEF JUSTICE’S INTERVENTION IN HIGH-PROFILE TAX CASES | View |
| 2305 | 2024-11-16 | EXPERTS ADVOCATE STRONG TOBACCO TAXATION FOR PUBLIC HEALTH | View |
| 2306 | 2024-11-16 | FBR SETS PENALTY FOR MISLEADING TAX FILINGS AND STATEMENTS | View |
| 2307 | 2024-11-15 | SALARIED CLASS: GOVT EXPLAINS HOW TAX BURDEN CAN BE LESSENED | View |
| 2308 | 2024-11-15 | APPEAL SYSTEM BECOMES DYSFUNCTIONAL: UNCERTAINTY SURROUNDS RS2.7TRN TAX LITIGATIONS: PTBA | View |
| 2309 | 2024-11-15 | FBR DEFINES NEW ROLES FOR DG I&I CUSTOMS | View |
| 2310 | 2024-11-15 | PROVINCES COLLECT RS 122 BILLION IN SERVICES SALES TAX FOR 1QFY25 | View |
| 2311 | 2024-11-15 | PUNJAB APPROVES NEW AGRICULTURAL INCOME TAX AMENDMENTS | View |
| 2312 | 2024-11-15 | MOTOR VEHICLE TAX COLLECTION SEES 54% INCREASE IN 1QFY25 | View |
| 2313 | 2024-11-15 | FBR DIRECTED TO LOWER TAX BURDEN ON SALARIED CLASS | View |
| 2314 | 2024-11-14 | GOVT URGED TO TAX HIGH EARNING ‘SACRED COWS’ AMID REVENUE SHORTFALL | View |
| 2315 | 2024-11-14 | IMPORTANCE OF OPEN DISCUSSION ON IMPLEMENTING AGRI TAX EMPHASIZED | View |
| 2316 | 2024-11-14 | PTBA FIRES BACK AS NEW TAX LAW TRIBUNAL ISSUES ESCALATE | View |
| 2317 | 2024-11-14 | FBR SHARES COLLECTION STRATEGY WITH IMF TO SIDESTEP MINI BUDGET | View |
| 2318 | 2024-11-14 | FTO DISPOSES OF 2,747 CONSIGNMENTS OF GOODS | View |
| 2319 | 2024-11-13 | FBR REVIEWS LIFTING PETROLEUM TAX EXEMPTION TO ADDRESS SHORTFALL | View |
| 2320 | 2024-11-13 | FBR UNVEILS EPAYMENT 2.0 FOR SEAMLESS TAXPAYER EXPERIENCE | View |
| 2321 | 2024-11-13 | SENIOR CUSTOMS OFFICIAL : FTO DIRECTS FBR TO ISSUE APPRECIATION LETTER | View |
| 2322 | 2024-11-13 | FBR TRANSFERS BATCH OF IRS OFFICERS OF BS-19 AND BS-20 | View |
| 2323 | 2024-11-13 | TRIBUNAL UPHOLDS TAX AUTHORITY’S RIGHT TO CORRECT ERRONEOUS ASSESSMENT | View |
| 2324 | 2024-11-13 | FBR TO ENFORCE SHOP CLOSURES FOR TAX DEFAULTS | View |
| 2325 | 2024-11-12 | DRAFT BILL TO AMEND PUNJAB AGRI INCOME TAX 2024 PRESENTED IN PA | View |
| 2326 | 2024-11-12 | FTO DIRECTS FBR TO ADDRESS DISCRIMINATORY SALES TAX REGISTRATION | View |
| 2327 | 2024-11-12 | FBR COLLECTS RS11.854BN UNDER HEAD OF WORKERS’ WELFARE FUND IN 2023-24 | View |
| 2328 | 2024-11-12 | ECC GREENLIGHTS MAJOR REFORMS FOR FBR TRANSFORMATION | View |
| 2329 | 2024-11-12 | PAKISTAN MAY INTRODUCE MINI BUDGET AMID TAX SHORTFALL CONCERNS | View |
| 2330 | 2024-11-12 | FBR AND IMF ENGAGE IN TALKS ON POTENTIAL REVENUE MEASURES | View |
| 2331 | 2024-11-11 | IRSOA CONDEMNS UNLAWFUL DETENTION OF RTO KARACHI OFFICERS | View |
| 2332 | 2024-11-11 | FBR UPDATES ATL, ADDING 130K NEW ACTIVE TAXPAYERS | View |
| 2333 | 2024-11-10 | FBR URGENTLY TRANSFERS THREE SENIOR CUSTOMS OFFICERS TO HQ | View |
| 2334 | 2024-11-10 | FBR SETS PENALTIES FOR LATE TAX RETURN FILING | View |
| 2335 | 2024-11-10 | IHC HALTS FBR’S TAX COMPUTATION DIRECTIVES FOR BANKS | View |
| 2336 | 2024-11-09 | KCCI FLAYS RESTORATION OF AFFIDAVIT CONDITION FOR SALES TAX RETURNS | View |
| 2337 | 2024-11-09 | FBR SETS NEW RULES FOR INTERNATIONAL CARGO TRANSFERS AT PORTS | View |
| 2338 | 2024-11-09 | CIR BARRED FROM AUDITING TAX RECORDS BEYOND SIX-YEAR LIMIT | View |
| 2339 | 2024-11-09 | AURANGZEB AIMS TO TAX REAL ESTATE, RETAILERS AND AGRICULTURE | View |
| 2340 | 2024-11-09 | FBR USES ONLINE DATA OF 28 DEPARTMENTS TO FIND NEW TAXPAYERS | View |
| 2341 | 2024-11-09 | FBR TRANSFERS 59 CUSTOMS OFFICERS IN STRATEGIC RESHUFFLE | View |
| 2342 | 2024-11-09 | FBR TRANSFERS 140 IRS OFFICERS IN SWEEPING OVERHAUL | View |
| 2343 | 2024-11-09 | OVER RS16BN REVENUE LOSS PREVENTED BY BUSTING GANGS OF CYBER CRIMINALS USING FOREIGN IPS/VPN/PROXY SERVERS | View |
| 2344 | 2024-11-07 | RTO-II TEAM ‘HELD HOSTAGE’ BY MARRIAGE HALL STAFF | View |
| 2345 | 2024-11-07 | TAX OFFICIALS EMPOWERED TO ENTER TAXPAYERS’ PREMISES | View |
| 2346 | 2024-11-07 | FTO REPORTS 67% SURGE IN TAXPAYER COMPLAINTS AGAINST FBR | View |
| 2347 | 2024-11-06 | NEGLIGENCE OF TAX DEPT EXPOSED | View |
| 2348 | 2024-11-06 | SALES TAX COLLECTION FROM ELECTRICITY SOARS BY 63.4% IN FY24 | View |
| 2349 | 2024-11-06 | FBR URGED TO CLARIFY PROPERTY REBATE VALUATIONS IN KARACHI | View |
| 2350 | 2024-11-06 | FBR STARTS REGISTRATION OF 1.35 MILLION POTENTIAL TAXPAYERS | View |
| 2351 | 2024-11-06 | FBR COLLECTS RS 330 BILLION CUSTOMS DUTY ON POL PRODUCTS | View |
| 2352 | 2024-11-06 | FBR REVISITS TAJIR DOST SCHEME TO STREAMLINE TAX REGISTRATION | View |
| 2353 | 2024-11-05 | FBR HIGHLIGHTS KEY INCOME TAX MEASURES INTRODUCED IN FY24 | View |
| 2354 | 2024-11-05 | PAKISTAN PLANS TO IMPOSE FOSSIL FUEL SURCHARGES UNDER IMF DEAL | View |
| 2355 | 2024-11-05 | FBR REPORTS 36.5% SURGE IN WITHHOLDING TAX COLLECTION IN FY24 | View |
| 2356 | 2024-11-05 | FBR NEEDS TO COLLECT ADDITIONAL RS 3.61 TRILLION TO MEET FY25 GOAL | View |
| 2357 | 2024-11-05 | FBR STRUGGLES TO RAISE TAX-TO-GDP RATIO AMID REVENUE SURGE | View |
| 2358 | 2024-11-05 | TAXPAYERS OBLIGATED TO RETAIN TAX RECORDS FOR SIX YEARS: FBR | View |
| 2359 | 2024-11-05 | TAX COLLECTORS: FBR SPECIAL TEAM TO DEVELOP NEW KIND OF ‘DASH BOARD’ | View |
| 2360 | 2024-11-04 | FBR ACQUIRES DETAILS OF ACCOUNT HOLDERS FROM BANKS | View |
| 2361 | 2024-11-04 | FALLING CORPORATE PROFITABILITY UNDERMINES FBR TAX PROJECTIONS | View |
| 2362 | 2024-11-04 | RECTIFICATION PROCESS SIMPLIFICATION BRINGS RELIEF TO TAXPAYERS | View |
| 2363 | 2024-11-03 | MTBA CONCERNED ABOUT THEFT OF NON-DUTY PAID CIGARETTES | View |
| 2364 | 2024-11-03 | FBR CLARIFICATION | View |
| 2365 | 2024-11-03 | FTO DIRECTS FBR TO DEFINE SOPS FOR REACTIVATING BLOCKED SIMS | View |
| 2366 | 2024-11-03 | PRA EXPANDS TO 12 MORE PUNJAB DISTRICTS TO BOOST TAX COLLECTION | View |
| 2367 | 2024-11-03 | FBR INTRODUCES SIMPLIFIED PROCEDURE FOR INCOME TAX REFUNDS | View |
| 2368 | 2024-11-02 | MAJOR RESHUFFLE IN FBR | View |
| 2369 | 2024-11-02 | TAX DEPT MISUSES AUTHORITY: AUTOMATIC AUDIT SELECTION UNDER FIRE | View |
| 2370 | 2024-11-01 | FBR ANNOUNCES TRANSFERS OF 35 BS-19, BS-20 CUSTOMS OFFICERS | View |
| 2371 | 2024-11-01 | FBR NOTIFIES KEY RESHUFFLE OF IRS OFFICERS IN BS-20 AND BS-21 | View |
| 2372 | 2024-11-01 | FBR UNVEILS ATL 2024: 5.34 MILLION TAXPAYERS GET ACTIVE STATUS | View |
| 2373 | 2024-11-01 | FBR ISSUES SIGNIFICANT TAX DEMAND AGAINST BANK MAKRAMAH | View |
| 2374 | 2024-10-31 | FBR REMOVES INSPECTOR FOR ILLEGAL REMOVAL OF GOODS FROM CUSTOMS WAREHOUSE | View |
| 2375 | 2024-10-31 | TAXPAYERS ACCUSED OF DEFYING TAXATION LAW | View |
| 2376 | 2024-10-31 | KPRA LAUNCHES MONITORING & ENFORCEMENT DRIVE | View |
| 2377 | 2024-10-31 | FBR Launches Advance Stock Register System | View |
| 2378 | 2024-10-30 | PTBA URGES SWIFT RESOLUTION OF FEDERAL-PROVINCIAL TAX DISPUTES | View |
| 2379 | 2024-10-30 | FBR DIRECTS SETTING UP DAY CARE CENTERS BY NOVEMBER 1 | View |
| 2380 | 2024-10-30 | FBR RAISES OBJECTIONS TO KHYBER PAKHTUNKHWA’S 2% EXPORT CESS | View |
| 2381 | 2024-10-30 | FBR INCREASES VALUATION OF IMMOVABLE PROPERTIES NATIONWIDE | View |
| 2382 | 2024-10-29 | REACTIVATION OF SIMS OF NON-FILERS: FTO DIRECTS FBR TO ISSUE SOP FOR GUIDANCE | View |
| 2383 | 2024-10-29 | TAX COLLECTION ON CASH WITHDRAWALS DROPS 15% IN Q1 FY2025 | View |
| 2384 | 2024-10-29 | PAKISTAN HONORS DEDICATED SERVICE OF SAJIDULLAH SIDDIQUI | View |
| 2385 | 2024-10-29 | FBR TRANSFERS 14 SENIOR CUSTOMS OFFICIALS IN MAJOR SHAKE-UP | View |
| 2386 | 2024-10-28 | DG I&I (CUSTOMS) DG ENFORCEMENT (CUSTOMS): FBR REMOVES DUPLICATION OF FUNCTIONS/ROLES | View |
| 2387 | 2024-10-28 | POS INVOICING SYSTEM: TWO RESTAURANTS SEALED FOR ISSUING FAKE RECEIPTS | View |
| 2388 | 2024-10-28 | TAX DEDUCTION ON SALARY INCOME UNDER SECTION 149 OF ITO | View |
| 2389 | 2024-10-28 | MEEZAN BANK ANTICIPATES VICTORY IN COMPLEX HSBC TAX DISPUTE | View |
| 2390 | 2024-10-28 | TAX REVENUE FROM ELECTRICITY CONSUMPTION SOARS 176% IN 1QFY25 | View |
| 2391 | 2024-10-27 | FBR SETS VALUATION FOR YOUR IMMOVABLE PROPERTY: CHECK NOW | View |
| 2392 | 2024-10-27 | FBR MANDATES CUSTOMS TO ENFORCE TRIBUNAL ORDERS WITH RIGOR | View |
| 2393 | 2024-10-27 | FBR PREPARES POST-DEADLINE CRACKDOWN TO ENFORCE STRICT TAX COMPLIANCE | View |
| 2394 | 2024-10-27 | FBR SEALS TWO RESTAURANTS IN ISLAMABAD FOR ISSUING FAKE INVOICES | View |
| 2395 | 2024-10-27 | FBR CLARIFIES ROLE OF DG CUSTOMS INTELLIGENCE AND INVESTIGATION | View |
| 2396 | 2024-10-26 | FBR OUTLINES IMPORT TAX COLLECTION PROCESS FOR TAX YEAR 2025 | View |
| 2397 | 2024-10-26 | FBR APPOINTS WAJID ALI AS NEW MEMBER OF CUSTOMS POLICY | View |
| 2398 | 2024-10-25 | FBR ENACTS AMENDMENTS TO VEHICLE IMPORT RULES FOR TOURISTS | View |
| 2399 | 2024-10-25 | FBR REVISES BAGGAGE RULES TO SEIZE COMMERCIAL QUANTITY GOODS | View |
| 2400 | 2024-10-25 | FBR IMPOSES MAJOR PENALTY ON CUSTOMS OFFICER IN CORRUPTION CASE | View |
| 2401 | 2024-10-25 | FBR ENFORCES INCOME TAX ON PROVINCIAL SALES TAX REGISTRANTS | View |
| 2402 | 2024-10-25 | FBR AMENDS TRANSSHIPMENT RULES FOR IRANIAN TRANSPORT OPERATORS | View |
| 2403 | 2024-10-25 | FBR CURTAILS CUSTOMS INTELLIGENCE POWERS TO FACILITATE TAXPAYERS | View |
| 2404 | 2024-10-24 | FBR GIVES ADDITIONAL CHARGE OF CHIEF INVESTIGATOR TO SIDDIQUI | View |
| 2405 | 2024-10-24 | SMUGGLING: FBR MOVES SUMMARIES TO PM FOR ENFORCEMENT STEPS | View |
| 2406 | 2024-10-24 | FBR CLARIFIES TAX PROCEDURE FOR INDIVIDUALS DEPARTING PAKISTAN | View |
| 2407 | 2024-10-24 | PM SHEHBAZ URGES FBR TO USE TECHNOLOGY TO IMPROVE REVENUE COLLECTION | View |
| 2408 | 2024-10-24 | FBR ANNOUNCES DAILY UPDATES TO ACTIVE TAXPAYERS LIST | View |
| 2409 | 2024-10-24 | PM SHEHBAZ DIRECTS FBR TO CREATE TAXPAYER-FRIENDLY ENVIRONMENT | View |
| 2410 | 2024-10-24 | FBR PROJECTS RS 250 BILLION FROM NEW ANTI-SMUGGLING MEASURES | View |
| 2411 | 2024-10-24 | MINISTER RULES OUT ADR-BASED TAX EXEMPTION FOR BANKS | View |
| 2412 | 2024-10-23 | SRO 350(I)/2024: FTO RAISES TAX RETURN CONCERNS | View |
| 2413 | 2024-10-23 | LCCI HOLDS AWARENESS SESSION ON INCOME TAX RETURN FILING | View |
| 2414 | 2024-10-23 | FBR TARGETS HIGH NET WORTH NON-FILERS IN INTENSIFIED TAX AUDIT FOR 2023 | View |
| 2415 | 2024-10-22 | RTO LAHORE RECORDS 162% SURGE IN TAX RETURN FILINGS FOR 2024 | View |
| 2416 | 2024-10-22 | FBR LAUNCHES POWER CUT DRIVE AGAINST UNREGISTERED TAXPAYERS | View |
| 2417 | 2024-10-21 | FBR TO TERMINATE ACTIVE STATUS OF 6.1 MILLION TAXPAYERS UNDER NEW AMENDMENTS | View |
| 2418 | 2024-10-21 | FBR ENFORCES MECHANISM FOR TAX RECOVERY VIA THIRD PARTIES | View |
| 2419 | 2024-10-21 | GOVERNMENT MOVES TO ABOLISH NON-FILERS CATEGORY: AURANGZEB | View |
| 2420 | 2024-10-20 | PROVINCIAL TAX REVENUE-TO-GDP RATIO DIPS TO 0.7%: SBP REPORT | View |
| 2421 | 2024-10-20 | HIGH INTEREST RATES BOLSTER FBR TAX COLLECTION IN FY24: SBP | View |
| 2422 | 2024-10-20 | HIGH INTEREST RATES BOLSTER FBR TAX COLLECTION IN FY24: SBP | View |
| 2423 | 2024-10-20 | FBR ISSUES GUIDELINES FOR TAX RECOVERY VIA PROPERTY AUCTIONS | View |
| 2424 | 2024-10-18 | SBP UNVEILS ALARMING INSIGHTS ON C-EFFICIENCY RATIO AND GST IN PAKISTAN | View |
| 2425 | 2024-10-18 | MINISTER FOR TAX REFORMS TO PROMOTE BUSINESS GROWTH | View |
| 2426 | 2024-10-18 | FBR TO LAUNCH NEW ACTIVE TAXPAYERS LIST ON NOVEMBER 1, 2024 | View |
| 2427 | 2024-10-18 | FBR’S SALES TAX CRACKDOWN TRIGGERS ALARM AMONG FOREIGN BUYERS | View |
| 2428 | 2024-10-17 | PROBE INTO BURDENING TAXPAYERS: FBR FAILS TO TIMELY SUBMIT COMMENTS BEFORE FTO | View |
| 2429 | 2024-10-17 | FBR RELAXES AFFIDAVIT REQUIREMENT FOR SEPTEMBER SALES TAX RETURNS | View |
| 2430 | 2024-10-17 | SBP SUGGESTS MEASURES TO BOOST PAKISTAN’S TAX-TO-GDP RATIO | View |
| 2431 | 2024-10-17 | PROVISIONAL ASSESSMENT UNDER SECTION 123 OF INCOME TAX ORDINANCE, 2001 | View |
| 2432 | 2024-10-17 | PAKISTAN’S WEEKLY FOREX RESERVES INCREASE BY $64 MILLION | View |
| 2433 | 2024-10-17 | SBP PROJECTS GDP GROWTH AT 3.5% FOR FY25, SLIGHTLY BELOW TARGET | View |
| 2434 | 2024-10-16 | FBR UNVEILS NEW STRATEGY TO BREAK SALES TAX FRAUD NETWORKS | View |
| 2435 | 2024-10-16 | PEOPLE TURN FLYING INVOICES INTO A BUSINESS: FBR CHAIRMAN | View |
| 2436 | 2024-10-16 | FBR UNVEILS PLAN FOR DETECTION OF FAKE AND FLYING INVOICES | View |
| 2437 | 2024-10-15 | TAX RETURN FILING DEADLINE EXTENDED | View |
| 2438 | 2024-10-15 | FBR EXTENDS DEADLINE FOR FILING TAX RETURNS TILL OCTOBER 31 | View |
| 2439 | 2024-10-15 | FBR EXTENDS TAX RETURN FILING DEADLINE TO OCTOBER 31, 2024 | View |
| 2440 | 2024-10-15 | REPEATED MALADMINISTRATION TO TAXPAYERS: FTO DIRECTS FBR TO TAKE ACTION AGAINST RTO RAWALPINDI OFFICERS | View |
| 2441 | 2024-10-15 | FBR ENFORCES STRICT POLICY ON INCOMPLETE TAX RETURNS | View |
| 2442 | 2024-10-15 | FBR REVEALS ALARMING SURGE IN NIL-FILERS TO 37% OF TOTAL RETURNS | View |
| 2443 | 2024-10-14 | FBR DECLARES WAR ON SALES TAX FRAUD, WARNS LARGE TAXPAYERS | View |
| 2444 | 2024-10-14 | KTBA URGES FBR TO ALLOW UNCONDITIONAL RETURN FILING EXTENSIONS | View |
| 2445 | 2024-10-14 | FBR ARRESTS CFOS IN MAJOR CRACKDOWN AGAINST SALES TAX FRAUD | View |
| 2446 | 2024-10-13 | FBR EXPLAINS HOW TO OBTAIN EXTENSION FOR TAX RETURN FILING | View |
| 2447 | 2024-10-13 | FBR MAY EXTEND RETURN FILING DEADLINE AMID ISLAMABAD HOLIDAYS | View |
| 2448 | 2024-10-13 | DESPERATE FBR TARGETS CFOS TO CURB FAKE INVOICES | View |
| 2449 | 2024-10-13 | PAKISTAN CUSTOMS IMPLEMENTS NEW VALUATION FOR POWER TOOLS | View |
| 2450 | 2024-10-13 | LTO KARACHI COLLECTS RS 680 BILLION IN 1QFY25 DESPITE IMPORT SLOWDOWN | View |
| 2451 | 2024-10-11 | FBR CHAIRMAN PLANS BUSY KARACHI VISIT AMID ISLAMABAD HOLIDAYS | View |
| 2452 | 2024-10-11 | WHAT PAKISTAN COMMITTED TO IMF FOR AGGRESSIVE FY25 TAX COLLECTION | View |
| 2453 | 2024-10-11 | FBR REAFFIRMS PLAN TO FREEZE BANK ACCOUNTS OF TAX DEFAULTERS | View |
| 2454 | 2024-10-11 | SRB FILES FIR AGAINST RESTAURANT FOR MISBEHAVIOR WITH LADY OFFICER | View |
| 2455 | 2024-10-11 | FBR SET TO ISSUE UPDATED PROPERTY VALUATION TABLES | View |
| 2456 | 2024-10-10 | FBR WARNS OFFICERS AGAINST NON SUBMISSION OF DECLARATION OF ASSETS | View |
| 2457 | 2024-10-10 | SENATE PANEL BRIEFED ‘PROPOSED ‘NTA’ TO END CORRUPTION WITHIN FBR’ | View |
| 2458 | 2024-10-10 | FBR HALTS RECRUITMENT PROCESS FOR BS-1 TO BS-4 POSTS | View |
| 2459 | 2024-10-10 | PAKISTAN LAUNCHES GRAND OPERATION AGAINST SALES TAX FRAUD | View |
| 2460 | 2024-10-10 | NO FURTHER DEADLINE EXTENSIONS FOR RETURN FILING: FBR CHAIRMAN | View |
| 2461 | 2024-10-09 | LHC ISSUES ORDER ON ‘ENHANCED RATES OF WHT ON LATE FILERS’ | View |
| 2462 | 2024-10-09 | FBR URGED TO EXTEND DEADLINE FOR FILING TAX RETURNS | View |
| 2463 | 2024-10-09 | ‘CREDIBLE’ FORENSIC LAB TEST MUST FOR VEHICLE AUCTION | View |
| 2464 | 2024-10-09 | ‘MINI-BUDGET POSSIBILITY DECREASING DUE TO TAX REFORMS’ | View |
| 2465 | 2024-10-09 | OPERATING IN GWADAR ZONE: FBR PLACES CHECKS ON IMPORT OF DUTY-FREE VEHICLES | View |
| 2466 | 2024-10-09 | ‘CHARGING FEES FOR RENDERING SERVICES NOT PART OF TURNOVER’ | View |
| 2467 | 2024-10-09 | FBR SHUTS DOWN REDEMPTION FINE FOR SMUGGLED GOODS | View |
| 2468 | 2024-10-09 | FBR SUSPENDS TOP IRS OFFICIAL AMIDST ACCOUNTABILITY MEASURES | View |
| 2469 | 2024-10-09 | LHC RULES AGAINST RETROSPECTIVE APPLICATION OF TAX HIKE | View |
| 2470 | 2024-10-08 | FBR ENFORCES STRINGENT RULES FOR CUSTOMS AGENTS LICENSING | View |
| 2471 | 2024-10-08 | FBR INTRODUCES TAX HOLIDAY FOR GWADAR VEHICLE IMPORTS | View |
| 2472 | 2024-10-08 | FBR ENFORCES MANDATORY DECLARATION OF FOREIGN ASSETS | View |
| 2473 | 2024-10-07 | ETO VOWS TO EXPAND USER-FRIENDLY SERVICES, END AGENTS’ ROLE | View |
| 2474 | 2024-10-07 | HOW TO UPDATE EMAIL AND MOBILE NUMBER ON FBR IRIS PORTAL | View |
| 2475 | 2024-10-07 | FBR WARNS CHIEFS ON UNAUTHORIZED STATION DEPARTURES | View |
| 2476 | 2024-10-07 | FTO EXPOSES CYBERSECURITY BREACH IN FBR LEADING TO RS 14.66 BILLION TAX FRAUD | View |
| 2477 | 2024-10-07 | FBR CONFIRMS RESTRICTIONS ON NON-FILERS THROUGH MONEY BILL | View |
| 2478 | 2024-10-07 | FTO EASES TAXPAYER BURDEN WITH FREE TAX RETURN FILING SERVICE | View |
| 2479 | 2024-10-06 | IMPOSING MORE TAXES FOR GENERATING MORE REVENUE NO SOLUTION, SAYS ANALYST | View |
| 2480 | 2024-10-06 | FBR IMPOSES FIVE-YEAR LIMIT ON WEALTH STATEMENT MODIFICATIONS | View |
| 2481 | 2024-10-04 | AUDIT AFFAIRS: FBR APPOINTS 2 NEW MEMBERS | View |
| 2482 | 2024-10-04 | FBR IMPLEMENTS STRINGENT MEASURES TO ENFORCE TAX RETURN FILING | View |
| 2483 | 2024-10-03 | FBR, WORLD BANK UNITE FOR BOLD TAX TRANSFORMATION PLAN | View |
| 2484 | 2024-10-03 | FBR DELEGATES POWERS OF CUSTOMS OFFICERS TO FRONTIER CORPS BALOCHISTAN | View |
| 2485 | 2024-10-03 | FBR MANDATES TAX RETURNS FOR 2024-25: WHO MUST FILE? | View |
| 2486 | 2024-10-02 | FBR ANNOUNCES RE-DESIGNATION OF MEMBERS’ POSTS AMIDST RESTRUCTURING | View |
| 2487 | 2024-10-02 | FBR ELABORATES APPLICATION OF MINIMUM TAX IN TAX YEAR 2024-25 | View |
| 2488 | 2024-10-01 | HIGH TAX RATES, SPIRALING COSTS FORCING PAKISTAN’S MAJOR COMPANIES TO PURSUE THE LAYOFF ROUTE | View |
| 2489 | 2024-10-01 | FBR URGED TO EXTEND LAST DATE OF FILING RETURNS | View |
| 2490 | 2024-10-01 | TY24: FBR EXTENDS DEADLINE FOR FILING TAX RETURNS TILL OCTOBER 14 | View |
| 2491 | 2024-10-01 | FBR GRANTS 14-DAY EXTENSION FOR 2024 INCOME TAX RETURN FILING | View |
| 2492 | 2024-10-01 | FTO ESTABLISHES FACFTO ESTABLISHES FACILITATION DESK FOR TAX RETURN FILINGILITATION DESK FOR TAX RETURN FILING | View |
| 2493 | 2024-10-01 | FBR OUTLINES TAX TREATMENT ON UNEXPLAINED INCOME AND ASSETS | View |
| 2494 | 2024-10-01 | FBR SURPASSES SEPTEMBER TARGET BUT FACES SHORTFALL FOR FIRST QUARTER | View |
| 2495 | 2024-09-30 | FBR ISSUES GUIDELINES FOR TRANSACTIONS BETWEEN ASSOCIATES | View |
| 2496 | 2024-09-30 | FBR DECLINES TO EXTEND DEADLINE FOR 2024 TAX RETURNS FILING | View |
| 2497 | 2024-09-30 | FBR UNVEILS SINGLE SALES TAX RETURN FOR KEY SECTORS IN GROUNDBREAKING DEMONSTRATION | View |
| 2498 | 2024-09-30 | FBR EXTENDS RETURN FILING DEADLINE FOR TAX YEAR 2024? | View |
| 2499 | 2024-09-30 | NCCPL TO COLLECT AUGUST CGT ON OCTOBER 8, 2024 | View |
| 2500 | 2024-09-29 | PTBA URGES FBR TO EXTEND TAX RETURN FILING DEADLINE | View |
| 2501 | 2024-09-29 | RETURN FILING DEADLINE EXTENSION: PRESSURE MOUNTING ON FBR | View |
| 2502 | 2024-09-29 | FBR ISSUES TAX GUIDELINES FOR PERMANENT ESTABLISHMENT IN PAKISTAN | View |
| 2503 | 2024-09-28 | PTBA CALLS FOR EXTENSION, URGES NON-FILERS TO FILE TAXES | View |
| 2504 | 2024-09-28 | FBR NOTIFIES WORKING GROUPS FOR AMBITIOUS TRANSFORMATION PLAN | View |
| 2505 | 2024-09-27 | FBR CHIEF PAYS SURPRISE VISIT TO LTO ISLAMABAD | View |
| 2506 | 2024-09-27 | FBR ANNOUNCES PRIZE SCHEME FOR CUSTOMERS OF TIER-1 RETAILERS | View |
| 2507 | 2024-09-27 | REISSUANCE OF SHOW-CAUSE NOTICES AFTER 19 YEARS ILLEGAL: FTO | View |
| 2508 | 2024-09-27 | FTO CANCELS ‘ILLEGAL’ AUCTION FOR IMPORTED VEHICLE BY CUSTOMS KARACHI | View |
| 2509 | 2024-09-27 | FBR ELABORATES CGT ON ASSET DISPOSAL OUTSIDE PAKISTAN | View |
| 2510 | 2024-09-27 | TAXPAYERS AWAIT FBR DECISION ON DEADLINE EXTENSION FOR INCOME TAX RETURNS | View |
| 2511 | 2024-09-27 | FBR OVERHAULS POS PRIZE SCHEME, TARGETS UNVERIFIED INVOICES | View |
| 2512 | 2024-09-26 | CHANGES IN ACTIVE TAXPAYERS LIST RULES: FBR ASKED TO PROVIDE ANOTHER SEVEN DAYS FOR ‘UNDERSTANDING’ SRO | View |
| 2513 | 2024-09-26 | GOVT TO ABOLISH CATEGORY OF NON-FILERS, FINANCE MINISTER AFFIRMS | View |
| 2514 | 2024-09-26 | FBR FORMS COMMITTEE FOR SINGLE SALES TAX RETURN FOR ALL SECTORS | View |
| 2515 | 2024-09-26 | FBR DISMISSES IR INSPECTOR OVER INEFFICIENCY AND MISCONDUCT | View |
| 2516 | 2024-09-26 | RITBA IDENTIFIES IRIS GLITCHES, SEEKS RETURN FILING DATE EXTENSION | View |
| 2517 | 2024-09-26 | FBR TO LAUNCH TAX CAMPAIGN BEFORE PENALTY ENFORCEMENT | View |
| 2518 | 2024-09-26 | TAXATION OF GEOGRAPHICAL SOURCES OF INCOME IN PAKISTAN | View |
| 2519 | 2024-09-26 | FBR SET TO IMPLEMENT AMENDED RULES FOR ATL APPEARANCE | View |
| 2520 | 2024-09-26 | FBR TIGHTENS GRIP ON NON-FILERS WITH NEW ENFORCEMENT ACTIONS | View |
| 2521 | 2024-09-25 | FBR TRANSFORMATION PLAN, DIGITISATION: BUSINESS GROUPS, TAX COMPLIANT COS TAKEN ON BOARD | View |
| 2522 | 2024-09-25 | EXEMPTION OF LOCAL SCRAP FROM SALES TAX: DELAY IN IMPLEMENTATION CAUSING OVER RS 5BN REVENUE LOSS PER MONTH | View |
| 2523 | 2024-09-25 | SRB SEALS POPULAR EATERY FOR ‘TAX EVASION’ | View |
| 2524 | 2024-09-25 | FBR INTRODUCES NEW REFUND SYSTEM FOR EXPORTERS FROM OCT 1 | View |
| 2525 | 2024-09-25 | LTBA URGES EXTENSION IN DEADLINE FOR TAX RETURN FILING | View |
| 2526 | 2024-09-25 | FBR SENDS SMS ALERTS TO TAXPAYERS, ENFORCING RETURN FILING OBLIGATIONS | View |
| 2527 | 2024-09-25 | TAX ADVISORS CALL FOR NOVEMBER 30 EXTENSION FOR RETURN FILING | View |
| 2528 | 2024-09-25 | PAKISTAN CUSTOMS CLARIFIES CLASSIFICATION OF HIGH-SPEED WASHER | View |
| 2529 | 2024-09-25 | FBR ISSUES UPDATED TAX GUIDELINES FOR NON-FILERS AND LATE FILERS | View |
| 2530 | 2024-09-25 | FBR PLANS STRICTER CURBS ON NON-FILERS IN UPCOMING MONEY BILL | View |
| 2531 | 2024-09-24 | OFFICIALS EXERTING PRESSURE TO GET CHOICE POSTINGS: FBR CHAIRMAN ASKS HEADS OF FIELD FORMATIONS TO CERTIFY/ENDORSE ACTION | View |
| 2532 | 2024-09-24 | PTBA RAISES VOICE FOR TAXPAYERS IN RETURN FILING DEADLINE RELIEF | View |
| 2533 | 2024-09-24 | SRB SEALS RENOWNED RESTAURANT IN CLIFTON FOR NON-COMPLIANCE | View |
| 2534 | 2024-09-24 | FBR ISSUES REVISED TAX GUIDELINES FOR AOPS IN TAX YEAR 2024-25 | View |
| 2535 | 2024-09-24 | FBR, IRANIAN AMBASSADOR DISCUSS MEASURES TO BOOST TRADE | View |
| 2536 | 2024-09-24 | FBR EXTENDS COLLECTION TIMINGS FOR PAKISTAN CUSTOMS TO BOOST REVENUE | View |
| 2537 | 2024-09-23 | INCREASE IN SALES TAX FROM 10PC TO 18PC ON TRACTORS CRITICIZED | View |
| 2538 | 2024-09-22 | FBR TO LEVERAGE AI FOR EXAMINING TY 2024 INCOME TAX RETURNS | View |
| 2539 | 2024-09-22 | SRB CONDUCTS SURPRISE VISITS TO KARACHI RESTAURANTS AND CAFES | View |
| 2540 | 2024-09-22 | IRSOA REJECTS FBR’S TRANSFORMATION PLAN, RAISES CONCERNS | View |
| 2541 | 2024-09-22 | FBR DEFINES RESIDENT, NON-RESIDENT PERSONS FOR TAX TREATMENT | View |
| 2542 | 2024-09-21 | CABINET COMMITTEE APPROVES PRAL’S BOARD RECONSTITUTION | View |
| 2543 | 2024-09-20 | SRO 1064 TO BE AMENDED TO MAKE TAJIR DOST SCHEME EFFECTIVE: MIR | View |
| 2544 | 2024-09-20 | FBR’S DIGITISATION, IMPROVED ENFORCEMENT VITAL FOR ECONOMIC REFORMS: PM SHEHBAZ | View |
| 2545 | 2024-09-20 | FBR ENFORCES BANKING REQUIREMENT FOR PROPERTY DEALS | View |
| 2546 | 2024-09-19 | FBR SAYS NAME OF FILER IN AJK CBR OR GBC BOR TO BE INCLUDED IN ATL | View |
| 2547 | 2024-09-19 | FBR ISSUES STRICT WARNINGS AHEAD OF RETURN FILING DEADLINE | View |
| 2548 | 2024-09-19 | CHECKLIST FOR FILING INCOME TAX RETURN 2024 | View |
| 2549 | 2024-09-19 | DISPOSAL, ACQUISITION OF ASSETS UNDER PAKISTAN INCOME TAX LAWS | View |
| 2550 | 2024-09-18 | FBR EXPLAINS DURATION OF TAX YEAR IN PAKISTAN | View |
| 2551 | 2024-09-18 | FBR SAYS NAME OF FILER IN AJK CBR OR GBC BOR TO BE INCLUDED IN ATL | View |
| 2552 | 2024-09-18 | FBR ANNOUNCES MAJOR OVERHAUL TO ACTIVE TAXPAYERS LIST RULES | View |
| 2553 | 2024-09-15 | ‘FASTER’ IS FBR’S FASTEST SYSTEM FOR REFUND PROCESSING | View |
| 2554 | 2024-09-15 | WITHHOLDING TAX RATES FOR TELEPHONE AND INTERNET IN TY 2024-25 | View |
| 2555 | 2024-09-15 | FBR EXTENDS TAX CREDIT FOR REAL-TIME SALES REPORTING | View |
| 2556 | 2024-09-14 | FBR INTENSIFIES EFFORTS TO COLLECT ADVANCE TAX INSTALMENTS | View |
| 2557 | 2024-09-13 | KTBA SEEKS EXEMPTION FOR REPORTING OF FIXED ASSET DISPOSAL | View |
| 2558 | 2024-09-13 | FBR REVEALS WITHHOLDING TAX FOR ELECTRICITY BILLS IN 2024-25 | View |
| 2559 | 2024-09-13 | IS PAKISTAN ON THE VERGE OF INTRODUCING MINI-BUDGET? | View |
| 2560 | 2024-09-13 | TAX CREDIT FOR PENSION FUND CONTRIBUTIONS FOR TAX YEAR 2024-25 | View |
| 2561 | 2024-09-13 | FBR OFFICIAL SUSPENDED | View |
| 2562 | 2024-09-13 | CIR EMPOWERED TO CONDONE TIME-LIMITS | View |
| 2563 | 2024-09-12 | FBR EMPOWERS COMMISSIONERS TO CONDONE TIME-LIMIT | View |
| 2564 | 2024-09-12 | CGT COLLECTION DEADLINE SET FOR SEPTEMBER 23, 2024 | View |
| 2565 | 2024-09-12 | TAX RATES FOR VEHICLE REGISTRATION AND TRANSFER IN TY 2024-25 | View |
| 2566 | 2024-09-12 | TAX RATES FOR VEHICLE REGISTRATION AND TRANSFER IN TY 2024-25 | View |
| 2567 | 2024-09-12 | TAX CREDIT FOR CHARITABLE DONATIONS FOR TY 2024-25 | View |
| 2568 | 2024-09-12 | FBR CRACKS DOWN ON NON-PAYING TAXPAYERS | View |
| 2569 | 2024-09-07 | MTBA ASKS ATIR CHAIRMAN TO TRANSFER URGENT CASES BACK TO MULTAN BENCH | View |
| 2570 | 2024-09-06 | FBR ISSUES TAX RATES ON PAYMENTS FOR GOODS AND SERVICES | View |
| 2571 | 2024-09-06 | CURRENT YEAR’S LIABILITY: TAX DEPT FAILS TO OBJECT TO ADJUSTMENT OF UNVERIFIED REFUND | View |
| 2572 | 2024-09-06 | DEDUCTION FOR INTANGIBLES UNDER INCOME TAX LAW | View |
| 2573 | 2024-09-05 | FBR NOTIFIES 35% TAX RATE ON BANK DEPOSIT PROFIT FOR NON-ATL | View |
| 2574 | 2024-09-05 | INITIAL ALLOWANCE DEDUCTION UNDER UPDATED ITO 2001 | View |
| 2575 | 2024-09-05 | FBR UNVEILS RULES FOR FED COLLECTION ON PROPERTY TRANSACTIONS | View |
| 2576 | 2024-09-05 | CUSTOMS OFFICER FIRED AFTER FAILING TO REPORT FOR DUTY | View |
| 2577 | 2024-09-05 | TAXING ABSENTEE LANDLORDS COULD GENERATE RS79.61BN: EXPERTS | View |
| 2578 | 2024-09-05 | FBR MAY HALT TAX REFUNDS TO MEET SEPTEMBER TARGETS | View |
| 2579 | 2024-09-04 | DECODING DEPRECIATION UNDER INCOME TAX LAW FOR TY 2024-25 | View |
| 2580 | 2024-09-04 | FBR, TRADERS CLASH OVER TAX VALUATION TABLES IN KEY TALKS | View |
| 2581 | 2024-09-04 | FBR SLAPS NON-ATL WITH STEEP DIVIDEND TAX RATES UP TO 70% | View |
| 2582 | 2024-09-04 | FBR EXEMPTS INCOME TAX ON ANNUAL SALARY UP TO RS 600,000 | View |
| 2583 | 2024-09-04 | FBR ANNOUNCES IMPORT TAX RATES FOR ATL VS NON-ATL | View |
| 2584 | 2024-09-03 | WRONG POSTING OF NTN NUMBER IN SALES TAX RETURN: SESSIONS COURT DISMISSES PLEA MOVED BY CITIZEN | View |
| 2585 | 2024-09-03 | FBR CONSIDERS MINI BUDGET TO PLUG REVENUE GAP | View |
| 2586 | 2024-09-02 | FBR SUSPENDS LADY IR OFFICER FOR ISSUING ILLEGAL REFUND | View |
| 2587 | 2024-09-02 | PRESIDENT CONFIRMS FTO’S ORDER AGAINST FBR’S ‘COERCIVE MEASURES’ | View |
| 2588 | 2024-09-01 | INDIA COLLECTS $21BN IN GOODS AND SERVICES TAX IN AUGUST | View |
| 2589 | 2024-09-01 | MANUFACTURERS OF PP WOVEN SACKS SEEK CHANGES IN TAX LAW | View |
| 2590 | 2024-09-01 | FBR HOPES TO HIT 1QFY25 TARGET ON ANTICIPATED IMPORT TURNAROUND | View |
| 2591 | 2024-09-01 | SPECULATION BUSINESS: KEY RULES UNDER INCOME TAX ORDINANCE | View |
| 2592 | 2024-09-01 | FBR PLANS PERFORMANCE-BASED TRANSFERS OF SENIOR OFFICERS | View |
| 2593 | 2024-08-31 | PRA NOTIFIES OPERATION OF BAHAWALPUR OFFICE | View |
| 2594 | 2024-08-31 | REINTRODUCTION OF SALES TAX ON ADVANCES: KTBA SEEKS GUIDELINES ON ADVANCE INVOICES’ DECLARATION | View |
| 2595 | 2024-08-31 | FBR COLLECTS RS 183 BILLION TAX ON PROPERTY TRANSACTIONS IN TY24 | View |
| 2596 | 2024-08-30 | COMMISSIONER IR TELLS APTMA MEMBER MILLS: FBR DEVISES THREE AUTOMATED SYSTEMS TO STREAMLINE PAYMENT SYSTEM | View |
| 2597 | 2024-08-30 | FBR DETAILS 2024-25 BUSINESS INCOME TAX UPDATES | View |
| 2598 | 2024-08-30 | KTBA DEMANDS SWIFT CHANGES TO SALES TAX ADVANCE RULES | View |
| 2599 | 2024-08-29 | GLT UNITS: EXPORTERS CAN REMOVE RAW TOBACCO WITHOUT MAKING PAYMENT AGAINST DUTIES: FBR | View |
| 2600 | 2024-08-29 | NO INTENTION TO TAX IMPORTED SOLAR PANELS, SAYS LEGHARI | View |
| 2601 | 2024-08-29 | FBR ANNOUNCES DEDUCTIONS FOR PROPERTY INCOME TAX: WHAT PROPERTY OWNERS NEED TO KNOW | View |
| 2602 | 2024-08-29 | FBR UNVEILS KEY RETURN FILING DEADLINES FOR TAX YEAR 2024 | View |
| 2603 | 2024-08-28 | FAIR TRIALS: ATIR’S OVERWHELMING CASELOAD THREATENING TAXPAYERS’ RIGHTS | View |
| 2604 | 2024-08-28 | FBR ISSUES GUIDELINES ON PROPERTY INCOME TAX FOR TY 2024-25 | View |
| 2605 | 2024-08-28 | MOODY’S UPGRADES PAKISTAN’S RATINGS TO CAA2, OUTLOOK NOW POSITIVE | View |
| 2606 | 2024-08-28 | FBR FACILITATES EXPORTERS OF UNMANUFACTURED TOBACCO | View |
| 2607 | 2024-08-28 | FBR MANDATES DEEMED INCOME TAX FOR TRADERS IN SIMPLE RETURN | View |
| 2608 | 2024-08-28 | FBR MANDATES DEEMED INCOME TAX FOR TRADERS IN SIMPLE RETURN | View |
| 2609 | 2024-08-28 | KTBA HIGHLIGHTS TAX WOES OF PHARMA SECTOR | View |
| 2610 | 2024-08-27 | SALES TAX RETURNS: KTBA SEEKS E-FILING DEADLINE EXTENSION | View |
| 2611 | 2024-08-27 | KTBA URGES FILING DEADLINE EXTENSION DUE TO SRO 350 AFTERMATH | View |
| 2612 | 2024-08-27 | FBR SUSPENDS CUSTOMS OFFICER FOR CHOICE POSTING PRESSURE | View |
| 2613 | 2024-08-27 | FBR TO AMEND SRO 1064: A WIN FOR TRADERS | View |
| 2614 | 2024-08-27 | FBR SAYS NO PLANS TO OFFER AMNESTY SCHEME TO LEGALISE SMUGGLED VEHICLES | View |
| 2615 | 2024-08-26 | FBR UNVEILS TAX GUIDELINES FOR SALARY INCOME IN 2024-25 | View |
| 2616 | 2024-08-26 | Finally, FBR reaches out to traders | View |
| 2617 | 2024-08-26 | PRESIDENT UPHOLDS FTO’S DECISION, REJECTS FBR REPRESENTATIONS | View |
| 2618 | 2024-08-25 | ‘SEEKING RECORD AFTER SELECTING GROUP OF TAXPAYERS FOR AUDIT UNLAWFUL’ | View |
| 2619 | 2024-08-25 | FBR ISSUES SRO 1290/2024 TO STREAMLINE TAX DISPUTE FOR SOES | View |
| 2620 | 2024-08-25 | PAKISTANI SALARY CLASS PAYS RS 322 BILLION IN INCOME TAX FOR FY24 | View |
| 2621 | 2024-08-25 | COMPUTATION OF TAXABLE INCOME IN PAKISTAN FOR TY 2024-25 | View |
| 2622 | 2024-08-23 | PISMA SEEKS IMMEDIATE WITHDRAWAL OF NEW 2.5PC WHT | View |
| 2623 | 2024-08-23 | FBR UNVEILS TAX GUIDELINES FOR SALARY INCOME IN 2024-25 | View |
| 2624 | 2024-08-22 | LANGRIAL SAYS RETRIEVED DATA CLEANSING A MUST TO IDENTIFY POTENTIAL TAXPAYERS | View |
| 2625 | 2024-08-22 | FBR SETS INCOME TAX RATES FOR FOREIGN SHIPPING OPERATORS | View |
| 2626 | 2024-08-21 | FBR CLARIFIES TAX ON NON-RESIDENT PAYMENTS FOR TY 2024-25 | View |
| 2627 | 2024-08-20 | FTO ORDERS’ IMPLEMENTATION: IHC ISSUES SHOW CAUSE NOTICE TO CIR FOR FILING FALSE STATEMENTS | View |
| 2628 | 2024-08-20 | FBR ISSUES FRESH INSTRUCTIONS FOR SUBMITTING PERS | View |
| 2629 | 2024-08-20 | FBR UPDATES TAX ON DIVIDEND INCOME FOR TAX YEAR 2024-25 | View |
| 2630 | 2024-08-19 | KTBA HIGHLIGHTS AMBIGUITIES IN INCOME TAX ON SALES | View |
| 2631 | 2024-08-18 | FBR ANNOUNCES UPDATED SUPER TAX STRUCTURE FOR TAX YEAR 2024-25 | View |
| 2632 | 2024-08-16 | DR HAMID MADE NEW MEMBER INLAND REVENUE POLICY | View |
| 2633 | 2024-08-16 | MAJOR SALES TAX FRAUD UNEARTHED | View |
| 2634 | 2024-08-16 | IRS, PCS: FBR SEEKS ASSET DETAILS OF ALL GRADE-17 TO -22 OFFICERS | View |
| 2635 | 2024-08-16 | AUCTION FOR COMMERCIAL PLOTS: HIKE IN TAXES THE REASON BEHIND LACK OF INVESTOR INTEREST | View |
| 2636 | 2024-08-16 | FBR EXTENDS DEADLINE FOR JULY SALES TAX RETURN FILING | View |
| 2637 | 2024-08-16 | FBR STREAMLINES INCOME TAX PAYMENTS WITH NEW GUIDE | View |
| 2638 | 2024-08-14 | FBR LAUNCHES STREAMLINED SALES TAX REGISTRATION | View |
| 2639 | 2024-08-14 | TAX COLLECTION RISE 70% AS ELECTRICITY BILLS BURDEN CONSUMERS | View |
| 2640 | 2024-08-14 | PTBA RAISES ALARMING CONCERNS OVER ATIR’S CONDUCT | View |
| 2641 | 2024-08-14 | NON-FILERS, TAX EVADERS: DATA SHARING AMONG KEY STAKEHOLDERS UNDER WAY: MCKINSEY | View |
| 2642 | 2024-08-13 | DETERIORATION OF ATIR WORKING: PTBA URGES LAW MINISTER TO FORM OVERSIGHT BODY | View |
| 2643 | 2024-08-12 | WHT WAIVER GRANTED FOR ARSHAD’S OLYMPIC PRIZE: FBR | View |
| 2644 | 2024-08-12 | MTL SOUNDS ALARM: UNCLEAR GST RISKS PRODUCTION SHUTDOWN | View |
| 2645 | 2024-08-12 | FBR UNVEILS SALES TAX ESSENTIALS: A GUIDE FOR TAXPAYERS | View |
| 2646 | 2024-08-11 | FBR EXTENDS RS 41 BILLION TAX BONANZA TO POWER SECTOR | View |
| 2647 | 2024-08-11 | FBR DEBUNKS RUMORS OF TAXING ARSHAD NADEEM’S PRIZE MONEY | View |
| 2648 | 2024-08-10 | TAXPAYERS TO BE PROVIDED JUSTICE IN 4 TO 6 WEEKS: FTO | View |
| 2649 | 2024-08-10 | ENTRUSTMENT SCHEME: PAKISTAN EXEMPTS SALES TAX ON GOLD IMPORTS | View |
| 2650 | 2024-08-10 | FBR DOUBLES SALES TAX ON IMPORTED COMPUTERS AND LAPTOPS | View |
| 2651 | 2024-08-09 | BATTARGRAM-SILK/KARAKORAM ROAD: FBR ESTABLISHES CHECK POST OF IR OFFICERS | View |
| 2652 | 2024-08-09 | FBR CHAIRMAN HOLDS INTRODUCTORY MEETINGS WITH MEMBERS | View |
| 2653 | 2024-08-08 | ITALY DOUBLES ‘FLAT TAX’ FOR THE RICH WHO MOVE FISCAL RESIDENCE TO COUNTRY | View |
| 2654 | 2024-08-08 | TAX ISSUES FTO TO ESTABLISH ‘HELP DESK’ AT KATI | View |
| 2655 | 2024-08-08 | FBR TIGHTENS SCREWS ON TAX EVADERS THROUGH AUDIT CHANGES | View |
| 2656 | 2024-08-08 | KTBA CALLS ON FBR TO UPDATE ITGO WEEKLY FOR RETURN FILERS | View |
| 2657 | 2024-08-07 | BLACKLISTING, SUSPENSION: FBR EMPOWERS CC-IR TO REVIEW ORDERS | View |
| 2658 | 2024-08-07 | FBR COLLECTS RS 12 BILLION WITHHOLDING TAX ON CASH WITHDRAWAL | View |
| 2659 | 2024-08-07 | FBR GETS POWERS TO FIX VALUE OF THIRD SCHEDULE ITEMS | View |
| 2660 | 2024-08-07 | FBR ANNOUNCES STRINGENT SALES TAX PENALTIES | View |
| 2661 | 2024-08-07 | FINANCE ACT 2024 REDEFINES TIME OF SUPPLY: FBR | View |
| 2662 | 2024-08-07 | RASHID MAHMOOD APPOINTED AS 40TH FBR CHAIRMAN | View |
| 2663 | 2024-08-07 | FBR REDUCES FED ON AIR TICKETS TO RS 5,000 FOR LABOUR VISA | View |
| 2664 | 2024-08-06 | APPELLATE TRIBUNAL DIRECTS FBR TO CREATE CONDUCIVE ENVIRONMENT | View |
| 2665 | 2024-08-06 | REGISTERED PERSONS: COMMISSIONER IR AUTHORISED TO CONDUCT GST AUDIT | View |
| 2666 | 2024-08-06 | LTO KARACHI SNAGS RS 575 MILLION FROM HIGH-PROFILE BUILDER | View |
| 2667 | 2024-08-05 | TAX REFUNDS TO LARGE TAXPAYER COMPANIES: FIA ISSUES ANOTHER NOTICE TO MEMBER IR (OPERATION) | View |
| 2668 | 2024-08-05 | FBR EXPANDS DEFINITION OF TAX FRAUD TO CLOSE LOOPHOLES | View |
| 2669 | 2024-08-05 | FBR ROLLS OUT MAJOR REFORMS FOR SUPPLY CHAIN DIGITIZATION | View |
| 2670 | 2024-08-05 | FBR ANNOUNCES SURGE IN ACTIVE TAXPAYERS TO 5.23 MILLION | View |
| 2671 | 2024-08-04 | NAMES UNDER CIRCULATION FOR FBR CHIEF SLOT | View |
| 2672 | 2024-08-04 | FBR OUTLINES STEPS FOR SMOOTH INCOME TAX FILING | View |
| 2673 | 2024-08-04 | DECIPHERING TAX CODE: BEGINNER’S GUIDE TO INCOME TAX IN PAKISTAN | View |
| 2674 | 2024-08-04 | GOVERNMENT MULLS INCOME TAX RELIEF FOR SALARIED CLASS | View |
| 2675 | 2024-08-03 | LTO FAILS TO DEDUCT TAX ON TRANSFER FROM CWIP TO FIXED ASSETS | View |
| 2676 | 2024-08-03 | TAX COLLECTION ON PAYMENTS THROUGH CREDIT CARDS SURGES 492% | View |
| 2677 | 2024-08-03 | FBR EXPANDS SCOPE OF CVT TO RESIDENTIAL HOUSES | View |
| 2678 | 2024-08-02 | FBR INTRODUCES PROGRESSIVE TAX RATES FOR PROPERTY TRANSACTIONS | View |
| 2679 | 2024-08-02 | FBR CLAMPS DOWN ON FULL TAX EXEMPTION CERTIFICATES | View |
| 2680 | 2024-08-02 | FBR TO NOTIFY VALUES OF IMPORTED GOODS FOR ADVANCE INCOME TAX | View |
| 2681 | 2024-08-02 | FINANCE ACT 2024: FBR ELABORATES CGT REGIME ON SECURITIES | View |
| 2682 | 2024-08-02 | FBR CHAIRMAN ADMINISTERS OATH TO NEW IRSOA MEMBERS | View |
| 2683 | 2024-08-01 | FINANCE ACT 2024: FBR EXPLAINS PENALTIES FOR NON-COMPLIANCE | View |
| 2684 | 2024-08-01 | FBR SURPASSES JULY TAX TARGET AND COLLECTS RS 659 BILLION | View |
| 2685 | 2024-07-31 | FBR ABOLISHES HOLDING PERIOD FOR IMMOVABLE PROPERTY | View |
| 2686 | 2024-07-31 | EXPORTERS TO PAY 2% TAX TO WITHHOLDING AGENTS: FBR | View |
| 2687 | 2024-07-31 | FBR EMPOWERS COMMISSIONERS TO INQUIRE ABOUT FOREIGN ASSETS | View |
| 2688 | 2024-07-31 | FBR EXEMPTS NICOP HOLDERS FROM NON-FILING TRAVEL RESTRICTIONS | View |
| 2689 | 2024-07-31 | STRICTER TAX REGULATIONS FOR FOREIGN BUSINESSES IN PAKISTAN | View |
| 2690 | 2024-07-30 | 3,451 LOTS AWAITING DISPOSAL IN CUSTOMS DEPT: FTO | View |
| 2691 | 2024-07-30 | HIGHER TAX RATES IMPOSED ON LATE FILERS, NON-FILERS: FBR | View |
| 2692 | 2024-07-30 | FBR TIGHTENS TAX EXEMPTION RULES FOR AOPS UNDER FINANCE ACT | View |
| 2693 | 2024-07-30 | FBR INTRODUCES CHANGES TO SHARE ACQUISITION TAX RULES | View |
| 2694 | 2024-07-30 | FINANCE ACT 2024: FBR ISSUES GUIDELINES FOR BUILDERS, DEVELOPERS | View |
| 2695 | 2024-07-30 | FBR ROLLS OUT 10% SURCHARGE CALCULATION FOR SALARIED PERSON | View |
| 2696 | 2024-07-29 | INCOME TAX REFUNDS: COMPANY SAYS TAXMEN NEVER DEMANDED GRATIFICATION | View |
| 2697 | 2024-07-29 | FBR SETS JULY 31 AS DEADLINE FOR TAX PAYMENT BY RETAILERS | View |
| 2698 | 2024-07-29 | CUSTOMS AGENTS OF KARACHI AND CHATTOGRAM DISCUSS CLEARANCE | View |
| 2699 | 2024-07-29 | CUSTOMS AGENTS OF KARACHI AND CHATTOGRAM DISCUSS CLEARANCE | View |
| 2700 | 2024-07-28 | BUSINESS INCOME TAX RATES FOR 2024 RETURN FILING | View |
| 2701 | 2024-07-28 | FBR NOTIFIES TAX RATES ON ELECTRICITY CONSUMPTION FOR 2024-25 | View |
| 2702 | 2024-07-27 | PAKISTAN’S INCIDENCE OF TAX ON SALARIED CLASS 3 TIMES HIGHER THAN INDIA’S: PBC | View |
| 2703 | 2024-07-27 | SALARIED CLASS: TAX RATE HIKES COULD UNDERMINE GOVT REVENUE: PRIME PLUS | View |
| 2704 | 2024-07-27 | FBR SIMPLIFIES ACTIVE TAXPAYER STATUS VERIFICATION | View |
| 2705 | 2024-07-26 | PAKISTAN’S SALARIED CLASS PAYING OVER 9 TIMES MORE TAX THAN IN INDIA: PBC | View |
| 2706 | 2024-07-26 | SINDH GRANTS SALES TAX EXEMPTION FOR CONSTRUCTION SERVICES | View |
| 2707 | 2024-07-26 | SRB IMPOSES 15% SALES TAX ON CALL CENTER SERVICES | View |
| 2708 | 2024-07-26 | PBC APOLOGIES FOR MISTAKE, NOW SAYS PAKISTAN’S SALARIED CLASS PAYING UP TO 3 TIMES MORE TAX THAN IN INDIA | View |
| 2709 | 2024-07-25 | TAX DEPT FAILS TO TAX THE AMOUNT TRANSFERRED TO WPPF | View |
| 2710 | 2024-07-25 | FTO VOICES CONCERN OVER DELAY IN RELEASE OF IMPORTED VEHICLE | View |
| 2711 | 2024-07-25 | CUSTOMS SRO 450(1)/2001: BUSINESS COMMUNITY URGES GOVT TO REVISIT SUBRULE 664(Q) | View |
| 2712 | 2024-07-25 | FBR UNVEILS HARSH PENALTIES FOR TAX FRAUD IN LATEST REFORM BLITZ | View |
| 2713 | 2024-07-25 | FBR IMPOSES 25% SALES TAX ON IMPORTED MOBILE PHONES | View |
| 2714 | 2024-07-25 | FBR FIXES INCOME TAX RATES FOR SHOPS IN LAHORE AREAS | View |
| 2715 | 2024-07-25 | SRB RELEASES TAX RATES FOR PROFESSIONALS, CONSULTANTS IN TY 2025 | View |
| 2716 | 2024-07-24 | ISLAMABAD’S POSH AREAS: SHOPS NOW REQUIRED TO PAY HUGE AMOUNTS OF TAX | View |
| 2717 | 2024-07-24 | G-B COURT’S ORDER: OVER RS3BN PER ANNUM REVENUE THROUGH IMPORTS FROM CHINA AT STAKE? | View |
| 2718 | 2024-07-24 | CUSTOMS OFFICERS WAITING FOR POSTING FOR 3 YEARS PLACED IN ‘ADMIN POOL’? | View |
| 2719 | 2024-07-24 | SALARIED CLASS TAKES TO STREETS AGAINST TAX HIKES IN PAKISTAN | View |
| 2720 | 2024-07-24 | LTO KARACHI MAINTAINS SUPREMACY WITH RS 2.53 TRILLION IN FY24 | View |
| 2721 | 2024-07-23 | MONTHLY TAX PAYMENT RATES FOR SMALL TRADERS NOTIFIED | View |
| 2722 | 2024-07-23 | SINDH GRANTS CONDITIONAL SALES TAX EXEMPTION TO BEAUTY PARLORS | View |
| 2723 | 2024-07-23 | SRB NOTIFIES SALES TAX RATES FOR PROPERTY SERVICES IN TY2025 | View |
| 2724 | 2024-07-23 | FBR RELEASES TAX VALUATION TABLES FOR SHOPKEEPERS IN 42 CITIES | View |
| 2725 | 2024-07-23 | INDIA GIVES INCOME TAX RELIEF TO SOME TO STIMULATE SPENDING | View |
| 2726 | 2024-07-22 | SINDH IMPOSES 15% SALES TAX ON TRAVEL AGENTS, TOUR OPERATORS | View |
| 2727 | 2024-07-22 | SRB NOTIFIES TAX RATES FOR ADVERTISEMENT SERVICES IN TY2025 | View |
| 2728 | 2024-07-22 | WHAT DOCUMENTS ARE REQUIRED FOR RETURN FILING IN 2024? | View |
| 2729 | 2024-07-21 | NCCPL NOTIFIES CGT RATES UPDATED THROUGH FINANCE ACT 2024 | View |
| 2730 | 2024-07-21 | FBR AIMS TO BOOST TAX-TO-GDP RATIO TO 11.50% IN THREE YEARS | View |
| 2731 | 2024-07-21 | FBR ADOPTS AI AS KEY TOOL TO DETECT TAX NON-COMPLIANCE | View |
| 2732 | 2024-07-20 | DAOS INFORM FTO: NO GUIDELINES FOR ADJUSTMENT OF TAXES WITHHELD FROM SALARIES | View |
| 2733 | 2024-07-20 | KCCI URGES GOVT TO REVISIT TAXATION MEASURES, BRING DOWN ENERGY TARIFFS | View |
| 2734 | 2024-07-20 | SRB RELEASES SALES TAX RATES ON TELECOM SERVICES FOR TY25 | View |
| 2735 | 2024-07-20 | SINDH IMPOSES 15% SALES TAX ON RESTAURANTS FOR TY2025 | View |
| 2736 | 2024-07-19 | PFVA DEMANDS RESUMPTION OF FTR FOR FOOD SECURITY | View |
| 2737 | 2024-07-19 | SPEEDY DISPOSAL OF TAX CASES: PM FOR INCREASING NUMBER OF ATS | View |
| 2738 | 2024-07-18 | PM SHEHBAZ REVEALS RS 800 BILLION TAX REFUND FRAUD UNCOVERED | View |
| 2739 | 2024-07-17 | FBR ISSUES TAX RATES FOR BUSINESS INDIVIDUALS AND AOPS | View |
| 2740 | 2024-07-17 | FBR NOTIFIES SALARY TAX RATES AMENDED VIA FINANCE ACT 2024 | View |
| 2741 | 2024-07-16 | FBR SAYS ATL 2023 GETS OVER 5 MILLION ACTIVE TAXPAYERS | View |
| 2742 | 2024-07-16 | FTO DIRECTS FBR TO CONDUCT COMPREHENSIVE WHT AUDIT OF BANKS | View |
| 2743 | 2024-07-16 | PM STANDS FIRM ON TAX LAWS: ADVISER | View |
| 2744 | 2024-07-15 | OVERSEAS PAKISTANIS CAN IMPORT VEHICLES AFTER 2 YEARS: FTO | View |
| 2745 | 2024-07-14 | TRADERS SHOW CONCERNS ON CHANGES IN ST REGIME | View |
| 2746 | 2024-07-14 | FINANCE ACT 2024 SETS SIGNIFICANT FINES FOR TAX FILING DELAYS | View |
| 2747 | 2024-07-14 | PAKISTAN TARGETS FOREIGN ENTITIES WITH NEW TAX RULES | View |
| 2748 | 2024-07-14 | FTO EXPOSES TAX CREDIT PROBLEMS IN LEASED VEHICLES | View |
| 2749 | 2024-07-14 | FINAL TAX REGIME CONTINUES FOR SERVICE EXPORTS IN PAKISTAN | View |
| 2750 | 2024-07-12 | EX-PARTE ORDERS PASSED BY IR OFFICERS: FBR CHIEF MOVED AGAINST ARBITRARY TAX DEMANDS | View |
| 2751 | 2024-07-12 | FBR TO UNVEIL FIXED TAX RATES FOR TRADERS AND RETAILERS | View |
| 2752 | 2024-07-11 | TRANSFERS, POSTINGS IN FBR | View |
| 2753 | 2024-07-11 | PM SHEHBAZ DIRECTS THIRD-PARTY AUDIT OF WEBOC | View |
| 2754 | 2024-07-11 | ALTERNATIVE MEDICINES: PCDA SEEKS WITHDRAWAL OF 18PC GST IMMEDIATELY | View |
| 2755 | 2024-07-11 | KPRA SURPASSES REVENUE TARGET BY RS6.77BN | View |
| 2756 | 2024-07-11 | PM SHEHBAZ DIRECTS ACTION AGAINST CORRUPTION IN PAKISTAN CUSTOMS | View |
| 2757 | 2024-07-10 | FBR CLARIFIES SRO 350 AFTER TAXPAYER CONCERNS | View |
| 2758 | 2024-07-10 | LAHORE TAX BAR CALLS FOR FBR ACTION ON SRO 350 COMPLICATIONS | View |
| 2759 | 2024-07-10 | IRSOA SLAMS FBR FOR UNJUST TREATMENT OF TOP OFFICERS | View |
| 2760 | 2024-07-10 | PRESIDENT OPPOSES PROPOSED AGRICULTURE TAX? | View |
| 2761 | 2024-07-10 | SOLID SURFACE MATERIALS: CUSTOMS’ VALUATIONS REVISED | View |
| 2762 | 2024-07-10 | KCCI URGES FBR TO REVISIT ‘CONTROVERSIAL’ SRO | View |
| 2763 | 2024-07-09 | MALIK KHUDA BAKHSH UNDERSCORES NEED FOR BROADENING TAX NET | View |
| 2764 | 2024-07-09 | NEED STRESSED TO DIGITALISE CUSTOMS APPRAISEMENT SYSTEM | View |
| 2765 | 2024-07-09 | SRO 350 SPARKS CONTROVERSY AS PBC RAISES TAX RETURN CONCERNS | View |
| 2766 | 2024-07-09 | FBR GATHERS DUAL NATIONALITY INFORMATION OF CUSTOMS OFFICIALS | View |
| 2767 | 2024-07-09 | KARACHI CHAMBER DEMANDS FBR ADDRESS CONTROVERSIAL SRO 350 | View |
| 2768 | 2024-07-09 | FINANCE ACT 2024 LIMITS FBR IN ISSUING ASSESSMENT NOTICES | View |
| 2769 | 2024-07-09 | FBR PREDICTS SIGNIFICANT TAX REVENUE GROWTH FOR 2024-25 | View |
| 2770 | 2024-07-08 | FBR RECORDS NEARLY 5 MILLION ACTIVE TAXPAYERS FOR TAX YEAR 2023 | View |
| 2771 | 2024-07-08 | IR OFFICERS GAIN AUTHORITY TO RECOVER UNPAID TAXES IN PAKISTAN | View |
| 2772 | 2024-07-06 | FEDERAL BUDGET: BRIEFING GIVEN ABOUT RECENT AMENDMENTS ENACTED IN SALES TAX | View |
| 2773 | 2024-07-06 | VALUE-ADDED TEXTILE EXPORTERS DEMAND RESUMPTION OF FTR | View |
| 2774 | 2024-07-06 | FBR APPOINTS 24 CIRS REFUNDS | View |
| 2775 | 2024-07-06 | FBR TELLS MINISTRY: 2.5PC ADVANCE TAX NOT APPLICABLE TO OMCS’ OUTLETS | View |
| 2776 | 2024-07-06 | HEALTH ADVOCATES CONCERNED AT NO HIKE IN CIGARETTE TAX RATES | View |
| 2777 | 2024-07-06 | TAX FRAUD UNEARTHED IN A KARACHI TEXTILE UNIT | View |
| 2778 | 2024-07-05 | TAXPAYERS CHALLENGE RANDOM SELECTION OF RETURNS FOR AUDIT | View |
| 2779 | 2024-07-05 | FBR TRANSFERS, POSTS 78 OFFICIALS | View |
| 2780 | 2024-07-05 | FINANCE ACT, 2024: INTELLIGENCE BUREAU TO ASSIST PAKISTAN CUSTOMS | View |
| 2781 | 2024-07-05 | PM SHEHBAZ ASKS FBR TO CREATE DASHBOARD TO MONITOR DIGITIZATION | View |
| 2782 | 2024-07-05 | PAKISTAN CUSTOMS GETS TEETH TO FIGHT MONEY LAUNDERING IN TRADE | View |
| 2783 | 2024-07-05 | DR GOHAR EJAZ URGES GOVT TO PROVIDE RELIEF TO SALARIED CLASS | View |
| 2784 | 2024-07-04 | TAX EXEMPTION TO PENSIONERS COSTS KITTY RS78BN | View |
| 2785 | 2024-07-04 | FRUITS, VEGETABLES: EXPORTS MAY FACE DOWNWARD TREND DUE TO LOAD OF TAXES: PAHF | View |
| 2786 | 2024-07-04 | NON-FILERS: FBR BLOCKS 210,000 SIM CARDS TO ‘ENCOURAGE’ TAX PAYMENT | View |
| 2787 | 2024-07-04 | AFTER FRESH TAX: MILK IN PAKISTAN BECOMES MORE EXPENSIVE THAN IN FRANCE | View |
| 2788 | 2024-07-03 | SRB INTRODUCES 3% SALES TAX FOR HOSPITAL ROOMS AND BEDS | View |
| 2789 | 2024-07-03 | FINANCE ACT, 2024: RS100M PENALTY FOR FAILURE IN ITGO COMPLIANCE | View |
| 2790 | 2024-07-03 | DELAYING REFUND CLAIMS: FTO CONCERNED AT ‘REPEATEDLY THRASHING THE SAME ISSUE OUT’ | View |
| 2791 | 2024-07-03 | MOTOR VEHICLE TAX RATES UPDATED BY SINDH FINANCE ACT 2024 | View |
| 2792 | 2024-07-02 | PRA COLLECTS OVER RS239BN IN FY24 | View |
| 2793 | 2024-07-02 | ADVANCE TAX IMPOSITION: PPDA SAYS WILL HOLD COUNTRYWIDE STRIKE ON 5TH | View |
| 2794 | 2024-07-02 | AURANGZEB VISITS FBR HEADQUARTERS | View |
| 2795 | 2024-07-01 | IRSOA CONGRATULATES FBR FOR IMPRESSIVE FY24 TAX COLLECTION | View |
| 2796 | 2024-07-01 | AURANGZEB COMMENDS FBR FOR SURPASSING FY24 TAX TARGET | View |
| 2797 | 2024-07-01 | ACTIVE TAXPAYERS LIST SWELLS TO 4.84 MILLION: FBR | View |
| 2798 | 2024-07-01 | FINANCE ACT, 2024: FEDERAL EXCISE DUTY ON CIGARETTES | View |
| 2799 | 2024-07-01 | FINANCE ACT, 2024: REDUCED ST RATES FOR HYBRID ELECTRIC VEHICLES | View |
| 2800 | 2024-07-01 | PRA COLLECTS RECORD RS 239 BILLION IN TAX REVENUE | View |
| 2801 | 2024-06-30 | FBR SURPASSES TAX COLLECTION TARGET BY RS 54 BILLION FOR FY24 | View |
| 2802 | 2024-06-30 | FINANCE ACT, 2024 – TAX ON BUILDERS AND DEVELOPERS EXPLAINED | View |
| 2803 | 2024-06-30 | SRB SURPASSES FY24 TARGET, SHOWCASES SIGNIFICANT 28% GROWTH | View |
| 2804 | 2024-06-30 | TAX EXPERT PROPOSES KARACHI AS COUNTRY’S CAPITAL | View |
| 2805 | 2024-06-29 | FBR TO SET UP ‘TAX FRAUD PROBE WING’ | View |
| 2806 | 2024-06-29 | GOVT PASSES TAX-LADEN BUDGET AHEAD OF TALKS ON FRESH IMF LOAN | View |
| 2807 | 2024-06-29 | GOVT PASSES TAX-LADEN BUDGET AHEAD OF TALKS ON FRESH IMF LOAN | View |
| 2808 | 2024-06-28 | NEW TAXATION STEPS WON’T HURT THE POOR: SINDH CM | View |
| 2809 | 2024-06-28 | AURANGZEB URGES INCLUSION OF RETAILERS AND REAL ESTATE IN TAX NET | View |
| 2810 | 2024-06-28 | SBP ISSUES BANK TIMINGS FOR TAX COLLECTION IN FY24 CLOSING | View |
| 2811 | 2024-06-28 | E-INVOICING INTEGRATION: FBR GRANTS LICENCE TO HABALL | View |
| 2812 | 2024-06-28 | NEW TAXATION STEPS WON’T HURT THE POOR: SINDH CM | View |
| 2813 | 2024-06-28 | ‘TAX NET WILL BE BROADENED WITH FCCI’S COOPERATION’ | View |
| 2814 | 2024-06-28 | NTDC: FBR FAILS TO CHARGE MINIMUM TAX ON TURNOVER | View |
| 2815 | 2024-06-28 | PTA REJECTS DISCRIMINATORY TAXATION IN FEDERAL BUDGET 2024 -25 | View |
| 2816 | 2024-06-27 | 25-30PC SALES TAX ON ESSENTIAL HEALTHCARE PRODUCTS ASSAILED | View |
| 2817 | 2024-06-27 | DEFINED BENEFIT PLANS: INCOME TAX DEPT DISALLOWS ACTUARIAL LOSS TO CELLULAR COMPANY | View |
| 2818 | 2024-06-27 | EXPORTERS TAX REGIME IN LIMBO AMID IMF NEGOTIATIONS | View |
| 2819 | 2024-06-27 | RTO HYDERABAD CLAMPS DOWN ON BLACK AND BROWN BAKERS | View |
| 2820 | 2024-06-26 | PENSIONERS AVAIL RS 41.22 BILLION AS TAX EXEMPTION LAST YEAR: FBR | View |
| 2821 | 2024-06-26 | IR FIELD FORMATIONS TO REMAIN OPEN ON 28TH, 29TH & 30TH | View |
| 2822 | 2024-06-26 | FOOD ITEMS: ADDITIONAL TAX TO INCREASE PRESSURE ON MASSES: MIAN ZAHID | View |
| 2823 | 2024-06-26 | COS, AOPS AND SALARIED CLASS: DRAFT OF E-IT RETURN FORMS UNVEILED | View |
| 2824 | 2024-06-26 | ODIES REPRESENTING EXPORTERS FLAY TAXATION PLANS | View |
| 2825 | 2024-06-26 | 18PC SALES TAX ON PACKAGED MILK: SENATE PROPOSAL OFFERS LIFELINE | View |
| 2826 | 2024-06-25 | FBR UNVEILS DRAFT INCOME TAX RETURN FORMS FOR TAX YEAR 2024 | View |
| 2827 | 2024-06-25 | FBR EXTENDS TAX COLLECTION HOURS AHEAD OF FY24 DEADLINE | View |
| 2828 | 2024-06-24 | NEW PROPERTY TAX RATES: FBR EXPLAINS BENEFITS OF FILING ON TIME | View |
| 2829 | 2024-06-24 | SCOPE OF ‘TAX FRAUD’ PHRASE WIDENED | View |
| 2830 | 2024-06-24 | NON-ISSUANCE OF DO/NOC: FTO DIRECTS FBR TO CANCEL SHIPPING CO’S LICENCE | View |
| 2831 | 2024-06-23 | FTO DIRECTS FBR TO ENSURE DISPOSAL OF CONFISCATED GOODS | View |
| 2832 | 2024-06-23 | FBR TO TAX LATE FILERS ON PROPERTY DEALS FROM JULY 1 | View |
| 2833 | 2024-06-23 | FBR TO CONDUCT INVESTIGATIVE SALES TAX AUDIT | View |
| 2834 | 2024-06-23 | FBR ANNOUNCES PROPERTY VALUATION INCREASE TO 90% IN JULY 2024 | View |
| 2835 | 2024-06-22 | IMPORTER DEFEATS CUSTOMS IN TAX RECOVERY AFTER RELEASE OF GOODS | View |
| 2836 | 2024-06-22 | SOME TAXATION MEASURES: NO FINAL DECISION TAKEN ON REVERSAL: FBR | View |
| 2837 | 2024-06-22 | CHINESE COMPANY: FTO ASKS FBR TO RECOVER MULTI-MILLION UNCHALLENGED TAX DEMAND | View |
| 2838 | 2024-06-21 | SALARIED CLASS UP IN ARMS OVER TAX HIKE IN FINANCE BILL 2024 | View |
| 2839 | 2024-06-21 | FBR OFFICIALS AUTHORIZED BEST JUDGEMENT ASSESSMENT IN SALES TAX | View |
| 2840 | 2024-06-20 | KPRA ASKS WEDDING HALLS TO OPT FOR EITHER FIXED SALES TAX REGIME OR PERCENTAGE REGIME | View |
| 2841 | 2024-06-19 | FINANCE BILL 2024 ENLARGES SCOPE OF SALES TAX FRAUD DEFINITION | View |
| 2842 | 2024-06-19 | FINANCE BILL 2024 REVAMPS SALES TAX AUDIT | View |
| 2843 | 2024-06-19 | CAPITAL GAINS TAX ON DISPOSAL OF SECURITIES INCREASED | View |
| 2844 | 2024-06-18 | TAX HIKE SHOCK: 100% INCREASE IN LOWER SALARY BRACKETS | View |
| 2845 | 2024-06-18 | FBR TO SET MINIMUM IMPORT VALUE FOR INCOME TAX COLLECTION | View |
| 2846 | 2024-06-18 | FINANCE BILL 2024 SUGGESTS 6-MONTH JAIL FOR DEFAULTING RETAILERS | View |
| 2847 | 2024-06-16 | LCCI PRESIDENT UNDERSCORES NEED FOR EXPANDING TAX BASE | View |
| 2848 | 2024-06-16 | FATA, PATA: PALSP HAILS REDUCTION IN TAX EXEMPTIONS THRU FY25 BUDGET | View |
| 2849 | 2024-05-24 | HIGH TOBACCO TAXES STRENGTHEN ILLEGAL MARKET: STUDY | View |
| 2850 | 2024-05-24 | PRA INTENSIFIES MONITORING OF WITHHOLDING AGENTS | View |
| 2851 | 2024-05-23 | SOLANGI FOR INCREASING TAXES ON TOBACCO PRODUCTS | View |
| 2852 | 2024-05-23 | SERVICES ON INCOME: ‘PROVINCIAL TAX AUTHORITIES COMPETENT TO IMPOSE ST’ | View |
| 2853 | 2024-05-22 | MINISTER UNDERSCORES NEED FOR BROADENING TAX BASE | View |
| 2854 | 2024-05-21 | TAX EVADERS: SINDH GOVT TO ESTABLISH ‘RAPID RESPONSE FORCE’IN EXCISE DEPARTMENT | View |
| 2855 | 2024-05-21 | TAX PROPOSALS: PBC CALLS FOR ‘OUT OF BOX SOLUTIONS’ | View |
| 2856 | 2024-05-20 | KPRA CONTINUES CRACKDOWN ON NON-COMPLIANT TAXPAYERS | View |
| 2857 | 2024-05-20 | DELAY IN ISSUANCE OF TAX REFUND FOR 2013-14: CTO INVOLVED IN JUSTICE MALADMINISTRATION: FTO | View |
| 2858 | 2024-05-20 | ERSTWHILE PATA, FATA: PPP VOWS TO RESIST LEVY OF TAXES | View |
| 2859 | 2024-05-19 | CUSTOMS SEIZES RS250M OF CONTRABAND MEDICINES | View |
| 2860 | 2024-05-19 | PBC RECOMMENDS ABOLISHING SECTION 8B OF SALES TAX ACT | View |
| 2861 | 2024-05-19 | VOTING FOR IRS OFFICERS ASSOCIATION ELECTION ON MAY 26-27 | View |
| 2862 | 2024-05-18 | Blocking SIM cards of non-filers: JWG constituted to streamline process | View |
| 2863 | 2024-05-18 | Hike in FED, GST on tobacco in budget: Shehla urges MPs, stakeholders to join efforts | View |
| 2864 | 2024-05-18 | Revised proposals from tax and non-tax depts approved | View |
| 2865 | 2024-05-18 | BLOCKING SIM CARDS OF NON-FILERS: JWG CONSTITUTED TO STREAMLINE PROCESS | View |
| 2866 | 2024-05-17 | AG KP agrees to withhold ST on services from bills | View |
| 2867 | 2024-05-17 | Bakhtiar Muhammad appointed as FBR spokesperson | View |
| 2868 | 2024-05-17 | PBC calls for the removal of 1% CVT on foreign assets | View |
| 2869 | 2024-05-16 | All services under PRA will be brought under tax net: Minister | View |
| 2870 | 2024-05-16 | SPARC says seeks increased taxation on cigarettes | View |
| 2871 | 2024-05-16 | KCCI Submits Taxation Plan for Cryptocurrency Income in Pakistan | View |
| 2872 | 2024-05-16 | Aurangzeb Confirms Tax Exemption for FATA, PATA Ends June 30 | View |
| 2873 | 2024-05-15 | NGO for tax reforms in cigarette manufacturing sector | View |
| 2874 | 2024-05-15 | Filing of reference before high court: Mandatory payment of 30pc may be withdrawn: PTBA | View |
| 2875 | 2024-05-15 | OIR fails to prove wrong adjustment of tax refund | View |
| 2876 | 2024-05-15 | Case involving release of vehicle: FBR directed to investigate allegations of maladministration by Taftan, Quetta customs | View |
| 2877 | 2024-05-14 | IPSOS report highlights alarming issues in Pakistan’s tobacco industry | View |
| 2878 | 2024-05-14 | Call to raise tobacco taxes up to 70pc to minimise consumption | View |
| 2879 | 2024-05-14 | Drive against unregistered, tax-defaulting vehicles intensified | View |
| 2880 | 2024-05-14 | Islamabad High Court Halts Non-Filers’ SIM Blocking | View |
| 2881 | 2024-05-14 | Telecom Operators Launch Daily SIM Blocking for Non-Filers | View |
| 2882 | 2024-05-14 | SBP Raises Red Flag on FBR’s Impressive Collection Growth | View |
| 2883 | 2024-05-13 | FBR Acknowledges Traders Enrolled in Tajir Dost Scheme | View |
| 2884 | 2024-05-13 | Salaried Class Bears Excessive Tax Burden in Pakistan: OICCI | View |
| 2885 | 2024-05-13 | OICCI Demands Development of Sales Tax Laws for Distributors | View |
| 2886 | 2024-05-13 | ATL Expands to 4.22 Million Amid SIM Blocking Fears | View |
| 2887 | 2024-05-12 | TRIBUNAL SETS ASIDE ORDERS OF OIR FOR NOT FOLLOWING DIRECTIONS OF COMMISSIONER-IR APPEALS | View |
| 2888 | 2024-05-12 | PAKISTAN CONSIDERS ENDING TAX EXEMPTIONS ON IMPORTS | View |
| 2889 | 2024-05-12 | PM SHEHBAZ FORMS BODY TO EASE RETAILER AND TRADER REGISTRATION | View |
| 2890 | 2024-05-11 | TELECOS AGREE TO START BLOCKING SIMS OF NON-FILERS | View |
| 2891 | 2024-05-11 | IMF ASKS GOVT TO RAISE TAXES ON LUXURY GOODS | View |
| 2892 | 2024-05-11 | PRA TAKES ACTION AGAINST ‘TAX EVADER’ | View |
| 2893 | 2024-05-11 | FBR STARTS PROCESS OF BLOCKING MOBILE SIMS OF NON-FILERS | View |
| 2894 | 2024-05-11 | PAKISTAN COMMITS NO TAX AMNESTY IN 2024-25 | View |
| 2895 | 2024-05-11 | PBC PROPOSES 24% TAX ON MOTOR VEHICLE PURCHASES BY NON-FILERS May | View |
| 2896 | 2024-05-10 | Federal Board of Revenue (FBR) Holds Crucial Meetings with Pakistan Telecommunication Authority and Telecom Operators to Enforce Income Tax General Order No. 1 | View |
| 2897 | 2024-05-10 | TELECOM OPERATORS BEGIN BLOCKING SIMS OF NON-FILERS IN PAKISTAN | View |
| 2898 | 2024-05-10 | AURANGZEB DIRECTS FBR TO INTENSIFY DETECTION OF SALES TAX FRAUD | View |
| 2899 | 2024-05-09 | Taxes on cigarettes: think tank for taking health cost into account | View |
| 2900 | 2024-05-09 | FBR Receives Proposals to Clamp Down Benami Car Purchases | View |
| 2901 | 2024-05-08 | World Bank Vice President Applauds FBR Reforms | View |
| 2902 | 2024-05-08 | Proposal to Lift Import Tax for Manufacturers in Budget 2024-25 | View |
| 2903 | 2024-05-08 | FBR Tightens Oversight on Sales Tax Collection via Bank Accounts | View |
| 2904 | 2024-05-08 | FBR Crackdown on Non-Filers Threatens 2.5 Million SIMs | View |
| 2905 | 2024-05-07 | Raising tobacco taxes: experts say significant progress made | View |
| 2906 | 2024-05-07 | FBR Announces Key Team for Digital Transformation of Tax System | View |
| 2907 | 2024-05-07 | FBR Initiates Comprehensive HR Audit in Pakistan Customs | View |
| 2908 | 2024-05-07 | CMOs Push Back Against SIM Block Directive for Tax Non-Filers | View |
| 2909 | 2024-05-07 | PTCL Battles Extensive Tax Contingencies into 2024 | View |
| 2910 | 2024-05-06 | PM SHEHBAZ PLEDGES REVENUE TARGET ACHIEVEMENT VIA FBR REFORMS | View |
| 2911 | 2024-05-06 | Pakistan Business Council Seeks Clarity on Group Taxation | View |
| 2912 | 2024-05-06 | PTBA Demands Release of Draft Tax Return Forms for 2024 | View |
| 2913 | 2024-05-06 | FBR to Enforce SIM Blocking of Non-Filers Despite PTA Refusal | View |
| 2914 | 2024-05-06 | FBR Gets Record 110,000 Active Taxpayers Amid SIM Blocking | View |
| 2915 | 2024-05-05 | Motor Vehicle Tax Collections Reach Rs 25 Billion in 9MFY24 | View |
| 2916 | 2024-05-04 | Domestic cigarette sales: Khyber Tobacco urges FBR to address persistent decline | View |
| 2917 | 2024-05-04 | Punjab govt to amend Sales Tax Act to improve PRA efficiency: minister | View |
| 2918 | 2024-05-04 | PM Shehbaz Sharif Eyes Rs 24 Trillion Tax Revenue Potential | View |
| 2919 | 2024-05-04 | Controversy Brews Over FBR Plan to Block SIMs of Non-Filers | View |
| 2920 | 2024-05-04 | PBC Proposes Elimination of Minimum Tax for Listed Companies | View |
| 2921 | 2024-05-04 | FTO Directs FBR for Swift Action Against Fraudulent GDs | View |
| 2922 | 2024-05-04 | Calls Intensify for FBR to Eliminate CVT on Foreign Assets | View |
| 2923 | 2024-05-04 | President Zardari Enacts Tax Laws Amendment Bill 2024 | View |
| 2924 | 2024-05-03 | ADB INFORMED ABOUT FBR AUTOMATION | View |
| 2925 | 2024-05-03 | BLOCKING SIMS OF OVER 0.5M NON-FILERS: PTA YET TO DECIDE ON FBR DECISION | View |
| 2926 | 2024-05-03 | ‘FRIVOLOUS PLEA’: IHC IMPOSES FINE ON CIR ISLAMABAD LTO | View |
| 2927 | 2024-05-03 | WELL-ORGANISED DOCUMENTED SECTORS: PBC URGES FBR TO RATIONALISE ‘SUPER TAX’ | View |
| 2928 | 2024-05-03 | MORE TAX GENERATION: CAP SEEKS ADOPTION OF DIGITAL PAYMENTS IN RETAIL SECTOR | View |
| 2929 | 2024-05-02 | ADMIN POOL OF FBR: PCS, IRS CONCERNED OVER PLACEMENT OF SENIOR-MOST OFFICERS | View |
| 2930 | 2024-05-02 | DOLLAR SLIPS BEFORE FED MEETING STATEMENT | View |
| 2931 | 2024-05-02 | CRYPTO WASHOUT SENDS BITCOIN BELOW $58,000 AHEAD OF FED DECISION | View |
| 2932 | 2024-05-02 | SHAIKH RASHID MADE CONVENER OF FPCCI BODY | View |
| 2933 | 2024-05-02 | OICCI WOMEN EMPOWERMENT AWARDS 2023: NESTLE PAKISTAN RECOGNIZED | View |
| 2934 | 2024-05-02 | PQAMC ANNOUNCES DIVIDEND OF RS1.4074 PER UNIT FOR APRIL | View |
| 2935 | 2024-05-02 | FLEXIBLE PACKAGING FILMS: IPAK CEO SEES HUGE GROWTH POTENTIAL | View |
| 2936 | 2024-05-02 | SYMPOSIUM TO DISCUSS ENERGY TRANSITION IN TEXTILES SECTOR | View |
| 2937 | 2024-05-02 | PAKISTAN’S ELITE AND THE ART OF DECEPTION | View |
| 2938 | 2024-05-02 | GOVT TAKING STEPS TOWARDS FIGHTING CORRUPTION: PM | View |
| 2939 | 2024-05-02 | A QUESTIONABLE POLICY STANCE | View |
| 2940 | 2024-05-02 | TPL REIT FUND I: CEO ALI ASGHER SAYS OPTIMISTIC ABOUT IPO’S PROSPECTS | View |
| 2941 | 2024-05-02 | ADB AND FBR DISCUSS TAX REFORMS UNDER DRM INITIATIVE | View |
| 2942 | 2024-05-02 | FBR OFFICERS DEMAND TRANSPARENCY AMIDST RESHUFFLE TURMOIL | View |
| 2943 | 2024-05-02 | LAW MINISTER SIGNALS FURTHER RESHUFFLING WITHIN FBR | View |
| 2944 | 2024-05-02 | FBR OFFICERS RAISE ALARMS OVER RECENT ORGANIZATIONAL RESHUFFLE | View |
| 2945 | 2024-05-02 | FBR AIMS TO ENROLL 3 MILLION SHOPKEEPERS AND TRADERS | View |
| 2946 | 2024-05-01 | RS53BN SHORT OF TARGET: PROVISIONAL COLLECTION STANDS AT RS654BN IN APRIL: FBR | View |
| 2947 | 2024-05-01 | FINANCE BILL 2024: POLICY CELL TO COMPILE IR BUDGET PROPOSALS | View |
| 2948 | 2024-05-01 | ENIGMA OF TAX LITIGATION AND FBR’S FAILURE | View |
| 2949 | 2024-05-01 | INDIA RECORDS HISTORIC GST COLLECTION OF $25.16 BILLION IN APRIL | View |
| 2950 | 2024-05-01 | FBR SET TO REVAMP PROPERTY VALUATIONS BY JULY 1ST | View |
| 2951 | 2024-05-01 | FBR FORMS STRATEGIC POLICY CELL TO STEER FINANCE BILL 2024 | View |
| 2952 | 2024-05-01 | FBR PORTAL DENIES INPUT TAX ADJUSTMENT FOR REGISTERED TAXPAYERS | View |
| 2953 | 2024-05-01 | FBR FACES CRITICISM FOR EXPOSING IDENTITY OF 0.5 MILLION NON-FILERS | View |
| 2954 | 2024-05-01 | COTTON SPOT RATES | View |
| 2955 | 2024-05-01 | OFFICIAL SPOT RATE FIRM AMID LACK OF BUYING INTEREST | View |
| 2956 | 2024-05-01 | FED LEAVES RATES UNCHANGED, FLAGS ‘LACK OF FURTHER PROGRESS’ ON INFLATION | View |
| 2957 | 2024-05-01 | NBP CONTINUES TO EMPOWER FARMERS, WOMEN WITH DISCOUNTED LOANS | View |
| 2958 | 2024-05-01 | CHINA’S YUAN SLIPS FROM 1-MONTH HIGH | View |
| 2959 | 2024-05-01 | YEN RETREATS AFTER US DATA | View |
| 2960 | 2024-05-01 | 1Q RESULTS FOR 2024: SONERI BANK ANNOUNCES PBT GROWTH OF 31.91PC YOY | View |
| 2961 | 2024-05-01 | BINANCE’S CEO ZHAO FACES SENTENCING OVER MONEY LAUNDERING VIOLATIONS | View |
| 2962 | 2024-05-01 | HABIB BANK TOPS CUSTOMER COMPLAINTS LIST IN 2023 | View |
| 2963 | 2024-05-01 | GOLD AND SILVER PRICES IN PAKISTAN ON MAY 1, 2024 | View |
| 2964 | 2024-05-01 | OICCI HOLDS 6TH WOMEN EMPOWERMENT AWARDS CEREMONY | View |
| 2965 | 2024-05-01 | DELEGATION OF LCCI VISITS BUSINESS FACILITATION CENTER | View |
| 2966 | 2024-05-01 | KCCI APPRECIATES PRO-TRADERS DECISIONS OF PM | View |
| 2967 | 2024-05-01 | UKRAINE UNVEILS AI-GENERATED FOREIGN MINISTRY SPOKESWOMAN | View |
| 2968 | 2024-05-01 | CRYPTO WASHOUT SENDS BITCOIN BELOW $58,000 INTO BEAR MARKET | View |
| 2969 | 2024-05-01 | MICROSOFT TO OPEN FIRST REGIONAL DATA CENTRE IN THAILAND | View |
| 2970 | 2024-05-01 | HUAWEI SHOWCASES CUTTING-EDGE TECHNOLOGIES, SOLUTIONS AT DIGITAL WEEK IN ISLAMABAD | View |
| 2971 | 2024-05-01 | PAKISTAN RECEIVES $1.1BN FROM IMF | View |
| 2972 | 2024-05-01 | IMF FUNDING HELPS GOVT STABILISE ECONOMY: PM | View |
| 2973 | 2024-04-30 | HDF ASKS BUDGET MAKERS TO INTRODUCE BOLD TOBACCO TAX POLICY | View |
| 2974 | 2024-04-30 | TAX LAWS (AMENDMENT) BILL: TREASURY SENATOR ASSAILS FEDERAL GOVT | View |
| 2975 | 2024-04-30 | SENATE BODY PASSES TAX LAWS (AMENDMENT) BILL, 2024 WITH SOME AMENDMENTS | View |
| 2976 | 2024-04-30 | NA PASSES TAX LAW AMENDMENT BILL AMID RUCKUS | View |
| 2977 | 2024-04-30 | DEADLINE APPROACHES FOR REGISTRATION UNDER TAJIR DOST SCHEME | View |
| 2978 | 2024-04-30 | Rs53bn short of target: Provisional collection stands at Rs654bn in April: FBR | View |
| 2979 | 2024-04-30 | Finance Bill 2024: Policy Cell to compile IR budget proposals | View |
| 2980 | 2024-04-30 | SBA FINAL TRANCHE: SBP SAYS IT HAS RECEIVED $1.1BN FROM IMF | View |
| 2981 | 2024-04-30 | SBA FINAL TRANCHE: SBP SAYS IT HAS RECEIVED $1.1BN FROM IMF | View |
| 2982 | 2024-04-30 | FINANCE MINISTRY SEES HEADLINE INFLATION DECELERATING FURTHER TO 18.5- 19.5% IN APRIL | View |
| 2983 | 2024-04-29 | FTO ADVISOR VOWS TO REDRESS TAXPAYERS’ GRIEVANCES | View |
| 2984 | 2024-04-29 | POWER DIV DENIES ‘SOLAR PANEL TAX PLAN’ | View |
| 2985 | 2024-04-28 | NASIR SHAH OPPOSES TAX ON SOLAR PANELS | View |
| 2986 | 2024-04-28 | TAX DEPT ACCUSED OF CONDUCTING AUDIT PROCEEDINGS UNDER ‘REPEALED’ LAW | View |
| 2987 | 2024-04-28 | PAKISTAN MULLS MANDATORY TAX RETURNS FOR AGRICULTURAL INCOME | View |
| 2988 | 2024-04-27 | TAX ADMINISTRATION & RELEVANT LAWS: BUSINESS COMMUNITY SUPPORTS PM’S RESOLVE | View |
| 2989 | 2024-04-27 | ASHHAD JAWWAD APPOINTED AS MEMBER CUSTOMS OPERATIONS | View |
| 2990 | 2024-04-27 | FBR INDUCTS BS-20 OFFICER AS MEMBER IR POLICY IN MAJOR RESHUFFLE | View |
| 2991 | 2024-04-27 | FTO ORDERS FBR TO WITHDRAW PETITIONS AFTER PRESIDENTIAL DIRECTIVES | View |
| 2992 | 2024-04-26 | Fair market value of subsidiary firms shares: No increase in tax in presence of income from business | View |
| 2993 | 2024-04-26 | SRB seals restaurant, event management company for tax evasion | View |
| 2994 | 2024-04-26 | Retail volume sales of cigarettes fall after higher taxes | View |
| 2995 | 2024-04-26 | FBR NOTIFIES TRANSFERS OF 12 KEY OFFICERS TO ADMIN POOL | View |
| 2996 | 2024-04-26 | FINANCE MINISTER REVIEWS PROGRESS ON DIGITALIZATION OF FBR | View |
| 2997 | 2024-04-25 | TAX LAW AMENDMENT BILL INTRODUCED IN NA | View |
| 2998 | 2024-04-25 | FBR’S POS SYSTEM: 1,680 TIER-1 RETAILERS TOLD TO INTEGRATE BY MAY 31ST | View |
| 2999 | 2024-04-25 | UPCOMING BUDGET: EXPERTS SUPPORT STABILISATION REFORMS | View |
| 3000 | 2024-04-25 | LIQUIDATION OF CERTAIN APPELLATE FOR A: CABINET APPROVES AMENDMENTS TO TAX LAWS | View |
| 3001 | 2024-04-25 | TAJIR DOST APP RECEIVES VERY LITTLE RESPONSE | View |
| 3002 | 2024-04-25 | TAX-RELATED DISPUTES: SOES ALLOWED TO ADOPT ADR FACILITY BEFORE LITIGATION | View |
| 3003 | 2024-04-25 | FAN MANUFACTURER FAILS TO STOP FBR FROM MONITORING PRODUCTION | View |
| 3004 | 2024-04-25 | TAX-RELATED ISSUES: LCCI URGES PM TO HELP DEFER NEW AMENDMENTS | View |
| 3005 | 2024-04-25 | BILL TO CURTAIL JURISDICTION OF COMMISSIONER IR APPEALS PRESENTED | View |
| 3006 | 2024-04-25 | PM SHEHBAZ SHARIF ORDERS FBR TO POSTPONE SRO 350 | View |
| 3007 | 2024-04-25 | KPK INTRODUCES FIXED TAX FOR LAWYERS AND CUSTOMS AGENTS | View |
| 3008 | 2024-04-25 | Tax evasion, non-compliance: SRB seals Sajjad Restaurant at Do Darya, Karachi | View |
| 3009 | 2024-04-25 | PENDING LITIGATION CASES: NEARLY 80% AMOUNT WITH APPELLATE TRIBUNAL, COLLECTORS/COMMISSIONERS (APPEAL) | View |
| 3010 | 2024-04-25 | PBC URGES REFORMS IN FASTER SYSTEM TO SUPPORT ALL EXPORTERS | View |
| 3011 | 2024-04-25 | FBR CLARIFIES TAX AMENDMENTS WITH SRO 350 TO ADDRESS QUERIES | View |
| 3012 | 2024-04-25 | FPCCI FLAGS SRO 350 AS ANTI-BUSINESS, CLAIMS TO HALT INDUSTRY | View |
| 3013 | 2024-04-25 | FBR ADVISED TO HIKE TAX FOR NON-ATL ELECTRICITY CONSUMERS | View |
| 3014 | 2024-04-25 | SECTION 7E CREATES DISCREPANCY AMONG PROPERTY OWNERS | View |
| 3015 | 2024-04-25 | SRB SEALS RESTAURANT AND EVENT MANAGEMENT FOR TAX VIOLATIONS | View |
| 3016 | 2024-04-24 | PSX comes under pressure as gains wiped out | View |
| 3017 | 2024-04-24 | SBP buys dollars to offset shortfall | View |
| 3018 | 2024-04-24 | PSX sheds 74 points in volatile session | View |
| 3019 | 2024-04-24 | Gold price dips by Rs7,800 to Rs240,900 per tola | View |
| 3020 | 2024-04-24 | PKR slips further to 278.38 against USD | View |
| 3021 | 2024-04-24 | PM comes down hard on FBR, suspends officials | View |
| 3022 | 2024-04-24 | Foreign exchange reserves will reach $10b by June: Aurangzeb | View |
| 3023 | 2024-04-24 | PM Shehbaz Sharif Orders FBR to Postpone SRO 350 | View |
| 3024 | 2024-04-24 | KPK Introduces Fixed Tax for Lawyers and Customs Agents | View |
| 3025 | 2024-04-24 | PM’s Suspension of Top Tax Officials Stirs Controversy at FBR | View |
| 3026 | 2024-04-23 | KCCI CHIEF URGES FBR TO DEFER IMPLEMENTATION OF SRO 350 | View |
| 3027 | 2024-04-23 | FBR CHIEF INTERACTS WITH TAXPAYERS IN E-KACHEHRI | View |
| 3028 | 2024-04-23 | TAX DEPARTMENT FAILS TO RECOVER TAX FROM BANK ACCOUNTS OF TAXPAYER | View |
| 3029 | 2024-04-22 | GOVT URGED TO HIKE FED ON CIGARETTES | View |
| 3030 | 2024-04-22 | FBR INTENSIFIES CRACKDOWN ON ILLICIT TOBACCO TRADE NATIONWIDE | View |
| 3031 | 2024-04-21 | CIGARETTES, SUGAR, FERTILIZER: VERIFICATION OF DIGITAL TAX STAMPS LAUNCHED | View |
| 3032 | 2024-04-21 | PROPOSED ABOLITION OF APPELLATE FORUM RESENTED BY LTBA | View |
| 3033 | 2024-04-21 | FBR INTENSIFIES CRACKDOWN ON COUNTERFEIT GOODS | View |
| 3034 | 2024-04-21 | LAHORE TAX BAR FIGHTS PROPOSAL TO DISSOLVE PRIMARY TAX APPEALS | View |
| 3035 | 2024-04-20 | FBR SEEKS GUIDANCE OF FTO TO IMPROVE COLLECTION | View |
| 3036 | 2024-04-20 | TAJIR DOST SCHEME – A POTENTIAL MISSED OPPORTUNITY? | View |
| 3037 | 2024-04-19 | FBR NAMES OFFICIALS FOR BETTER FBR/PRAL LIAISON | View |
| 3038 | 2024-04-19 | FBR REVISES UPWARD VALUE OF SUPPLY OF CNG TO CONSUMERS | View |
| 3039 | 2024-04-19 | ISLAMABAD: The cigarettes remained top revenue spinner of federal excise duty (FED) after raise of FED rates on tobacco products during 2022-23. | View |
| 3040 | 2024-04-19 | TAJIR DOST SCHEME: MAJOR CHALLENGES IN SUCCESSFUL IMPLEMENTATION HIGHLIGHTED | View |
| 3041 | 2024-04-19 | PAKISTAN CUSTOMS ASSURES LIVE SYSTEM TO SAFEGUARD TRADE | View |
| 3042 | 2024-04-19 | ALL YOU NEED TO KNOW ABOUT FILING TAX APPEALS WITH FBR | View |
| 3043 | 2024-04-18 | Critics say concept of ‘deemed’ income alien to income tax law | View |
| 3044 | 2024-04-18 | E-filers face problems after new amendments to ST rules | View |
| 3045 | 2024-04-18 | Tax Law (First Amendment) Bill likely to be approved today | View |
| 3046 | 2024-04-18 | New customs’ values on import of soybean meal (non-GMO) fixed | View |
| 3047 | 2024-04-18 | JUL’23-FEB’24 PERIOD: SRB COLLECTION GROWS 33PC TO RS145.3BN YOY | View |
| 3048 | 2024-04-18 | FBR RAISES CNG VALUE BY 48% FOR SALES TAX CHARGING | View |
| 3049 | 2024-04-18 | NEW PROVISIONS DISRUPT SALES TAX RETURN FILING | View |
| 3050 | 2024-04-16 | FBR extends deadline for ST, excise return filing | View |
| 3051 | 2024-04-16 | Delay in sales tax payments: Fibres’ manufacturer fails to furnish explanation | View |
| 3052 | 2024-04-15 | CAR DEALERS DEMAND CUT IN TAXES | View |
| 3053 | 2024-04-14 | ALTER YOUR INCOME TAX RETURN WITHIN FIVE YEARS | View |
| 3054 | 2024-04-13 | Cigarettes: experts recommend single-tier tax structure | View |
| 3055 | 2024-04-13 | FBR Invites Bids for Sale of Confiscated Diesel Oil | View |
| 3056 | 2024-04-13 | FBR issues New Customs Valuation for Lay’s, Pringles and Others | View |
| 3057 | 2024-04-12 | Check Latest TY2024 Tax Rates on Salary in Pakistan | View |
| 3058 | 2024-04-12 | FBR Set to Launch Income Tax General Order for Non-Filers | View |
| 3059 | 2024-04-11 | FBR to Publish List for Blocking Phones and Power Connections | View |
| 3060 | 2024-04-09 | Double taxation pact with US: apex court dismisses appeals against SHC, LHC | View |
| 3061 | 2024-04-08 | FBR May Propose Legislation for Expedited Disposal of Tax Cases | View |
| 3062 | 2024-04-08 | RTO Karachi Conducts Midnight Operations for Tax Integration | View |
| 3063 | 2024-04-08 | Pakistan Customs Levies 20% Duty on Chocolate Crumbs | View |
| 3064 | 2024-04-08 | SRB Extends Deadline for March 2024 Tax Filings and Payments | View |
| 3065 | 2024-04-08 | FBR Discloses Names of 3.91 Million Active Taxpayers | View |
| 3066 | 2024-04-07 | SRO 350/(I)/2024: PTBA says concerned at non-consideration of ‘fundamentals’ | View |
| 3067 | 2024-04-07 | How to Claim Income Tax Refund in Pakistan? | View |
| 3068 | 2024-04-06 | PTBA Lambasts FBR’s Remarks on Lawyers in Tajir Dost Scheme | View |
| 3069 | 2024-04-06 | Philip Morris Pakistan and FBR Locked in Lengthy Legal Disputes | View |
| 3070 | 2024-04-05 | Transaction against a taxpayer: Authorities fail to establish re-characterization | View |
| 3071 | 2024-04-05 | Comprehensive measures in progress to enhance tax net: FBR official | View |
| 3072 | 2024-04-05 | Huge operation in AJK against tax evasion in cigarette industry | View |
| 3073 | 2024-04-05 | Cigarettes: Aurat Foundation proposes 26pc hike in FED | View |
| 3074 | 2024-04-05 | Super Tax and Deemed Income Tax under Tajir Dost Scheme | View |
| 3075 | 2024-04-04 | REVENUE OFFICERS OBJECT TO ISSUANCE OF INSPECTION LETTERS BY FTO | View |
| 3076 | 2024-04-04 | TAX ADVISERS WRITE TO FBR: ‘ABOLITION OF COMMISSIONER’S POST WON’T IMPROVE ATIR’S WORKING’ | View |
| 3077 | 2024-04-04 | FBR Grants Electricity Tax Adjustment Under Tajir Dost Scheme | View |
| 3078 | 2024-04-04 | FBR Sees Tax Registration Surge After Market Survey | View |
| 3079 | 2024-04-04 | FBR Enforces Media Silence for Officials, Restricting Interaction | View |
| 3080 | 2024-04-03 | Govt’s petroleum development levy target for FY24 likely to be surpassed: JS Global | View |
| 3081 | 2024-04-03 | Health activists for increasing taxes on cigarettes | View |
| 3082 | 2024-02-28 | Bank profits surge 83pc in 2023 | View |
| 3083 | 2024-02-26 | KP business community seeks 5-year tax holiday | View |
| 3084 | 2024-02-26 | SCCI, FBR to form body to resolve issues | View |
FOREIGN INCOME: IRIS DROPS REDUCED TAX RATE OPTION
Date: 2026-10-09
Details: Published October 9, 2026 Updated about an hour ago By Recorder Report ISLAMABAD: Taxpayers declaring foreign income are facing serious difficulties in filing their income tax returns for tax year 2026, as the Federal Board of Revenue’s (FBR) IRIS portal no longer offers the option to apply reduced tax rates on such income. M. Amayed Ashfaq Tola, President Tola Associates told BUSINESS RECORDER here on Thursday that the “Attribute†tab, which was available in last year’s return form, has been removed from this year’s version of the return on the IRIS portal. In the previous year, taxpayers used the “Attribute†tab to apply the reduced tax rates applicable to foreign income, including foreign dividends and profit on debt, ETC, COVERED UNDER THE AVOIDANCE OF DOUBLE TAX TREATIES. With the tab missing this year, Tola said, taxpayers are left with only two options while declaring such income. They can either show it as exempt income or offer it for tax at the normal applicable rates. Neither option allows the correct treatment of foreign income in the return, he added. Treating the income as exempt may lead to incorrect reporting, while taxing it at normal rates would result in a higher tax liability than what the relevant tax treaty envisages and provides. He said the absence of the “Attribute†tab is creating hurdles in correctly filing returns and applying the relevant reduced rates on foreign income. Tax experts urged the FBR to restore the facility on the IRIS portal so that taxpayers can file accurate returns. Copyright Business Recorder, 2026
FBR EXPLAINS COMMISSIONER (APPEALS) POWERS UNDER SECTION 128 FOR TY2027
Date: 2026-10-09
Details: Written by Akhter Syed in Taxation The law outlines hearing procedures, temporary tax recovery stays, adjournments, additional grounds of appeal and conditions for admitting new evidence. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the powers and procedures of the Commissioner (Appeals) under Section 128 of the Income Tax Ordinance, 2001, for Tax Year 2027. The ordinance, updated up to June 30, 2026, covers the tax year running from July 1, 2026, to June 30, 2027. Section 128 establishes the procedure to be followed by the Commissioner (Appeals) while hearing and deciding income tax appeals. Under the provision, the Commissioner (Appeals) must notify both the appellant and the Commissioner whose order is being challenged about the date fixed for the appeal hearing. Temporary stay on tax recovery Section 128 empowers the Commissioner (Appeals) to temporarily suspend tax recovery where recovery of the tax levied under the ordinance would cause undue hardship to the taxpayer. After giving the relevant Commissioner an opportunity to be heard, the appellate authority may stay recovery for a period not exceeding 30 days in aggregate. The law also allows a further stay of 30 days, subject to the condition that the order on the appeal must be passed within that additional period. The relevant Commissioner must again be given an opportunity to present their position before the stay is granted. Adjournments and additional grounds The Commissioner (Appeals) may adjourn an appeal hearing from time to time. The authority may also permit an appellant to introduce a new ground of appeal before the hearing, even if that ground was not included in the original grounds of appeal. Such permission may be granted where the Commissioner (Appeals) is satisfied that the omission was neither wilful nor unreasonable. Further enquiries and documentary evidence Before deciding an appeal, the Commissioner (Appeals) may require additional particulars concerning the matters under consideration or direct the Commissioner to conduct a further enquiry. However, Section 128 places restrictions on the admission of new documentary material or evidence. Such material, which was not produced before the Commissioner at the earlier stage, cannot be admitted unless the appellate authority is satisfied that the appellant was prevented by sufficient cause from submitting it. The provision sets out the procedural framework for appeal hearings and gives the Commissioner (Appeals) powers to manage proceedings, consider additional grounds and address cases involving hardship from tax recovery, while maintaining conditions for the admission of fresh evidence.
FBR EXPLAINS APPEAL PROCEDURE AND 30-DAY DEADLINE UNDER SECTION 127
Date: 2026-10-09
Details: Written by Akhter Syed in Taxation Taxpayers can challenge specified income tax orders within 30 days, with assessment appeals subject to payment of tax due and prescribed filing fees. The Federal Board of Revenue (FBR) has outlined the procedure for filing appeals against specified income tax orders under Section 127 of the Income Tax Ordinance, 2001, updated up to June 30, 2026, for Tax Year 2027. Under the provision, a person dissatisfied with an eligible order issued by a Commissioner or an Inland Revenue officer may appeal to the Commissioner (Appeals), subject to the conditions specified in the law. State-owned enterprises (SOEs) are excluded from the appeal route provided under subsection (1). The provision covers specified orders relating to assessments, amendments to assessments, penalties, refunds, tax recovery and other matters. It also applies to certain orders concerning personal liability for tax, the appointment of a representative for a non-resident person, implementation of appellate directions and refusal to rectify an alleged mistake under Section 221. Taxpayers may approach the appellate tribunal directly Section 127 allows an aggrieved person to choose between filing an appeal before the Commissioner (Appeals) and surrendering that right to approach the next statutory appellate forum directly by filing an appeal before the Appellate Tribunal Inland Revenue. However, a taxpayer cannot appeal against an assessment order under Section 127 unless the tax due under Section 137(1) has been paid. The appeal must be submitted in the prescribed form, verified in the prescribed manner and supported by clearly stated grounds. It must also include the applicable filing fee and be lodged within the statutory time limit. The FBR may prescribe a mechanism for electronic filing of appeals under subsection (3A). Appeal fees under Section 127 The prescribed appeal fees depend on whether the appellant is a company and whether the appeal concerns an assessment. Type of appeal Company Other taxpayer Appeal against an assessment Rs5,000 Rs2,500 Any other eligible appeal Rs5,000 Rs1,000 Thirty-day deadline for filing appeals Under Section 127(5), an appeal relating to an assessment or penalty must be filed within 30 days from the date the relevant notice of demand is served. For other appealable orders, the 30-day period begins on the date the order is served on the aggrieved person. The law also provides relief where an appellant misses the deadline for a sufficient reason. Under subsection (6), the Commissioner (Appeals) may admit a late appeal if the appellant submits a written application and the Commissioner is satisfied that a sufficient cause prevented the appeal from being filed within the prescribed period. The provision therefore establishes the filing requirements, fee structure and time limits applicable to taxpayers seeking to challenge specified income tax orders during Tax Year 2027.
FBR ISSUES FRESH CUSTOMS VALUATION OF ALMONDS FOR IMPORTS
Date: 2026-10-09
Details: Written by Akhter Syed in Taxation The new valuation ruling sets customs values at $3.81 per kg for shelled almonds, $2.19 for soft-shell almonds and $1.41 for hard-shell varieties. The Federal Board of Revenue (FBR) has issued a fresh customs valuation for imported almonds to determine customs duties and taxes, replacing earlier valuation rulings issued in 2024 and 2022. Through Valuation Ruling No. 2111/2026, the Directorate General of Customs Valuation has fixed new cost and freight (C&F) values for different categories of almonds imported into Pakistan. Under the ruling, the customs values will be used to assess applicable duties and taxes at the import stage in accordance with Section 25A of the Customs Act, 1969. New customs values for almonds The FBR has determined the following customs values for imported almonds from all origins: • Shelled almonds: $3.81 per kilogram under HS Code 0802.1200. • Almonds in soft shell: $2.19 per kilogram under HS Code 0802.1100. • Almonds in hard shell: $1.41 per kilogram under HS Code 0802.1100. The ruling also provides specific adjustments for value-added products and different transportation routes. For value-added almonds, including salted and roasted varieties, the prescribed customs values will be increased by 15%. For consignments imported through land routes, a discount of $0.15 per kilogram will be allowed in lieu of sea freight, while actual land-route freight will be added to the assessment. In the case of imports by air, the difference between air freight and sea freight will be added when determining the assessable value. The ruling further clarifies that where the declared invoice value is higher than the customs value prescribed in the ruling, the higher value will be used for assessment under Section 25(1) of the Customs Act, 1969. Such cases may also be referred to the Directorate General of Customs Valuation. Previous valuation ruling superseded Valuation Ruling No. 2111/2026 supersedes Valuation Ruling No. 1927/2024, dated December 5, 2024, issued by the Directorate of Customs Valuation, Karachi, and Valuation Ruling No. 01/2022, dated March 18, 2022, issued by the Directorate of Customs Valuation, Quetta. The fresh exercise followed an earlier revision order that set aside Valuation Ruling No. 2065/2026, dated April 10, 2026, and directed the authorities to reassess almond values after a comprehensive review of market prices, importers’ and sellers’ margins, and international price publications. The Directorate conducted a stakeholder meeting on September 25, 2026, attended by representatives of the Pakistan Kiryana Merchants Association and Faisalabad Chamber of Commerce. Participants were asked to submit supporting documents, including sales tax invoices and verified export documents. The Pakistan Kiryana Merchants Association argued that customs values did not need a further upward revision and referred to import documents and overseas invoices in support of its position. The Directorate said it had analysed stakeholder views, examined import data and conducted market enquiries as part of the valuation exercise. Right to challenge the valuation The new ruling will remain effective until rescinded or revised under Section 25A(4) of the Customs Act, 1969. Importers and other affected parties may file a revision petition under Section 25D of the Customs Act, 1969, within 30 days before the Director General of Customs Valuation, Karachi. The ruling applies to goods matching the descriptions and specifications stated in the notification, while the listed HS codes are provided for illustrative purposes.
FBR SETS UP MEDIA COORDINATION UNIT TO STRENGTHEN MEDIA ENGAGEMENT
Date: 2026-10-09
Details: Written by Faisal Shahnawaz in Taxation The Federal Board of Revenue has constituted a dedicated Media Coordination Unit to improve interaction with the media, strengthen public communication and ensure timely dissemination of information about tax policies, reforms and taxpayer facilitation measures. The Federal Board of Revenue (FBR) has established a Media Coordination Unit (MCU) with immediate effect under Notification No. 2134-IR-I/2026 issued on October 8, 2026. The unit has been formed with the approval of the competent authority, Chairman FBR/SRD, to coordinate and oversee the board’s strategic communication initiatives. HRMS COMMITTEE According to the notification, the Director General (TPS) will serve as the Coordinator of the Media Coordination Unit, while the Secretary (Media) has been designated as its Secretary. The committee includes several senior FBR officials. Mr. Irfan Javed, Director General Communications and Public Relations (Customs), and Dr. Misbah Khatana, Director Communications and Public Relations (Customs), have been included as ex-officio members. Ms. Shahla Ashfaq Khan, Chief Reforms and Automation (Customs), is also an ex-officio member, while Dr. Zehra Farooq, SA to Member (Strategic Transformation), Mr. Israr Ahmed Cheema, Secretary (Enforcement Plan-IR), and Mr. Muhammad Nouman, SA to Member (Income Tax Policy), have been appointed as members. The committee also includes the Chief (TPS), Secretary (Tax Education), Second Secretary (Media) and Second Secretary (Facilitation). MEDIA INTERACTION A key responsibility of the newly formed unit is to coordinate the implementation of FBR’s Communication Strategy and Action Plan. The MCU will work to strengthen the board’s interaction with media outlets and improve the communication of its policies and initiatives. The unit will also project FBR as a public service-oriented institution by promoting taxpayer awareness, education and outreach activities. PUBLIC COMMUNICATION The notification states that the MCU will ensure timely dissemination of information concerning tax policies, reforms, facilitation measures and public service initiatives. It will also maintain an achievement bank, negative narrative bank and media risk register. The committee will obtain weekly inputs from different FBR wings and recommend measures aimed at enhancing public trust, voluntary tax compliance and FBR’s institutional image. The MCU may also perform any other tasks assigned by the Chairman FBR relating to media management and public communication, indicating a broader role in managing the revenue authority’s engagement with the media.
FBR ISSUES GUIDELINES FOR SUSPENSION OF CUSTOMS OFFICIALS
Date: 2026-10-09
Details: Written by Akhter Syed in Taxation Customs field formations must establish a strong prima facie case and valid grounds before forwarding suspension cases to the FBR Board. The Federal Board of Revenue (FBR) has issued instructions governing the suspension of officers and officials serving in Customs field formations, directing senior officials to strictly observe prescribed conditions before submitting suspension cases to the Board. According to instructions issued by the FBR Administration/HR Wing with the approval of Member (Admn/HR), all Chief Collectors, Directors General, Collectors and Directors of the Customs Department have been directed to follow the guidelines. The FBR said there must be a strong prima facie case against an officer or official before suspension proceedings are initiated. It further stated that suspension should only be considered where there is a strong reason to prevent the official from continuing to perform duties until the matter is decided. Suspension should not be used merely as a routine disciplinary measure. The instructions specifically state that no officer or official should be suspended for petty breaches of discipline or departmental offences. The FBR has also outlined circumstances in which suspension may be considered. These include situations where an official wilfully and obstinately refuses to comply with an order, or where retaining the official in their assigned position could hamper or frustrate an ongoing enquiry. Suspension may also be considered where an official is charged with an offence which, if proved, would ordinarily result in dismissal. The Board further directed that where a concerned Collector of Customs intends to place an officer under suspension due to any other important factor, the matter should first be discussed with the Chief (Management/HR-Customs), FBR Headquarters, for assistance. Following such consultation, the case may be forwarded to the Board in accordance with the prescribed procedure. The FBR has directed all heads of Customs field formations to strictly adhere to these guidelines before submitting any case involving the suspension of an officer or official to the competent authority. The instructions were issued by ZakA Hussain, Second Secretary, FBR Administration/HR Wing.
FBR ALLOWS ELECTRICITY UNITS DECLARATION FOR STEEL SECTOR SALES TAX
Date: 2026-10-09
Details: Written by Akhter Syed in Taxation The new IRIS facility will allow steel melters and re-rollers to declare verified electricity consumption when DISCOs fail to report supplies or file returns late. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a facility allowing steel sector taxpayers to declare electricity units consumed during a month for calculating their sales tax liability. According to the FBR, Annex-K of the Sales Tax Return is mandatory for steel melters, re-rollers and composite units to calculate the correct sales tax liability under the Thirteenth Schedule of the Sales Tax Act, 1990. Annex-K is fully automated and normally receives electricity consumption data automatically after the relevant distribution companies (DISCOs) file their Annex-C returns for the respective period. However, the FBR said taxpayers have been facing difficulties where DISCOs either fail to declare supplies made to taxpayers or submit their returns after the relevant deadline. To facilitate taxpayers in the steel sector, particularly melters and re-rollers, the FBR has developed an interface for the concerned Chief Commissioners Inland Revenue (CCIRs). Under the new mechanism, taxpayers can apply online through the Iris automated system to the relevant CCIR for declaration of electricity units consumed during the month. The application must be submitted within the statutory period along with the necessary details and supporting information. The concerned CCIR will verify the relevant records and electricity bill or bills before approving the consumed electricity units through the online system. Following approval, the verified electricity units will automatically be transferred to Annex-K. This will enable taxpayers to calculate their correct sales tax liability and file their sales tax returns accordingly. The FBR has directed its field formations to utilise the new facility and process applications in accordance with the prescribed procedure. It has also asked the concerned CCIRs to ensure that applications are disposed of within the applicable statutory timelines. The move is aimed at addressing reporting issues arising from delayed or missing DISCO data and facilitating compliant taxpayers in the steel sector in accurately determining their sales tax liabilities.
PRA RECORDS 31% REVENUE GROWTH IN FIRST QUARTER OF FY27
Date: 2026-10-08
Details: Punjab Revenue Authority collects Rs87 billion in Q1 of FY27, up from Rs66.3 billion a year earlier, setting a new quarterly tax collection record. The Punjab Revenue Authority (PRA) has recorded a 31 percent increase in revenue collection during the first quarter of the current fiscal year 2026-27, marking a significant improvement over the corresponding period last year. The Authority collected Rs87 billion during the first quarter, compared with Rs66.3 billion during the same period of the previous fiscal year. The latest collection also represents a new record for quarterly tax revenue. The figures were shared during an important meeting on annual revenue targets chaired by PRA Chairman Moazzam Iqbal Sipra on Wednesday. The meeting reviewed sector-wise revenue targets, tax returns and the performance of officers. During the meeting, the PRA chairman directed officials to ensure comprehensive scrutiny of records relating to entities suspected of tax fraud and evasion. He said that, in line with the directions of Punjab Chief Minister, efforts to broaden the tax base and strengthen digital monitoring were producing positive results. The chairman also attributed part of the increase in revenue collection to the implementation of the Electronic Invoice Monitoring System (e-IMS) and measures aimed at improving tax compliance. He further said that the scope of action against tax embezzlement and the issuance of fake receipts was being expanded. The latest performance highlights the PRA’s focus on improving tax compliance, strengthening monitoring mechanisms and widening the provincial tax net. The Authority’s quarterly collection of Rs87 billion represents an increase of Rs20.7 billion over the Rs66.3 billion collected during the corresponding period last year.
FBR CANCELS ALL NOCS ISSUED TO TAX OFFICIALS
Date: 2026-10-08
Details: Inland Revenue Service officers must apply afresh for permissions under the newly promulgated Civil Servants (Conduct) Rules, 2026. The Federal Board of Revenue (FBR) has withdrawn all No Objection Certificates (NOCs) previously issued to officers of the Inland Revenue Service (IRS) under the Government Servants (Conduct) Rules, 1964, with immediate effect. The decision has been taken in accordance with the Establishment Division’s Office Memorandum No. 14-02-2026-D-II dated August 10, 2026. According to the FBR directive, all NOCs issued to IRS officers under Rules 6, 16, 18, 20, 21 and 22, as well as under any other provisions of the Government Servants (Conduct) Rules, 1964, shall stand withdrawn immediately. The Board has advised officers who require any permission to submit fresh applications under the relevant provisions of the newly promulgated Civil Servants (Conduct) Rules, 2026. The FBR has also circulated a copy of the new rules among the concerned officers. The Civil Servants (Conduct) Rules, 2026 were notified by the Establishment Division through S.R.O. 638(I)/2026 on April 13, 2026. The rules were framed under sub-section (1) of Section 25 of the Civil Servants Act, 1973, read with Notification No. S.R.O. 120(I)/98 dated February 27, 1998. The new rules, which came into force immediately upon notification, apply to every civil servant whether on duty or leave, within or outside Pakistan, or serving on deputation with another government, agency, institution or authority. The rules also provide that, where empowered, the Federal Government may extend their application to autonomous, constitutional and regulatory bodies, state-owned enterprises, federally controlled companies and corporations, universities, educational institutions and other bodies established under federal authority. The withdrawal of existing NOCs means that permissions previously granted under the repealed conduct framework will no longer remain operative for IRS officers. Officers seeking permissions covered by the conduct rules will therefore have to follow the prescribed procedure under the Civil Servants (Conduct) Rules, 2026.
FBR INTRODUCES EXPORT FACILITATION SCHEME FOR MEAT AND LIVE ANIMALS
Date: 2026-10-08
Details: Draft customs rules introduce dedicated tracks for imported livestock, fattening, meat processing and re-export under the Export Facilitation Scheme. The Federal Board of Revenue (FBR) has proposed bringing meat and imported live animals under the Export Facilitation Scheme (EFS) through draft amendments to the Customs Rules, 2001. The FBR issued SRO 1752(I)/2026, inviting objections and suggestions on the proposed amendments. Stakeholders have been given seven days from publication of the notification in the official Gazette to submit their views. The proposed framework introduces a new sub-chapter covering the import of live animals for fattening and re-export, as well as fattening, slaughter, processing and export of meat and meat products. It also covers the acquisition of related inputs, plant, machinery and equipment for approved premises. The scheme does not apply to animals born in Pakistan. Two tracks for livestock and meat exports The proposed rules establish two separate routes. Track A would cover the fattening of imported live animals at approved premises followed by their re-export as live animals. Track B would cover the fattening, slaughter and processing of imported live animals and the export of resulting meat, meat products and by-products. Under the proposed amendments, imported live animals and fattening inputs would be treated as input goods under the EFS. Fattening under Track A would be treated as processing, while fattening, slaughter and processing under Track B would be treated as manufacturing. Exported animals, meat, meat products and by-products would consequently be treated as output goods. Duty-free import facility proposed Authorised users would be allowed to import live animals as input goods without payment of customs duty, additional customs duty, regulatory duty, sales tax, federal excise duty and withholding tax under Section 148 of the Income Tax Ordinance, 2001, subject to the authorised quota and prescribed conditions. The resulting duty and tax liability would be recorded as a deferred liability against the user’s security. The framework would also allow authorised users to import or acquire approved fattening inputs without payment of duty and taxes, provided they are consumed solely in fattening imported live animals. Such inputs could not be used for animals born in Pakistan. Eligibility and project authorisation Persons registered under the Sales Tax Act, 1990 and Income Tax Ordinance, 2001 operating approved premises or registered export establishments could apply online for authorisation. The Regulatory Collector would be required to verify applications, including through physical inspection with the competent animal health authority, and grant or refuse authorisation within 30 days of receiving a complete application. The draft rules would also facilitate the establishment or expansion of feedlots, pre-export quarantine facilities and abattoir-cum-meat processing plants through project authorisations. A commissioning period of 24 months, extendable by up to 12 months, has been proposed. Strict export and traceability requirements Imported animals would have to be registered in a traceability system, kept separately from domestic animals and exported or slaughtered within specified periods. Bovine animals would generally have to be exported or slaughtered within 180 days, while sheep and goats would have a 120-day period. Extensions could be granted on specified veterinary, shipping, market or exceptional grounds. The proposed system would require animal identification, RFID verification, health certification and detailed records through WeBOC or the Pakistan Single Window (PSW). For Track B, imported animals would have to be slaughtered at the registered export establishment specified in the authorisation, while meat and meat products would have to be stored separately and exported within 120 days of slaughter. The draft also provides rules for by-products, mortality, offspring, home consumption and failure to account for imported animals or inputs. Quarterly and annual reconciliations would be required, with the Directorate General of Post Clearance Audit empowered to audit users, including physical verification through RFID and inspection of cold-storage stocks. The proposed amendments would create a dedicated EFS framework for livestock and meat exporters, linking duty and tax facilitation with animal-health controls, traceability, export performance and post-clearance audit requirements.
FBR AUTHORISES FOUR VENDORS TO MONITOR PRODUCTION IN FIVE SECTORS
Date: 2026-10-08
Details: The approved vendors will supply and operate IP cameras and network video recorders for electronic production monitoring under Sales Tax Rules. The Federal Board of Revenue (FBR) has authorised four vendors to supply, install and operate electronic production monitoring equipment in five manufacturing sectors under Chapter XIV-BA of the Sales Tax Rules, 2006. The authorisation covers the packaged tea, household electronics, paper and paperboard, edible oil and ghee, and leather sectors, expanding the scope of electronic monitoring of production lines for registered manufacturers. Four Vendors Receive Approval The authorised vendors are Obsidian Technologies, Tollink Pakistan (Pvt.) Ltd., ISSM Labelling Solutions (Private) Limited and Authentik. The FBR said the vendors have already deployed and operated production monitoring equipment in sectors covered by their existing authorisations, demonstrating their capability to supply, install, operate and maintain the required systems. The new authorisation has been issued under Section 40C of the Sales Tax Act, 1990, read with Chapter XIV-BA of the Sales Tax Rules, 2006, following recommendations from the Approval Committee. The authorisation is in addition to the vendors’ existing approvals, which will remain valid according to their respective terms IP Cameras and Two-Month Recording Under the new approval, vendors will be responsible for supplying only Internet Protocol (IP) cameras and Network Video Recorders (NVRs) with recording storage of at least two months. The cameras must provide continuous, real-time coverage of production processes at each production line, while NVRs must record and retain all camera feeds for the required period. No other equipment or software may be supplied or charged for under the authorisation. Deployment in each sector will begin following issuance of the relevant Sales Tax General Order (STGO), with equipment required to meet technical specifications approved by the FBR. FBR to Access Production Footage The vendors will be required to test equipment at every installation site, confirm compliance with FBR-approved specifications and provide the Board with access to live feeds and recorded footage in the prescribed manner. All footage and recordings captured through the monitoring systems will remain the property of the FBR and will be treated as confidential. Vendors will not be permitted to share the data with any other party except as directed by the Board. The authorisation will remain valid for three years from the date of issue, unless suspended or cancelled earlier. Strict Conditions for Vendors The authorisation is non-transferable, and vendors cannot assign or subcontract their responsibilities without prior written approval from the Approval Committee. The FBR will also conduct periodic reviews of the effectiveness of the monitoring equipment, while vendors will be required to implement any corrective measures directed by the Board. The Approval Committee may suspend or cancel an authorisation, either for all sectors or specific sectors, if a vendor breaches the prescribed conditions or applicable rules, subject to an opportunity of being heard. Vendors seeking renewal will have to apply before expiry in accordance with the Sales Tax Rules.
FBR EMPOWERED TO MODIFY ORDERS AFTER COURT RULINGS
Date: 2026-10-08
Details: Commissioner can follow High Court or Appellate Tribunal decisions on questions of law and subsequently revise assessments when those decisions are overturned or modified. The Federal Board of Revenue (FBR) has outlined the powers of tax authorities to modify assessments and other orders following judicial decisions under Section 124A of the Income Tax Ordinance, 2001, applicable to Tax Year 2027. The provision enables the Commissioner to follow a decision of a High Court or the Appellate Tribunal on a question of law in the case of a taxpayer, even where the Commissioner has challenged that decision before a higher forum. Under Section 124A(1), where a question of law has been decided by a High Court or the Appellate Tribunal in a taxpayer’s case on or after July 1, 2002, the Commissioner may apply that decision to the same question of law arising in any assessment pending before the Commissioner. This power remains available even if the Commissioner has filed an appeal against the High Court decision or made an application for reference against the Appellate Tribunal’s order. The Commissioner can continue following the ruling until the decision is reversed or modified by the relevant appellate or judicial authority. Assessment can be revised after final ruling Section 124A also provides a mechanism for correcting assessments when a previously followed judicial decision is subsequently overturned or changed. Where the High Court or Appellate Tribunal decision is reversed or modified, the Commissioner may modify the assessment or order in which the earlier decision was applied so that it conforms to the final decision. Importantly, this power can be exercised notwithstanding the expiry of the normal limitation period prescribed for making an assessment or order. The Commissioner must, however, exercise this power within one year from the date of receipt of the final decision. The provision therefore creates a statutory mechanism for maintaining consistency between assessments and prevailing judicial interpretations of questions of law. It also allows tax authorities to correct earlier assessments when a court or tribunal subsequently changes the legal position. For taxpayers, Section 124A means that an assessment may initially reflect a High Court or Appellate Tribunal ruling even while the FBR challenges that ruling. If the decision is later reversed or modified, the Commissioner can bring the assessment into line with the final legal position within the prescribed one-year period.
FBR SETS RULES FOR GIVING EFFECT TO APPELLATE ORDERS UNDER SECTION 124
Date: 2026-10-08
Details: Commissioner must issue assessment, amended assessment and appeal-effect orders within prescribed time limits following decisions by appellate authorities. The Federal Board of Revenue (FBR) has clarified the framework for giving effect to appellate decisions under Section 124 of the Income Tax Ordinance, 2001, applicable to Tax Year 2027. The provision requires the Commissioner to issue an assessment or amended assessment order where such action is necessary to give effect to a finding or direction contained in an order passed by the Commissioner (Appeals), Appellate Tribunal, High Court or Supreme Court. Under Section 124(1), the Commissioner must issue the consequential order within two years from the end of the financial year in which the relevant appellate order is served on the Commissioner. Where an Appellate Tribunal, High Court or Supreme Court sets aside an assessment wholly or partly and directs the Commissioner or Commissioner (Appeals) to pass a fresh assessment, the new order must generally be issued within one year from the end of the financial year in which the appellate order is served. However, this one-year limitation does not apply where an appeal or reference has been filed against the order of the Appellate Tribunal or High Court. The law also allows proceedings to resume from the stage immediately preceding the point at which an assessment was set aside or modified. Previously issued notices and previously furnished returns, statements or particulars do not have to be reissued or resubmitted. Two-month deadline for direct relief Section 124 also establishes a shorter timeline where direct relief is granted under Sections 129 or 132. In such cases, the Commissioner must issue the appeal-effect order within two months of being served with the relevant order. No appeal-effect order is required where the Commissioner (Appeals), Appellate Tribunal, High Court or Supreme Court confirms the tax payable as determined in the original order. The Commissioner can instead proceed directly with recovery. Where an appellate authority partly sets aside an order but confirms or modifies other issues, the Commissioner must determine the resulting tax liability through the prescribed appeal-effect order. Tax relating to matters confirmed or modified remains payable or recoverable under the Ordinance, while matters set aside or remanded are excluded. Section 124 further covers situations where income is shifted between tax years or between taxpayers as a result of an appellate finding or direction. The resulting assessment or amended assessment is treated as having been made to give effect to that appellate order. The provision also applies to orders issued by a High Court or the Supreme Court while exercising original or appellate jurisdiction, ensuring that consequential tax assessments are implemented within the statutory framework.
FBR officials martyred in armed attack in Dera Ismail Khan
Date: 2026-10-07
Details: Written by Hamza Shahnawaz in Taxation Two Enforcement Squad personnel embraced martyrdom while performing duty at Qureshi Mor, Bypass Road ISLAMABAD: Two officials of the Federal Board of Revenue’s (FBR) Enforcement Squad embraced martyrdom after unidentified armed assailants opened fire on them while they were performing duty in Dera Ismail Khan. According to the FBR, the incident occurred at approximately 11:30am at Qureshi Mor on Bypass Road, where three Enforcement Squad personnel — Sepoy Izharullah, Arm Guard Rahmatullah and Sepoy Sulaiman — were deployed at a designated point. Unidentified armed persons arrived at the location and opened fire on the officials. As a result, Arm Guard Rahmatullah and Sepoy Sulaiman embraced martyrdom, while Sepoy Izharullah remained safe. The FBR said Sepoy Izharullah returned fire during the incident, forcing the assailants to flee the scene. The attackers also took away official arms and ammunition issued to the Enforcement Squad personnel. FBR Chairman Rashid Mahmood Langrial expressed his heartfelt condolences to the families of the martyred officials and paid tribute to their courage, dedication and commitment to duty. The chairman said the sacrifices made by FBR personnel while performing their responsibilities in the line of duty would not be forgotten. The FBR expressed solidarity with the families of the deceased officials and said it stands firmly with all personnel carrying out their duties in the service of the country. The incident has highlighted the risks faced by enforcement personnel while carrying out field operations and official duties.
FBR PROPOSES DIGITAL TAX RETURN SYSTEM FOR NON-RESIDENT SHIPPING
Date: 2026-10-07
Details: Written by Hamza Shahnawaz in Taxation Draft rules would link IRIS with Pakistan Single Window to automate tax returns, payments and vessel clearance for shipping operators. The Federal Board of Revenue (FBR) has proposed a new electronic system for tax returns filed by non-resident ship owners, charterers and authorised shipping agents, linking the tax authority’s IRIS system with the Pakistan Single Window (PSW). The proposal was issued through SRO 1689(I)/2026, which seeks to replace Rule 37 of the Income Tax Rules, 2002. The FBR has invited objections and suggestions within seven days of publication in the official Gazette. IRIS-PSW Integration Proposed Under the draft rule, returns required under Section 143 of the Income Tax Ordinance, 2001 would be filed electronically through IRIS or another system specified by the FBR. PSW would electronically transmit vessel information to IRIS after receiving a Vessel Intimation Report (VIR). The information would include the vessel name, estimated arrival and departure times, VIR number and the NTN details of the master of the ship, shipping agents and co-loaders associated with the vessel. Registration details of shipping agents maintained by PSW would also be electronically integrated with IRIS. Automated Tax Return and Payment Following receipt of vessel information, IRIS would automatically generate an electronic return against the relevant VIR. Only one return would be generated for each distinct VIR. The system would display information including the NTNs of associated parties, gross voyage receipts such as freight and container-related charges, and tax payments made through Payment Slip Identification Numbers (PSIDs) and corresponding Computerised Payment Receipts (CPRs). The proposed mechanism would automatically link payments with the relevant VIR and tax return. The return would remain pending and could not be submitted until all required payments had been made and the corresponding CPRs electronically linked to the return. Rules Proposed for Extension Applications The draft also sets out requirements for seeking an extension under Section 143. An application would have to be submitted before the vessel’s departure, along with reasons for the extension, estimated taxable voyage receipts and corresponding tax liability. Applicants would also have to provide relevant voyage documents, including bills of lading, cargo manifests, freight invoices, charter party agreements and port clearance certificates. They would further be required to provide security equivalent to the estimated tax liability through a bank guarantee, pay order or post-dated cheque, with the cheque date not exceeding 30 days from the vessel’s departure. Customs Clearance Linked to Tax Compliance Once the return has been filed and tax paid, or an extension approved, IRIS would electronically transmit confirmation to PSW. PSW would make the confirmation available to the Collector of Customs or another authorised officer for purposes of Section 143. The proposed rules would also allow information generated through the PSID and CPR mechanism to be used for assessment, audit, verification, enforcement and recovery proceedings. Tax recovery under Section 143 would be initiated against the authorised shipping agent, while the agent would retain the right to recover the amount from the relevant ship owner, charterer, shipping agents, co-loaders or other parties associated with the return.
FBR PROPOSES ATL RELIEF FOR LATE TAX FILERS UNDER DRAFT RULES
Date: 2026-10-07
Details: Written by Hamza Shahnawaz in Taxation The proposed amendments would allow eligible individuals to join the Active Taxpayers’ List without paying the late-filing surcharge, subject to a six-month undertaking. The Federal Board of Revenue (FBR) has proposed further amendments to the Income Tax Rules, 2002, that would allow certain individuals who file their income tax returns after the due date to be included in the Active Taxpayers’ List (ATL) without paying the applicable surcharge. The draft amendments were issued through SRO 1691(I)/2026 under Section 237 of the Income Tax Ordinance, 2001, read with Section 182A. The FBR has invited objections and suggestions from affected persons within seven days of publication of the notification in the official Gazette. Late Filers Could Join ATL Without Surcharge Under the proposed amendments to Rule 81B, an individual who files an income tax return for the latest tax year after the due date or extended due date could qualify for ATL inclusion without paying the surcharge. To benefit from the proposed facility, the individual would have to submit an undertaking through IRIS in Form ATL-U, which is proposed to be introduced in a new Part XV of the First Schedule. The undertaking would be made under Section 182A of the Income Tax Ordinance and would allow the taxpayer to obtain ATL status without first paying the surcharge applicable to late filers. Six-Month Undertaking Period The proposed rules state that the six-month period associated with the undertaking would begin from the date shown on the electronic acknowledgement issued by IRIS after successful submission of Form ATL-U. The FBR would also have the authority to verify compliance with the undertaking using information available under the Income Tax Ordinance or obtained from other lawful sources. These sources could include government authorities, agencies, registries and financial institutions. Property Purchases Could Affect Eligibility The draft rules specifically address the acquisition of property during the undertaking period. If information indicates that an individual has purchased, acquired or otherwise obtained ownership or a beneficial interest in any property during the six-month period, the taxpayer would be given an electronic opportunity to be heard. If the FBR establishes that the undertaking has been breached, the benefit provided under the proposed rule would be withdrawn from the date of the breach. The taxpayer’s subsequent inclusion in the ATL would then be governed by the existing Rule 81B(2A) provisions. The proposed amendments are currently in draft form, and the FBR said objections or suggestions received within the prescribed seven-day period would be considered before the rules are finalised.
FBR PROPOSES RULES FOR TAX CREDIT ON DIGITAL INTEGRATION INVESTMENTS
Date: 2026-10-07
Details: Written by Hamza Shahnawaz in Taxation Draft SRO 1692(I)/2026 sets conditions for businesses seeking tax credits on electronic resources integrated with the FBR’s computerised system. The Federal Board of Revenue (FBR) has proposed new rules governing the tax credit for integration under Section 64D of the Income Tax Ordinance, 2001, setting out conditions for businesses investing in electronic systems required for real-time monitoring and sales reporting. The proposals have been issued through draft SRO 1692(I)/2026, which seeks to insert a new Rule 33U into Chapter VIIA of the Income Tax Rules, 2002. The FBR has invited objections and suggestions on the draft within seven days of its publication in the official Gazette. Conditions for Claiming Tax Credit Under the proposed Rule 33U, a person claiming the tax credit must be required under the Income Tax Ordinance, Sales Tax Act or Federal Excise Act to integrate with the FBR’s computerised system for real-time production monitoring or recording and reporting sales or receipts. The electronic resource for which the credit is claimed must be purchased, acquired, installed or implemented during the relevant tax year and successfully integrated and configured with the FBR’s system during that year. The equipment, hardware, software or other electronic component must also be directly and exclusively used for the required integration. The integration must be supported by an activation, commissioning or configuration record generated or confirmed by the FBR’s computerised system. The record must identify the taxpayer, electronic resource and activation date. What Investment Costs Can Be Included? The amount actually invested in an electronic resource may include its acquisition or purchase price, along with one-time costs directly linked to installation, configuration, interface development, integration, testing and implementation. However, the investment amount would be reduced by any discount, rebate, refund, grant or subsidy received or receivable in relation to the electronic resource. The proposed rules would exclude refundable or recoverable taxes and duties, as well as recurring expenses such as routine maintenance, repairs, annual maintenance, post-commissioning support and service charges. Internet, telecommunications and utility costs, employee salaries, training, consumables and financing costs would also be excluded. General-purpose systems not directly and exclusively used for integration would similarly not qualify, except for separately identifiable components dedicated to the integration. Tax Credit to Be Claimed Through IRIS The proposed rules state that the tax credit would be claimed in the income tax return for the tax year in which the electronic resource is installed, integrated and configured with the FBR’s computerised system. The same expenditure could not be claimed more than once under Section 64D. Taxpayers would also be required to provide details through the return or a schedule available on IRIS, including the electronic resource description, vendor or supplier details, invoice or agreement reference, acquisition or implementation date, amount invested, integration or resource identification number and activation or commissioning date. The proposed credit would remain subject to verification by the Commissioner using records maintained under Section 174 of the Income Tax Ordinance.
FBR PROPOSES AUTOMATED INCOME TAX SCRUTINY WITH SEVEN-DAY RESPONSE PERIOD
Date: 2026-10-07
Details: Written by Hamza Shahnawaz in Taxation Draft rules would allow taxpayers to receive electronic notices identifying factual, legal or other discrepancies before formal action is initiated. The Federal Board of Revenue (FBR) has proposed introducing an automated electronic scrutiny system for income tax returns, allowing taxpayers to address discrepancies identified by the system before any legal or penal action is initiated. The proposal has been issued through SRO 1690(I)/2026, which seeks to amend the Income Tax Rules, 2002 by inserting a new Rule 38B on the electronic scrutiny and intimation of issues detected by an automated system. The draft has been published for public feedback, with objections or suggestions required to be submitted within three days of its publication in the official Gazette. Automated System to Identify Tax Return Issues Under the proposed Rule 38B, an automated system, including CRM, would process income tax returns furnished by taxpayers under Section 120(2A) of the Income Tax Ordinance, 2001. The system may issue an online advice or advance intimation through IRIS, identifying factual or legal mistakes and discrepancies in a taxpayer’s return. The proposed mechanism is intended to give taxpayers an opportunity to clarify an issue, correct errors or take other corrective action before formal legal or penal proceedings are considered. The same system-generated advance intimation could also be issued by the Inland Revenue officer having jurisdiction over the taxpayer. Taxpayers to Get at Least Seven Days The proposed rules would require the electronic intimation to specify a response period of at least seven days. During this period, taxpayers would be able to provide clarification, rectify identified errors or take other corrective measures to address the discrepancy or discrepancies highlighted by the system. If no response is received within the stipulated period, the taxpayer would be sent a reminder, which would also provide a period of at least seven days. The proposal therefore creates an electronic process through which taxpayers would have an opportunity to respond before the matter moves towards further action. Responses to Be Recorded on FBR Dashboard The draft rules also propose maintaining an electronic record of discrepancies detected, notices issued to taxpayers and responses received. This information would be communicated to the relevant Inland Revenue officer and recorded on a dashboard designed under the automated system. The proposed system would also use a Change Request Form (CRF) for the implementation of automated scrutiny, data analysis and cross-matching of available information. The officer having jurisdiction over the taxpayer would then analyse the taxpayer’s response, or the absence of a response, and take appropriate action where required under the Income Tax Ordinance, 2001 and related rules. The proposal remains a draft at this stage, with the FBR inviting objections and suggestions within the specified three-day period.
FBR NOTIFIES POWERS OF CHIEF COMMISSIONERS AND COMMISSIONERS WORKING UNDER NATIONAL FACELESS CENTRE
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation New jurisdiction framework gives dedicated commissioners authority over faceless audits, assessments, recovery, penalties and quality control ISLAMABAD, October 6, 2026: The Federal Board of Revenue (FBR) has notified detailed jurisdiction and powers for Chief Commissioners and Commissioners of Inland Revenue working under the National Faceless Centre (NFC), establishing a dedicated framework for faceless tax audits, assessments, quality control and field operations. The notification, issued by the FBR’s Inland Revenue Operations Wing on September 29, 2026, will come into force with effect from October 1, 2026. The new framework allows the Chief Commissioner, National Faceless Centre, to exercise powers and perform functions under the Income Tax Ordinance, 2001, Sales Tax Act, 1990, Federal Excise Act, 2005, Islamabad Capital Territory (Tax on Services) Ordinance, 2001, relevant provisions of the Finance Act, 1989 and Workers’ Welfare Fund Ordinance, 1971. The Chief Commissioner may exercise exclusive or concurrent jurisdiction over persons, classes of persons, cases or classes of cases assigned to the National Faceless Centre, in addition to jurisdiction already assigned to the relevant tax office. Algorithm-based assignment of taxpayers A key feature of the notification is the use of an automated, algorithm-based assignment system. The Chief Commissioner may assign exclusive or concurrent jurisdiction, powers and functions to Commissioners Inland Revenue working in the National Faceless Audit Wing, Assessment Wing, Quality Control Wing and Field Operations Wing. The FBR may also assign jurisdiction directly to the Chief Commissioner or Commissioners through an automated assignment system where it considers this appropriate. National Faceless Audit Wing Commissioners assigned to the National Faceless Audit Wing will exercise powers under the relevant income tax, sales tax, federal excise and other applicable laws. Their responsibilities include conducting audits under Section 122E of the Income Tax Ordinance, 2001, as well as proceedings under Section 111 relating to unexplained income and assets. The Audit Wing will also have powers to call for information from taxpayers, registered persons or other persons, impose penalties for specified non-compliance, conduct audits to determine taxable income or correct tax liabilities and refunds, and submit audit reports. It will also implement directions issued by courts and appellate authorities concerning audit-related functions. National Faceless Assessment Wing The National Faceless Assessment Wing will be responsible for a broad range of assessment-related functions. Its powers include assessments under Section 122E of the Income Tax Ordinance, relevant sales tax and federal excise provisions, and best-judgement assessments under Section 121 of the Income Tax Ordinance. Commissioners in the Assessment Wing will also be able to exercise revisionary powers under Section 122A, impose default surcharge and penalties, rectify mistakes apparent from the record, call for information and issue notices. The wing may also allow tax credits or adjustments of refunds, perform assessment-related functions for determining correct tax liability, condone specified time limits and give effect to appellate authorities’ directions. Quality Control Wing to review draft orders The National Faceless Quality Control Wing will undertake administrative review and make recommendations regarding audit reports and assessment orders assigned in draft form. Its jurisdiction will cover persons or classes of persons and specific tax years or tax periods assigned to the National Faceless Audit or Assessment Wings through the FBR’s algorithm-based system. The Quality Control Wing will therefore provide an additional review layer within the faceless tax administration structure before relevant proceedings are finalised. Field Operations Wing given enforcement functions The National Faceless Field Operations Wing will perform several functions requiring physical or enforcement-related intervention. Its responsibilities include supervision and maintenance of National Faceless Facilitation Centres and service of notices, orders and other documents under the relevant tax laws. The Field Operations Wing will also have authority to conduct physical verification of matters including the nature and size of a business, assets, investments, expenditures and other information required for proceedings assigned to the National Faceless Centre. In addition, it will undertake tax recovery under the relevant provisions of the Income Tax Ordinance, Sales Tax Act and Federal Excise Act, along with associated rules. Jurisdiction ends after assigned proceedings The FBR has clarified that concurrent jurisdiction assigned to an officer will be exclusive in respect of the specific tasks, tax years or tax periods allocated to the National Faceless Centre. Such jurisdiction, or the relevant portion of it, will automatically cease once the specific audit, assessment, penalty or default surcharge proceedings assigned to the officer have been finalised. Where required, the jurisdiction may subsequently be reassigned to another authorised officer unless the FBR directs otherwise. The notification marks a significant expansion of the operational framework for the National Faceless Centre, bringing audit, assessment, quality control and field enforcement functions within a dedicated assignment-based structure.
FBR ESTABLISHES NATIONAL FACELESS CENTRE WITH EXPANDED TAX POWERS
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation New FBR centre to oversee faceless audit, assessment, quality control and field operations under dedicated Inland Revenue wings ISLAMABAD: The Federal Board of Revenue (FBR) has formally notified the establishment of the National Faceless Centre (NFC), creating a dedicated structure for conducting faceless audit, assessment, quality control and field operations. The order has been issued pursuant to the minutes of the 5th meeting of the Board-in-Council for 2026-27 and in exercise of powers conferred under various provisions of the Income Tax Ordinance, 2001, Sales Tax Act, 1990, Federal Excise Act, 2005, Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and the Federal Board of Revenue Act, 2007. The FBR said the National Faceless Centre will comprise as many specialised wings as required, including: • National Faceless Audit Wing; • National Faceless Assessment Wing; • National Faceless Quality Control Wing; and • Field Operations Wing. The establishment of the centre is aimed at providing a centralised institutional framework for the execution of assigned tax functions through dedicated officers. FBR creates dedicated NFC hierarchy Under the notification, the National Faceless Centre will comprise a Director General NFC, along with as many Chief Commissioners Inland Revenue NFC, Commissioners Inland Revenue NFC and Officers of Inland Revenue as required. The Director General will be responsible for the administrative affairs of the centre, including financial matters and tax-office infrastructure. Importantly, the FBR has specified that the Director General will not participate in audit, adjudication or quality-control functions of the National Faceless Centre. This separation is intended to distinguish the administrative responsibilities of the centre from its operational tax functions. Exclusive jurisdiction for assigned tasks The FBR has also established specific rules governing the concurrent jurisdiction assigned to officers working under the National Faceless Centre. According to the order, such jurisdiction will be exclusive in terms of the tasks, tax years or tax periods assigned to the NFC. The jurisdiction assigned to an officer will automatically cease once the particular audit, assessment, penalty proceedings or default surcharge proceedings allocated to that officer have been finalised. Where necessary, the jurisdiction may subsequently be automatically reassigned to another authorised officer, unless the FBR directs otherwise. This mechanism is intended to ensure that jurisdiction remains linked to specific assignments rather than continuing indefinitely after completion of the relevant proceedings. Immediate implementation The FBR stated that the order has been issued with the approval of the competent authority and will take immediate effect. The creation of the National Faceless Centre represents a further institutionalisation of the FBR’s faceless tax administration framework, bringing audit, assessment, quality control and field operations within a dedicated national structure. The arrangement also provides the FBR with flexibility to determine the number of specialised wings and officers according to the volume and nature of tax assignments.
FBR COMMISSIONERS RETAIN SUO MOTO POWERS IN TAX YEAR 2027
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation Commissioner of Inland Revenue can call for records and revise orders, subject to statutory safeguards and appeal restrictions The Federal Board of Revenue (FBR) has retained the suo moto powers of Commissioners of Inland Revenue to call for records of proceedings and revise orders passed by Inland Revenue officers during Tax Year 2027. The FBR’s Income Tax Ordinance, 2001, updated up to June 30, 2026, sets out these powers under Section 122A for Tax Year 2027, covering the period from July 1, 2026 to June 30, 2027. Under Section 122A, the Commissioner may, suo moto, call for the record of any proceeding conducted under the Income Tax Ordinance or the repealed Ordinance where an order has been passed by an Officer of Inland Revenue. After conducting any inquiry considered necessary, the Commissioner may revise the order if he considers that revision is required. The Commissioner has discretion to make such revisions as deemed appropriate under the law. Revision cannot prejudice taxpayer A key safeguard under Section 122A is that any order issued following such revision must not be prejudicial to the person to whom the original order relates. This provision limits the Commissioner’s revisionary authority by preventing a suo moto revision from adversely affecting the taxpayer concerned. Cases pending appeal excluded The Commissioner cannot exercise the revisionary power in certain circumstances. Under Section 122A, no order can be revised where an appeal against the order lies before the Commissioner (Appeals) or the Appellate Tribunal and the prescribed time for filing that appeal has not expired. Similarly, the Commissioner cannot revise an order where the matter is already pending before the Commissioner (Appeals) or has become the subject of an appeal before the Appellate Tribunal. The restrictions are intended to prevent overlapping revisionary proceedings while an order remains within the statutory appeal process. 120-day deadline for remanded cases Section 122A also establishes a timeframe where the Commissioner remands an order to a lower authority. Where an order is sent back for modification, alteration, implementation of directions or de novo proceedings, the lower authority must issue the order giving effect to the Commissioner’s directions within 120 days. The provision therefore gives Commissioners a supervisory mechanism over orders passed by Inland Revenue officers while establishing safeguards concerning taxpayer prejudice, pending appeals and implementation of remand directions.
GROUNDS FOR AMENDING ASSESSMENT ORDERS BY FBR COMMISSIONER IN TAX YEAR 2027
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation Commissioner can revise assessments where income is under-assessed, tax is misclassified or revenue interests are prejudiced The Federal Board of Revenue (FBR) has outlined the powers of the Commissioner to amend or further amend tax assessment orders for Tax Year 2027 under Section 122 of the Income Tax Ordinance, 2001. The FBR’s Income Tax Ordinance, updated up to June 30, 2026, applies to Tax Year 2027, covering July 1, 2026 to June 30, 2027. Under Section 122, the Commissioner may amend an assessment order issued or treated as issued under Section 120 or an assessment made under Section 121 by making alterations or additions considered necessary. Five-year time limit for amendments The Ordinance provides that an assessment order generally cannot be amended after five years from the end of the financial year in which the Commissioner issued, or was deemed to have issued, the assessment order. Where an assessment has already been amended, the Commissioner may further amend it as many times as necessary within the later of five years from the end of the financial year of the original assessment or one year from the end of the financial year in which the amended assessment was issued. Grounds for amending assessment Section 122 allows amendment of an assessment where, based on an audit or definite information, the Commissioner is satisfied that: • income chargeable to tax has escaped assessment; • total income has been under-assessed; • income has been assessed at an excessively low tax rate; • excessive relief or refund has been granted; or • an amount has been misclassified under a head of income. The Commissioner may also amend or further amend an assessment where it is considered erroneous and prejudicial to the interests of revenue, subject to the relevant provisions of the Ordinance. The law further provides that, for matters not disputed in an appeal, the Commissioner has the power to amend or further amend an assessment under the revenue-interest provision. Revised returns treated as amended assessments Where a taxpayer submits a revised return under Section 114(6) or 114(6A), the Commissioner is treated as having made an amended assessment of taxable income and tax payable according to the revised return. The revised return itself is treated, for the purposes of the Income Tax Ordinance, as an amended assessment order issued by the Commissioner on the day it was furnished. What constitutes definite information? Section 122 broadly defines definite information. It includes information relating to sales or purchases of goods, receipts from services and other taxable receipts. It can also cover information concerning the acquisition, possession or disposal of money, assets or valuable articles, investments made and expenditure incurred by the taxpayer. Taxpayer must be given an opportunity to be heard The FBR has also specified an important procedural safeguard. No assessment can be amended or further amended under Section 122 unless the taxpayer has been provided an opportunity of being heard. An order must generally be made within one year of the issuance of the show-cause notice. The Commissioner may extend this period for recorded reasons, but the extension cannot exceed 90 days. Certain periods are excluded from the calculation, including periods covered by a stay order or Alternative Dispute Resolution proceedings, as well as proceedings relating to agreed assessment under Section 122D. An adjournment taken by the taxpayer for up to 60 days is also excluded. Amended order must disclose revised tax liability After making an amended assessment, the Commissioner must issue an amended assessment order to the taxpayer as soon as possible. The order must specify the amended taxable income, amended tax payable, tax already paid, if any, and the time, place and manner for filing an appeal. An amended assessment order is treated in all respects as an assessment order under the Income Tax Ordinance, except for the specific limitation concerning the Commissioner’s amendment powers.
FBR STRENGTHENS BEST-JUDGEMENT ASSESSMENT POWERS FOR TAX YEAR 2027
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation Commissioner empowered to determine taxable income and tax liability using available information and sectoral benchmark ratios The Federal Board of Revenue (FBR) has set out the rules governing best-judgement assessment for Tax Year 2027, giving tax authorities the power to determine a taxpayer’s taxable income and tax liability where required returns, statements, accounts or supporting records are not furnished. Under Section 121 of the Income Tax Ordinance, 2001, updated up to June 30, 2026, the Commissioner may make a best-judgement assessment where a person fails to comply with specified filing or documentation requirements. For Tax Year 2027, which runs from July 1, 2026 to June 30, 2027, the provision applies where a taxpayer fails to furnish an income tax return in response to notices issued under Section 114 or Section 117, or fails to submit a return required under Sections 143 or 144. The provision also covers failure to furnish a statement required under Section 116. In addition, the Commissioner may proceed with a best-judgement assessment if the taxpayer does not produce accounts, documents, records or other relevant evidence required for determining taxable income and tax payable. FBR can use available information Under Section 121, the Commissioner can determine taxable income and tax due on the basis of any available information or material and to the best of his judgement. Any assessment purported to have been made on the basis of a return or revised return filed by the taxpayer would have no legal effect where the requirements for a best-judgement assessment have been triggered. Sectoral benchmarks introduced A significant feature of Section 121 is the authority given to the Commissioner to determine taxable income using sectoral benchmark ratios prescribed by the FBR. The Ordinance defines these as standard business-sector ratios notified by the Board on the basis of comparative cases. They may include financial ratios, production ratios, gross profit ratios, net profit ratios, recovery ratios and wastage ratios, as well as other prescribed sector-specific benchmarks. This mechanism could allow the tax authority to assess income by comparing a taxpayer’s reported position with established benchmarks for the relevant business sector. Assessment order must disclose tax details After making an assessment under Section 121, the Commissioner is required to issue an assessment order to the taxpayer as soon as possible. The order must state the taxpayer’s taxable income, amount of tax due and tax already paid, if any. It must also explain the time, place and manner for filing an appeal against the assessment. Six-year limitation for assessment The FBR has also retained a statutory time limit for issuing an assessment order under Section 121. Generally, an assessment order may only be issued within six years after the end of the relevant tax year or income year. However, a special limitation applies where a notice for furnishing a return under Section 114(4) is issued concerning one or more of the last ten completed tax years under the relevant proviso to Section 114(5). In such cases, the assessment order under Section 121 may only be issued within two years from the end of the tax year in which the notice was issued. The provision therefore places an obligation on taxpayers to comply with return-filing and record-production requirements, while providing the Commissioner with a statutory mechanism to determine tax liability where the required information is not supplied.
FBR TRANSFERS YAQOOB MAKO AS CUSTOMS POST-CLEARANCE DG
Date: 2026-10-07
Details: Written by Akhter Syed in Taxation FBR reshuffles Pakistan Customs officers across Karachi, Lahore, Islamabad, Faisalabad and Quetta in a major round of postings. ISLAMABAD: The Federal Board of Revenue (FBR) has transferred Muhammad Yaqoob Mako, a BS-21 officer of the Pakistan Customs Service (PCS), and posted him as Director General of the Directorate General of Post Clearance & Internal Audit, Karachi. The latest notification covers a series of transfers and postings involving Pakistan Customs officers across Karachi, Lahore, Islamabad, Faisalabad and Quetta. Full list of FBR transfers and postings • Muhammad Yaqoob Mako (BS-21): Transferred from Member, FBR Headquarters, Islamabad (stationed at Karachi), and posted as Director General, Directorate General of Post Clearance & Internal Audit, Karachi. • Nausheen Riaz Khan (BS-19): Transferred from Secretary, FBR Headquarters, Islamabad (stationed at Karachi), and posted as Additional Director, Directorate of Post Clearance & Internal Audit (HQ), Karachi. • Tausif Aman (BS-19): Transferred from Secretary, FBR Headquarters, Islamabad (stationed at Karachi), and posted as Additional Director, Directorate of Post Clearance & Internal Audit (South), Karachi. • Muhammad Faizan Badar (BS-18): Transferred from Secretary (PCS/BS-19 on DTL), FBR Headquarters, Islamabad (stationed at Lahore), and posted as Additional Director, Directorate of Post Clearance & Internal Audit (Central), Lahore. • Sheeraz Ahmad (BS-19): Transferred from Secretary, FBR Headquarters, Islamabad, and posted as Additional Director, Directorate of National Nuclear Detection Architecture (NNDA), Karachi. • Zehra Tahir Naqvi (BS-19): Transferred from Secretary, FBR Headquarters, Islamabad, and posted as Additional Director, Customs Academy of Pakistan (CAP), Karachi. • Asfand Yar Khan (BS-19): Transferred from Secretary, FBR Headquarters, Islamabad, and posted as Additional Director, Directorate of Transit Trade (HQ), Karachi. • Mustafa Zamir (BS-18): Transferred from Deputy Collector, Collectorate of Customs (Exports), Port Muhammad Bin Qasim, Karachi, and posted as Deputy Collector, Collectorate of Customs Appraisement (East), Karachi. • Tariq Hussain (BS-18): Transferred from Second Secretary (Admin Pool), FBR Headquarters, Islamabad, and posted as Deputy Director, Directorate General of Law & Prosecution (Customs), Islamabad. • Hira Khan (BS-18): Transferred from Second Secretary (TDU), FBR Headquarters, Islamabad, and posted as Deputy Collector, Collectorate of Customs Enforcement, Islamabad. • Hammad Ahmed (BS-18): Transferred from Deputy Collector, Collectorate of Customs Appraisement (East), Karachi, and posted as Deputy Director, Directorate of Intelligence, Karachi. • Rahat Naseem (BS-18): Transferred from Deputy Director, Directorate of Intelligence, Karachi, and posted as Deputy Collector, Collectorate of Customs (Exports), Port Muhammad Bin Qasim, Karachi. • Muhammad Arslan Arshad (BS-17): Transferred from Second Secretary (TDU), FBR Headquarters, Islamabad, and posted as Assistant Collector, Collectorate of Customs Appraisement, Faisalabad. • Sami Ullah (BS-17): Currently serving as Assistant Collector (Prob), Collectorate of Customs Enforcement, Quetta. He has been assigned the additional charge of Assistant Director (Prob), Directorate of National Nuclear Detection Architecture (NNDA), Quetta. Performance allowance retained The FBR said officers who were already drawing performance allowance before the notification was issued would continue to receive the allowance at their new places of posting. The officers have also been directed to submit their charge relinquishment and assumption reports to the FBR immediately after completing the respective charge transfer formalities. The reports will be placed on record for further necessary action.
FBR SETS OCTOBER 9 DEADLINE FOR OFFICERS TO DECLARE FOREIGN NATIONALITY
Date: 2026-10-06
Details: Written by Hamza Shahnawaz FBR directs non-compliant officers to submit foreign nationality and travel document declarations by October 9, warning of disciplinary action. ISLAMABAD: The Federal Board of Revenue (FBR) has directed officers who have not yet submitted declarations regarding foreign nationality or foreign travel documents to furnish the required information by October 9, 2026. In a circular issued on October 5, the FBR said a number of officers had failed to submit the prescribed declaration despite earlier instructions. The directive applies to officers of the Pakistan Customs Service (PCS), including ex-cadre officers, and requires the pending information to be submitted to the respective Secretaries of the Management Wing through designated email addresses. The FBR had initially asked officers to submit the declaration by July 8, 2026, following the notification of the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026. Under Rule 3(3), civil servants were required to submit the declaration within 90 days of notification of the rules, with the deadline falling on August 30, 2026. The tax authority had also issued a reminder on September 1 to officers who had not provided the required information. However, the FBR noted that some officers still remained non-compliant. The declaration covers the foreign nationality status of civil servants and their dependents, possession of foreign passports, residence permits, permanent residence cards or other foreign travel documents. It also requires information regarding marriages with foreign nationals. The FBR warned that failure to submit the declaration by the new October 9 deadline, or submission of a false declaration, would constitute misconduct under the Civil Servants (Efficiency and Discipline) Rules, 2020. Officers failing to comply may consequently face proceedings under the applicable disciplinary rules. The underlying rules, notified by the Establishment Division on June 1, 2026, require civil servants to disclose their own and their dependents’ status regarding foreign nationality, foreign travel documents and marriage with foreign nationals. The rules also generally prohibit civil servants and their dependents from seeking or applying for foreign nationality or foreign travel documents without prior sanction from the appointing authority, subject to specified exemptions. FBR has instructed heads of field formations to ensure compliance with the latest directive and submit the required declarations within the stipulated deadline.
FBR SETS ASSESSMENT RULES FOR TAX RETURNS IN TY2027
Date: 2026-10-06
Details: FBR outlines automated assessments, correction of apparent errors and procedures for incomplete income tax returns for Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the assessment framework for income tax returns filed during Tax Year 2027, including automated processing, notices for incomplete returns and adjustments for apparent errors or incorrect claims. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 120 provides that a complete income tax return, other than a revised return covered by Section 114(6), is treated as an assessment of the taxpayer’s taxable income and tax payable, subject to the adjustments prescribed under the law. The provision applies to tax years ending on or after July 1, 2002. The return is treated as an assessment order issued by the Commissioner on the relevant date of adjustment or, where applicable, on the date the return was furnished. A return is considered complete if it complies with the requirements of Section 114(2). However, the Commissioner retains the authority to audit a taxpayer’s income tax affairs under Section 177. Automated assessment mechanism Under the automated assessment mechanism, returns furnished under Section 114(2) may be processed to determine the correct total income, taxable income and tax payable. The FBR may make adjustments for arithmetical errors, incorrect claims apparent from information contained in the return, disallowed losses, deductible allowances or tax credits, and certain claims relating to the carry-forward of losses. Before making any adjustment, the taxpayer must receive a system-generated notice setting out the proposed changes. The taxpayer is entitled to submit a response, which must be considered before the proposed adjustments are made. If no response is received within 30 days, the proposed adjustments may be applied. The law further provides that where no adjustments are made within six months of the filing of a return, the amounts declared in the return may be deemed to have been adjusted, subject to the applicable statutory provisions and notification requirements. The FBR is required to notify the effective date of the automated adjustment mechanism through the official Gazette. Rules for incomplete returns Where a return is found to be incomplete, the Commissioner may issue a notice identifying the deficiencies and require the taxpayer to provide information, statements or documents within the specified period. Failure to fully comply with the notice within the prescribed timeframe can result in the return being treated as invalid. However, if the taxpayer fully complies with the notice, the return is treated as complete from the date on which it was originally furnished. The Commissioner cannot issue a notice regarding the incompleteness of a return after 180 days from the end of the financial year in which the return was furnished. Errors and incorrect claims The law defines an arithmetical error to include an incorrect calculation of tax. An apparent incorrect claim may include inconsistent entries in the return, unverified tax payments or deductions exceeding the limits prescribed under the law. The assessment framework gives the FBR a mechanism to identify and correct such errors while providing taxpayers with an opportunity to respond to proposed adjustments before they are applied.
FBR ALLOWS TAXPAYERS TO SEEK EXTENSION FOR RETURN FILING
Date: 2026-10-06
Details: Written by Akhter Syed in Taxation Taxpayers can request additional time under Section 119, but an extension does not change the statutory tax payment deadline. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that taxpayers may seek an extension for filing income tax returns and wealth statements under the prevailing law for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 119 sets out the procedure for taxpayers seeking additional time to furnish returns and other documents for the tax year running from July 1, 2026, to June 30, 2027. Under Section 119, a person required to furnish an income tax return under Sections 114 or 117, or a wealth statement under Section 116, may submit a written application to the Commissioner seeking an extension of time. The application must be submitted by the original due date for filing the relevant return or statement. The Commissioner may grant an extension if satisfied that the taxpayer is unable to meet the deadline because of absence from Pakistan, sickness, misadventure or any other reasonable cause. Under the law, an extension granted by the Commissioner generally cannot exceed 15 days from the original due date, unless exceptional circumstances justify a longer period. Further extension possible Where the Commissioner does not grant an extension, the taxpayer may approach the Chief Commissioner for an extension or further extension. The Chief Commissioner may grant an extension of up to another 15 days, subject to the provision allowing a longer period where exceptional circumstances warrant it. Tax payment deadline remains unchanged The FBR has also clarified that an extension granted for furnishing an income tax return does not alter the statutory due date for payment of income tax under Section 137. As a result, the additional time allowed for filing a return does not, by itself, change the date used to calculate default surcharge under Section 205. Taxpayers seeking additional time must therefore submit their applications within the prescribed timeframe and provide sufficient grounds to support their requests. The clarification means that obtaining extra time to file a return should not be interpreted as an extension of the taxpayer’s underlying tax payment obligation.
FBR SETS RULES FOR TAX RETURN AND DOCUMENT FILING IN TY2027
Date: 2026-10-06
Details: Written by Akhter Syed in Taxation Taxpayers must meet prescribed deadlines and filing requirements for income tax returns, wealth statements and foreign assets declarations. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the procedures and deadlines for furnishing income tax returns, wealth statements and foreign income and assets statements for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the requirements apply to Tax Year 2027, covering the period from July 1, 2026, to June 30, 2027. Under Section 118 of the ordinance, taxpayers are required to furnish income tax returns under Section 114, wealth statements under Section 116 and, where applicable, foreign income and assets statements under Section 116A in the prescribed manner. Filing deadlines for companies For companies, the deadline for filing income tax returns depends on the applicable tax year. Companies whose tax year ends between January 1 and June 30 must furnish their returns by December 31 following the end of the relevant tax year. In other cases, companies are required to file their returns by September 30 following the end of the tax year. Electronic filing requirements The law requires individuals with salary income of Rs500,000 or more to file their income tax returns electronically in the prescribed form. Such returns must be accompanied by proof of tax deduction or payment, along with the required wealth statement or foreign income and assets statement, where applicable. For individuals and other taxpayers required to file electronically, the return is generally due by September 30 following the end of the tax year. Wealth and foreign assets statements Taxpayers required to furnish a wealth statement must submit it by the deadline specified in the relevant notice or, where Section 116 applies, by the due date for filing the income tax return. Where applicable, taxpayers must also furnish a foreign income and assets statement under Section 116A in the prescribed manner. Returns demanded through a notice issued under Section 117 must be furnished within the deadline specified in that notice. Registration requirement The FBR has also clarified that a return filed by a taxpayer who is not registered on the National Tax Number Register will not be treated as valid unless the prescribed registration application is submitted along with the return. The requirements are intended to ensure that taxpayers comply with the prescribed procedures for filing income tax returns and related financial disclosures for Tax Year 2027.
SBP LAUNCHES PAKISTAN EXPRESS CLEARING SYSTEM TO SPEED UP CHEQUE PROCESSING
Date: 2026-10-06
Details: The new system will initially operate on a pilot basis from October 15, with nationwide coverage targeted by April 30, 2027. The State Bank of Pakistan (SBP) has introduced the Pakistan Express Clearing System (PECS) to strengthen the country’s digital payments ecosystem and improve the efficiency of cheque clearing and settlement. According to an SBP notice dated October 5, 2026, the new system will be implemented on a pilot basis from October 15, 2026, before being rolled out nationwide by April 30, 2027. The initiative is designed to modernise cheque clearing by using electronic transmission of cheque images rather than relying on the physical movement of cheques between banks. How Pakistan Express Clearing System Works PECS will operate under the concept of cheque truncation defined in Section 2(2) of the Payment Systems and Electronic Fund Transfers Act, 2007. Under the new mechanism, cheque images will be captured by the presenting or collecting bank and transmitted electronically to the National Institutional Facilitation Technologies (NIFT) for onward transmission to the paying or drawing bank. The system is expected to improve the efficiency of the existing cheque clearing and settlement process by reducing reliance on physical cheque movement. The SBP notice was addressed to all clearinghouse members and sets out requirements for financial institutions participating in the new system. Pilot Phase to Begin on October 15 Implementation of PECS will initially begin as a pilot from October 15, 2026, with participating institutions expected to follow the rules, procedures and operational instructions issued for the system. The SBP has set April 30, 2027 as the target for completing implementation with nationwide coverage. Financial institutions have also been instructed to take adequate measures to create public awareness about PECS through print, electronic and social media channels. Relevant staff will also need to undergo training covering the new process and operational requirements. Banks Required to Ensure Compliance While operating the system, financial institutions will be required to comply with all applicable laws and regulations issued from time to time. The SBP specifically referred to the Payment Systems and Electronic Fund Transfers Act, 2007 and the Negotiable Instruments Act, 1881 in its implementation instructions. The launch of PECS marks another step towards greater digitalisation of Pakistan’s payment infrastructure, particularly for cheque processing. By enabling electronic transmission of cheque images, the system is intended to streamline clearing operations while reducing the need for physical movement of instruments.
HK STOCKS EDGE UP AS AI SHARES OFFSET PROPERTY WEAKNESS
Date: 2026-10-06
Details: Published October 6, 2026 Updated about 2 hours ago HONG KONG: Hong Kong stocks edged up in light trading on Monday, as optimism in AI-related stocks outweighed selling pressure in property shares. At the close, Hong Kong benchmark Hang Seng and the Hang Seng China Enterprises Index were both up 0.3 percent. The Hang Seng Tech meanwhile gained 0.6 percent AI supply chain and chipmaking shares led the gains. Index heavyweights Lenovo Group and Hua Hong Grace Semiconductor advanced more than 4 percent each. PCB maker Kingboard Laminates surged 12 percent. Shares in rate-sensitive sectors, meanwhile, continued to decline. Real estate firms dropped 0.7 percent to lead the declines. A financial subindex tracking big banks and insurance firms closed slightly down. China’s onshore financial markets are closed from October 1 until October 7 for the National Day holidays. Trading will resume on October 8. The travel and retail sales data during the week-long holiday could provide an early signal on consumer demand heading into the fourth quarter. Citi analysts said the Golden Week activity looked “underwhelming†based on early data. Retail and tourism spending likely softened per traveller despite steady footfall, they said in a note. Shares of Budweiser Brewing Company APAC slipped to HKD5.555 in early trade, the lowest since their debut in September 2019. The brewer said it expects to record a USD52 million non-underlying withholding tax charge resulting from an internal restructuring involving some of its Chinese mainland subsidiaries to enhance capital efficiency.
EUROPE’S STOXX 600 GAINS ON BANKS BOOST
Date: 2026-10-06
Details: Published October 6, 2026 Updated about 2 hours ago FRANKFURT: European shares closed higher on Monday, while French equities slid to a six-month low on fiscal concerns and Schneider Electric’s fall after acquiring US software firm PTC. The pan-European STOXX 600 index ended 0.4 percent higher, after hitting a four-month low last week as global bond yields surged on inflation, higher corporate bond issuances and worsening fiscal outlooks. France’s CAC 40 fell 0.8 percent, the biggest loser among regional peers, while the euro hit a 17-month low on fears of a return of sovereign debt crisis dynamics in the euro zone. “What we’re seeing in bond markets is obviously impacting the euro, but it’s also having a knock-on effect on the stock market because of the impact that it could have on earnings,†said Kathleen Brooks, research director at XTB. France’s 2027 budget last week included politically contentious spending cuts and savings measures aimed at narrowing its deficit. However, investors remain sceptical of the government’s ability to rein in its deficit ahead of 2027 elections, keeping France’s benchmark 10-year bond yield near its highest level since 2008. In neighbouring Spain, Prime Minister Pedro Sanchez called a snap election for November 29, an attempt to strengthen his mandate after a fragmented parliament rejected government decrees last week intended to address large-scale housing protests. Its financial-heavy IBEX index rose 1.1 percent as European banks started to recover after last week’s battering. “The addition of another risk event onto an already-stacked European political calendar could exacerbate the increasingly broad sell-off in periphery sovereign debt markets,†said Lizzy Galbraith, senior political economist at Aberdeen. “Spain has not been the epicentre of this episode, but its cost of borrowing has started to rise in sympathy with sharper moves in France and Italy.†Most STOXX 600 sectors ended in positive territory. Miners led gains with a 1.5 percent jump. Conversely, industrial goods and services lost 0.7 percent, dragged down by a 10 percent slide in Schneider Electric as investors weighed the size of its largest-ever acquisition and the premium being paid for a software business. Oil prices dipped on Monday as Middle East crude exports rose and G7 nations pledged to boost supplies, but energy stocks ended the session 1.1 percent higher.
S&P 500 UP, NASDAQ AT RECORD HIGH AS TECH STOCKS RISE
Date: 2026-10-06
Details: Published October 6, 2026 Updated about 2 hours ago NEW YORK: The benchmark S&P 500 rose and the Nasdaq reached all-time highs on Monday as most megacap and growth stocks advanced, though risk sentiment remained in check as Treasury yields held near multi-year highs. Heavyweight tech stocks took the lead, with Nvidia rising 1.2 percent, hovering close to its record high hit in the previous session. Meta Platforms, Microsoft and Tesla were up between 1.6 percent and 2.4 percent. Ten of the 11 S&P 500 sectors were trading higher, with communication services and energy leading gains. Real estate was the sole laggard. “The AI and tech story continues to drive the bus … it is so strong that it can fight the headwind from higher interest rates,†said Dennis Dick, founder and market structure analyst at Triple D Trading. Chip stocks were slightly weak with the Philadelphia chips index down 0.1 percent, while software-related companies were among the top gainers. The S&P 500 software & services index rose 1.2 percent. PTC was the top gainer on the S&P 500, rising 34 percent after France’s Schneider Electric agreed to acquire the software firm in a USD22.6 billion all-cash deal. At 11:48 a.m. ET, the Dow Jones Industrial Average fell 31.71 points, or 0.06 percent, to 51,145.25, the S&P 500 gained 38.67 points, or 0.50 percent, to 7,761.39 and the Nasdaq Composite gained 208.85 points, or 0.77 percent, to 27,399.71. Optimism about robust corporate earnings has helped US stocks outperform global rivals in the last six months, despite the shaky geopolitical landscape and inflation worries. Goldman Sachs analysts expect most companies will “once again surpass consensus earnings estimates this quarter,†noting 9 percent year-on-year earnings growth for the median S&P 500 stock. However, risk sentiment remained subdued as government bond yields held near their highs. The benchmark 10-year US Treasury yields were last at 5.328 percent amid concerns over deteriorating government finances, heavy debt issuance and elevated energy costs. Global bond markets were in focus on worries over France’s debt burden and political uncertainty ahead of next year’s presidential election. Meanwhile, the Nasdaq hit another record high after last week’s jump on softer-than-expected jobs data that doused chances of an October interest rate hike. Fresh data on Monday showed US services sector activity slowed in September.
SOFT US PAYROLLS LIFT EM ASIAN STOCKS
Date: 2026-10-06
Details: Published October 6, 2026 Updated about 2 hours ago BENGALURU: Taiwan stocks posted a record closing high on Monday while equities across emerging Asia booked their biggest daily gains in nearly two weeks, after weaker-than-expected US jobs data reduced expectations of imminent policy tightening. The MSCI emerging markets Asia equities index rose as much as 1.4 percent, while the EM currencies gauge ticked up 0.3 percent to hit its highest since September 23. The US jobs report on Friday showed hiring growth slowed more than forecast in September, while the figures for July and August were revised sharply lower, further reducing expectations that the Federal Reserve will raise interest rates this month. Swaps imply a less than 20 percent chance of a Fed rate hike this month. However, the odds rise to nearly 70 percent for an increase in December, according to CME’s FedWatch tool. “The falling rate-hike bets are mechanical relief for Asian risk assets in the near term — lower US yields narrow the rate differential pressure that’s been pulling capital toward the dollar all year… for equities, that supports a near-term bounce, particularly in rate-sensitive sectors like tech,†Pepperstone research strategist Dilin Wu said. Taiwan stocks finished up 2.6 percent at 49,712.04, their highest close to-date. The tech-heavy bourse alone makes up about a quarter of the MSCI regional equities gauge. Semiconductor major TSMC surged as much as 3.2 percent to a record high. Stocks in Manila rose as much as 1 percent, while Singapore shares gained up to 0.7 percent. Markets in South Korea were closed for a public holiday. Most regional currencies appreciated against the euro , which slid to a 17-month low on fiscal concerns in France following a steep bond market rout. S&P 500 UP, NASDAQ AT RECORD HIGH AS MEGACAP TECH STOCKS RISE • Dow Jones Industrial Average fell 66.35 points Published October 5, 2026 Updated about 10 hours ago The benchmark S&P 500 rose and the Nasdaq reached all-time highs on Monday as most megacap and growth stocks advanced, though risk sentiment remained in check as Treasury yields held near multi-year highs. Heavyweight tech stocks took the lead in early trading, with Nvidia rising 1.1%, hovering close to its record high hit in the previous session. Meta Platforms, Microsoft and Tesla all added more than 1%. Seven of the 11 S&P 500 sectors were trading higher, with communication services and utilities leading gains. Chip stocks were weak early on with the Philadelphia chips index down 0.3%, while software-related companies were among the top gainers. The S&P 500 software & services index rose 1.4%. PTC was the top gainer on the S&P 500, rising 34.6% after France’s Schneider Electric agreed to acquire the software firm in a $22.6 billion all-cash deal. At 10:19 a.m. ET, the Dow Jones Industrial Average fell 66.35 points, or 0.13%, to 51,110.61, the S&P 500 gained 30.33 points, or 0.39%, to 7,753.05 and the Nasdaq Composite gained 167.85 points, or 0.62%, to 27,360.28. Optimism about robust corporate earnings has helped US stocks outperform global rivals in the last six months, despite the shaky geopolitical landscape and inflation worries. Goldman Sachs analysts expect most companies will “once again surpass consensus earnings estimates this quarter,†noting 9% year-on-year earnings growth for the median S&P 500 stock. “Many investors expect higher yields to derail the equity rally, but I think the market still has enough momentum to push through further increases in interest rates,†said Peter Andersen, founder of Andersen Capital Management. However, risk sentiment remained subdued as government bond yields held near their highs. The benchmark 10-year U.S. Treasury yields were last at 5.296% amid concerns over deteriorating government finances, heavy debt issuance and elevated energy costs. Global bond markets were in focus on worries over France’s debt burden and political uncertainty ahead of next year’s presidential election. Meanwhile, the Nasdaq hit another record high after last week’s jump on softer-than-expected jobs data that doused chances of an October interest rate hike. Fresh data on Monday showed US services sector activity slowed in September. Traders now see an 80% chance of the Federal Reserve holding interest rates steady this month, though a December rate hike remains largely priced in, according to the CME FedWatch tool. Brent crude futures hovered near the psychologically important $100-a-barrel level as concerns over Gulf oil infrastructure disruptions amid the ongoing US-Israel war persisted. Among other movers, RXO advanced 22.5% after freight forwarding firm C.H. Robinson Worldwide agreed to buy the transportation broker in a stock-and-cash transaction for $5.8 billion. C.H. Robinson fell 11.8%. Cerebras Systems rose 9.5% after OpenAI CEO Sam Altman said the chip designer is a “close partner†and that the companies have “deep engagement pushing on the frontiers of speed.†Advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE and by a 1.09-to-1 ratio on the Nasdaq. The S&P 500 posted 3 new 52-week highs and 18 new lows while the Nasdaq Composite recorded 23 new highs and 157 new lows.
MOST GULF BOURSES EDGE UP ON ENERGY RELIEF, FADING FED HIKE ODDS
Date: 2026-10-06
Details: • Dubai’s main share index added 0.1% Published October 5, 2026 Updated about 12 hours ago Most Gulf markets closed higher on Monday as easing energy disruption fears and tempered expectations of an immediate Federal Reserve rate hike bolstered sentiment, while the Middle East war continued to simmer. Cooling US jobs data and sharp downward payroll revisions slashed the odds of a Fed rate hike this month from 64% to under 20%, according to the CME FedWatch tool, though traders still anticipate a December move. Gulf markets tend to track shifts in US monetary policy expectations as most regional currencies are pegged to the dollar. Middle East crude exports surpassed levels seen before the start of the US-Iran war on four days in late September, shipping data showed on Monday, defying continued vessel attacks in the Strait of Hormuz. Release of oil stocks by the Group of Seven nations further boosted supplies. Dubai’s main share index added 0.1%, with utility firm Dubai Electricity and Water Authority advancing 3.8%. In Abu Dhabi, the index was up 0.4%. The UAE’s non-oil private sector saw strong growth in September, supported by firmer demand, which strengthened pricing power of businesses and led to the steepest increase in selling prices in more than 15 years, according to a survey released on Monday. The Qatari index advanced 1.1%, led by a 1.2% increase in the Gulf’s biggest lender Qatar National Bank . Milad Azar, market analyst at XTB MENA, said most GCC equity markets remained resilient despite ongoing geopolitical uncertainty and stalled US-Iran negotiations. He added that continued shipping disruptions in the Strait of Hormuz are still weighing on investor sentiment, as markets await tangible diplomatic progress to ease tensions. Nevertheless, strong domestic fundamentals continue to support regional markets. Bucking the trend, Saudi Arabia’s benchmark index fell 0.3%, hit by a 1.5% slide in Al Rajhi Bank. On Sunday, Yemen’s Saudi-backed, internationally recognised government launched a major military campaign to take back all territory held by the Houthis. The Houthis said they fired ballistic missiles and drones at oil major Saudi Aramco’s sites in Riyadh and Khurais, and claimed the strikes set off major fires. They called the attacks retaliation for what they said were 50 Saudi-led coalition air and missile strikes on Yemen in the past 12 hours. Aramco shares finished 0.6% higher. Outside the Gulf, Egypt’s blue-chip index dropped 0.7%, with Commercial International Bank losing 0.7%. Egypt’s non-oil private sector contracted more sharply in September, with output and new orders hit hard by inflation and geopolitical turmoil, a business survey showed on Monda
GOVERNOR SINDH ASSURES FULL SUPPORT FOR TOWEL INDUSTRY
Date: 2026-10-06
Details: Published October 6, 2026 Updated about 2 hours ago KARACHI: The Towel Manufacturers’ Association of Pakistan (TMA) held its prestigious Biennial Function 2024–26 on Sunday, 4th October 2026, at Governor House Sindh, Karachi. The function was graciously hosted by the Honourable Governor of Sindh, Syed Muhammad Nehal Hashmi, who expressed his support for the towel industry and emphasized the importance of strengthening Pakistan’s export-oriented manufacturing sector. The distinguished gathering brought together leading exporters and manufacturers of the towel and home textile sector, prominent business leaders, representatives of major trade and industry associations, senior Government officials, diplomats, Consuls General and other key stakeholders associated with Pakistan’s export-oriented economy. Addressing the gathering, the governor encouraged and assured his support to the towel industry, recognizing its significant contribution to Pakistan’s exports, employment generation, industrial activity and valuable foreign exchange earnings. He appreciated the industry’s role in strengthening Pakistan’s position in international markets and emphasized the importance of continued collaboration between the government and the business community to promote exports and economic growth. The event provided an important platform for interaction, networking and institutional engagement between the business community and the government, with discussions focusing on strengthening Pakistan’s export competitiveness, promoting value-added textile exports, facilitating industry and creating a more supportive business environment. Established in the 1970s, the TMA is one of Pakistan’s longstanding export-oriented trade associations and serves as the sole representative body of the country’s towel industry. The Association represents more than 200 member companies nationwide, comprising a 100 percent export-oriented sector engaged in the manufacture and export of towels and other home textile products to international markets. The towel industry makes a significant contribution to Pakistan’s economy, generating approximately USD 2.2 billion annually in valuable foreign exchange earnings. The sector plays an important role in exports, employment generation, industrial activity and economic growth, while maintaining a strong presence in international markets. The TMA continues to advocate policies and measures aimed at enhancing the competitiveness of the towel and home textile sector, facilitating exporters, improving the business environment and strengthening Pakistan’s position in global markets. The Biennial Function also provided an opportunity to recognize the achievements and contributions of distinguished members and personalities associated with the towel industry and to acknowledge their valuable services towards the development of Pakistan’s export sector and business community. The Association expressed its sincere appreciation to the Honourable Governor of Sindh, Syed Muhammad Nehal Hashmi, for graciously hosting the TMA Biennial Function at Governor House Sindh and for his encouragement and support for the towel industry and the wider business community. The successful event reaffirmed the importance of public-private sector collaboration and strengthened the resolve of TMA and its members to work collectively with the government for greater exports, industrial growth, investment, employment generation and sustainable economic development. Copyright Business Recorder, 2026
AHMAD KAMAL POSTED AS LTO KARACHI CHIEF COMMISSIONER IN MAJOR FBR RESHUFFLE
Date: 2026-10-05
Details: Written by Faisal Shahnawaz in Taxation FBR transfers and posts 32 IRS officers from BS-17 to BS-21 across major tax offices, including LTOs and regional offices. ISLAMABAD: The Federal Board of Revenue (FBR) has transferred and posted 32 officers of the Inland Revenue Service (IRS), ranging from BS-17 to BS-21, in a major reshuffle with immediate effect and until further orders. The complete list of transfers and postings is as follows: 1. Dr Shah Khan (BS-21) — Member, FBR Headquarters, Islamabad, from Chief Commissioner, Regional Tax Office, Faisalabad. 2. Sajjad Akbar Khan (BS-20) — Chief Commissioner Inland Revenue (OPS), Corporate Tax Office II, Karachi, from Chief Commissioner (OPS), Regional Tax Office, Hyderabad. 3. Yasir Ali (BS-20) — Chief Commissioner Inland Revenue (OPS), Large Taxpayers Office, Multan, from Chief Commissioner (OPS), Large Taxpayers Office, Lahore. 4. Ahmad Kamal (BS-20) — Chief Commissioner Inland Revenue (OPS), Large Taxpayers Office, Karachi, from Chief Commissioner (OPS), Corporate Tax Office II, Karachi. 5. Khaliq Farooq Mian (BS-20) — Chief Commissioner Inland Revenue (OPS), Regional Tax Office, Faisalabad, from Chief Commissioner (OPS), Large Taxpayers Office, Multan. 6. Shabih-ul-Aijaz (BS-20) — Chief Commissioner Inland Revenue (OPS), Large Taxpayers Office, Lahore, from Chief Commissioner (OPS), Large Taxpayers Office, Karachi. 7. Zulfiqar Ali Syed (BS-20) — Chief Commissioner Inland Revenue (OPS), Regional Tax Office, Hyderabad, from Commissioner (Zone-I), Corporate Tax Office II, Karachi. 8. Javed Iqbal (BS-20) — Additional charge of Director (POS), Directorate General of IT&DT, FBR Headquarters, Islamabad. 9. Ali Adnan Khan (BS-20) — Additional charge of Commissioner-IR (Refunds), Regional Tax Office, Gujranwala. 10. Anwar Zeb (BS-20) — Director, Directorate of Law, Islamabad, from Chief (Audit-I), Audit/CRM Wing, FBR Headquarters. 11. Ashfaq Ahmed Awan (BS-19) — Additional charge of Director (OPS), Directorate of Law, Quetta. 12. Mohammad Iqbal Khan (BS-19) — Commissioner Inland Revenue (OPS), North Zone, Regional Tax Office, Islamabad. 13. Ajmal Khan (BS-19) — Chief (OPS), Legal-II, Legal-IR Wing, FBR Headquarters, Islamabad. 14. Saleem-ur-Rehman (BS-19) — Director-IV (OPS), Directorate of Law, Karachi. 15. Muhammad Arif (BS-19) — Additional charge of Commissioner-IR (OPS), Gujrat Zone, Regional Tax Office, Sialkot. 16. Abid Rasool Khan (BS-19) — Additional charge of Commissioner-IR (OPS), Zone-II, Large Taxpayers Office, Multan. 17. Misbah Nawaz (BS-19) — Commissioner Inland Revenue (OPS), Zone-IV, Regional Tax Office-I, Lahore. 18. Captain Arsam Aftab (BS-19) — Commissioner Inland Revenue (OPS), South Zone, Regional Tax Office, Islamabad. 19. Rais Humayun Abdul Hayee (BS-19) — Commissioner Inland Revenue (OPS), Corporate Zone-II, Regional Tax Office, Islamabad, with additional charge of Commissioner-IR (OPS), Refunds. 20. Rukhsana Arif (BS-19) — Commissioner Inland Revenue (OPS), Zone-IV, Regional Tax Office-II, Lahore. 21. Qadir Nawaz (BS-19) — Commissioner Inland Revenue (OPS), Zone-I, Regional Tax Office, Gujranwala. 22. Riaz Khan (BS-19) — Commissioner Inland Revenue (OPS), Zone-I, Corporate Tax Office II, Karachi. 23. Sami Ullah Khan (BS-19) — Secretary, Legal-IR Wing, FBR Headquarters, Islamabad. 24. Afsar Ali Jalbani (BS-18) — Deputy Commissioner Inland Revenue, Regional Tax Office, Quetta. 25. Talib Hussain (BS-18) — Deputy Commissioner Inland Revenue, Regional Tax Office, Sialkot. 26. Zulfiqar Ali Memon (BS-18) — Deputy Commissioner Inland Revenue, Corporate Tax Office-I, Karachi. 27. Naveed Ali (BS-18) — Deputy Commissioner Inland Revenue, Regional Tax Office-II, Karachi. 28. Mujahid Hussain Shah (BS-17) — Additional Commissioner Inland Revenue, Regional Tax Office, Hyderabad. 29. Irfan Ali Umrani (BS-17) — Assistant Director, Inland Revenue Service Academy, Islamabad. 30. Hussain Bukksh Shahani (BS-17) — Additional Commissioner Inland Revenue, Regional Tax Office, Hyderabad. 31. Mazhar Ali Shah (BS-17) — Assistant Commissioner Inland Revenue, Regional Tax Office, Sukkur. 32. Ali Ahmad (BS-17) — Assistant Commissioner (Prob) Inland Revenue, Regional Tax Office, Sahiwal. The FBR further stated that officers drawing performance allowance before issuance of the notification would continue to receive the allowance at their new places of posting.
FBR DEPLOYS 16 OFFICERS TO NATIONAL FACELESS CENTER
Date: 2026-10-05
Details: Written by Akhter Syed in Taxation The 16 IRS officers, ranging from BS-17 to BS-20, have been posted to Islamabad with immediate effect to operationalise the new centre. ISLAMABAD: The Federal Board of Revenue (FBR) has deployed 16 Inland Revenue Service (IRS) officers to the newly established National Faceless Center (NFC) in Islamabad as part of efforts to make the facility operational. The officers, ranging from BS-17 to BS-20, have been posted to various positions at the centre with immediate effect. The officers posted to the National Faceless Center are: • Rabia Yaseer Durrani (BS-20) — Commissioner-IR • Maria Sharif (BS-19) — Commissioner-IR (OPS) • Sultan Muhammad Nawaz Nasir (BS-19) — Commissioner-IR (OPS) • Tanvir Hussain Bhatti (BS-19) — Additional Commissioner-IR • Nafeesa Bano (BS-19) — Additional Commissioner-IR • Immad Alam (BS-18) — Deputy Commissioner-IR • Muhammad Zeeshan (BS-18) — Deputy Commissioner-IR • Amir Yasin (BS-18) — Deputy Commissioner-IR • Arsalan Ali (BS-18) — Deputy Commissioner-IR • Sadaf Ihsan (BS-18) — Deputy Commissioner-IR • Wajeeha Khan (BS-18) — Deputy Commissioner-IR • Ali Amam (BS-18) — Deputy Commissioner-IR • Muhammad Hamza Malik (BS-18) — Deputy Commissioner-IR • Ahmad Mohy ud Din (BS-17) — Assistant Commissioner-IR • Omer Sultan (BS-17) — Assistant Commissioner-IR • Junaid ur Rehman (BS-17) — Assistant Commissioner-IR The FBR said the postings had been made with immediate effect to support the operationalisation of the newly established centre. The tax authority also clarified that officers who were receiving performance allowance before the notification was issued would continue to receive the allowance at their new place of posting. The establishment of the National Faceless Center is part of the FBR’s broader efforts to introduce technology-driven tax administration and centralise tax-related functions through digital processes. The faceless system is intended to support the FBR’s move towards greater use of digital platforms in tax administration, including the handling of tax proceedings without direct physical interaction between taxpayers and tax officials.
BOK PROMOTES WOMEN’S FINANCIAL LITERACY
Date: 2026-10-05
Details: Published October 5, 2026 Updated about 3 hours ago By Recorder Report PESHAWAR: The Bank of Khyber (BoK), in collaboration with the Women Chamber of Commerce and Industry, Dir, organised a special financial literacy session in Chakdara to promote women’s access to formal banking and financial services. The session focused on enhancing women’s understanding of financial matters, banking services and the formal financial system. Women entrepreneurs were also briefed on financing facilities available for small and medium enterprises (SMEs) and the agriculture sector. Participants received information about formal banking channels, business financing options and various banking solutions designed to support women entrepreneurs. The session also highlighted the challenges faced by women entrepreneurs in underserved areas in accessing financial services and business financing. The Bank of Khyber said it would continue such initiatives to strengthen women’s financial inclusion, support entrepreneurship and increase women’s participation in the formal financial system. Copyright Business Recorder, 2026
FTSE 100 POSTS BIGGEST WEEKLY DROP SINCE APRIL
Date: 2026-10-05
Details: Published October 5, 2026 Updated about 3 hours ago By Reuters LONDON: The UK’s FTSE 100 saw its steepest weekly drop since April on Friday, hurt by a sell-off in government bonds that pushed yields higher and dented risk appetite. The blue-chip FTSE 100 index closed 0.32 percent higher on the day at 10,461.95 points, but fell 2.2 percent for the week. The midcap FTSE 250 also ended the week marginally lower, at 24,194.24. Wild volatility in bond and currency markets kept investors on edge this week, but weaker-than-expected jobs data on Friday reduced odds of a near-term rate hike by the US Federal Reserve, reassuring investors. Oil prices fell 2 percent after a sharp rise a day earlier following reports of talks in Europe on additional diesel and crude stock releases, easing concerns over tight global energy supplies. Gilt yields dropped, with the benchmark 10-year gilt yield falling 4.09 basis points to 5.3624 percent after climbing to its highest since 2007 in the previous session. The retreat in yields helped push rate-sensitive homebuilders marginally higher after a 5 percent drop a day earlier. Still, banks continued to remain under pressure, with the index of UK lenders suffering its biggest weekly drop since April. Among stocks, IG Group tumbled 22.6 percent after the online trading platform cut its 2026 revenue growth forecast, citing weak market conditions. Peers Plus 500 and CMC Markets declined 5.1 percent and 4 percent, respectively Miner Glencore rose 3 percent after forecasting 2026 marketing profit above USD5 billion, surpassing long-term guidance after a near-record first half. Pub chain J D Wetherspoon climbed 12.5 percent after reporting stronger sales growth since July, aided by sunny weather, while warning of rising costs and closures.
OIL SLIPS AS MIDDLE EAST CRUDE EXPORTS RISE, G7 TO RELEASE STOCKS
Date: 2026-10-05
Details: • Brent crude futures fell 35 cents, or 0.34%, to $101.90 a barrel Published October 5, 2026 Updated 12 minutes ago By Reuters SINGAPORE: Oil prices slipped on Monday as rising crude exports from the Middle East and a release of oil stocks from Group of Seven nations are adding to supplies despite ongoing concerns about further damage to Gulf oil infrastructure amid the Iran war. Brent crude futures fell 35 cents, or 0.34%, to $101.90 a barrel by 0115 GMT, while US West Texas Intermediate crude was at $90.49 a barrel, down 62 cents, or 0.68%. Brent gave up most of its gains last week while WTI was 1.6% lower after G7 countries agreed on Friday to release â 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump. The release will add to Middle Eastern crude exports which rose above pre-war levels in four of the seven days of the final week of September, shipping data showed on Monday, despite attacks on vessels passing through the Strait of Hormuz. “The G7 decision to tap strategic reserves is taking some of the immediate supply anxiety out of the price, while there’s a growing view that Saudi export volumes are moving back toward pre-war levels, even if those barrels are still moving at higher cost and via less efficient â routes,†said Tim Waterer, chief analyst at KCM Trade. “That combination is enough to subdue prices for now even though the risks of further damage to energy infrastructure around the Gulf region haven’t gone away.†The Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia in response to 50 Saudi-led air and â missile strikes in Yemen in the past 12 hours. There was no confirmation from Saudi Arabia. On Sunday, Yemen’s Saudi-backed, internationally recognised government said it was launching a major military campaign to recapture all areas of the country controlled by the Houthis. â Meanwhile, Aramco has unexpectedly cut November crude oil prices for Asia to six-year lows. OPEC+ delayed a review that would determine 2027 oil output quotas for its members after the US-Israeli war on Iran disrupted projects to expand â capacity across the Middle East, throwing estimates of future production potential into uncertainty, said two sources close to the matter. In Europe, Ukraine will double down on attacking Russian oil refineries, Ukrainian President Volodymyr Zelenskiy told REUTERS in an interview published on Saturday.
1QFY27: KPRA RECORDS 24PC INCREASE IN COLLECTION OF STS YOY
Date: 2026-10-05
Details: Published October 5, 2026 Updated about 3 hours ago By Recorder Report PESHAWAR: Khyber Pakhtunkhwa Revenue Authority (KPRA) recorded a 24 percent growth in Sales Tax on Services (STS) collection during the first three months of the financial year 2026-27, collecting Rs12.66 billion compared to Rs10.2 billion during the corresponding period of the previous financial year. However, the collection of Infrastructure Development Cess (IDC) witnessed a substantial decline due to the closure of the Afghan border. According to statistics shared by the authority, the collection of Sales Tax on Services during July to September 2026 stood at Rs12.666 billion, showing an increase of 24 percent compared to Rs10.210 billion collected during the corresponding period of the previous financial year. During the same period, the collection of Infrastructure Development Cess (IDC) declined from Rs2.242 billion last year to only Rs457 million, registering an 80 percent decrease. As a result, an additional Rs2.456 billion was collected under Sales Tax on Services, while IDC collection declined by Rs1.785 billion. The overall collection from STS and IDC during July to September 2025-26 stood at Rs12.452 billion, which increased to Rs13.123 billion during the first three months of the financial year 2026-27. Thus, an overall increase of 5 percent was recorded in the combined collection. In the month of September, the authority collected Rs4.650 billion in head of Sales Tax on Services, registering a 35 percent increase compared to the same month last year. On the other hand, IDC collection in September declined by 82 percent to only Rs157 million. Due to the closure of the Afghan border, Khyber Pakhtunkhwa faced a cumulative revenue shortfall of Rs1.785 billion under IDC during the first three months of the financial year 2026-27. Despite this decline, the increase in Sales Tax on Services collection enabled KPRA’s combined quarterly collection from Sales Tax on Services and Infrastructure Development Cess to remain 5 percent higher than the corresponding period of the previous year. Copyright Business Recorder, 2026
FBR SETS 15-DAY DEADLINE FOR DISCONTINUED BUSINESSES TO NOTIFY
Date: 2026-10-05
Details: Written by Akhter Syed in Taxation FBR requires taxpayers discontinuing a business to notify the Commissioner within 15 days and file a separate tax return for the discontinued period. ISLAMABAD: The Federal Board of Revenue (FBR) has set a 15-day deadline for taxpayers to notify the Commissioner when discontinuing a business, along with additional tax return requirements under the Income Tax Ordinance, 2001. The requirements are contained in Section 117, titled “Notice of discontinued businessâ€, of the Income Tax Ordinance, 2001, updated up to June 30, 2026, for Tax Year 2027. The tax year runs from July 1, 2026, to June 30, 2027. 15-day notification requirement Under Section 117, any person who discontinues a business must provide written notice to the Commissioner within 15 days of the discontinuance. The taxpayer must also submit an income tax return covering the period from the first day of the tax year in which the business was discontinued up to the date of discontinuance. The law treats this period as a separate tax year for the purposes of the Income Tax Ordinance, 2001. Commissioner can require a tax return The provision also empowers the Commissioner to take action where a taxpayer fails to provide the required notice. If the Commissioner has reasonable grounds to believe that a business has already been discontinued or is likely to be discontinued, a notice may be served on the relevant person. The taxpayer must then submit an income tax return for the period specified in the Commissioner’s notice within the prescribed timeframe. Return treated as regular income tax return A return submitted under Section 117 is treated as a return of income for all purposes of the Income Tax Ordinance, 2001. This includes the application of Section 120, which deals with the assessment of income tax returns. The provision is designed to ensure that income earned up to the date a business is discontinued is properly reported and remains within the tax framework. Businesses and taxpayers ending their operations must therefore comply with the 15-day notification requirement and complete the applicable tax return for the separate tax period created by the discontinuance.
FBR MAKES FOREIGN INCOME AND ASSETS STATEMENT MANDATORY FOR TAX YEAR 2027
Date: 2026-10-05
Details: Written by Akhter Syed in Taxation Resident individuals with foreign income of at least US$10,000 or foreign assets worth US$100,000 must file a statement under Section 116A for Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has made the filing of a foreign income and assets statement mandatory for resident individual taxpayers who meet specified foreign income or asset thresholds for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the requirement applies to the tax year running from July 1, 2026, to June 30, 2027. Under Section 116A, every resident taxpayer who is an individual must furnish a foreign income and assets statement if their foreign income is not less than US$10,000 or the value of their foreign assets is not less than US$100,000. The statement must be submitted in the prescribed form and verified in the prescribed manner. It must include details of the taxpayer’s total foreign assets and liabilities as at the last day of the relevant tax year. Taxpayers must also disclose details of any foreign assets transferred to another person during the tax year, along with the consideration received from such transfers. In addition, the statement must contain complete particulars of foreign income earned during the tax year and the expenditure incurred in deriving that income. This includes expenditure wholly and necessarily incurred for the purpose of earning the foreign income. FBR can compel submission The law also gives the Commissioner authority to pursue taxpayers who fail to comply with the requirement. Where the Commissioner has recorded reasons to believe that an individual was required to submit a foreign income and assets statement but failed to do so, a written notice may be issued requiring the taxpayer to furnish the statement by a specified date. The provision establishes specific disclosure requirements for resident taxpayers with significant foreign income or overseas assets and provides the FBR with a mechanism to seek compliance from individuals who fall within the prescribed thresholds. For Tax Year 2027, eligible taxpayers will therefore need to account for their foreign income, overseas assets, liabilities, transfers and related expenditure when completing their required tax declarations.
FBR GETS POWER TO COMPEL WEALTH STATEMENTS FOR TAX YEAR 2027
Date: 2026-10-05
Details: Written by Akhter Syed in Taxation Section 116 of the Income Tax Ordinance allows the FBR to seek detailed information on taxpayers’ assets, liabilities, expenditure and wealth reconciliation for Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has been empowered to require individuals to submit wealth statements for Tax Year 2027, covering the period from July 1, 2026, to June 30, 2027. The authority is provided under Section 116 of the Income Tax Ordinance, 2001, updated up to June 30, 2026, for Tax Year 2027. Under the provision, the Commissioner may issue a written notice requiring an individual to furnish a wealth statement in the prescribed form and manner by a specified date. The statement may include details of a taxpayer’s total assets and liabilities, including foreign assets and liabilities, as of the dates specified in the notice. It may also cover the assets and liabilities of the taxpayer’s spouse, minor children and other dependants. However, the Ordinance clarifies that a spouse’s assets are required to be included only where the spouse is dependent on the taxpayer. The FBR may also require taxpayers to provide details of assets, including foreign assets, transferred to another person during the specified period, along with the consideration received. Details of expenditure incurred by the taxpayer, spouse, minor children and dependants may also be required under the provision. Wealth reconciliation statement A wealth reconciliation statement is also a mandatory component of the filing requirements. Section 116 further provides that every resident individual taxpayer who files an income tax return must submit a wealth statement and wealth reconciliation statement alongside the return. Members of an association of persons are similarly required to furnish these statements with the association’s income tax return. Taxpayers who identify an omission or incorrect statement may submit a revised wealth statement and wealth reconciliation statement, along with the reasons for the revision, before receiving a notice under Section 122(9). However, the Commissioner may declare a revision void if it is determined that the amendment does not correct a genuine omission or error. The taxpayer must be given an opportunity to be heard before such a decision is made. The law also sets a limit on revisions, stating that a wealth statement cannot be revised after five years from the due date for filing the income tax return for the relevant tax year. The provisions give the FBR a mechanism to seek detailed information on taxpayers’ domestic and foreign assets, liabilities and expenditure as part of the wealth declaration and reconciliation process for Tax Year 2027.
WILL FBR ENFORCE RESTRICTIONS ON NON-FILERS’ ECONOMIC TRANSACTIONS IN 2027?
Date: 2026-10-03
Details: Written by Akhter Syed in Taxation Section 114C allows restrictions on major purchases, investments and cash withdrawals, but its enforcement requires a separate government notification. ISLAMABAD: The Federal Board of Revenue (FBR) has retained the legal framework for restricting certain economic transactions by non-compliant taxpayers, but the restrictions under Section 114C of the Income Tax Ordinance, 2001 require a separate notification from the federal government before they can take effect. Section 114C was introduced through the Finance Act, 2025. The FBR’s explanatory circular confirmed that the provision created a distinction between “eligible†and “ineligible†persons based on their tax filings and declared financial resources. Under the provision, an ineligible person could face restrictions on purchasing or registering a motor vehicle above the prescribed threshold, acquiring or transferring high-value immovable property, making certain investments in securities or mutual funds, and withdrawing cash above the specified bank threshold. The law defines an eligible person as someone who has filed the previous tax year’s return and has sufficient resources disclosed in the wealth statement or financial statements. A person can also qualify by filing a sources of investment and expenditure statement declaring sufficient funds. “ Sufficient resources†are defined as 130% of cash and cash-equivalent assets, including cash, gold, stocks, bonds, receivables and other prescribed assets. However, Section 114C(5) states that the restrictions will come into force only on a date appointed by the Federal Government through notification in the official Gazette. The government can also adjust the thresholds specified in the Fifteenth Schedule. The provision excludes transactions by non-residents and public companies, except for the specified cash-withdrawal restriction. Therefore, the inclusion of Section 114C in the tax framework for tax year 2027 does not by itself mean that all restrictions are currently operational. Their enforcement depends on the required government notification.
HOW FBR CAN FORCE YOU TO FILE AN INCOME TAX RETURN
Date: 2026-10-03
Details: Written by Akhter Syed in Taxation Section 114B gives FBR powers to restrict mobile, utility and foreign travel facilities for eligible non-filers after required notices and deadlines. ISLAMABAD: The Federal Board of Revenue (FBR) has powers under the Income Tax Ordinance, 2001 to enforce income tax return filing against individuals who are legally required to file but fail to do so. According to the updated Income Tax Ordinance, 2001, applicable for tax year 2027, Section 114B allows the FBR to issue an income tax general order against persons who are not appearing on the Active Taxpayers’ List despite being liable to file their returns. Under the provision, the FBR can impose several consequences on identified non-filers. These include disabling mobile phones or SIMs, discontinuing electricity connections, discontinuing gas connections, or restricting foreign travel. However, travel restrictions do not apply to certain categories, including Pakistani citizens holding a National Identity Card for Overseas Pakistanis (NICOP), minors, students and people travelling abroad for Hajj or Umrah. Other categories may also be excluded if notified by the FBR. The law also provides a mechanism for restoring restricted services. The FBR or the relevant Commissioner may order restoration of mobile services, electricity or gas connections if the individual files the required return or demonstrates that they were not legally required to file one. Conditions for FBR Action A person cannot be included in a general order immediately. Section 114B requires that a notice under Section 114(4) must first be issued, the deadline specified in that notice must expire, and the person must still have failed to file the return. The FBR may also take other legal action available under the Income Tax Ordinance. The provisions therefore give the tax authority a statutory mechanism to compel compliance after the prescribed notice and filing requirements have been completed.
FBR EXPLAINS ALTERNATIVE CORPORATE TAX RULES FOR TAX YEAR 2027
Date: 2026-10-03
Details: Written by Akhter Syed in Taxation FBR clarifies the 17% Alternative Corporate Tax regime, carry-forward of excess tax and exclusions applicable to companies for tax year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the Alternative Corporate Tax (ACT) framework applicable for tax year 2027, covering the period from July 1, 2026 to June 30, 2027. The clarification was issued through the updated Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026. Under Section 113C, a company’s tax liability is determined by whichever is higher: Corporate Tax or Alternative Corporate Tax. The ACT is calculated at a rate of 17% of accounting income, after excluding amounts specified under the law. Accounting income refers to accounting profit before tax disclosed in financial statements, subject to prescribed adjustments. The FBR said the ACT mechanism applies to income subject to corporate tax under the relevant provisions or minimum tax under the Income Tax Ordinance. Where ACT paid exceeds the Corporate Tax payable for a tax year, the excess can be carried forward and adjusted against Corporate Tax in subsequent years. Any unadjusted amount may continue to be carried forward for up to 10 succeeding tax years. Certain amounts are excluded when calculating ACT, including exempt income, income subject to tax under provisions other than the specified corporate tax regime and income qualifying for tax credits under sections 65D, 65E and 100C. The provisions do not apply to taxpayers covered by the Fourth, Fifth and Seventh Schedules. The law also permits specified tax credits under sections 64B and 65B against ACT. Furthermore, the Commissioner may make adjustments to accounting income based on historical accounting patterns after providing the taxpayer an opportunity to be heard.
PRA LAUNCHES PUNJAB-WIDE CRACKDOWN ON E-IMS VIOLATIONS
Date: 2026-10-03
Details: Written by Akhter Syed in Taxation PRA steps up enforcement against businesses violating electronic invoicing rules, issuing notices and fines across Punjab. LAHORE: The Punjab Revenue Authority (PRA) has stepped up enforcement against businesses violating the Electronic Invoice Monitoring System (E-IMS), serving notices to more than 70 hotels, restaurants and marquees across the province in the past two days. According to a PRA spokesperson, enforcement officers have also fined several restaurants that continued to breach E-IMS requirements despite receiving notices. The digital system aims to improve transparency in business transactions, strengthen tax monitoring and ensure accurate documentation of sales. Businesses meeting the prescribed sales threshold are required to issue electronic receipts through the E-IMS. Under the system, sales and tax records of integrated businesses are monitored digitally, while customers must receive computerised and verifiable receipts after making payments. The PRA said the system enables authorities to compare sales declared in tax returns with corresponding tax collection records. This will help identify discrepancies in reported business activity and tax payments while improving overall compliance. The Authority warned that businesses continuing to violate E-IMS requirements after receiving notices would face further legal action. The PRA spokesperson said safeguarding tax paid by consumers remained the Authority’s primary responsibility, adding that heavy penalties were being imposed on businesses involved in fraudulent practices. The latest crackdown reflects the PRA’s growing reliance on digital monitoring and electronic documentation to strengthen tax compliance, curb evasion and protect government revenue.
FALLING TREND PERSISTS ON COTTON MARKET
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday decreased the spot rate by Rs 2,00 per maund and closed it at Rs 18,000 per maund. Cotton Analyst told BUSINESS RECORDER that the local cotton market remained bearish and the trading volume remained satisfactory. He also told Business Recorder that the rate of cotton in Sindh is in between Rs 17,600 to Rs 18,000 per maund, while Phutti in the province is trading between Rs 8,500 to Rs 9,000 per 40 kilograms. In Punjab, cotton rates stand between Rs 17,800 to Rs 18,200 per maund, with Phutti fetching between Rs 8,600 to Rs 9,000 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,000 to Rs 18,100 per maund. The rate of Phutti is Rs 8,800 to Rs 9,200 per 40 kg. The rate of Polyester Fiber is Rs 445 per kg. Copyright Business Recorder, 2026
HK EQUITIES SINK AS 10-YEAR TREASURY YIELD HITS TWO-DECADE HIGH
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Reuters HONG KONG: Hong Kong stocks posted their steepest one-day decline in more than six months on the first trading day of October, as a surge in the 10-year US Treasury yield to a more-than-two-decade high and rising oil prices weighed on risk sentiment. At the close, Hong Kong benchmark Hang Seng lost 2.6 percent, its biggest single-day loss since March 2026. The Hang Seng China Enterprises Index and the Hang Seng Tech both fell more than 2 percent. Financial and biotech stocks were among the biggest laggards. Heavyweight insurer AIA tumbled 6 percent, while banking giant HSBC shed more than 5 percent. Global bonds came under heavy selling pressure on Thursday, pushing borrowing costs in the United States, France and Japan to multi-decade highs and heightening concerns about further volatility across financial markets. Higher rates tighten market liquidity, especially in interest-rate-sensitive markets like Hong Kong. Macau gaming stocks listed in Hong Kong declined broadly with Galaxy Entertainment declining 4 percent, as the city’s gaming revenue continued to fall in September. Lack of southbound inflows from mainland also weighed on Hong Kong’s market, market participants said. China’s onshore financial markets are closed from October 1 until October 7 for the National Day holidays. Trading will resume on October 8.
INDIAN FINANCIAL MARKETS CLOSED
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Reuters MUMBAI: India’s equity, currency and debt markets are closed on Friday, October 2, for a local holiday. Trading will resume on Monday, October 5. The BSE Sensex was down 0.79 percent to 71,909.70 and the broader NSE index fell 0.88 percent to 22,421.95 on Thursday. The benchmarks posted their eighth straight weekly loss, the longest such streak in 25 years, as record foreign selling, crude prices near USD100 a barrel and a surge in global yields sent risk sentiment plunging. The Indian rupee fell 0.5 percent to 96.3150 per dollar on Thursday, its weakest level in two months, as global bond yields surged to decadal highs and oil prices jumped, deepening pressure on the South Asian currency that was already hurt by foreign portfolio outflows. The selloff in Indian government bonds deepened on Thursday, driving the 10-year bond to its worst week in seven. The yield rose 3 bps to 7.2133 percent, hovering at a two-and-a-half-year high and up 9.5 bps for the week.
NIKKEI RETREATS FROM 6-WEEK HIGH AS INVESTORS LOCK IN GAINS
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei 225 retreated from a 6-week high on Friday as investors locked in gains and turned cautious over the outlook for interest rates, inflation, and geopolitical risks. The benchmark Nikkei slid 0.94 percent to close at 68,309.46, shaving its weekly advance to 2.9 percent. The broader Topix slipped roughly 1 percent to 4,091.00. US stocks ended higher overnight as Treasury yields retreated from multi-decade highs, but the overall tone remained choppy with investors focused on the Federal Reserve’s rate trajectory and inflation risks. In Japan, data showed core inflation in Tokyo accelerated in September at the fastest pace in 10 months, bolstering the case for further rate hikes. Geopolitical tensions also weighed, with the US-Iran war in the Middle East and fresh disruptions to global energy markets after China suspended oil product exports beyond Hong Kong and Macau. The largest losers were SoftBank Group, down 5.83 percent, followed by Nissan Motor, trading 4.97 percent lower and marking its lowest close since February 2009, and Terumo, which lost 4.59 percent. The largest percentage gainers in the index were Resonac Holdings, which rose 8.71 percent, followed by Furukawa Electric, up 7.68 percent, and Baycurrent, which gained 6.15
EUROPEAN SHARES REBOUND AFTER BOND-DRIVEN SELLOFF
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European stocks rebounded on Friday, after a bond-driven selloff, as retreating oil prices and softer-than-expected US jobs data eased expectations for near-term rate hikes by the Federal Reserve. The pan-European STOXX 600 closed 0.8 percent higher, after touching its lowest in more than three months on Thursday. US job growth slowed more than expected in September and figures for the prior two months were revised sharply downward, prompting traders to pull back on US rate hike bets for October. “Markets dodged a bullet with a weaker-than-expected jobs report likely taking an October Fed rate hike off the table,†said Ronald Temple, managing director of Lazard Asset Management. “But with two more months of inflation data to be released before the December meeting, the Fed will be compelled to tighten policy again.†Bond yields declined, with the one on the German 10-year bond, a benchmark for the euro zone, down over 6 basis points at 3.454 percent. Oil prices also fell by USD3 a barrel, further aiding risk appetite. The surge in global government bond yields has battered equities in recent weeks, leaving investors averse to risk assets. Despite gains in the session, the STOXX 600 posted weekly declines. Most sectors ended in positive territory on Friday, with renewed AI enthusiasm putting technology stocks in the lead. AT & S Austria Technologies & Systemtechnik gained 10 percent, Infineon Technologies was up about 9 percent, while Aixtron and Soitec added 7.6 percent each. European banking stocks were little changed on Friday but registered their biggest weekly fall since April, hurt by concerns about higher interest rates denting the economy. Meanwhile, data showed euro zone inflation surged more than expected in September and is likely to rise further in the coming months.
GCNP SUSTAINABILITY AWARDS 2026: ARL SECURES 1ST POSITION IN LABOUR CATEGORY
Date: 2026-10-03
Details: Published October 3, 2026 Updated about 2 hours ago By Press Release ISLAMABAD: Attock Refinery Limited (ARL) has been awarded 1st Position in “Labour Category†at the GCNP Sustainability Awards 2026, organized by the Global Compact Network Pakistan (GCNP) in recognition of organizations demonstrating meaningful commitment to sustainability and responsible business practices. The prestigious award was presented during a ceremony held at Marriott Hotel, Karachi on October 1, 2026, bringing together leading organizations and sustainability practitioners from across Pakistan. The recognition reflects ARL’s continued commitment to responsible employment practices, employee wellbeing, human rights, diversity, employee engagement, and social responsibility, demonstrated through its ongoing initiatives. ARL’s 1stPosition in the Labour Category reinforces its people-centric approach and commitment to the principles of the United Nations Global Compact and its broader Sustainable Development agenda. Copyright Business Recorder, 2026
FBR VISITS SHOPS NATIONWIDE FROM OCT 2 FOR EASY TAX SCHEME
Date: 2026-10-02
Details: Written by Akhter Syed in Taxation Officials to visit markets with traders’ representatives from October 2 and brief shopkeepers on tax filing ISLAMABAD: The Federal Board of Revenue (FBR) will begin nationwide mapping of markets and individual shops from October 2 as part of efforts to implement the Easy Tax Scheme for shopkeepers. Minister of State for Finance and Railways Bilal Azhar Kayani directed the FBR to carry out the exercise in coordination with representatives of the business community during a review meeting on the scheme. He instructed FBR officials to visit markets jointly with traders’ representatives according to a daily schedule and map individual markets and shops. Officials will also brief shopkeepers on the Easy Tax Scheme during their visits. The meeting was informed that a technical issue concerning the “Other Income†column in tax returns, which had been highlighted by traders, has been resolved. Kayani said shopkeepers had been offered a tax scheme according to their preferences, leaving no justification for avoiding the filing of tax returns. He added that the penalties had also been introduced following consultation with traders. The minister urged shopkeepers to use the 15-day extension granted for filing tax returns. After the extended deadline, defaulters will face a fine of Rs10,000 in the first month, Rs25,000 in the second month and Rs50,000 in the third month. The meeting reviewed progress on the Easy Tax Scheme and decided to continue holding review sessions to monitor implementation. Trader leaders Ajmal Baloch, Kashif Chaudhry and Habib Fakhruddin attended the meeting. Member Strategic Transformation Dr Hamid Atiq, Member Inland Revenue Operations Zubair Bilal and senior FBR officials, along with chief commissioners and commissioners from across the country, participated through video link.
FTO ORDERS FBR TO CLEAR PENDING TAX APPLICATION IN 20 DAYS
Date: 2026-10-02
Details: Written by Akhter Syed in Taxation Ombudsman directs Commissioner to decide Section 221 application without further delay ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to dispose of a pending application under Section 221 of the Income Tax Ordinance, 2001, within 20 days. The direction came while deciding a review petition filed over the non-disposal of the application and related income tax assessment issues concerning Tax Year 2018. The FTO noted that the assessment-related matters had already been decided by the Appellate Tribunal Inland Revenue (ATIR), Lahore, on October 2, 2024, and were not reopened during the review proceedings. The complainant maintained that the pending Section 221 application was a separate matter requiring consideration. The tax department acknowledged receiving the application and stated that the competent authority would decide it in accordance with the law. The FTO observed that although the statutory period under Section 221(3) had not expired, the authority was not required to wait until the deadline before taking action. It said early disposal would provide certainty to the parties and ensure the statutory remedy was addressed without unnecessary delay. The FTO therefore accepted the review petition to the limited extent of the pending application and recommended that the concerned Commissioner dispose of it within 20 days of receiving the order. The ombudsman clarified that the recommendation concerned only the timely disposal of the application and did not express any view on its merits or eventual outcome. The Commissioner was also directed to submit a compliance report within the stipulated period.
PAKISTAN CUSTOMS DESTROYS RS31.5 MILLION PIRATED GOODS IN KARACHI
Date: 2026-10-02
Details: Written by Faisal Shahnawaz in Pakistan Customs IPRE destroys seized counterfeit and pirated products after engagement with OICCI to strengthen intellectual property rights enforcement. Pakistan Customs has destroyed counterfeit and pirated products worth approximately Rs31.5 million in Karachi as part of intensified efforts to curb intellectual property rights violations and protect consumers and legitimate businesses. The destruction was conducted by the Directorate General of Intellectual Property Rights Enforcement (IPRE) at Gadap, Malir, under the supervision of Muneeza Majeed, Director IPRE South. Pakistan Customs officials, along with representatives of rights holders and international brands, attended the activity to ensure transparency in the disposal process. The seized items included a wide range of counterfeit products, such as handbags, wallets, watches, footwear, apparel, cosmetics, personal-care items and industrial goods. The destroyed material also contained pirated copies of textbooks published by Oxford University Press. Muneeza Majeed said counterfeit and pirated products create serious challenges for consumers, genuine businesses and intellectual property owners while also affecting the wider economy. She particularly highlighted the potential public safety risks associated with counterfeit cosmetics and industrial products. The action came shortly after an interactive session organised by the Overseas Investors Chamber of Commerce and Industry (OICCI) on September 28, 2026. The Pakistan Customs IPRE delegation was led by Director General IPRE Abdul Qadir Memon. During the meeting, OICCI members raised concerns over counterfeit imports, misdeclaration and undervaluation of goods. Participants also called for improved coordination between relevant stakeholders, greater information sharing, specialised counterfeit-detection training and an effective intellectual property rights enforcement contact point in Karachi. Pakistan Customs officials explained IPRE’s responsibilities in border enforcement and briefed participants about the legal and procedural mechanisms available to intellectual property rights holders. The discussion also covered complaint submission, examination of suspected consignments and enforcement procedures. Representatives of international rights holders and OICCI member companies discussed challenges faced in protecting their brands and expressed willingness to continue working with Customs authorities. The latest destruction reflects Pakistan Customs’ ongoing efforts to prevent the circulation of counterfeit and pirated goods. The authority has reiterated its focus on stronger intellectual property enforcement, consumer protection and cooperation with rights holders to address violations.
FBR ISSUES FRESH CUSTOMS VALUES OF RAISINS UNDER VALUATION RULING NO. 2109/2026
Date: 2026-10-02
Details: Written by Akhter Syed in Taxation FBR sets new customs values for imported raisins from Iran, Afghanistan and China to ensure uniform valuation and protect revenue. ISLAMABAD: The Federal Board of Revenue (FBR) has issued fresh customs values for imported raisins, or dry grapes, for the determination of duties and taxes at the import stage. The FBR issued Valuation Ruling No. 2109/2026 on September 29, 2026, superseding Valuation Ruling No. 02/2022 dated October 11, 2022, issued by the Directorate of Customs Valuation, Quetta. The Directorate General of Customs Valuation, Karachi, initiated proceedings after observing that the subject goods were being assessed at comparatively lower values. The proceedings were launched under Section 25A of the Customs Act, 1969, with the objective of ensuring uniform valuation and safeguarding government revenue. Meetings with importers and other stakeholders were held on September 8 and September 23, 2026. Participants were asked to provide supporting documents, including sales tax invoices and verified export documents from the countries of purchase. However, no relevant documents were submitted by the stakeholders. Under the new ruling, the customs values for dry grapes (raisins) have been determined according to their country of origin: Sr. No. Description HS Code Proposed PCT for WeBOC Origin Customs Value (C&F) US$/kg 1 Dry Grapes (Raisins) 0806.2000 0806.2000.1000 Iran 1.59 2 Dry Grapes (Raisins) 0806.2000 0806.2000.1000 Afghanistan 1.63 3 Dry Grapes (Raisins) 0806.2000 0806.2000.1000 China 1.55 The ruling states that where the declared or invoice value is higher than the determined customs value, assessment will be made on the higher value under Section 25(1) of the Customs Act, 1969. The ruling applies across Pakistan, except imports cleared through land border stations in Khyber Pakhtunkhwa by persons or classes of persons filing goods declarations for such imports.
HBL PMI: WEAKER NEW ORDERS WEIGH ON MANUFACTURING ACTIVITY
Date: 2026-10-02
Details: Published October 2, 2026 Updated about 2 hours ago By Press Release KARACHI: The HBL Pakistan Manufacturing PMI eased to 50.9 in September from 51.8 in August, marking the slowest expansion in manufacturing activity in three months. Growth moderated amid the ongoing impact of Middle East tensions filtering through the domestic economy. Demand conditions weakened during the month, with new orders contracting for the first time since June amid elevated fuel prices and pressure on household purchasing power. Export orders, however, provided some support, extending their growth streak to a fifth consecutive month. Despite softer demand, manufacturers increased purchasing activity at the fastest pace in seven months, reflecting efforts to strengthen inventory levels and safeguard against potential supply disruptions. Inflationary signals remained mixed during the month. Although input price inflation continued to moderate through September, fuel prices remained a key source of cost pressure, prompting manufacturers to pass higher operating costs on to consumers. This resulted in an acceleration in selling price inflation, reinforcing the view that price pressures may be becoming more broad-based. With Middle East tensions continuing to keep global oil and transportation costs elevated, risks to the inflation outlook remain tilted to the upside. Humaira Qamar, Head of Equities & Research – HBL, noted “Interestingly, business confidence strengthened to its highest level in 2026, supported by expectations of stronger demand and improved sales. However, the combination of weaker domestic orders and faster selling price growth highlights the recovery’s vulnerability to a sustained stalemate in US-Iran talks. Ultimately, we believe that the trajectory of manufacturing activity and the broader economy will remain closely tied to developments in the Middle East, where the prospects for a durable solution remain elusive.†Copyright Business Recorder, 2026
MOST GULF BOURSES CLOSE LOWER
Date: 2026-10-02
Details: Published October 2, 2026 Updated about 2 hours ago By Reuters DUBAI: Most Gulf bourses ended lower on Thursday, caught between rebounding regional oil flows and mixed diplomatic signals on the US-Iran conflict. Saudi Arabia’s benchmark index dropped 0.5 percent, weighed down by a 1.6 percent retreat in the country’s biggest lender by assets Saudi National Bank. However, oil giant Saudi Aramco gained 0.2 percent. Saudi Arabia has restarted its East-West Pipeline and resumed tanker loadings at the Red Sea port of Yanbu, trade data showed. The restart follows a shutdown caused by a drone strike last month and signals a resumption in exports from the Middle East. Qatar’s index retreated 0.6 percent, pressured by a 2.6 percent decline in Qatar International Islamic Bank . Iran said on Wednesday that it had received a US response to reviving a collapsed Gulf ceasefire, days after US President Donald Trump indicated he had rejected it. Abu Dhabi’s index dipped 0.7 percent, while Dubai’s main share index closed 0.5 percent lower. Outside the Gulf, Egypt’s blue-chip index gained 2.2 percent, ending a nine-session losing streak.
PSX DRAWS RECORD INVESTORS AS AURANGZEB BACKS PRIVATE GROWTH
Date: 2026-10-02
Details: Written by Hamza Shahnawaz in Stock & Commodity Finance minister says record investor participation, listings and IPOs signal growing confidence in Pakistan’s capital markets. KARACHI: Finance Minister Muhammad Aurangzeb has reiterated the government’s focus on sustainable economic growth, macroeconomic stability and private-sector-led development, highlighting the capital market’s role in mobilising investment and creating jobs. Addressing a Gong Ceremony at the Pakistan Stock Exchange (PSX) on Thursday, Aurangzeb said the KSE-100 Index had climbed from around 67,000 points in March 2024 to approximately 170,000 points. The exchange attracted a record 25,281 new investors in September 2026, taking the total investor base to 656,218, compared with 321,144 in March 2024. Eleven companies were listed during FY2026, the highest annual number in more than two decades, while five IPOs had already been completed in the first quarter of FY2027. Aurangzeb said the government’s objective was not simply a rising stock market but converting investor confidence into capital for businesses, infrastructure, housing, innovation and employment. On the Prime Minister’s Apna Ghar Programme, he said around Rs60 billion had been financed, while banks had approved a further financing pipeline of nearly Rs340 billion awaiting disbursement. He also highlighted REITs as a tool for mobilising investment into the housing and real estate sectors. The minister said major Pakistani business groups participating in the Pakistan International Airlines transaction represented nearly $1.2 billion in collective investment. He added that investor interest was expanding into electricity distribution privatisation, minerals and mining, agriculture, IT, oil and gas and refinery upgrades. Aurangzeb said the economy had moved from contraction and stabilisation towards growth of around 3.7 per cent, with growth expected to approach 4 per cent during the current year. He also noted that tax filers had crossed 5.7 million, up from 3.9 million last year and around 1.8–1.9 million in 2022. Calling for broader access to finance, the minister identified SMEs, agriculture and housing as key areas, while pointing to opportunities in digitalisation, blockchain and Web 3.0. The Naya Nazimabad Apartments REIT attracted eight times subscription during book-building and 4.3 times in the general public offering, reflecting strong demand for structured investment opportunities.
KASPERSKY WARNS OF GROWING ONLINE RISKS FOR CHILDREN
Date: 2026-10-02
Details: Published October 2, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: A leading cybersecurity company on Thursday warned Pakistanis that young users may encounter cybersecurity threats while using platforms including multiplayer online games and AI. Kaspersky’s experts have examined the digital interests and online activity of children across the META region including Pakistan, identifying the most visited web resources and popular mobile applications during the first eight months of 2026. The analysis also highlights cybersecurity threats young users may encounter on these platforms, including multiplayer online games, as well as risks driven by AI. According to Kaspersky’s experts, YouTube, with 31.2 percent, was the most popular mobile application among children in Pakistan during the first eight months of 2026, followed by Instagram with 18.8 percent and WhatsApp with 17.4 percent. Facebook accounted for 10.8 percent, while TikTok ranked fifth with 5.7 percent. Multiplayer games featured among the top 10 most visited online resources in Pakistan, including popular titles such as Roblox, accessed by children on both smartphones and computers; and Discord, a communication and community platform, which were also among the resources used by children via desktop in Pakistan. Experts note that children may encounter malicious actors across a wide range of online platforms, including gaming services. Multiplayer games can present particular risks, as they enable direct communication with other players, including people children may have never met in real life. The development of generative AI is also creating new challenges for children’s online safety. One emerging concern is the use of deepfakes — manipulated or fabricated images and videos — in cyberbullying. Photos, videos and other content shared online can potentially be repurposed to create deepfakes or other forms of fabricated content. Copyright Business Recorder, 2026
PEPSICO, MONSTER CHALLENGE INDIA 'ENERGY DRINK' LABEL BAN CITING BUSINESS IMPACT
Date: 2026-10-02
Details: • India's ban on "energy drink" labels has ignited a fierce legal battle with PepsiCo and Monster, impacting a rapidly growing market Published October 1, 2026 Updated about 11 hours ago NEW DELHI: PepsiCo and Monster Beverage have sued India’s food regulator for banning their use of the “energy drink†label, non-public court filings show, escalating a regulatory fight that has jolted a sector expected to be worth $1.6 billion by 2028. The food safety regulator ordered makers of high-caffeine beverages sold as “energy drinks†to stop using the description on June 30 amid growing concerns about the health risk of such products - part of an unprecedented food safety crackdown. In a court filing in New Delhi, PepsiCo India said the prohibition will have “grave commercial consequences†and hurt “substantial investmentsâ€, given that it had 492 million bottles and 26 million cans with those labels in circulation on July 31. PepsiCo was not given an opportunity to explain its position before the directive, and so the decision should be set aside, said the 358-page September 29 filing, which is not public and has not appeared in media but was seen by Reuters. The regulator privately gave the companies 90 days to drop “energy drinkâ€, or any similar description, from high-caffeine beverages, saying that using that term breached regulations, Reuters has reported. The company filings say several Indian states began seizing the stock straight away. India busts firm faking expiry dates, nutrition labels on PepsiCo, Nestle food exports More challenges, relief for some firms The energy drink market in India boomed after PepsiCo launched Sting in 2017, with its 20-rupee ($0.21) plastic bottles proving popular among 15- to 19-year-olds and in rural areas, Euromonitor says. PepsiCo also sells its energy drink Adrenaline Rush in the market. In the non-public court filing of Monster Beverage unit, Monster Energy India, the company said it was given no prior notice before the decision was taken. The company “is suffering grave financial loss and reputational harm,†said Monster’s September 30 filing in the Delhi court, which Reuters has reviewed. Monster did not respond to Reuters queries, and neither did the Food Safety and Standards Authority of India. The cases are likely to be taken up by a judge next week. India’s energy drink retail â sales are growing 12.6% annually, faster than in the United States and China. Red Bull wins India court reprieve to use ‘energy drink’ label Energy drinks have sparked health concerns among regulators in several countries around the â world who worry they contain significant amounts of caffeine, sugar and taurine, an amino acid, which research suggests can contribute to health problems including high blood pressure and heart problems. They will be banned for under-16s in England from April â next year. Beverage companies, including Mukesh Ambani’s Reliance, lobbied hard against the move in August, but the regulator didn’t agree to their requests. However, the Delhi court this week quashed the food regulator’s order to Austria’s Red Bull, after the company flagged worries about investment impact, Reuters has reported. Following a separate challenge by Hell Energy, another global energy drink brand, a court in western India put the government’s decision on hold for the company, an order showed on Thursday.
HBL TEAM, KDA DG DISCUSS BANKING FACILITIES
Date: 2026-10-02
Details: Published October 2, 2026 Updated about 23 hours ago By Recorder Report KARACHI: HBL team meets Dg-KDA to discuss banking facilities for employees Representatives of Habib Bank Limited met Karachi Development Authority’s Director General Zain-ul-Abideen Ansari at the Civic Centre to discuss improved banking and financial facilities for KDA employees. The meeting focused on making banking services, loan schemes and financial assistance more accessible to employees, particularly housing and auto financing. HBL GM South Parvez Panhwar, Zeeshan Habib, Hamad Abbasi and Civic Centre Branch Manager Darvesh Kumar attended the meeting. Ansari said employee welfare and access to better financial services were among KDA’s priorities, urging HBL to facilitate employees to avail themselves of the bank’s loan and other financial schemes. HBL representatives assured the KDA chief that the bank would provide special assistance to employees seeking housing finance for home purchase or construction, auto finance and other banking services. They also pledged to simplify procedures and extend greater financial support to KDA employees. Copyright Business Recorder, 2026
INCOME TAX RETURNS SURGE 45PC YOY TO 5.77M BY SEPT 30
Date: 2026-10-01
Details: Published October 1, 2026 Updated 30 minutes ago By Recorder Report ISLAMABAD: The number of income tax returns filed surged nearly 45 percent year-on-year to 5.77 million by September 30, with traders, professionals and other non-salaried individuals accounting for around four-fifths of the increase, official data revealed Wednesday. According to Federal Board of Revenue (FBR) data, 5,767,384 income tax returns had been filed by September 30, compared with 3,980,692 returns on the same date last year, reflecting an increase of about 1.79 million filings in one year. The latest increase continues the sharp expansion in the tax filing base witnessed over the past three years. Returns filed by the end of September stood at 1.86 million in 2022, 1.92 million in 2023, 3.72 million in 2024, 3.98 million in 2025 and 5.77 million this year—almost three times the 2022 level. The composition of new filers has also changed significantly, with the non-salaried segment emerging as the main source of growth. Returns filed by non-salaried individuals—including traders, shopkeepers, professionals and self-employed persons—increased 60 percent to 3.81 million from 2.38 million last year. The addition of 1.43 million non-salaried filers represents around four-fifths of the total increase. Non-salaried returns stood at only 965,000 five years ago and accounted for roughly half of all filings. They now represent around two-thirds of total returns. Salaried returns increased 22 percent to 1.9 million, while returns filed by associations of persons, including partnerships, rose 33 percent to 53,756. The increase in filer numbers, however, does not necessarily translate into a corresponding rise in tax collection. Around 39 percent of returns filed this year were nil returns, broadly unchanged from last year. At the same time, returns declaring income above the taxable threshold increased 37 percent from 1.82 million to nearly 2.5 million. Among non-salaried individuals, such returns rose 47 percent, while the increase among salaried persons was 32 percent. Payment filers—those showing tax paid with their returns—increased 38 percent to 3.35 million. Within the non-salaried category, payment filers rose around 50 percent to 1.75 million. Five years ago, returns above the taxable threshold numbered around 900,000, while payment filers stood at 1.29 million. Tax paid with returns by individuals increased 11 percent to Rs34.5 billion, while tax paid by associations of persons rose 16 percent to Rs3.7 billion. The corporate segment, however, recorded a decline. Only 7,953 company returns had been filed by September 30 compared with 11,206 on the same date last year. Tax paid with company returns also fell to Rs39.1 billion from Rs49 billion. Consequently, total tax paid with returns by September stood at Rs77.3 billion, around 7 percent lower than Rs83.3 billion recorded last year, despite the substantial increase in the number of filers. FBR officials attributed the decline in company filings largely to timing, saying many companies had delayed filing in anticipation of an extension in the filing deadline. The deadline has now been extended, and officials expect company returns and associated payments to increase in the coming weeks. The rise in filings has been attributed by officials to improved use of third-party data, a simplified return filing process and stronger enforcement. Information from banks, property registries, vehicle registration records and withholding statements is being matched against tax returns to identify persons with taxable capacity who have not filed returns. Officials also pointed to the simplified return, which enables many salaried individuals and small businesses to file without professional assistance. Restrictions on major economic transactions for non-filers have further increased the cost of remaining outside the formal tax system. Copyright Business Recorder, 2026
DEADLINE FOR FILING INCOME TAX RETURNS EXTENDED
Date: 2026-10-01
Details: Published October 1, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: To facilitate taxpayers across the country, the Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for Tax Year 2026 by 15 days upto October 15, 2026. The FBR announced the extension through Circular No. 3 of 2026-27 (Income Tax), issued on Wednesday following requests of trade bodies and tax bars. Copyright Business Recorder, 2026 FBR EXTENDS TAX RETURN FILING DEADLINE TO OCTOBER 15 • Previous deadline for filing returns was September 30 Published September 30, 2026 Updated about 9 hours ago By BR Web Desk The Federal Board of Revenue (FBR) extended on Wednesday the deadline for filing income tax returns for tax year 2026 from September 30 to October 15. The extension will provide taxpayers additional two weeks to submit their income tax returns. The previous deadline for filing returns was September 30. “In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of Income Tax Return for Tax Year 2026, for the persons who are required to file their returns by September 30, 2026 is hereby extended up to October 15, 2026 in view of the requests from various trade bodies and tax bar associations,†the FBR said in a notification. The FBR’s notification came hours after a fake circular claiming an extension of the tax filing deadline was circulated on social media. On Monday, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), urged the government and the FBR to extend the deadline for filing income tax returns by one month – moving the cutoff date to October 31, 2026 – to facilitate trade, industry, and other tax filers. The apex trade body had maintained that extension was not a concession but a practical necessity to ensure maximum tax compliance, broaden the tax base, and alleviate pressure currently faced by the business community, small and medium enterprises (SMEs), and individual taxpayers.
FBR SETS TO INTENSIFY ENFORCEMENT AGAINST RETAILERS AFTER TAX SCHEME SETBACK
Date: 2026-10-01
Details: Written by Akhter Syed in Taxation, Top stories Only 2,195 retailers registered under the 1 per cent fixed tax scheme in its first two months, prompting plans for stepped-up enforcement. ISLAMABAD: The Federal Board of Revenue (FBR) is preparing to intensify enforcement against retailers who fail to comply with tax requirements after its 1 per cent fixed tax scheme attracted only 2,195 registrations during its first two months. At a meeting of the Senate Standing Committee on Finance and Revenue on September 30, 2026, the FBR chairman briefed lawmakers on the scheme’s limited participation and challenges in bringing retailers into the tax net. The meeting, chaired by Senator Saleem Mandviwalla at Parliament House, was attended by committee members and the Minister of State for Finance and Revenue. Only 2,195 retailers register The committee was informed that the government had consulted traders before introducing the scheme. An application was launched last month to enable retailers to provide their business details, although technical issues initially affected its operation. The minister said these issues had since been resolved. The scheme covers retailers with annual sales of up to Rs200 million. Officials clarified that registration is mandatory and retailers must declare their income and file tax returns. The FBR plans to impose penalties in stages on non-compliant businesses, beginning at Rs10,000, followed by Rs25,000 and Rs50,000 at subsequent stages. Enforcement will be intensified against retailers who continue to refuse compliance. The FBR chairman told the committee that awareness campaigns had already been conducted, but some traders continued to believe they could avoid penalties by not registering through the application. Senate committee calls for awareness campaign The committee recommended a broader awareness campaign, including advertisements and information leaflets in markets, to explain the scheme and its requirements to traders. The limited registration comes despite an overall increase in tax return filing. The FBR informed the committee that it had received 5.5 million returns so far, compared with 4 million during the corresponding period last year. Officials also highlighted a significant compliance gap among commercial electricity consumers. Pakistan has approximately 4.3 million commercial electricity meters, but only around 600,000 commercial meter holders had filed tax returns. The figures highlight the challenge facing the FBR as it seeks to expand the tax base and bring more businesses into the documented economy. The committee also discussed income tax refunds for Gumcrop (Pvt.) Ltd. and Oleocrop (Pvt.) Ltd. The FBR chairman assured lawmakers that the outstanding refunds would be released within 15 days. Separately, the committee was briefed on alleged irregularities involving consumption certificates for Rs1.12 trillion worth of raw materials supplied to factories in tax-exempt areas of FATA and PATA. Five people have been arrested, and investigations are continuing.
FBR EXTENDS SALES TAX RETURN FILING DEADLINE TO OCTOBER 2
Date: 2026-10-01
Details: Written by Akhter Syed in Taxation The extension covers DISCOs, K-Electric and specified taxpayers, but sales tax liabilities must still be paid within the original due date. ISLAMABAD: The Federal Board of Revenue (FBR) has extended the deadline for filing sales tax and Federal Excise Duty (FED) returns for August 2026 until October 2, 2026, for power distribution companies and specified taxpayers. In a directive issued on Wednesday, the FBR said the extension applies to distribution companies (DISCOs), K-Electric and taxpayers covered by Sales Tax General Order (STGO) No. 10 of 2026, dated July 14, 2026. The directive was issued to Chief Commissioners Inland Revenue of Large Taxpayers Offices (LTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs). Extension subject to timely tax payment The FBR exercised its powers under Section 74 of the Sales Tax Act, 1990, and Section 43 of the Federal Excise Act, 2005, to extend the return-filing deadline for the August 2026 tax period. However, the extension is conditional on taxpayers having deposited their sales tax liability within the prescribed due date. The latest directive therefore provides additional time for filing returns but does not extend the deadline for payment of the applicable sales tax liability. Technical issues behind extension The FBR had previously extended the filing deadline to September 30, 2026, amid technical difficulties linked to the implementation of SRO 1245(I)/2026 and system-linkage issues affecting corporate entities covered by STGO 10/2026. The latest extension gives affected power utilities and other specified taxpayers until October 2 to complete their return-filing obligations, subject to the requirement that their tax liabilities were paid on time.
RTO HYDERABAD RECORDS 18% GROWTH IN FIRST QUARTER REVENUE
Date: 2026-10-01
Details: Written by Hamza Shahnawaz in Taxation Regional Tax Office Hyderabad collects Rs28.788 billion during the first quarter of FY2026-27, with strong gains in Sales Tax and Federal Excise Duty. The Regional Tax Office (RTO) Hyderabad has posted an 18% increase in provisional net revenue collection during the first quarter of fiscal year 2026-27, highlighting stronger tax receipts during the period. According to the latest figures, RTO Hyderabad collected Rs28.788 billion during the first quarter, compared with Rs24.373 billion recorded during the same period of FY2025-26. The latest collection represents an increase of Rs4.415 billion year-on-year. The performance reflects the efforts of officers and staff at the regional tax office to improve revenue collection and strengthen tax compliance across the jurisdiction. September Collection Also Rises RTO Hyderabad also reported strong growth during September 2026. The office collected a provisional net amount of Rs12.009 billion during the month, compared with Rs10.093 billion in September 2025. The September collection therefore registered an 18% year-on-year increase, contributing significantly to the overall first-quarter revenue performance. Income Tax Leads Collection The first-quarter revenue included Rs18.402 billion from Income Tax, which recorded a growth of 9% compared with the corresponding period of the previous fiscal year. Meanwhile, Sales Tax collection reached Rs9.760 billion, registering a substantial 37% increase year-on-year. Federal Excise Duty (FED) also generated Rs627 million, reflecting 37% growth over the same period last year. The figures show that Sales Tax and Federal Excise Duty posted the strongest percentage increases among the three major revenue categories during the quarter. RTO Hyderabad Commends Staff Sajjad Akber Khan, Chief Commissioner Inland Revenue at RTO Hyderabad, appreciated the dedication and professional efforts of the officers and staff following the revenue performance. He expressed confidence that the tax office would maintain its efforts to increase revenue collection while also improving compliance among taxpayers. The first-quarter results provide a positive start to FY2026-27 for RTO Hyderabad, with the office continuing to focus on revenue mobilization and improved tax administration in the region.
FBR UNCOVERS RS9.41 BILLION WEALTH STATEMENT FRAUD
Date: 2026-10-01
Details: Written by Hamza Shahnawaz in Taxation Taxpayers allegedly revised old wealth statements to insert previously undeclared assets, prompting criminal proceedings The Federal Board of Revenue (FBR) has uncovered a fraud involving taxpayers who allegedly manipulated old wealth statements to incorporate previously unexplained assets worth Rs9.41 billion into their declared wealth. The tax authority said on Wednesday that a criminal case had been registered under the Anti-Money Laundering Act, 2010, while further cases were being processed against those allegedly involved. FBR Identifies 85 Taxpayers The fraud was detected by the Directorate General of Intelligence and Investigation (Inland Revenue) through detailed analysis of the FBR database, conducted with support from Pakistan Revenue Automation Limited (PRAL). The analysis identified 85 taxpayers who, between March 2025 and June 2026, revised wealth statements covering tax years 2014 to 2019. According to the FBR, the revised statements included cash, physical gold, prize bonds, properties and business capital that had not previously been declared. The tax authority said such revisions were not permitted under the law. Under the explanation to Section 116(3) of the Income Tax Ordinance, 2001, a wealth statement cannot be revised after five years from the due date of the original return. The FBR said all revisions identified in the analysis were made after the statutory time limit had expired. Lahore Case Involves Rs102.8m In one case registered by the Directorate of Intelligence and Investigation (Inland Revenue) Lahore, a taxpayer allegedly revised a wealth statement for tax year 2015 in May 2026 and inserted fictitious funds worth Rs102.8 million. The taxpayer subsequently carried the amount forward through wealth statements up to tax year 2025 and used the funds to account for the purchase of seven properties worth Rs64.41 million in May and June 2026. The FBR said the taxpayer was unable to explain the source of the funds when questioned. The tax allegedly sought to be evaded in the case exceeds Rs46 million. 48 Criminal Inquiries Launched Regional Directorates of Intelligence and Investigation (Inland Revenue) have launched 48 criminal inquiries across Pakistan, while proceedings in the remaining identified cases are ongoing. The FBR said the money-laundering case had been registered against the taxpayer and any abettors found to have been involved. Further cases are also being processed. The tax authority said its data analytics capabilities would continue to identify attempts to manipulate wealth declarations and warned that taxpayers found involved in such practices could face penalties and prosecution under the law.
COMPLETE GUIDE TO MINIMUM TAX IN PAKISTAN FOR TAX YEAR 2027
Date: 2026-10-01
Details: Written by Akhter Syed in Taxation Section 113 requires specified taxpayers to pay a minimum tax based on turnover when their normal tax liability falls below the prescribed threshold. ISLAMABAD: The Income Tax Ordinance, 2001 sets out the minimum tax regime applicable to certain taxpayers in Pakistan for Tax Year 2027, requiring them to pay a minimum amount of tax based on turnover where their normal tax liability falls below the prescribed threshold. The Federal Board of Revenue (FBR) has issued the Income Tax Ordinance, 2001 updated up to June 30, 2026, applicable to Tax Year 2027, covering the period from July 1, 2026 to June 30, 2027. Section 113 of the Income Tax Ordinance, 2001 sets out the minimum tax provisions applicable to specified taxpayers. Who is subject to minimum tax? Under Section 113(1), the minimum tax provisions apply to: • A resident company; • A permanent establishment of a non-resident company; • An individual having turnover of Rs100 million or above in Tax Year 2017 or any subsequent tax year; and • An association of persons (AOP) having turnover of Rs100 million or above in Tax Year 2017 or any subsequent tax year. The provision applies where, for any reason permitted under the Income Tax Ordinance or any other law, the taxpayer has no tax payable or paid for a tax year, or the tax payable or paid is lower than the minimum tax calculated at the prescribed percentage of turnover. When does minimum tax apply? Section 113 can apply where a taxpayer’s normal tax liability falls below the prescribed minimum because of factors including: Loss: Where the taxpayer incurs a loss during the year. Previous-year losses: Where a loss from an earlier tax year is set off against current-year income. Tax exemption: Where income is exempt from tax. Tax credits or rebates: Where available credits or rebates reduce the tax liability. Allowances and deductions: Where allowances or deductions, including depreciation and amortisation, reduce taxable income to the extent that the resulting tax is below the prescribed minimum. In these circumstances, the minimum tax is determined with reference to turnover rather than simply taxable profit. What is excluded from tax payable? Section 113 clarifies that the expression “tax payable or paid†does not include tax already paid or payable in respect of deemed income that is assessed as a final discharge of tax liability under Section 169 or another provision of the Ordinance. It also excludes tax payable or paid under Section 4B or Section 4C. How is minimum tax calculated? Where Section 113 applies, the aggregate turnover of the taxpayer for the tax year is treated as the person’s income chargeable to tax for that year. The taxpayer is then required to pay minimum tax instead of the tax otherwise payable under the normal provisions of the Income Tax Ordinance. The minimum tax is calculated by applying the rates specified in Division IX of Part I of the First Schedule to the taxpayer’s turnover. The applicable rate therefore depends on the category of taxpayer and the relevant provisions of the First Schedule. What constitutes turnover? Section 113(3) provides a specific definition of turnover for minimum tax purposes. It includes the following: 1. Gross sales and receipts Turnover includes gross sales or gross receipts from the sale of goods. Sales Tax, Federal Excise Duty and trade discounts shown on invoices or bills are excluded. Amounts treated as deemed income and assessed as a final discharge of tax liability are also excluded where the relevant tax has already been paid or is payable. 2. Fees and commissions Turnover includes gross fees received for rendering services or providing benefits, including commissions. However, amounts covered by a final discharge of tax liability, where the relevant tax is separately paid or payable, are excluded. 3. Contract receipts Gross receipts from the execution of contracts are included in turnover. Again, receipts covered by a final discharge of tax liability, for which tax is separately paid or payable, are excluded. 4. Share of an AOP’s turnover In the case of a company that is a member of an association of persons, its share of the amounts referred to above is also included in turnover. Can sale of immovable property be included? The Ordinance specifically clarifies that the definition of turnover covers receipts from all business activities, consistent with the expression “turnover from all sources†used in Section 113(1). This can include receipts from the sale of immovable property where those receipts are taxable under the head Income from Business. Therefore, determining turnover for minimum tax purposes is not necessarily limited to conventional sales of goods. Business receipts falling within the statutory definition can form part of the turnover base. Can excess minimum tax be carried forward? Yes. Where the minimum tax paid under Section 113 exceeds the actual tax payable under clause (1) of Division I or Division II of Part I of the First Schedule, the excess tax can be carried forward for adjustment against the taxpayer’s tax liability in subsequent tax years. Where minimum tax becomes payable because no tax is otherwise payable or paid for the year, the entire amount of minimum tax paid under Section 113 can be carried forward for adjustment. However, the Ordinance provides a specific time limit. The amount can be carried forward and adjusted against tax liability for the two tax years immediately succeeding the tax year for which the amount was paid. Key points for Tax Year 2027 Section 113 establishes a minimum tax liability based on turnover for specified taxpayers where normal tax payable falls below the statutory minimum. For Tax Year 2027, companies, qualifying individuals and AOPs should therefore assess both their normal income tax liability and Section 113 minimum tax liability when preparing their annual tax returns. The calculation requires particular attention to the statutory definition of turnover, including gross sales, service fees, commissions, contract receipts and certain business receipts from immovable property. Taxpayers should also account for statutory exclusions and the two-year carry-forward rule applicable to excess minimum tax.
HOW TO GET TAX YEAR 2026 RETURN FILING EXTENSION UNDER SECTION 119
Date: 2026-10-01
Details: Written by Akhter Syed in Taxation Taxpayers unable to file their Tax Year 2026 returns by September 30 can seek additional time from the Commissioner under Section 119. ISLAMABAD: With the deadline for filing income tax returns for Tax Year 2026 expiring today, taxpayers who believe they will be unable to file their returns within the prescribed time can seek an extension under Section 119 of the Income Tax Ordinance, 2001. According to officials of the Federal Board of Revenue (FBR), Section 119 provides a mechanism for taxpayers to request additional time for furnishing their income tax returns and wealth statements. How to apply for a tax return extension Under Section 119(1), a person required to furnish a return of income under Section 114 or Section 117, or a wealth statement under Section 116, may apply in writing to the Commissioner for an extension of time to furnish the relevant return or statement. The application for an extension must be submitted by the due date for furnishing the return or statement to which the application relates. Therefore, taxpayers seeking an extension for Tax Year 2026 should submit their application on or before September 30, 2026, the prescribed due date for filing the return. Grounds for granting an extension Under Section 119(3), the Commissioner may grant an extension where the taxpayer is unable to furnish the return or statement by the due date because of: • Absence from Pakistan; • Sickness or other misadventure; or • Any other reasonable cause. The Commissioner must be satisfied that the taxpayer is unable to meet the deadline because of one of these circumstances before granting the extension. How many days can be granted? Under Section 119(4), an extension granted by the Commissioner generally cannot exceed 15 days from the original due date. However, a longer extension may be granted where exceptional circumstances justify additional time. The law also provides a further avenue if the Commissioner has not granted an extension. In such circumstances, the Chief Commissioner, upon an application by the taxpayer for an extension or further extension, may grant additional time for a period not exceeding 15 days, unless exceptional circumstances justify a longer period. Important point about tax payment Taxpayers should also note that obtaining an extension for filing the return does not change the due date for payment of income tax under Section 137 for the purpose of calculating default surcharge under Section 205. In other words, an extension of time to file the return does not automatically provide an extension for payment of the tax liability. Taxpayers who are unable to complete their Tax Year 2026 return by September 30 should therefore submit a written application for an extension to the relevant Commissioner before the filing deadline. The application should clearly explain the circumstances preventing timely compliance and provide sufficient grounds for the Commissioner to consider the request under Section 119.
FPCCI SUPPORTS ASAAN TAX SCHEME
Date: 2026-09-30
Details: Published September 30, 2026 Updated about 2 hours ago By Recorder Report KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has announced its support for the government’s Asaan Tax Scheme, saying traders will have to pay a fixed tax of only Rs25,000 a year under it. Speaking at a consultative meeting held at Federation House, FPCCI President Atif Ikram Sheikh said shopkeepers enrolled in the scheme will display a taxpayer plate outside their businesses, after which no one will be able to harass them. FPCCI Senior Vice President Saqib Fayyaz Magoon said the Rs25,000 fixed tax is in traders’ favour. He said that, beyond the fixed amount, traders will pay only 1 percent of their turnover. Mian Zahid Hussain, chairman of FPCCI’s Policy Advisory Board, said traders are ready to play their part in economic growth. FPCCI Vice President Aman Paracha said the scheme is better than all those offered earlier. FPCCI Convener Abdul Rehman Khan urged traders to come forward with any further facilitation they need, saying they could tell the federation without hesitation. Chief Commissioner RTO-I Karachi Qazi Hifz-ur-Rehman also spoke about the benefit of the scheme. Copyright Business Recorder, 2026
KTBA URGES FBR TO URGENTLY FIX IRIS PORTAL PROBLEMS
Date: 2026-09-30
Details: Published September 30, 2026 Updated about 2 hours ago By Recorder Report KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to urgently fix problems with the Tax Year 2026 income tax return form on the IRIS portal, affecting taxpayers’ ability to file complete and accurate returns within the prescribed time. In a letter sent to FBR Member Inland Revenue-Operations Zubair Bilal, KTBA president said the issues, raised earlier in letters of May 19 and August 10, remain unresolved. The association said taxpayers have been given too little time. The draft return was circulated through SRO 835(I)/2026 on May 7, but the final form was notified through SRO 1495(I)/2026 only on September 2. The KTBA also cited recurring downtime and slow response on IRIS, including on weekly holidays, and objected to what it called voluminous data requirements. These include full details of vehicle fleets, which can run into hundreds for larger companies, along with all immovable properties, bank accounts, shareholders and partners of associations of persons. Much of this data must be reconciled with third-party records and earlier declarations, it said. Taxpayers under the minimum tax regime in Section 153 of the Income Tax Ordinance cannot make a correct declaration because the system computes additional normal tax wrongly, an issue KTBA raised separately on September 16. The IRIS also caps adjustment of prior years’ refunds against current tax liability at Rs 200,000, although the Ordinance sets no such limit. The refund application facility has not been activated for Tax Year 2026, and the portal no longer issues a downloadable acknowledgement after filing, which the KTBA called essential proof of timely submission. The association further said Section 114(2A) requires companies to file in an electronically readable format, defined in section 2(19DA). The KTBA asked that manual entry of the same data be made optional once the file is uploaded. It further said taxpayers whose shift to a special tax year has been approved by Commissioners cannot access the transitional return, and that the portal rejects negative figures for retained earnings, forcing inappropriate workarounds. Making detailed shareholder particulars a condition for filing was impracticable for listed companies with large and changing shareholder bases, KTBA said, urging system integration or bulk upload. The association asked the FBR to ensure stable operation of IRIS throughout the filing period, rationalize data requirements, fix the identified flaws on a priority basis and report the corrective steps taken. Copyright Business Recorder, 2026
COLLECTION OF DUTIES/TAXES TODAY: BANK BRANCHES TO OBSERVE EXTENDED WORKING HOURS
Date: 2026-09-30
Details: Published September 30, 2026 Updated about 2 hours ago By Recorder Report KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced that all branches of commercial banks will observe extended working hours until 10:00 P.M. on Wednesday for collection of taxes. To facilitate taxpayers in making over-the-counter (OTC) payment of Government duties and taxes, it has been decided, on the request of Federal Board of Revenue (FBR), that all branches of commercial banks shall observe extended working hours until 10:00 P.M. on Wednesday, September 30, 2026. Further, banks are advised to keep their concerned branches open on September 30, 2026 for as long as required to facilitate the Special Clearing for Government transactions conducted by NIFT. The banks shall also ensure uninterrupted availability of their online payment channels i.e. internet banking, mobile applications, ATMs, and other digital platforms to facilitate the online payment of Government duties and taxes. Copyright Business Recorder, 2026
SPECIAL TAX SCHEME FOR SMALL SHOPKEEPERS IN 'INITIAL IMPLEMENTATION PHASE': FBR
Date: 2026-09-30
Details: • Board advises traders who encounter any technical difficulty or problem while registering under scheme to approach FBR directly for assistance, guidance Published September 29, 2026 Updated about 10 hours ago By BR Web Desk The Federal Board of Revenue (FBR) said on Tuesday the special tax scheme for small shopkeepers was in its initial implementation stages, during which the board was actively working to facilitate traders and address any practical or technical issues arising out of the registration process. “The Government of Pakistan and the FBR remain in continuous contact with traders, market representatives and trade bodies to ensure that the scheme is implemented in a smooth, transparent and trader-friendly manner. Feedback received from the business community is being duly considered, and efforts are underway to resolve genuine difficulties being faced by traders,†it said. The FBR further advised traders who encounter any technical difficulty or problem while registering under the scheme to approach the FBR directly for assistance and guidance. The board said it was committed to providing the necessary facilitation so that eligible traders could complete the registration process without unnecessary difficulty. “The government strongly believes that the special tax scheme provides an opportunity for small shopkeepers to become part of the documented tax system through a simplified and facilitative framework. “The scheme has been designed with the objective of encouraging voluntary compliance while providing greater certainty and ease of doing business for small traders,†it said.
DISCOVERY OF HIDDEN MONEY TO BE TREATED UNDER FACELESS AUDIT: FBR
Date: 2026-09-30
Details: Written by Akhter Syed in Taxation, Top stories The FBR has introduced a National Faceless Centre to handle audits, assessments and cases involving undisclosed income and assets under a digital framework. ISLAMABAD, September 30, 2026: The Federal Board of Revenue (FBR) has introduced a faceless audit and assessment framework covering cases involving undisclosed income and assets, bringing proceedings under Section 111 of the Income Tax Ordinance, 2001, within the new system. The FBR issued SRO 1665(I)/2026, inserting a new Chapter XX into the Income Tax Rules, 2002, to establish procedures for conducting audits, assessments and related proceedings through the National Faceless Centre. The framework provides for the faceless handling of cases involving unexplained income and assets, as well as audits under Sections 177 and 214C, assessments and amendments to assessments under the Income Tax Ordinance. National Faceless Centre established Under the new rules, the National Faceless Centre will comprise four wings: Audit, Assessment, Quality Control and Field Operations. Each wing may contain multiple units, with responsibilities allocated through an algorithm designed by the FBR. The allocation system will separate audit, assessment and quality control functions among different officers or units. No officer will perform more than one of these functions in the same case for the same tax year. The identities of officers assigned to individual functions will remain recorded in the FBR’s electronic system but will not be disclosed in accordance with the relevant provisions of the Income Tax Ordinance. Digital communication made mandatory All notices, orders, audit reports and other communications issued by the Centre must be generated through the FBR’s computerised system and carry a Digital Identification Number (DIN). Taxpayers and their authorised representatives will be required to submit replies, documents, evidence and other communications through their designated accounts on the IRIS system. Documents must be provided electronically in the formats prescribed by the FBR. During an audit, officers may seek additional information and explanations, obtain information from third parties and request technical assistance, including valuation, forensic or sector-specific expertise. Where necessary, statements on oath may also be recorded through electronic hearings. Physical verification and case transfers The rules allow physical verification of businesses, assets, investments, expenditure and other relevant matters where justified. The officer concerned must record the reasons for the verification and refer the request to the Chief Commissioner of the National Faceless Centre. The Chief Commissioner may direct the Field Operations Wing to conduct the verification, while the resulting report must be uploaded to the electronic record. Cases may be transferred where faceless proceedings are impractical The framework allows cases to be transferred to another tax authority where faceless proceedings are impractical because of extensive physical records, repeated verification requirements, search or seizure proceedings, or links with other pending cases. This provision provides a mechanism for dealing with cases where the nature or circumstances of proceedings require action outside the standard faceless process. The framework also provides for penalties and default surcharge where applicable. The FBR may issue further instructions and standard operating procedures to implement the new system. Rules to take effect through notified dates The rules will take effect on dates notified by the FBR. The Board may specify different commencement dates for different categories of cases or proceedings, allowing the faceless audit and assessment framework to be introduced in phases.
FBR EXTENDS TAX COLLECTION HOURS UNTIL 10 PM ON RETURN FILING DEADLINE
Date: 2026-09-30
Details: Written by Akhter Syed in Taxation FBR offices and commercial bank branches will remain open until 10pm on September 30 to facilitate taxpayers making payments before the Tax Year 2026 deadline. ISLAMABAD, September 30, 2026: The Federal Board of Revenue (FBR) has extended working hours at its field offices and commercial bank branches until 10:00pm on Wednesday, September 30, 2026, to facilitate taxpayers in meeting the deadline for filing income tax returns for Tax Year 2026. September 30 is the last date for filing annual income tax returns for the tax year, while the extended hours are intended to provide taxpayers with additional time to complete their tax payments before the deadline. FBR directs field offices to remain open late In a communication to chief commissioners of Inland Revenue, the FBR directed all Large Taxpayers’ Offices (LTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) to observe extended working hours on September 30 until 10:00pm. The directive aims to facilitate taxpayers completing the required procedures and depositing government duties and taxes on the final day of the return filing period. SBP extends commercial banks’ working hours Separately, the State Bank of Pakistan (SBP) has directed commercial bank branches across the country to remain open until 10:00pm on September 30 to facilitate the payment of government duties and taxes. The central bank announced the arrangement on Tuesday following a request from the FBR. The extended banking hours will allow taxpayers to make over-the-counter (OTC) payments through commercial bank branches. The SBP has also instructed banks to ensure the uninterrupted availability of digital payment channels, including internet banking, mobile banking applications, automated teller machines (ATMs) and other online platforms, enabling taxpayers to complete government-related transactions. Special arrangements for government transactions The SBP has further advised banks to coordinate with the National Institutional Facilitation Technologies (NIFT) system to ensure the smooth processing of government transactions. Relevant bank branches have been directed to remain operational on September 30 for as long as necessary to support special clearing arrangements for government payments processed through NIFT. Taxpayers urged to complete payments before deadline The extended working hours at FBR offices and commercial banks are intended to reduce last-day difficulties for taxpayers seeking to fulfil their tax obligations for Tax Year 2026. Taxpayers making payments on the final day should allow sufficient time for transactions to be processed and retain the relevant payment confirmation for their records. The arrangements provide additional time for tax payments on September 30, while the annual income tax return filing deadline remains unchanged.
Extension in Date of Filing of Income Tax Returns for Tax Year 2026 now 15.10.2026
Date: 2026-09-30
Details: Government of Pakistan Revenue Division Federal Board of Revenue Inland Revenue q q 7-R Islamabad, the 30th September, 2026 Circular No.3 of 2026-27 Income Tax Subject: Extension in Date of Filing of Income Tax Returns for Tax Year 2026 In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of Income Tax Return for Tax Year 2026, for the persons who are required to file their returns by September 30th, 2026 is hereby extended up to October 15 th, 2026 in view of the requests from various trade bodies and tax bar associations. 30 Ahmed Waqa Second Secreta (IR-Operations)
FPCCI SEEKS ONE-MONTH EXTENSION TO THE INCOME TAX RETURN DEADLINE
Date: 2026-09-29
Details: • Technical disruptions are preventing thousands of willing taxpayers from submitting their returns accurately and on time, says the trade body Published September 28, 2026 Updated about 16 hours ago By BR Web Desk Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has formally urged the government and the Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns by one month – moving the cutoff date to October 31, 2026 – to facilitate trade, industry, and other tax filers. According to a statement released on Monday, the apex trade body emphasised that this extension is not a concession but a practical necessity to ensure maximum tax compliance, broaden the tax base, and alleviate the immense pressure currently faced by the business community, small and medium enterprises (SMEs), and individual taxpayers. Sheikh highlighted that as the September 30 deadline approaches, taxpayers and tax practitioners are facing severe systemic bottlenecks. The FBR’s IRIS portal has been experiencing frequent slowdowns, glitches, and downtimes due to heavy national traffic. These technical disruptions are preventing thousands of willing taxpayers from submitting their returns and wealth statements accurately and on time, he added. Sheikh explained that the business community of Pakistan remains committed to fulfilling its national duty and contributing to the national exchequer. However, penalising them for systemic inefficiencies and a highly congested and insufficient digital infrastructure is deeply unfair. The FPCCI leadership outlined several critical reasons for the demanded extension, pointing first to the severe instability within the FBR’s digital infrastructure. Constant lagging and crashing of the IRIS system during peak hours have made it nearly impossible for tax lawyers, chartered accountants, and individual business owners to process filings efficiently. FPCCI chief maintained that a one-month extension will provide a much-needed breathing space for taxpayers to reconcile their accounts, navigate the recent complexities introduced in the tax code, and file their returns without the fear of system crashes. Sheikh highlighted that the recent complex amendments in tax laws and reporting requirements have created widespread confusion; meaning taxpayers require additional time to thoroughly understand these technicalities to avoid unintended errors in their wealth reconciliations. He stressed that, alongside these technical hurdles, the ongoing macroeconomic challenges, including high inflation and surging operational costs, have severely stretched the administrative capacities of SMEs. Many businesses are struggling to finalize their financial audits and gather the necessary documentation within the rigid timeframe. The FPCCI stressed that granting this extension directly supports the government’s own primary objective of increasing the number of active filers. Rushing the process will inevitably result in a lower volume of submissions, whereas an extended window will yield higher revenue collection and wider, more accurate compliance. Sheikh appealed to the Prime Minister of Pakistan, the Minister for Finance and Revenue, and the Chairman of the FBR to take immediate cognisance of the ground realities. The federation warned that failure to extend the deadline could force many legitimate businesses into the non-filer category, resulting in unwarranted penalties and disruption of commercial activities that the fragile economic conditions cannot sustain.
FBR RELAXES DOCUMENTATION RULES FOR FACTORY-TO-WAREHOUSE GOODS MOVEMENT
Date: 2026-09-29
Details: Written by Faisal Shahnawaz in Taxation FBR says goods moved between a factory and its own warehouse under the same STRN are not taxable supplies and do not require digital invoices. ISLAMABAD: The Federal Board of Revenue (FBR) has relaxed documentation requirements for the movement of goods from a factory to a warehouse owned by the same registered person, clarifying that such transfers do not constitute taxable supplies where both premises operate under the same Sales Tax Registration Number (STRN). The FBR issued Sales Tax General Order (STGO) No. 25 of 2026, titled “Movement of Goods from Factory to Registered Person’s Own Warehouse — Non-Applicability of Digital Invoicing and Prescribed Documentationâ€, setting out the procedure for such inter-premises movement. Under the order, the transfer of goods from a factory to the registered person’s own warehouse does not constitute a “supply†where both premises operate under the same STRN. Consequently, businesses are not required to issue a digital invoice or e-invoice for such transfers. However, businesses must document the movement through a prescribed non-fiscal Stock Transfer Note, provided in Annexure-A of the order. FBR clarifies tax treatment of stock transfers The FBR explained that the definition of “supply†under Section 2(33) of the Sales Tax Act, 1990, requires a sale or another transfer of the right to dispose of goods as owner. Where goods are moved between a factory and warehouse belonging to the same registered person, ownership remains unchanged and no consideration is involved. The movement therefore falls outside the sales tax charge under Section 3 of the Sales Tax Act. As a result, the requirement under Section 23 to issue a tax invoice does not arise. The provisions of Chapter XIV of the Sales Tax Rules, 2006, concerning the transmission of tax invoices for taxable supplies through a licensed integrator or PRAL, are also not applicable. Separate STRN changes tax treatment The FBR clarified that a different treatment applies where the receiving warehouse has a separate STRN. In such cases, the movement takes place between two distinct registered persons and is treated as a taxable supply. Digital invoicing through a licensed integrator or PRAL becomes mandatory, with output tax chargeable in the normal manner. The Stock Transfer Note procedure cannot be used as a substitute for a tax invoice where the receiving premises have a separate STRN. Stock Transfer Note required for qualifying movements For movements covered by the order, the dispatching unit must generate a sequentially numbered Stock Transfer Note before the goods are dispatched. The document must contain the prescribed particulars and clearly carry the endorsement “Stock Transfer — Not a Taxable Supply.†The value of the goods may be recorded at cost for inventory-control purposes. However, the document must not be styled or numbered in a manner resembling a tax invoice. The Stock Transfer Note must accompany the consignment throughout its journey and be produced when demanded at a check-post or during verification. After receiving the goods, the warehouse in-charge must acknowledge the consignment on the Stock Transfer Note and update the warehouse stock register. The dispatching unit must likewise update its factory stock register maintained under Rule 22. Copies of the Stock Transfer Note must be retained at both locations and reconciled monthly against production and inventory records. The FBR said the records must be preserved for six years in accordance with Section 24 of the Sales Tax Act. FBR bars unnecessary documentation during transit checks The order directs field formations not to treat the production of a Stock Transfer Note instead of a tax invoice as evidence of non-compliance where the dispatching and receiving premises share the same STRN. However, consignments moving without either a digital invoice or the prescribed Stock Transfer Note will be treated as prima facie undocumented and proceeded against under the applicable provisions of the law. The FBR has also issued instructions to field formations aimed at preventing unnecessary disruption during transit checks. Officials have been directed not to demand a driver’s Computerised National Identity Card (CNIC) or any other document beyond the digital invoice or, for qualifying inter-premises movements, the prescribed Stock Transfer Note. The FBR further directed that vehicles carrying goods without a digital invoice should not be diverted to, taken to or detained at unauthorised premises. Goods in transit should not ordinarily be subjected to physical checking, examination or unloading. Limited exception for Third Schedule goods The non-issuance of a digital invoice is to be dealt with separately under the relevant provisions of the Sales Tax Act and rules. It should not, by itself, constitute grounds for detaining the vehicle or goods in transit. An exception applies to goods specified in the Third Schedule to the Sales Tax Act. Such goods may be checked solely to verify whether the prescribed retail price has been printed or embossed on them under Section 3(2)(a) of the Act. Appropriate action may be taken where the prescribed requirements have not been met. The FBR warned that harassment of taxpayers in any form is unacceptable and that any departure from the instructions will be viewed seriously. The order was issued with the approval of the competent authority.
FPCCI SEEKS ONE-MONTH EXTENSION FOR INCOME TAX RETURN FILING
Date: 2026-09-29
Details: Written by Hamza Shahnawaz in Taxation Atif Ikram Sheikh cites IRIS system issues, tax-law complexities and pressure on businesses as reasons for extending the deadline to October 31. The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the federal government and Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns by one month to October 31, 2026, citing technical problems with the IRIS system and difficulties faced by taxpayers. FPCCI President Atif Ikram Sheikh said the extension was necessary to facilitate businesses, small and medium-sized enterprises (SMEs), tax practitioners and individual taxpayers ahead of the September 30 deadline. He said the request was not intended as a concession but as a practical measure to improve tax compliance, broaden the tax base and reduce pressure on taxpayers facing difficulties in completing their filings. According to FPCCI, the FBR’s IRIS portal has experienced slowdowns, glitches and periods of unavailability because of heavy traffic as the filing deadline approaches. These disruptions have made it difficult for taxpayers and tax practitioners to submit income tax returns and wealth statements within the existing timeframe. IRIS System Creates Filing Challenges Sheikh said tax lawyers, chartered accountants and business owners were facing difficulties because of system congestion, particularly during peak hours. He argued that taxpayers should not face penalties because of technical limitations in the tax administration system. FPCCI said an additional month would provide taxpayers with more time to reconcile accounts, prepare documentation and complete filings without the risk of losing work because of system failures. The business body also pointed to recent amendments to tax laws and reporting requirements, saying their complexity had created additional challenges for taxpayers preparing wealth reconciliations and other required information. SMEs Face Additional Pressure FPCCI said high inflation and rising operating costs had further stretched the administrative capacity of businesses, particularly SMEs. Some companies were still working to complete financial audits and gather the documentation required for filing. Sheikh said extending the deadline could also support the government’s objective of increasing the number of active tax filers. According to FPCCI, allowing additional time could help taxpayers submit more accurate returns while reducing the risk of legitimate businesses falling into the non-filer category. The FPCCI president appealed to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb and FBR Chairman Rashid Mahmood Langrial to consider the request and address the reported technical issues. The federation said it remained ready to work with the FBR to resolve problems with the filing system and improve the overall tax compliance process.
TAX FILING DEADLINE NEARS AS KARACHI CHAMBER FLAGS FBR PASSWORD ISSUES
Date: 2026-09-29
Details: Written by Hamza Shahnawaz in Taxation Karachi Chamber president urges FBR to restore previous passwords as taxpayers face difficulties accessing IRIS system KARACHI, September 28, 2026: The Karachi Chamber of Commerce and Industry (KCCI) has urged the Federal Board of Revenue (FBR) to immediately restore taxpayers’ previous passwords, warning that recent password changes are creating difficulties for people attempting to file their income tax returns ahead of the September 30 deadline. KCCI President Muhammad Rehan Hanif said only a few days remained before the deadline for filing income tax returns, while a large number of taxpayers were facing problems accessing the FBR’s IRIS tax filing system. According to Hanif, the FBR has changed the passwords of individuals who are required to file income tax returns. He said the move had created serious difficulties for taxpayers, particularly those who are currently abroad or travelling. He estimated that at least 30% of taxpayers who are outside Pakistan or travelling are facing difficulties in obtaining their new passwords. Hanif said taxpayers abroad were also experiencing problems because they had not received SMS messages containing their new passwords, affecting their ability to access the IRIS portal. The KCCI president also pointed to unusually high pressure on the IRIS system as another factor contributing to difficulties in filing returns. He said the system was experiencing heavy traffic and appeared to be overloaded, making it harder for taxpayers to complete the filing process. Hanif warned that the password changes, combined with the pressure on the online tax system, had made the return-filing process even more complicated during the final days before the deadline. He called on the FBR to take immediate steps to address the issue and restore the previous passwords so taxpayers can access IRIS without interruption. The KCCI president stressed that taxpayers should be provided with uninterrupted access to the filing system as the September 30 deadline approaches. The chamber’s concerns come as taxpayers have only a short period remaining to submit their income tax returns for the relevant tax year. Any continued disruption to access could increase difficulties for taxpayers seeking to complete their filings before the deadline. The KCCI urged the FBR to resolve the technical and access-related issues on an urgent basis to facilitate taxpayers and ensure a smoother filing process.
PTBA URGES PUNJAB TO EXTEND AGRICULTURAL INCOME TAX RETURN DEADLINE
Date: 2026-09-29
Details: Written by Hamza Shahnawaz in Taxation Tax body seeks a one-month extension to October 31, citing difficulties with Punjab’s newly introduced online filing system. LAHORE: The Pakistan Tax Bar Association (PTBA) has urged the Punjab Board of Revenue to extend the deadline for filing Agricultural Income Tax Returns for Tax Year 2026, citing difficulties faced by taxpayers and tax practitioners with the newly introduced online filing system. In a representation addressed to the Chairman, Board of Revenue Punjab, Lahore, the PTBA welcomed the provincial government’s initiative to digitalise the filing of Agricultural Income Tax Returns under the Punjab Agricultural Income Tax Act, 1997. PTBA highlights challenges with online filing The tax body, which represents District Tax Bar Associations across the country, said it comprises more than 30 District Tax Bars with a membership of over 15,000 tax practitioners, including advocates, chartered accountants, cost and management accountants and tax practitioners registered with the Federal Board of Revenue. The PTBA pointed out that Tax Year 2026 is the first year in which Agricultural Income Tax Returns have been introduced through an online filing system. According to the association, both taxpayers and tax practitioners have encountered considerable difficulties in understanding and complying with the newly introduced digital filing requirements. The PTBA also highlighted the absence of an adequate mechanism through which taxpayers and practitioners can approach the relevant authorities to correct errors, rectify deficiencies or complete information identified during the filing process. The association said these challenges were particularly significant because the online return system was being implemented for the first time. Limited time to meet September 30 deadline Another major concern raised by the PTBA was the limited time available to taxpayers to adapt to the new system. The association noted that the online return facility was introduced in the early days of September 2026, while the statutory deadline for filing Agricultural Income Tax Returns is September 30, 2026. As a result, taxpayers and tax practitioners have been left with limited time to understand the new digital mechanism, arrange the required information and documents, address technical and procedural difficulties and complete their returns within the prescribed deadline. The PTBA maintained that extending the deadline would facilitate taxpayers and help ensure smoother implementation of the newly introduced digital filing system. PTBA seeks deadline extension to October 31 The association has therefore requested the Chairman, Board of Revenue Punjab, to extend the due date for filing Agricultural Income Tax Returns for Tax Year 2026 from September 30 to October 31, 2026. The requested one-month extension, according to the PTBA, would provide taxpayers and tax practitioners with additional time to familiarise themselves with the online system and resolve filing-related issues. The association said the extension would also support the effective implementation of Punjab’s agricultural income tax regime as taxpayers transition to the new digital filing mechanism.
SALARY INCOME TAX SLABS FOR TAX YEAR 2026 RETURN FILING
Date: 2026-09-29
Details: Written by Hamza Shahnawaz in Taxation Salaried taxpayers can use the applicable Tax Year 2026 slabs to calculate their income tax liability before the September 30 filing deadline. ISLAMABAD: Salaried individuals should carefully review the applicable income tax slabs for Tax Year 2026 to calculate their tax liability accurately when filing their annual income tax returns. The Federal Board of Revenue (FBR) has prescribed different tax rates based on taxable salary income for Tax Year 2026. Taxpayers are required to determine their taxable income and apply the relevant slab to calculate the amount of income tax payable. Salary income tax slabs for Tax Year 2026 The applicable salary income tax rates for Tax Year 2026 are as follows: Taxable income Income tax payable Does not exceed Rs600,000 0% Exceeds Rs600,000 but does not exceed Rs1,200,000 1% of the amount exceeding Rs600,000 Exceeds Rs1,200,000 but does not exceed Rs2,200,000 Rs6,000 + 11% of the amount exceeding Rs1,200,000 Exceeds Rs2,200,000 but does not exceed Rs3,200,000 Rs116,000 + 23% of the amount exceeding Rs2,200,000 Exceeds Rs3,200,000 but does not exceed Rs4,100,000 Rs346,000 + 30% of the amount exceeding Rs3,200,000 Exceeds Rs4,100,000 Rs616,000 + 35% of the amount exceeding Rs4,100,000 The tax calculation is progressive, meaning taxpayers move into a higher rate only when their taxable income falls within the corresponding higher slab. Surcharge on high-income salaried individuals An additional surcharge applies where taxable income exceeds Rs10 million. In such cases, the income tax is calculated at Rs616,000 plus 35% of the amount exceeding Rs4.1 million, along with a 9% surcharge. Salaried taxpayers with income above the specified threshold should therefore account for the additional surcharge when calculating their overall tax liability for Tax Year 2026. Taxpayers urged to calculate income accurately The progressive tax structure makes it important for salaried individuals to correctly determine their taxable income before filing their annual returns. Taxpayers should ensure that salary income and other relevant particulars are accurately disclosed and that the applicable tax slab is used when completing the Tax Year 2026 return. With the September 30, 2026 filing deadline approaching, timely and accurate filing can help taxpayers avoid errors and potential complications with the tax authorities.
FBR URGES TAXPAYERS TO FILE 2026 RETURNS ON TIME TO AVOID ATL SURCHARGE
Date: 2026-09-29
Details: Written by Hamza Shahnawaz in Taxation Late filers face ATL surcharges of up to Rs100,000, along with other tax consequences for missing the September 30 deadline. ISLAMABAD: The Federal Board of Revenue (FBR) has urged taxpayers to submit their income tax returns and wealth statements for Tax Year 2026 by the prescribed deadline to avoid substantial surcharges for inclusion in the Active Taxpayers List (ATL). The warning comes as the September 30, 2026 filing deadline approaches for salaried individuals, business individuals, Associations of Persons (AOPs) and corporate entities having a special financial year. Under the prevailing tax framework, taxpayers who fail to file their annual income tax returns by the due date are excluded from the ATL for the relevant tax year. The ATL is an important part of Pakistan’s tax system, with taxpayers appearing on the list eligible for reduced withholding tax rates on certain financial transactions. The consequences of missing the filing deadline have become more costly following amendments introduced through the Finance Act, 2026. FBR raises ATL surcharge FBR sources said Section 182A of the Income Tax Ordinance, 2001 provides that a person who fails to file a return under Section 114 by the prescribed due date, or within an extension granted under the law, will not be included in the ATL for that tax year. However, a taxpayer can subsequently obtain ATL status by filing the outstanding return and paying the prescribed surcharge. The surcharge varies according to the taxpayer’s category: • Rs100,000 for a company • Rs50,000 for an Association of Persons • Rs25,000 for an individual Once the return is filed after the deadline and the applicable surcharge is paid, the taxpayer can be included in the ATL, without prejudice to any other liability under the Income Tax Ordinance. Wider consequences of late filing The financial impact of missing the deadline extends beyond the ATL surcharge. A taxpayer who fails to file the return within the prescribed period may also be barred from carrying forward losses under Part VIII of Chapter IV for that tax year. The law further provides that a refund will not be issued during the period in which the taxpayer remains outside the ATL. In addition, the taxpayer is not entitled to additional payment for a delayed refund under Section 171 for the period of exclusion from the ATL. The period during which a taxpayer remains outside the ATL is also excluded when calculating additional payment relating to a delayed refund. Concession available to certain individuals The law provides a specific concession for an individual in relation to the ATL surcharge requirement. The surcharge condition does not apply to an individual who furnishes an undertaking before the Commissioner declaring that they will not purchase, acquire or otherwise obtain ownership or beneficial interest in any property for six months beginning from the date the undertaking is furnished, in the prescribed manner. September 30 deadline approaches With the September 30, 2026 deadline fast approaching, the FBR has urged taxpayers to complete their Tax Year 2026 filings within the prescribed period. Filing on time can help taxpayers avoid the applicable ATL surcharge and the additional consequences associated with remaining outside the Active Taxpayers List.
INCOMPLETE 2026 TAX RETURNS TO FACE FBR ACTION
Date: 2026-09-29
Details: Written by Faisal Shahnawaz in Taxation Companies and AOPs could face a minimum Rs500,000 penalty for submitting incomplete, blank or inaccessible documents with their tax returns. ISLAMABAD: The Federal Board of Revenue (FBR) has warned taxpayers that incomplete income tax returns and wealth statements for Tax Year 2026 could trigger legal action and substantial penalties under the Income Tax Ordinance, 2001, as the filing deadline approaches. FBR sources said the law contains stringent provisions requiring taxpayers to furnish complete and accurate information in their tax returns. The requirements are particularly significant for Associations of Persons (AOPs) and corporate entities, which are required to provide comprehensive financial and other particulars in their prescribed returns. Incomplete tax returns can attract penalties Under the prevailing income tax law, a person, including a company or an association of persons, may be liable to a penalty if they fail to fully disclose the relevant particulars or information required in the return of income. The provisions cover information specified in the prescribed return form, including declarations relating to the records maintained by the taxpayer. A penalty may also be imposed where a taxpayer furnishes an annexure, statement or document required with the income tax return in blank form or with incomplete or irrelevant particulars. Similarly, taxpayers may face penalties for attaching blank or incomplete annexures, statements or records where these documents are required to accompany the return. Inaccessible audited accounts treated as incomplete The law also contains a significant provision concerning audited financial statements. Where audited financial statements are submitted as image files, scanned documents or password-protected files that are illegible or otherwise inaccessible to the concerned Inland Revenue authority, those financial statements are deemed to have been furnished as blank or incomplete documents. The provision could have particular implications for companies and AOPs that submit annual returns with supporting financial records that cannot be properly accessed or reviewed by tax authorities. Taxpayers therefore need to ensure that electronic copies of supporting documents are readable, accessible and submitted in the prescribed manner. Rs500,000 minimum penalty Under the applicable penalty provisions, a company, including a banking company, or an association of persons found in violation is liable to pay a penalty of Rs500,000 or 10 per cent of the tax chargeable on taxable income, whichever is higher. The penalty provision makes the completeness of tax returns particularly important for corporate taxpayers and AOPs, as missing or unusable supporting information can carry significant financial consequences. September 30 deadline approaches The FBR’s warning comes as taxpayers approach the September 30, 2026 deadline for filing their Tax Year 2026 income tax returns and applicable wealth statements. Taxpayers, particularly companies and AOPs, face substantial penalties if their returns contain missing, incomplete or irrelevant information, or if required supporting documents are submitted in an inaccessible form. The provisions underline the importance of ensuring that all prescribed particulars, annexures, statements and supporting financial documents are complete, accurate, readable and accessible before the return is submitted.
FBR WARNS OF FALSE STATEMENTS IN 2026 TAX RETURNS AS DEADLINE NEARS
Date: 2026-09-29
Details: Written by Faisal Shahnawaz in Taxation, Top stories Taxpayers could face a penalty of Rs500,000 or 100% of the tax shortfall for false or misleading declarations under the Income Tax Ordinance. ISLAMABAD: The Federal Board of Revenue (FBR) has warned taxpayers against submitting false or misleading statements, information or documents in their Tax Year 2026 income tax returns and wealth statements as the filing deadline approaches. The deadline for filing income tax returns and wealth statements for Tax Year 2026 is September 30, 2026, leaving taxpayers limited time to review their declarations and ensure all required information is accurate and complete. FBR sources said the Income Tax Ordinance, 2001 prescribes substantial penalties for taxpayers who furnish false or misleading statements, information or documents to an Inland Revenue or Income Tax Authority. FBR outlines scope of false statements Under the relevant provisions of the tax law, a person may face a penalty for making a false or misleading statement to an Inland Revenue Authority in writing, orally or electronically. The provision covers statements contained in an application, certificate, declaration, notification, return, objection or any other document prepared, submitted or furnished under the Income Tax Ordinance. It also extends to books of account and other records maintained or produced by a taxpayer. The law further covers taxpayers who furnish or file false or misleading information, documents or statements with an Income Tax Authority, regardless of whether the material is submitted in written, oral or electronic form. Omitting material facts can also attract penalty The provisions also apply where a taxpayer omits a material matter or fact from a statement or information furnished to the tax authority, making the statement or information false or misleading in a material particular. This means taxpayers need to ensure that their declarations are not only factually correct but also complete in respect of material information required under the law. Penalty for false or misleading statements Under the prescribed penalty regime, a taxpayer found liable for such conduct may face a penalty of Rs500,000 or 100 percent of the amount of tax shortfall, whichever is higher. The potentially significant financial consequence highlights the importance of carefully reviewing all information before submitting the Tax Year 2026 return. Taxpayers should pay particular attention to declarations relating to income, expenses, assets, liabilities and other financial information, as well as the supporting documentation maintained for their tax affairs. Reasonably arguable position gets protection The law, however, provides an important qualification in cases involving an assessment order deemed to have been made under Section 120. No penalty is imposed to the extent that the tax shortfall results from the taxpayer adopting a reasonably arguable position regarding the application of the Income Tax Ordinance to their circumstances. The provision distinguishes between a genuinely arguable interpretation of tax law and a false or misleading declaration, subject to the conditions prescribed under the legislation. Taxpayers urged to check returns before deadline With the September 30, 2026 filing deadline fast approaching, taxpayers are required to exercise caution when preparing their income tax returns and accompanying wealth statements. Ensuring accurate disclosure, retaining appropriate documentation and reviewing all material information before submission can help taxpayers avoid potentially substantial financial consequences under the tax law.
FBR SETS PENALTIES AS 2026 TAX RETURN FILING DEADLINE LOOMS
Date: 2026-09-29
Details: Written by Faisal Shahnawaz in Taxation Taxpayers face daily penalties for late income tax returns, while separate fines apply for failing to submit wealth statements. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined substantial monetary penalties for taxpayers who fail to file their income tax returns and wealth statements for Tax Year 2026 as the September 30 deadline approaches. The statutory deadline for filing income tax returns and wealth statements is September 30, 2026. The FBR has so far not announced any extension, despite calls from business groups and tax bars seeking additional time for taxpayers to complete their filings. With the deadline fast approaching, the tax authority is maintaining pressure on individuals, businesses and corporate entities required to fulfil their annual tax obligations. Under the Income Tax Ordinance, 2001, taxpayers who fail to submit their returns within the prescribed period may face significant financial penalties. Penalty for late income tax return A person who fails to furnish a return of income required under Section 114 by the due date is liable to a penalty based on the duration of the default. The penalty is the higher of: • 0.1 percent of the tax payable for the relevant tax year for each day of default; or • Rs1,000 for each day of default. The law also prescribes minimum penalties. For an individual deriving 75 percent or more of income from salary, the minimum penalty is Rs10,000. In all other cases, the minimum penalty is Rs50,000. However, the maximum penalty cannot exceed 200 percent of the tax payable by the taxpayer for the relevant tax year. Penalty reduction for late filers Taxpayers who miss the September 30 deadline may qualify for a graduated reduction in the applicable penalty if they subsequently file their returns. The penalty is reduced by: • 75 percent if the return is filed within one month; • 50 percent if filed within two months; and • 25 percent if filed within three months, after the original or extended due date prescribed under the law. How tax payable is determined For calculating the applicable penalty, the expression “tax payable†refers to the higher of the tax chargeable on taxable income based on an assessment made or treated as made under Sections 120, 121, 122, 122D or 122E, or the tax payable for the immediately preceding tax year for which a return of income was duly filed. This provision determines the amount against which the daily penalty for late filing is calculated. Separate penalty for wealth statement The tax regime also provides a separate financial penalty for failing to submit a wealth statement or wealth reconciliation statement where required. Under the applicable provisions, a person who fails to furnish the required statement is liable to a penalty of 0.1 percent of taxable income per week or Rs100,000, whichever is higher. Who must file by September 30? The September 30 deadline applies to a broad range of taxpayers. Those required to complete their annual filing by the deadline include salaried individuals, business individuals, Associations of Persons (AOPs) and corporate entities operating on a special financial year, along with the relevant wealth statements where applicable. With the deadline now only days away, taxpayers who have yet to complete their Tax Year 2026 filings face the prospect of financial penalties if they fail to meet their statutory obligations.
Lahore High Court: Money Laundering Cases Can Go Ahead Without Waiting for Tax Cases to Finish
Date: 2026-09-27
Details: (/)  Lahore High Court: Money Laundering Cases Can Go Ahead Without Waiting for Tax Cases to Finish Home ( / ) / Lahore High Court: Money Laundering Cases Can Go Ahead Without Waiting for Tax Cases to Finish Islamabad, September 27, 2026: The Lahore High Court has ruled that money laundering is a separate crime in its own right. FBR does not have to wait for a person's income tax case to be fully decided before it starts a money laundering investigation. The judgment was given by a two member bench of Mr. Justice Khalid Ishaq and Mr. Justice Hassan Nawaz Makhdoom in Writ Petition No. 2928 of 2026 and related cases. The petitions had challenged the powers and actions of FBR's Directorate General of Intelligence & Investigation, Inland Revenue (I&I-IR). The Court dismissed all of them. *What is money laundering?* It means taking money earned through illegal means and moving it around so that it looks like clean, lawful income. In Pakistan, it is dealt with under the Anti Money Laundering Act, 2010. *What did the Court say?* * FBR's I&I-IR wing has full legal authority to register cases (FIRs), investigate,and prosecute under this law. * A money laundering case and a tax case are two different matters. One does nothave to wait for the other to end. * A person can be prosecuted for money laundering even if there has been no earlier conviction for the crime that produced the money. * The Anti Money Laundering Act is a special law that takes priority over generallaws. Ongoing tax disputes cannot be used to stop or delay it. * The Supreme Court's decision in the Taj International case was about sales taxassessment and recovery only. It cannot be used to block money laundering proceedings. * When banks report suspicious transactions to the Financial Monitoring Unit (FMU), and action follows, this happens within the law and with proper safeguards. * A writ petition in the High Court cannot normally be used to stop a criminal investigation in advance. Questions about where money came from and how it was moved will be decided by the relevant Special Courts. *What this means for you* * If you declare your income and pay your taxes, this judgment changes nothingfor you. * It strengthens action against those who hide illegal money or try to make it looklegitimate. * All such action must still follow due process and the rule of law. FBR welcomed the judgment, saying it brings legal clarity and strengthens the fight against money laundering and financial crime. The case was pursued under the guidance of Mr. Aqeel Ahmed Siddiqui, Director General (I&I-IR). لاÛور ÛØ§Ø¦ÛŒ کورٹ کا ÙیصلÛ: منی لانڈرنگ Ú©ÛŒ تØÙ‚یقات Ú©Û’ لیے ٹیکس کیس ختم Ûونے کا انتظار ضروری Ù†Ûیں اسلام آباد، 27 ستمبر 2026: لاÛور ÛØ§Ø¦ÛŒ کورٹ Ù†Û’ قرار دیا ÛÛ’ Ú©Û Ù…Ù†ÛŒ لانڈرنگ اپنی Ø¬Ú¯Û Ø§ÛŒÚ© الگ جرم ÛÛ’Û” اس Ú©ÛŒ تØÙ‚یقات شروع کرنے Ú©Û’ لیے ÛŒÛ Ø¶Ø±ÙˆØ±ÛŒ Ù†Ûیں Ú©Û Ù¾ÛÙ„Û’ کسی شخص کا انکم ٹیکس کا Ù…Ø¹Ø§Ù…Ù„Û Ù…Ú©Ù…Ù„ طور پر Ø·Û’ ÛÙˆ جائے۔ ÛŒÛ ÙÛŒØµÙ„Û Ø¬Ø³Ù¹Ø³ خالد Ø§Ø³ØØ§Ù‚ اور جسٹس ØØ³Ù† نواز مخدوم پر مشتمل دو رکنی بینچ Ù†Û’ رٹ پٹیشن نمبر 2928 Ø¢Ù 2026 اور اس سے منسلک درخواستوں میں سنایا۔ ان درخواستوں میں ای٠بی آر Ú©Û’ ڈائریکٹوریٹ جنرل انٹیلیجنس اینڈ انویسٹی گیشن ان لینڈ ریونیو (آئی اینڈ آئی) Ú©Û’ اختیارات اور کارروائیوں Ú©Ùˆ چیلنج کیا گیا تھا۔ عدالت Ù†Û’ تمام درخواستیں خارج کر دیں۔ *منی لانڈرنگ کیا ÛÛ’ØŸ* غیر قانونی طریقے سے کمائی گئی رقم Ú©Ùˆ اس Ø·Ø±Ø Ú¯Ú¾Ù…Ø§Ù†Ø§ Ú©Û ÙˆÙ‡ جائز آمدنی Ù„Ú¯Û’ØŒ منی لانڈرنگ Ú©Ûلاتا ÛÛ’Û” پاکستان میں اس Ú©Û’ خلا٠کارروائی اینٹی منی لانڈرنگ ایکٹ 2010 Ú©Û’ ØªØØª Ûوتی ÛÛ’Û” *عدالت Ù†Û’ کیا Ú©ÛØ§ØŸ* * ای٠بی آر Ú©Û’ آئی اینڈ آئی ونگ Ú©Ùˆ اس قانون Ú©Û’ ØªØØª Ù…Ù‚Ø¯Ù…Û (ای٠آئی آر) درج کرنے، تØÙ‚یقات کرنے اور عدالت میں کیس چلانے کا پورا اختیار ØØ§ØµÙ„ ÛÛ’Û” * منی لانڈرنگ کا Ù…Ù‚Ø¯Ù…Û Ø§ÙˆØ± ٹیکس کا کیس دو الگ معاملات Ûیں۔ ایک Ú©Û’ ختم Ûونے کا انتظار کیے بغیر دوسرا Ø¢Ú¯Û’ بڑھ سکتا ÛÛ’Û” * منی لانڈرنگ کا Ù…Ù‚Ø¯Ù…Û Ú†Ù„Ø§Ù†Û’ Ú©Û’ لیے ÛŒÛ Ø¶Ø±ÙˆØ±ÛŒ Ù†Ûیں Ú©Û Ø¬Ø³ جرم سے رقم کمائی گئی اس میں Ù¾ÛÙ„Û’ سزا ÛÙˆ Ú†Ú©ÛŒ ÛÙˆÛ” * اینٹی منی لانڈرنگ ایکٹ ایک خصوصی قانون ÛÛ’ جسے عام قوانین پر Ùوقیت ØØ§ØµÙ„ ÛÛ’Û” ٹیکس Ú©Û’ جاری مقدمات Ú©Ùˆ بنیاد بنا کر اس Ú©ÛŒ کارروائی روکی Ù†Ûیں جا سکتی۔ * سپریم کورٹ کا تاج انٹرنیشنل کیس صر٠سیلز ٹیکس Ú©Û’ تعین اور وصولی سے متعلق تھا۔ اسے منی لانڈرنگ Ú©ÛŒ کارروائی روکنے Ú©Û’ لیے استعمال Ù†Ûیں کیا جا سکتا۔ * جب بینک کسی مشکوک لین دین Ú©ÛŒ اطلاع Ùنانشل مانیٹرنگ یونٹ (ای٠ایم یو) Ú©Ùˆ دیتے Ûیں اور اس پر کارروائی Ûوتی ÛÛ’ تو ÛŒÛ Ø³Ø¨ قانون Ú©Û’ دائرے میں اور مقرره ضابطوں Ú©Û’ ØªØØª Ûوتا ÛÛ’Û” * ÛØ§Ø¦ÛŒ کورٹ میں رٹ درخواست عام طور پر کسی Ùوجداری تØÙ‚یق Ú©Ùˆ Ù¾ÛÙ„Û’ سے روکنے Ú©Û’ لیے استعمال Ù†Ûیں ÛÙˆ سکتی۔ رقم Ú©ÛØ§Úº سے آئی اور کیسے منتقل Ûوئی، اس کا ÙÛŒØµÙ„Û Ù…ØªØ¹Ù„Ù‚Û Ø®ØµÙˆØµÛŒ عدالتیں کریں گی۔ *آپ Ú©Û’ لیے اس Ùیصلے کا مطلب* * اگر آپ اپنی آمدنی Ø¸Ø§ÛØ± کرتے Ûیں اور ٹیکس ادا کرتے Ûیں تو اس Ùیصلے سے آپ Ú©Û’ لیے Ú©Ú†Ú¾ Ù†Ûیں بدلتا۔ * ÛŒÛ ÙÛŒØµÙ„Û Ø§Ù† لوگوں Ú©Û’ خلا٠کارروائی Ú©Ùˆ مضبوط کرتا ÛÛ’ جو غیر قانونی Ù¾ÛŒØ³Û Ú†Ú¾Ù¾Ø§ØªÛ’ Ûیں یا اسے جائز Ø¸Ø§ÛØ± کرنے Ú©ÛŒ کوشش کرتے Ûیں۔ * ÛØ± کارروائی قانونی Ø·Ø±ÛŒÙ‚Û Ú©Ø§Ø± اور قانون Ú©ÛŒ ØÚ©Ù…رانی Ú©Û’ مطابق ÛÛŒ Ûوگی۔ ای٠بی آر Ù†Û’ Ùیصلے کا خیر مقدم کرتے Ûوئے Ú©ÛØ§ Ú©Û Ø§Ø³ سے قانونی Ø§Ø¨ÛØ§Ù… دور Ûوا ÛÛ’ اور منی لانڈرنگ اور مالیاتی جرائم Ú©Û’ خلا٠کارروائی مضبوط Ûوگی۔ ÛŒÛ Ú©ÛŒØ³ ڈائریکٹر جنرل (آئی اینڈ آئی ان لینڈ ریونیو) جناب عقیل اØÙ…د صدیقی Ú©ÛŒ نگرانی میں لڑا گیا۔ Stay Connected  Facebook (https://www.facebook.com/Federal-Board-of-Revenue-FBR-944859908912698) ï‚–ï‚™ Twitter (https://twitter.com/FBRSpokesperson) ï‚–ï…ª YouTube (https://www.youtube.com/channel/UCN_cl3qHp3t3SxdRZ3r2ZeQ?view_as=subscriber) ï‚–ïƒ Official Email (FBR Employees) (https://fbr.gov.pk/official-email/573) Government Links ï„… Government of Pakistan (http://www.pakistan.gov.pk/) ï„… Government of AJK (https://www.ajk.gov.pk/) ï„… Government of Balochistan (http://www.balochistan.gov.pk/) ï„… Government of Gilgit Baltistan (http://www.gilgitbaltistan.gov.pk/) ï„… Government of Khyber Pakhtunkhwa (http://kp.gov.pk/) ï„… Government of Punjab (https://www.punjab.gov.pk/) ï„… Government of Sindh (http://www.sindh.gov.pk/) Ministry Links ï„… Ministry of Finance (http://www.finance.gov.pk/) ï„… Ministry of Commerce (http://www.commerce.gov.pk/) ï„… Ministry of Planning, Development & Special Initiatives (https://www.pc.gov.pk/) ï„… Ministry of Information Technology & Telecommunication (https://moitt.gov.pk/) ï„… Ministry of Communications (http://www.communication.gov.pk/) ï„… Ministry of Railways (http://www.railways.gov.pk/) ï„… Ministry of Water & Power (http://www.mowp.gov.pk/) ï„… National Anti-Money laundering and Counter Financing of Terrorism Authority (https://amlcft.gov.pk/) Other Sites ï„… PRA (http://pra.punjab.gov.pk/) ï„… SRB (http://www.srb.gos.pk/) ï„… KPRA (https://kpra.kp.gov.pk/) ï„… BRA (https://bra.gob.pk/) ï„… FBR Foundation (https://fbrfoundation.org.pk/) ï„… Virtual One Stop Shop (VOSS) (http://voss.gov.pk) ï„… Field Office Websites (/field-office-websites/131977) ï„… State Bank of Pakistan (http://www.sbp.org.pk/) ï„… Securities and Exchange Commission of Pakistan (https://www.secp.gov.pk/) ï„… Trade Development Authority of Pakistan (https://www.tdap.gov.pk/) ï„… Gwadar Development Authority (http://www.gda.gov.pk/) Copyright © 2026. 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FBR LAUNCHES ELECTRONIC SCRUTINY OF SALES TAX RETURNS
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation New system will electronically identify discrepancies, notify taxpayers through IRIS and provide at least seven days to respond before further action. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced an electronic scrutiny mechanism for sales tax returns, allowing the automated detection and communication of discrepancies to registered taxpayers before formal legal or penal proceedings are initiated. The FBR has issued SRO 1655(I)/2026, amending the Sales Tax Rules, 2006 through the insertion of a new Chapter XII-A, titled “Procedure for Electronic Scrutiny and Intimation of Issues Detected by the Computerized System”, after Rule 150H. Automated scrutiny of sales tax returns Under the newly inserted Rule 150HA, the chapter will apply to the automated scrutiny, analysis and cross-matching of sales tax returns and other available data relating to registered persons. The process will be conducted through the computerised system implemented by the FBR under Section 50B of the Sales Tax Act. The electronic mechanism is designed to identify factual or legal errors, discrepancies and other potential issues by analysing taxpayers’ sales tax information. FBR to notify taxpayers electronically Under Rule 150HB, the computerised system may issue an online advice or advance intimation through IRIS, identifying factual or legal mistakes and discrepancies detected during automated scrutiny. The advance intimation is intended to give registered persons an opportunity to explain the issue, rectify errors or take other corrective measures before any legal or penal proceedings are initiated. The same system-generated advance intimation may also be issued by the Officer of Inland Revenue having jurisdiction over the registered person. The electronic notice must specify a response period of at least seven days, during which the taxpayer may explain the discrepancy, correct the error or take another appropriate corrective measure. Reminder to taxpayers who fail to respond If a registered person does not respond within the prescribed period, the computerised system will issue a reminder. The reminder will provide a further period of not less than seven days for the taxpayer to respond to the discrepancies identified during the electronic scrutiny. The record of discrepancies detected and communicated to the registered person, together with any response received, will then be conveyed to the relevant Officer of Inland Revenue. Electronic record of scrutiny process The FBR has also prescribed that all electronic intimations issued to registered persons, responses received and actions taken will be recorded on a dashboard developed under the computerised system. The automated scrutiny, analysis and cross-matching of sales tax returns and other available information, as well as the identification and electronic communication of discrepancies, will be implemented through a Change Request Form (CRF). The CRF-based implementation is intended to support the smooth and efficient operation of the electronic scrutiny mechanism. Inland Revenue officers to review responses The Officer of Inland Revenue having jurisdiction over the registered person will be responsible for examining the taxpayer’s response to discrepancies identified electronically. Following the review, the officer may take appropriate action where required under the relevant provisions of the Sales Tax Act and the rules made thereunder. The new framework establishes a structured electronic process in which the FBR can identify potential errors in sales tax returns, notify taxpayers, allow them time to respond and maintain a record of the subsequent action before further proceedings are considered.
FBR LAUNCHES NATIONAL FACELESS CENTRE TO REFORM TAX AUDIT PROCESS
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation, Top stories The new system will automate case selection, officer assignment and tax proceedings while reducing direct interaction between taxpayers and officials. The Federal Board of Revenue (FBR) has launched the National Faceless Centre (NFC) in Islamabad as part of a major reform aimed at changing the way tax audits and assessments are conducted across Pakistan. The initiative was approved during a meeting of the Board in Council on Friday. The new framework is designed to remove direct interaction between taxpayers and tax officers and shift tax proceedings towards a fully digital and automated process. Computer-Based Case Selection Under the previous system, taxpayers whose returns were selected for audit generally had to deal with a designated tax officer at a specific office. The new mechanism will replace this arrangement with a computerised, risk-based system for selecting cases. Once a case is selected, it will be automatically assigned to an officer, regardless of where that official is located in Pakistan. Taxpayers will not be informed about the identity of the officer handling their case, while officers will also have no influence over the cases assigned to them. Three-Level Review System The FBR has introduced multiple layers of oversight under the faceless model. One officer will conduct the audit, another will undertake the assessment, while a third official will review the proceedings for quality before a final order is issued. This structure is intended to prevent a single officer from handling a taxpayer’s case throughout the entire process. Digital Tax Proceedings Notices, taxpayer responses and hearings will be managed electronically through the FBR’s IRIS system. Physical verification or recovery activities, where legally required, will be undertaken separately by designated field teams. Legal Framework and Implementation The National Faceless Centre derives its legal authority from the Finance Act, 2026. It will operate under a Chief Commissioner Inland Revenue and include dedicated wings for faceless audits, assessments, quality control and field operations. The FBR has also established a Programme Management Unit to supervise implementation and coordinate the rollout of the new framework. According to the FBR, the reform is intended to promote consistent treatment of taxpayers, strengthen data-based decision-making and reduce concerns linked to direct contact between taxpayers and tax officials. The National Faceless Centre is expected to make tax proceedings more transparent, standardised and efficient for taxpayers across Pakistan.
FBR EXTENDS RETURN FILING DEADLINE FOR POWER UTILITIES UNTIL SEPTEMBER 30
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation FBR extends the deadline for sales tax and Federal Excise Duty returns for August 2026 for DISCOs, K-Electric and other affected taxpayers. The Federal Board of Revenue (FBR) has extended the deadline for filing sales tax and Federal Excise Duty (FED) returns for August 2026 for power distribution companies and certain other taxpayers until September 30, 2026. In a notification issued on Friday, the FBR informed Chief Commissioners Inland Revenue, Large Taxpayers Offices (LTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) about the extension. The tax authority said the decision was necessitated by technical issues encountered during the implementation of SRO 1245(I)/2026 dated July 31, 2026, particularly in the cases of distribution companies (DISCOs) and K-Electric. The FBR also cited system-linkage issues involving corporate entities covered under Sales Tax General Order (STGO) 10/2026 dated July 14, 2026. Return filing deadline extended to September 30 The FBR exercised its powers under Section 74 of the Sales Tax Act, 1990 and Section 43 of the Federal Excise Act, 2005 to extend the deadline for submitting sales tax and FED returns for the tax period of August 2026. Under the latest directive, affected taxpayers can file their returns by September 30, 2026. The extension covers DISCOs, K-Electric and taxpayers added to STGO 10/2026. Sales tax liability must be paid on time The FBR clarified that the relief applies specifically to the return filing deadline. Taxpayers seeking the benefit of the extension must have deposited their sales tax liability within the prescribed due date. The extension does not therefore alter the original deadline for payment of the applicable sales tax liability. Technical issues prompt FBR relief The FBR said the extension was granted to address technical difficulties affecting implementation of the revised requirements and system linkages. The problems were particularly relevant to power distribution companies and K-Electric following the implementation of the new requirements under SRO 1245(I)/2026. Corporate entities brought within the scope of STGO 10/2026 also faced system-linkage issues, prompting the tax authority to provide additional time for filing. The latest directive allows the affected power utilities and other covered taxpayers to complete their August 2026 return-filing obligations by September 30 without facing filing-related consequences arising from the cited technical difficulties.
FBR REVISES CUSTOMS VALUES OF SODIUM SULPHATE ANHYDROUS
Date: 2026-09-26
Details: Written by Hamza Shahnawaz in Taxation FBR has revised customs values for imported sodium sulphate anhydrous, replacing valuation rules that had been in force for more than a decade. The Federal Board of Revenue (FBR) has revised the customs valuation of sodium sulphate anhydrous, introducing new values after reviewing international prices, recent import trends and data from the preceding 90 days. Under Valuation Ruling No. 2107/2026, the Directorate General of Customs Valuation prescribed new customs values for the industrial chemical. The ruling supersedes Valuation Ruling No. 891/2016 dated July 27, 2016, read with Order-in-Revision No. 266/2016 dated November 21, 2016. FBR updates decade-old customs valuation The Directorate initiated the fresh valuation exercise after determining that the existing customs values had become more than 10 years old. A meeting with relevant stakeholders was held on September 18, 2026, where importers and other stakeholders presented their views and documentary evidence regarding prevailing market prices. Before the valuation exercise, notices were issued to relevant stakeholders, allowing them to submit invoices, contracts, price lists and other verifiable documents supporting their declared values. Importers told the Directorate that international prices of sodium sulphate anhydrous were higher than the values prescribed under the earlier ruling. They maintained that their declared transaction values reflected prevailing international market conditions. Stakeholders also requested that the revised valuation take into account import data from the preceding 90 days and current international price trends. Directorate reviews import and international price data The Directorate conducted a detailed analysis of import data for the preceding 90 days to determine prevailing transaction values and identify recent import trends. International price information presented by stakeholders was also examined alongside available import data and other relevant factors. The Directorate noted that sodium sulphate anhydrous is primarily an industrial product and is generally imported as a raw material for manufacturing processes. Accordingly, the valuation exercise considered factors including the product’s nature and end-use, international market prices, country of origin and available import data. Customs valuation methods examined sequentially The Directorate examined the valuation methods prescribed under Section 25 of the Customs Act, 1969 and applied them sequentially. The transaction value method under Section 25(1) was found unsuitable because sufficient information was not available regarding the adjustments required under Section 25(2) to establish an accurate transaction value. The identical goods method under Section 25(5) was also examined. However, available references could not be relied upon exclusively because adequate demonstrable evidence regarding quality, specifications and commercial or industrial quantities was unavailable. The similar goods method under Section 25(6) was considered as well, but the available references were deemed insufficient for sole reliance. A market enquiry under Section 25(7) found that the product, being industrial in nature, was not readily available in the domestic market. The computed value method under Section 25(8) was also examined but could not be applied because verifiable information concerning conversion costs and associated manufacturing expenses in the exporting country was unavailable. The Directorate therefore determined the revised customs values under Section 25(9) read with Section 25(6) of the Customs Act, 1969. New customs values for sodium sulphate anhydrous The revised customs values prescribed under Valuation Ruling No. 2107/2026 are as follows: Description PCT for WeBOC Origin Customs Value (C&F) Sodium Sulphate Anhydrous 2833.1100.1000 China US$0.67/kg Sodium Sulphate Anhydrous – Other Origins 2833.1100.1100 Other origins US$0.125/kg The Directorate clarified that if the actual transactional or invoice value retrieved from the relevant consignment is higher than the customs value prescribed under the ruling, assessment will be made on the higher value in accordance with Section 25(1) of the Customs Act, 1969. Such cases may also be referred to the Directorate General of Customs Valuation. For consignments imported by air, the difference between air freight and sea freight will be added when determining the assessable value. The ruling applies to the descriptions and specifications listed in the valuation table, while the HS codes have been provided for illustrative purposes. Importers given 30 days to file revision petitions The revised ruling will remain effective until it is rescinded or revised under Section 25A(4) of the Customs Act, 1969. Importers and other affected parties may file a revision petition under Section 25D within 30 days before the Director General, Directorate General of Customs Valuation, Karachi. Customs Collectorates have been directed to ensure strict implementation of the revised valuation ruling and immediately report any anomalies to the Directorate General. The revised framework is intended to provide updated valuation benchmarks for sodium sulphate anhydrous imports after more than a decade under the previous valuation regime.
FBR EXPLAINS TAX ON OFFSHORE ASSET GAINS FOR TAX YEAR 2027
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation FBR has outlined the tax, reporting and withholding requirements for gains arising from offshore disposals involving assets linked to Pakistan. The Federal Board of Revenue (FBR) has explained the tax treatment of gains arising from the disposal or alienation outside Pakistan of certain assets connected with Pakistan during Tax Year 2027. The FBR’s Income Tax Ordinance, 2001, has been updated up to June 30, 2026, for the relevant tax year covering July 1, 2026 to June 30, 2027. Section 101A covers offshore asset disposals Under Section 101A of the Income Tax Ordinance, 2001, any gain arising from the disposal or alienation outside Pakistan of an asset located in Pakistan and owned by a non-resident company is treated as Pakistan-source income. The gain is chargeable to tax at the rate and in the manner specified under Section 101A(10). Rules for shares in non-resident companies Where the asset being disposed of is a share or interest in a non-resident company, it is treated as being located in Pakistan when two conditions are satisfied. First, the share or interest must derive, directly or indirectly, its value wholly or principally from assets located in Pakistan. Second, shares or interests representing 10% or more of the share capital of the non-resident company must be disposed of or alienated. When assets are considered principally located in Pakistan A share or interest is considered to derive its value principally from assets located in Pakistan when, on the last day of the tax year preceding the date of transfer, the value of those assets: • exceeds Rs100 million; and • represents at least 50% of the value of all assets owned by the non-resident company. The value of the assets is determined according to their fair market value in the prescribed manner. The provision applies notwithstanding Section 68, while the fair market value is determined without reducing liabilities. Tax treatment where assets are partly in Pakistan Where only some of the assets of a non-resident company are located in Pakistan, the income arising from the offshore disposal of a share or interest in that company is treated as arising from assets located in Pakistan to the extent reasonably attributable to those assets. The determination is to be made in the prescribed manner. Resident companies face reporting obligations Section 101A also establishes reporting requirements for a resident company where the value of an asset of a non-resident company derives, directly or indirectly, wholly or principally from assets located in Pakistan. Where the relevant Pakistani assets are held directly or indirectly through a resident company, that company must furnish the prescribed information, documents and statement to the Commissioner for determining the gain and tax payable. The information must generally be submitted within 60 days of the non-resident company disposing of or alienating the asset. However, the Commissioner may issue a written notice requiring the resident company to provide the information, documents or statement within a shorter period. Acquirer required to deduct tax Under Section 101A(8), the person acquiring the asset from the non-resident person is required to deduct tax from the gross consideration paid for the asset. The tax is to be deducted at 10% of the fair market value of the asset. The deducted amount must be paid to the Commissioner for credit to the Federal Government through remittance to the Government Treasury or by deposit with an authorised branch of the State Bank of Pakistan or the National Bank of Pakistan. The payment must be made within 15 days of the payment to the non-resident. Resident company must collect advance tax The resident company covered by Section 101A(7) is required to collect advance tax from the non-resident company within 30 days of the disposal or alienation transaction. The amount of advance tax is calculated under Section 101A(10). Where tax has already been deducted and paid by the acquirer under Section 101A(8), that amount is treated as tax collected and paid under Section 101A(9). The resident company is allowed a tax credit for the amount already deducted when determining the tax payable under Section 101A(10). Tax calculated using two alternatives Section 101A(10) provides that the tax to be collected is the higher of two amounts: • 20% of A, where A represents the fair market value of the asset minus its cost of acquisition; or • 10% of the fair market value of the asset. The mechanism therefore establishes a minimum tax amount based on the fair market value of the asset. No further tax on specified gains Where tax has been paid under Section 101A(8) or Section 101A(9), the non-resident company is not required to pay further tax on the gain under Section 22(8) or capital gains under Sections 37 or 37A. Other applicable provisions take priority Section 101A(12) provides that where a gain is taxable under this section as well as under another provision of the Income Tax Ordinance, 2001, the gain is taxed under the other applicable provision. The provisions of Section 101A therefore establish a specific framework for offshore disposals involving assets or interests that derive their value wholly or principally from assets located in Pakistan. The framework covers the circumstances in which such gains become Pakistan-source income, as well as reporting, withholding and advance-tax obligations for the parties involved.
LEARN ABOUT GEOGRAPHICAL SOURCE OF INCOME IN PAKISTAN DURING TAX YEAR 2027
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation Section 101 of the Income Tax Ordinance defines when salary, business, dividends, royalties, property income and other earnings are treated as Pakistan-source income. ISLAMABAD: Taxpayers can determine whether income is treated as Pakistan-source or foreign-source income during Tax Year 2027 under Section 101 of the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) has published the Income Tax Ordinance, 2001, amended up to June 30, 2026, for the current tax framework. FBR’s official website lists the June 30, 2026 version of the ordinance. Tax Year 2027 covers the 12-month period ending June 30, 2027, under the normal tax-year system. Section 101 sets out the geographical basis for determining whether different categories of income arise from sources in Pakistan. Salary Income Salary is treated as Pakistan-source income to the extent that it is received for employment exercised in Pakistan, regardless of where the salary is paid. Salary is also Pakistan-source income when it is paid by, or on behalf of, the Federal Government, a Provincial Government or a Local Government in Pakistan, regardless of where the employment is exercised. Business Income of Resident Persons Business income derived by a resident person is Pakistan-source income to the extent that it arises from a business carried on in Pakistan. This provision establishes the geographical connection between a resident taxpayer’s business activity and Pakistan for source-of-income purposes. Business Income of Non-Residents For a non-resident person, business income is treated as Pakistan-source income to the extent that it is directly or indirectly attributable to a permanent establishment in Pakistan. The provision also covers income attributable to: • Sales in Pakistan of goods or merchandise of the same or similar kind as those sold by the non-resident through its permanent establishment in Pakistan. • Other business activities carried on in Pakistan that are of the same or similar kind to activities conducted by the non-resident through its permanent establishment. • A business connection in Pakistan. • Certain imports forming part of an overall arrangement involving the supply of goods, installation, construction, assembly, commissioning, guarantees or supervisory activities. The import provision can apply regardless of whether title to the goods passes outside Pakistan and whether the goods are imported in the name of the non-resident, its associate or another person. FBR also clarifies that where income is subject to tax under Sections 5A, 5AA, 6, 7 or 7A, it is not chargeable to tax under the head of income from business. Significant Economic Presence Section 101 also incorporates significant economic presence when determining a business connection in Pakistan. A significant economic presence of a non-resident may arise through transactions involving goods, services or property with a person in Pakistan, including the provision or downloading of data or software in Pakistan, where the aggregate payments exceed the prescribed threshold. It may also arise where a non-resident systematically and continuously solicits business activities or engages with users in Pakistan through digital means beyond the prescribed threshold. The provision applies irrespective of whether: • the agreement relating to the transactions or activities is signed in Pakistan; • the non-resident maintains a residence or place of business in Pakistan; or • the non-resident renders services in Pakistan. Only the portion of income attributable to the relevant transactions or activities is treated as arising from the business connection in Pakistan. Independent Services Where a non-resident’s business involves providing independent services, including professional services and the services of entertainers or sports persons, Pakistan-source business income includes remuneration paid by a resident person. It also includes remuneration borne by a permanent establishment in Pakistan of a non-resident. These amounts are in addition to income treated as Pakistan-source under the provisions dealing with non-resident business income. Gains From Business Assets Any gain arising from the disposal of an asset or property used to derive business income covered by Section 101(2), 101(3) or 101(4) is treated as Pakistan-source income. Dividends Dividend income is considered Pakistan-source income where it is: • paid by a resident company; or • a dividend covered by sub-clause (f) of clause (19) of Section 2. FBR also identifies dividends paid by resident companies among the common categories of Pakistan-source income. Profit on Debt Profit on debt is Pakistan-source income if it is paid by a resident person. An exception applies where the profit is payable in respect of debt used for a business carried on by the resident outside Pakistan through a permanent establishment. Profit on debt is also Pakistan-source income where it is borne by a permanent establishment in Pakistan of a non-resident person. Royalties Royalty income is treated as Pakistan-source income where it is paid by a resident person, subject to the exception concerning rights, property, information or services used for a business carried on by the resident outside Pakistan through a permanent establishment. A royalty is also Pakistan-source income where it is borne by a permanent establishment in Pakistan of a non-resident person. Rental Income From Immovable Property Rental income is Pakistan-source income where it arises from the lease of immovable property situated in Pakistan, whether the property is improved or unimproved. The provision also covers other interests in or over immovable property, including a right to explore for or exploit natural resources in Pakistan. Any gain from the disposal of such property or rights is also Pakistan-source income. The rule extends to gains from the disposal of shares in a company whose assets consist wholly or principally, directly or indirectly, of such property or rights. Pension and Annuity A pension or annuity is Pakistan-source income if it is paid by a resident person or borne by a permanent establishment in Pakistan of a non-resident person. Technical Fees A technical fee is Pakistan-source income when it is paid by a resident person, except where the fee relates to services utilised in a business carried on by the resident outside Pakistan through a permanent establishment. Technical fees are also Pakistan-source income when they are borne by a permanent establishment in Pakistan of a non-resident person. Offshore Digital Services Fees for offshore digital services are Pakistan-source income where they are paid by a resident person, subject to the exception for services utilised in a business carried on by the resident outside Pakistan through a permanent establishment. Such fees are also Pakistan-source income when borne by a permanent establishment in Pakistan of a non-resident person. Gains on Shares of Resident Companies Any gain arising from the disposal of shares in a resident company is treated as Pakistan-source income. Insurance and Reinsurance Premiums Any amount paid by an insurance company as an insurance or reinsurance premium to an overseas insurance or reinsurance company is deemed to be Pakistan-source income. Other Amounts Section 101 also contains a general rule for income not covered by the preceding provisions. Any such amount is treated as Pakistan-source income if it is paid by a resident person or borne by a permanent establishment in Pakistan of a non-resident person. Priority of Source Rules Where an amount may fall within both the provisions dealing with non-resident business income under Section 101(3) and another sub-section, other than Section 101(14), the other applicable provision is considered first. If the amount is not Pakistan-source income under that provision, it is then examined to determine whether it qualifies as Pakistan-source income under Section 101(3). Foreign-Source Income Section 101(16) provides that an amount is treated as foreign-source income to the extent that it does not constitute Pakistan-source income. The FBR’s guidance similarly describes foreign-source income as income that is not Pakistan-source income. Source of Income Rules for Tax Year 2027 Section 101 provides the geographical framework for determining the source of income for Pakistan’s income tax system. The rules cover a broad range of income, including salary, business profits, independent services, dividends, profit on debt, royalties, rental income, pensions, technical fees, offshore digital services, insurance premiums and gains from property or shares. For Tax Year 2027, the distinction between Pakistan-source and foreign-source income remains particularly relevant for residents and non-residents with cross-border business, digital transactions, investments, employment or property interests.
FBR EXPLAINS TAX LIABILITY AFTER CHANGES IN AOP AND BUSINESS SUCCESSION
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation FBR clarifies how tax liabilities are handled when an association of persons changes, dissolves or when a business is transferred to another person. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the tax liabilities arising in certain circumstances under the Income Tax Ordinance, 2001, covering changes in the constitution of an association of persons (AOP), discontinuance or dissolution of an AOP, and succession to a business or profession other than on the death of the predecessor. The provisions are contained in Sections 98A, 98B and 98C of the Income Tax Ordinance, 2001, updated up to June 30, 2026. Section 98A: Change in Constitution of AOP Under Section 98A, where the constitution of an association of persons changes during a tax year, the AOP as constituted at the time of filing the tax return is responsible for filing the return for that tax year. However, the income of the AOP is apportioned among the members who were entitled to receive it. Where tax assessed on a member cannot be recovered from that member, the outstanding amount may be recovered from the AOP as constituted at the time the return was filed. The provision therefore establishes continuity of tax filing responsibility despite changes in the membership or constitution of an AOP during the tax year. Section 98B: Discontinuance or Dissolution of AOP Section 98B deals with the tax consequences where a business or profession carried on by an AOP is discontinued or the association is dissolved. Subject to Section 117, the provisions of the Income Tax Ordinance continue to apply, as far as possible, as though the discontinuance or dissolution had not taken place. Every person who was a member of the AOP at the time of its discontinuance or dissolution is jointly and severally liable for the tax payable by the association. This means the tax liability of the dissolved or discontinued AOP can continue to be enforced against its members. The legal representative of a member who has died is also liable in accordance with the applicable provisions of the law. Section 98C: Succession to Business or Profession Section 98C establishes the tax treatment where a person carrying on a business or profession is succeeded by another person during a tax year, except where the succession results from the predecessor’s death. Where the successor continues the same business or profession, the predecessor remains liable for tax on income earned from the business or profession up to the date of succession during that tax year. The predecessor also remains liable for tax relating to the tax year or years preceding the year in which succession takes place. The successor, meanwhile, is liable for tax on income earned from the business or profession after the date of succession during the relevant tax year. Tax Liability Where Predecessor Cannot Be Found The law also provides a specific mechanism where the predecessor cannot be found. In such circumstances, the successor assumes responsibility for the tax liability relating to the tax year in which the succession occurred up to the date of succession, as well as the tax year or years preceding that year. The successor is liable in the same manner and to the same extent as the predecessor would have been liable, with the relevant provisions of the Income Tax Ordinance applying accordingly. Recovery of Unpaid Tax Section 98C also addresses the recovery of unpaid tax. Where tax payable in respect of the business or profession cannot be recovered from the predecessor, the outstanding amount may be recovered from the successor. However, the successor is entitled to recover the amount paid from the predecessor. The provision therefore creates a mechanism to protect tax recovery where a business changes hands and the original taxpayer is unable to meet the outstanding liability. Tax Liability Continues After Business Changes Sections 98A, 98B and 98C provide specific rules for maintaining tax liability when the structure or ownership of a business changes. The provisions cover changes in AOP membership, discontinuance or dissolution of an AOP, and succession to a business or profession. They also clarify which person or persons remain responsible for tax relating to income earned before and after a change, as well as the circumstances in which unpaid tax can be recovered from another liable person. The provisions are intended to ensure that changes in business structure, ownership or constitution do not by themselves prevent the assessment and recovery of tax legally due under the Income Tax Ordinance, 2001.
FTO ORDERS FBR TO ENSURE LAWFUL SEALING OF TAXPAYERS’ BUSINESS PREMISES
Date: 2026-09-26
Details: Written by Faisal Shahnawaz in Taxation The Federal Tax Ombudsman has directed FBR field formations to verify taxpayer details, premises and authorisation before sealing any business. KARACHI: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to ensure that its field formations exercise the power to seal taxpayers’ business premises strictly in accordance with the law and prescribed procedures. The direction came while disposing of a review petition concerning the sealing of a business premises in Karachi under an order issued against a different taxpayer. The FTO’s latest decisions list includes a review matter relating to complaint No. 12151/KHI/IT/2026, underscoring the forum’s continuing role in addressing complaints of tax maladministration. Business premises sealed against wrong taxpayer The matter concerned Shop No. G-67, Ground Floor, Saima Paari Mall, Hyderi, Karachi, which had been sealed under an order dated May 5, 2026. According to the record, the order was issued against M/s Beejays Pret, NTN 2348594-9. However, the premises actually sealed belonged to M/s Beejays Fabrics, NTN 4782283-3, a separate registered taxpayer. The FTO consequently held that the sealing action had been carried out without lawful authority and constituted maladministration. The FTO’s mandate includes investigating and redressing maladministration by tax functionaries, including actions that are contrary to law, rules or established procedures. FTO orders de-sealing of premises Following its original findings issued on August 4, 2026, the FTO had recommended that the concerned Commissioner Inland Revenue, Regional Tax Office-I (RTO-I) Karachi, immediately de-seal the business premises. The Chief Commissioner Inland Revenue, Corporate Tax Office (CTO) Karachi, was also directed to conduct an inquiry into how an order issued against one taxpayer had been executed against another and submit a compliance report within 30 days. The FTO noted that its use of the word “immediately” was deliberate because continued closure of an operating business could have serious consequences. The forum’s complaint system provides for recommendations to rectify maladministration and monitors compliance with those recommendations. Department files review petition The Department subsequently filed a review petition on September 2, 2026, relying substantially on factual circumstances that had already been considered during the original proceedings. These included an alleged common trade name, family relationship, social media representation and the status of the business premises in the complainant’s registration profile. The review petition was heard on September 23 and 24, 2026. During the hearing, the concerned Commissioner-IR informed the FTO that the business premises had now been de-sealed. The complainant confirmed that the grievance concerning the sealing had been resolved and stated that he no longer wished to pursue his compensation claim. FTO says sealing powers must be used carefully With the premises restored, the FTO said no further relief was required regarding the individual grievance. However, the forum stressed that the underlying issue was not merely a technical discrepancy. It noted that the May 5 sealing order had been issued against a different registered taxpayer, while the coercive action was carried out against premises belonging to a person with a separate NTN. The FTO reiterated that a statutory power carrying serious civil consequences must be exercised only against the taxpayer and premises lawfully covered by the relevant authorisation. The forum also noted that sealing a business can physically interrupt commercial operations and affect employees, customers, business commitments and a taxpayer’s ability to earn a livelihood. It therefore advised the concerned Commissioner to exercise the utmost care when resorting to the power to seal business premises. FTO withdraws inquiry recommendation The FTO took note of the fact that the premises were eventually de-sealed after the matter was brought to the Commissioner’s attention. As the complainant also decided not to pursue compensation, the forum concluded that the immediate grievance had been redressed. The FTO therefore decided that it was unnecessary to determine or award compensation. It also decided that its earlier recommendation for an inquiry to fix responsibility on the officers or officials involved in executing the sealing action need not be pursued. The recommendation for the inquiry was consequently withdrawn. However, the FTO made clear that the withdrawal did not amount to approval of the original sealing action, which it had already found to have been undertaken without lawful authority. FBR directed to verify taxpayer details The FTO recommended that FBR issue necessary instructions to all concerned field formations to ensure that the statutory power to seal business premises is exercised strictly within the applicable law, rules and prescribed procedures. Before executing a sealing order, officers should ensure that the taxpayer or person named in the authorisation, NTN/STRN or other relevant taxpayer identifier, premises proposed to be sealed and jurisdiction of the authority correspond with the authorisation and applicable law. The forum said the highest degree of care and responsibility should be observed before any sealing order is executed. With the premises de-sealed and the compensation claim no longer being pursued, the FTO said the immediate grievance stood redressed. The review petition was accordingly disposed of, with the earlier order of August 4, 2026 modified in light of the subsequent developments. The FTO’s official decisions portal publishes its latest decisions and provides complaint numbers for taxpayers seeking information about individual cases.
FBR OPENS TAX COLLECTION OFFICES ON SATURDAY
Date: 2026-09-25
Details: Written by Faisal Shahnawaz in Taxation FBR directs LTOs, CTOs and RTOs to observe September 26 as a normal working day ahead of the Tax Year 2026 filing deadline. ISLAMABAD, September 25, 2026: The Federal Board of Revenue (FBR) has decided to keep its Inland Revenue offices open on Saturday, September 26, 2026, as part of efforts to maximise tax collection during the first quarter of fiscal year 2026-27. In an official communication, the FBR directed Chief Commissioners Inland Revenue of Large Taxpayer Offices (LTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) to observe Saturday as a normal working day. The decision comes as the tax authority seeks to strengthen revenue collection during the final days of the first quarter of FY2026-27. FBR keeps tax offices open on Saturday The additional working day is expected to provide taxpayers and businesses with an opportunity to complete outstanding tax-related transactions ahead of the end of September. The FBR is also monitoring revenue receipts as the first quarter of the current financial year draws to a close, with September marking the final month of the quarter. The move comes amid the ongoing International Monetary Fund (IMF) programme. Pakistan’s 37-month Extended Fund Facility (EFF) was approved in September 2024, while the IMF’s published programme schedule includes a fourth review in September 2026. Tax Year 2026 return deadline The opening of FBR offices on September 26 also comes just days before the September 30, 2026 deadline for filing income tax returns for Tax Year 2026. The FBR’s official tax calendar states that individuals and associations of persons are required to file income tax returns on or before September 30, while companies generally have a December 31 deadline. Companies with a special tax year also have a September 30 deadline. The tax authority has separately reminded taxpayers to file their income tax returns before September 30. Additional day for tax payments The Saturday opening will allow taxpayers to address pending matters and make payments before the quarterly revenue assessment. For the FBR, the additional working day provides further time to process tax-related transactions before the first quarter closes on September 30. The decision is therefore aimed at facilitating taxpayers while supporting revenue collection during a period when the tax authority is closely monitoring receipts. FBR revenue collection efforts The FBR has continued to focus on broadening the tax base and strengthening revenue mobilisation under the government’s wider fiscal reform programme. Revenue mobilisation is also among the policy priorities identified under Pakistan’s IMF-supported EFF programme. The IMF has said the programme includes measures aimed at strengthening public finances and broadening the tax base. With September 30 approaching, the FBR’s decision to operate selected Inland Revenue offices on Saturday is intended to provide an additional working day for taxpayers and facilitate collection before the close of the first quarter of FY2026-27.
PAKISTAN CUSTOMS SETS NEW VALUES FOR IMPORTED EMPTY GLASS BOTTLES
Date: 2026-09-25
Details: Written by Hamza Shahnawaz in Taxation New customs values aim to ensure uniform assessment of duties and taxes and protect government revenue. KARACHI: The Directorate General of Customs Valuation, Karachi, has determined new customs values for imported empty glass bottles to ensure uniform assessment of duties and taxes and safeguard government revenue. The decision was issued through Valuation Ruling No. 2106/2026, dated September 22, 2026, under Section 25A of the Customs Act, 1969. The ruling will remain applicable until it is rescinded or revised in accordance with the law. According to the ruling, the Directorate observed that empty glass bottles were being assessed at comparatively lower values. It subsequently initiated proceedings to determine appropriate customs values and invited importers and other stakeholders to provide relevant documentation, including invoices, import records and other supporting evidence. Meetings with stakeholders were held on August 4 and September 8, 2026. Participants were asked to submit sales tax invoices and verified export documents from the countries of purchase. However, the stakeholders did not provide the requested documents, according to the ruling. The Directorate also reviewed import data covering the preceding 90 days and examined supporting import documents to determine prevailing price trends. In addition, a market survey was conducted under the prescribed procedure, with findings indicating that prices of the relevant products were higher in local markets. The ruling sets the customs value of empty glass bottles used for perfumes and cosmetics at $1.15 per kilogram (C&F). The applicable HS code is 7010.9000, with proposed PCT 7010.9000.1000, and the value applies to all origins. For other empty glass bottles, the customs value has been fixed at $0.97 per kilogram (C&F) under HS code 7010.9000 and proposed PCT 7010.9000.1100, also covering all origins. Pharmaceutical-grade empty glass bottles have been excluded from the ruling. Customs Collectorates may assess such products under Section 25 of the Customs Act, 1969. The Directorate clarified that where the declared or invoice value is higher than the customs value prescribed in the ruling, assessment will be made on the higher declared value in accordance with the Customs Act. The Collectorates of Customs have been directed to ensure implementation of the ruling across relevant jurisdictions.
INCOME TAX TREATMENT OF DECEASED INDIVIDUAL IN TAX YEAR 2027
Date: 2026-09-25
Details: Written by Faisal Shahnawaz in Taxation FBR explains how tax liabilities, estate income and pending proceedings are handled after the death of an individual under Section 87. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the procedure for determining the income tax liability of a deceased individual and their estate during Tax Year 2027. The FBR has issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, and explained the relevant provisions under Section 87, which deals with the tax obligations and proceedings involving deceased individuals. Tax Liability of a Deceased Individual Under Section 87, the legal representative of a deceased individual is liable for any tax that the individual would have been required to pay had they not died. The legal representative is also responsible for tax payable in respect of income earned by the deceased person’s estate. However, the liability of the legal representative is limited to the extent that the deceased person’s estate is capable of meeting the tax liability. The law further provides that any tax liability under the Income Tax Ordinance, 2001, constitutes the first charge on the deceased person’s estate. This means that outstanding income tax liabilities have a priority claim against the estate before the remaining assets are distributed, subject to the applicable legal provisions. Tax Proceedings Continue After Death Section 87 also establishes how income tax proceedings are handled following the death of an individual. Any proceedings initiated against the deceased under the Income Tax Ordinance before their death are treated as proceedings against the legal representative. Such proceedings may continue against the legal representative from the stage they had reached on the date of the individual’s death. Similarly, proceedings that could have been initiated against the deceased had they survived may be initiated against the legal representative. The provision therefore ensures that the death of a taxpayer does not automatically bring existing or potential tax proceedings to an end. Who Is a Legal Representative? For the purposes of the Income Tax Ordinance, a legal representative means a person who legally represents the estate of a deceased individual. The definition also includes a person who intermeddles with the estate of the deceased. Where a person brings or faces legal proceedings in a representative capacity, the definition can also cover the person upon whom the estate devolves following the death of the party who initiated or was subject to the proceedings. Tax Obligations Remain After Death The provisions under Section 87 establish that the death of an individual does not extinguish outstanding income tax liabilities. Instead, responsibility for the deceased person’s tax obligations, including applicable proceedings and tax relating to estate income, passes to the legal representative, subject to the value and capacity of the deceased’s estate to meet those liabilities. The rules provide a framework for dealing with the tax affairs of deceased individuals and their estates during Tax Year 2027, ensuring that outstanding tax obligations continue to be addressed after death.
HOW MANY DAYS’ STAY MAKES YOU A TAX RESIDENT IN TAX YEAR 2027?
Date: 2026-09-25
Details: Written by Faisal Shahnawaz in Taxation FBR explains the residency rules for individuals, companies and associations of persons under Sections 81 to 84 of the Income Tax Ordinance, 2001. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the criteria for determining whether an individual, company or association of persons (AOP) is treated as a resident for tax purposes during Tax Year 2027. The FBR has issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, setting out the provisions governing resident and non-resident persons under Sections 81 to 84. For individuals, the 183-day presence test is a key factor in determining tax residency, although the law also provides additional conditions under which a person may qualify as a resident. Resident and Non-Resident Persons Under Section 81, a person is treated as a resident person for a tax year if they qualify as a resident individual, resident company or resident association of persons for that year. The Federal Government is also treated as a resident person under the provision. A person is considered a non-resident for a tax year if they do not qualify as a resident for that year. 183-Day Rule for Resident Individuals Section 82 sets out the conditions under which an individual is regarded as a resident individual for a tax year. An individual is treated as a resident if they are present in Pakistan for 183 days or more during the tax year. The 183 days do not necessarily have to be consecutive, as periods of presence can collectively reach the required threshold. The law also provides additional circumstances in which an individual may qualify as a resident. An individual is treated as a resident if they are an employee or official of the Federal Government or a Provincial Government posted abroad during the tax year. Pakistani Citizens and Tax Residency The Income Tax Ordinance also contains specific provisions concerning Pakistani citizens. A Pakistani citizen is treated as a resident individual if they are not present in any other country for more than 182 days during the tax year. A Pakistani citizen may also qualify as a resident if they are not a resident taxpayer of any other country. This means that the 183-day presence test is not the only factor relevant to determining an individual’s tax residency status. When Is a Company a Resident? Under Section 83, a company is treated as a resident company for a tax year if it is incorporated or formed under any law in force in Pakistan. A company can also qualify as a resident where the control and management of its affairs are situated wholly in Pakistan at any time during the tax year. The provision also treats a Provincial Government or Local Government in Pakistan as a resident company for the relevant tax purposes. Residency Rules for Associations of Persons Section 84 deals with the tax residency of an association of persons. An AOP is considered a resident association of persons for a tax year if the control and management of its affairs are situated wholly or partly in Pakistan at any time during that year. The residency test for an AOP therefore focuses on where its control and management are situated rather than applying the individual 183-day test. Key Tax Residency Rules for 2027 The FBR’s provisions establish separate residency tests for individuals, companies and associations of persons under the Income Tax Ordinance, 2001. For individuals, 183 days or more of presence in Pakistan during the tax year is a key test, while government employment abroad and specific rules concerning Pakistani citizens can also affect residency status. For companies, incorporation in Pakistan or the location of control and management can determine residency, while an AOP is treated as resident where its control and management are wholly or partly situated in Pakistan. These rules are relevant for determining how the Income Tax Ordinance applies to taxpayers during Tax Year 2027.
FBR DEFINES ‘PERSON’ UNDER INCOME TAX ORDINANCE FOR TAX YEAR 2027
Date: 2026-09-25
Details: Written by Faisal Shahnawaz in Taxation Section 80 of the Income Tax Ordinance, 2001 sets out the individuals, companies, associations, governments and legal arrangements treated as persons for income tax purposes. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the definition of a “person” for income tax purposes for Tax Year 2027 under the Income Tax Ordinance, 2001. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 80 sets out the categories of persons recognised for income tax purposes. The provision covers individuals, companies, associations of persons (AOPs), governments and certain other legal entities and arrangements. Individuals, Companies and Governments Under Section 80(1), the term “person” includes an individual, a company or association of persons incorporated, formed, organised or established in Pakistan or elsewhere. It also includes: • An individual; • A company or association of persons (AOP) incorporated, formed, organised or established in Pakistan or elsewhere; and • The Federal Government, a foreign government, a political sub-division of a foreign government, or a public international organisation. The section further provides specific definitions for the terms used to determine which entities fall within the scope of a person for income tax purposes. Association of Persons Section 80(2)(a) provides that an association of persons includes a firm, Hindu undivided family, artificial juridical person, limited liability partnership and any body of persons formed under foreign law. However, a company is excluded from the definition of an association of persons. The provision therefore distinguishes between companies and other collective arrangements that may be treated as AOPs for tax purposes. What Constitutes a Company The definition of a company under the Income Tax Ordinance extends beyond entities incorporated under the Companies Act, 2017. It includes: • A company as defined under the Companies Act, 2017; • A body corporate formed by or under any law in force in Pakistan; • A modaraba; • A body incorporated under the law of a country outside Pakistan relating to the incorporation of companies; • A co-operative society, finance society or any other society; • A non-profit organisation; • A trust, entity or body of persons established or constituted under any law in force; • A foreign association, whether incorporated or not, that the FBR has declared to be a company through a general or special order; • A Provincial Government; • A Local Government in Pakistan; and • A Small Company as defined under Section 2 of the Income Tax Ordinance. This broad definition brings various corporate, governmental, non-profit and other legal structures within the scope of the term “company” for income tax purposes. Definition of Firm Section 80 also defines a firm as the relationship between persons who have agreed to share the profits of a business carried on by all of them, or by any one or more of them acting for all. The definition covers business arrangements in which two or more persons jointly participate in a business and agree to share its profits. Trust and Unit Trust The Ordinance defines a trust as an obligation attached to the ownership of property that arises from confidence placed in and accepted by the owner, or declared and accepted by the owner, for the benefit of another person or the owner and another person. The definition expressly includes a unit trust. A unit trust is defined as a trust in which beneficial interests are divided into units, with beneficiaries’ entitlement to income or capital determined according to the number of units they hold. Scope of ‘Person’ for Tax Year 2027 Through Section 80, the Income Tax Ordinance, 2001 establishes a broad framework for identifying the individuals, businesses, organisations, governments and legal arrangements that are treated as persons for income tax purposes. The definition is significant because determining whether an individual or entity falls within the scope of “person” is fundamental to the application of various provisions of the Income Tax Ordinance for Tax Year 2027.
PSW ENABLES REMOTE BIOMETRIC VERIFICATION THROUGH NADRA PAKID APP
Date: 2026-09-23
Details: Written by Faisal Shahnawaz in Taxation Pakistan Single Window users can now complete mandatory biometric verification remotely through NADRA’s PakID Mobile App. ISLAMABAD: The Pakistan Single Window (PSW) has integrated its platform with the National Database and Registration Authority’s (NADRA) PakID Mobile App, allowing users to complete mandatory biometric verification remotely for PSW subscription, renewal and profile updates. The integration removes the need for users to physically visit a NADRA e-Sahulat Centre to complete the biometric verification process. According to a PSW news release, users can now verify their biometrics through their smartphones via the PakID Mobile App, subject to applicable NADRA verification requirements. Major facilitation for overseas Pakistanis The new facility is expected to provide particular convenience to overseas Pakistanis involved in trade-related activities in Pakistan. Eligible overseas users can complete their PSW biometric verification remotely through the PakID Mobile App, reducing the need for physical visits and making access to trade-related services easier from abroad. Previously, users were required to visit a NADRA e-Sahulat Centre to fulfil the biometric verification requirement. The new digital option effectively removes this physical step from the PSW subscription process. Both verification options available temporarily To ensure a smooth transition and uninterrupted facilitation for the business community, PSW said both verification channels would remain available during an interim period. During the transition, users will have the option to either complete biometric verification digitally through the PakID Mobile App or continue visiting NADRA e-Sahulat Centres. Syed Aftab Haider, CEO of PSW, said the integration reflected the organisation’s efforts to respond to the requirements of its user community in Pakistan and abroad. “The integration with NADRA’s PakID Mobile App reflects our commitment to listening to the PSW community both in Pakistan and overseas and responding to their needs,†he said. “By enabling remote biometric verification, we are removing another physical trip in the onboarding process and making the PSW user journey more convenient, accessible, and user-driven.†PSW moves towards fully digital onboarding According to PSW, the integration with the PakID App eliminates the only physical visit previously required for PSW subscription, enabling the onboarding process to be completed digitally. The development is part of PSW’s continued efforts to expand digital solutions and make its services more accessible and responsive to businesses and individuals involved in Pakistan’s international trade. The remote verification facility is also expected to address practical challenges faced by overseas Pakistanis and other users who previously had to arrange an in-person visit to complete the biometric requirement. By linking PSW with NADRA’s digital identity infrastructure, the new facility further strengthens the platform’s drive towards a more streamlined and user-friendly trade facilitation system.
SENATE BODY REVIEWS ALLEGED $1BN ANNUAL TAX LOSS IN TOBACCO SECTOR
Date: 2026-09-23
Details: Written by Faisal Shahnawaz in Taxation, Top stories Senate panel examines alleged tax evasion, illicit tobacco manufacturing and cigarette theft while seeking fresh FBR and FIA reports. ISLAMABAD: The Senate Standing Committee on Interior and Narcotics Control has reviewed a sub-committee report concerning an estimated $1 billion in annual revenue losses allegedly linked to tax evasion, illicit manufacturing and trade irregularities in Pakistan’s tobacco sector. The committee, chaired by Senator Faisal Saleem Rehman, met at Parliament Lodges on September 22, 2026. Senators Talha Mahmood, Saifullah Abro, Shahadat Awan, Mir Dostan Khan Domki, Umer Farooq, Jam Saifullah Khan, Palwasha Khan and Dilawar Khan attended the meeting. The committee examined a detailed report submitted by Senator Saifullah Abro covering tax evasion in the tobacco sector, manufacturing activity in tax-exempt areas including the former FATA and PATA regions, and the theft of 2,828 cartons of cigarettes from Federal Board of Revenue (FBR) warehouses. The $1 billion figure has featured in previous Senate proceedings, with the committee continuing to investigate the scale and sources of the alleged revenue leakage. In June, an FBR official reportedly estimated the tobacco-sector tax loss at around Rs40 billion, considerably below the $1 billion figure cited in earlier government discussions. Senate questions cigarette theft investigation The committee scrutinised the Federal Investigation Agency’s (FIA) inquiry into the theft of 2,828 cigarette cartons and the subsequent registration of a first information report (FIR). Members expressed dissatisfaction over the nomination of lower-ranking officials in the FIR and called for responsibility to be fixed at the appropriate level. The FIA was directed to provide the committee with an update on the progress of its investigation. The cigarette theft case has been under parliamentary scrutiny for several months. Earlier Senate proceedings established that the cartons had been stolen from FBR warehouses in Swabi and Mardan, while the FIA was subsequently directed to expand its investigation. Concerns over tax-exempt areas The committee also examined tax exemptions and manufacturing activities in the former FATA and PATA areas. Members questioned the enforcement process across what they described as a Rs1,120 billion tax-exempt zone, particularly where administrative notices and legal proceedings were directed towards lower-level personnel while questions remained concerning the responsibility of factory owners and principal beneficiaries. Senator Talha Mahmood raised concerns over alleged procedural weaknesses during the initial registration of cases. He pointed to instances where individuals identified during preliminary inquiries were reportedly not included in subsequent charges. The committee also examined the movement and use of raw materials imported into tax-exempt areas. Earlier Senate proceedings had raised similar concerns over whether goods imported under exemptions were being diverted for consumption elsewhere, prompting calls for stronger monitoring by the FBR and enforcement agencies. FBR warehouse controls questioned The committee’s review of FBR warehouse procedures also highlighted alleged weaknesses in the management of confiscated goods. Members raised concerns over the absence or unavailability of CCTV surveillance, inventory registers and verified handover records for seized contraband. The committee called for stronger controls to ensure that confiscated goods are properly recorded, secured and accounted for throughout the enforcement process. FIA, FBR asked to coordinate The committee examined the respective jurisdictions of the FIA and FBR, particularly concerning independent FIA inquiries into matters falling within the tax authority’s domain. It directed the two institutions to establish a coordinated operational mechanism to avoid jurisdictional gaps and strengthen enforcement. The committee also reviewed notifications granting the Frontier Corps and Pakistan Rangers anti-smuggling powers in border areas of the former FATA and PATA regions. Officials from the Interior Ministry explained that such operational powers had been delegated in response to the complex law-and-order situation in those areas. The committee decided to continue its investigation into tax evasion and revenue losses and agreed to constitute a further sub-committee to examine the matter in greater detail. Passport rules for overseas Pakistanis The committee also received a briefing from the Ministry of Interior on Rule 18 of the Passport Rules, 2021, concerning the issuance of Emergency Travel Documents (ETDs) for the one-way repatriation of stranded or deported Pakistani citizens. Chairman Faisal Saleem Rehman questioned delays in verifying nationality and family-tree records involving Pakistani missions abroad and the Intelligence Bureau. The committee also discussed complaints that Pakistani diplomatic missions sometimes issue short-term passports with validity of one to three years instead of the standard five-year period. The chairman informed members that he had introduced a legislative bill in the Senate aimed at reforming passport rules and simplifying procedures for overseas Pakistanis. FBR, FIA given one-month deadline At the conclusion of the meeting, the chairman directed the FBR and FIA to submit comprehensive inquiry reports within one month. The institutions were also directed to provide verified physical stock registers covering seized goods held in warehouses. The committee stressed that future enforcement proceedings should focus on the principal beneficiaries and factory owners, rather than concentrating primarily on field-level personnel. The latest proceedings add to months of parliamentary scrutiny of tobacco-sector taxation, smuggling, tax-exempt manufacturing areas and the theft of confiscated cigarettes. The Senate has previously directed the FBR to improve monitoring of tax-exempt areas and strengthen procedures for the storage and management of seized goods.
FBR CHAIRMAN MEETS TAX BAR ASSOCIATION TO ADDRESS TAXPAYER ISSUES
Date: 2026-09-23
Details: Written by Hamza Shahnawaz in Taxation FBR Chairman Rashid Mahmood Langrial has directed officials to address taxpayer concerns and improve tax administration during a meeting with the Tax Bar Association in Lahore. Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial met a delegation of the Tax Bar Association, led by its President Rana Saqib Munir, at the Large Taxpayers Office (LTO), Lahore, as part of an initiative being undertaken in line with the directives of the Prime Minister. The meeting focused on facilitating taxpayers and tax practitioners by ensuring timely resolution of their issues and improving the efficiency of tax administration. The meeting was attended by the Member (Inland Revenue Operations), senior FBR officers and representatives of the Tax Bar Association. Income Tax, Sales Tax Issues Discussed During the meeting, participants discussed matters relating to income tax returns, sales tax and tax filing and administration procedures. The FBR chairman assured the delegation of the board’s continued support and directed the relevant officers to address the issues raised in accordance with the law and applicable procedures. Langrial also agreed to a proposal for establishing a PRAL liaison office in Lahore. The proposed office is intended to facilitate taxpayers and tax practitioners and provide support in resolving technical and administrative issues. FBR Reviews Jurisdiction and Case Transfers The chairman also took note of concerns relating to the jurisdiction and transfer of cases between RTO-I and RTO-II. He directed the relevant officers to examine the issues and take steps towards their resolution in accordance with applicable rules and procedures. The meeting also covered suggestions concerning the Small Traders Scheme and measures aimed at enhancing income tax revenue. Focus on Tax Filing System The FBR chairman appreciated the constructive suggestions put forward by the Tax Bar Association and tasked concerned officials with addressing technical issues in the FBR system on a priority basis. The objective is to ensure a smoother and more efficient tax filing process for taxpayers and tax practitioners. Langrial reiterated FBR’s commitment to continued engagement with stakeholders, saying their practical feedback would be given due consideration in efforts to improve tax administration, facilitate compliant taxpayers and strengthen the overall tax system.
SRB HOLDS FOURTH PRIZE DRAW FOR VERIFIED POS INVOICES, OFFERS 95 PRIZES
Date: 2026-09-23
Details: Written by Faisal Shahnawaz in Taxation The Sindh Revenue Board has conducted its fourth computerised prize draw for verified POS invoices, offering 95 prizes to customers. KARACHI: The Sindh Revenue Board (SRB) held its fourth computerised prize ballot draw for verified point-of-sale (POS) invoices on Tuesday, September 22, 2026, offering 95 prizes to customers who verified their invoices through the SRB system. The draw was attended by tax consultants, advisers and representatives of the press and media. SRB Chairman Dr Wasif Ali Memon presided over the ceremony, where officials also gave a detailed presentation on the prize scheme and measures adopted to ensure transparency in the ballot process. The prizes included two cars — one 1600cc and another 1300cc — as well as motorcycles, televisions, refrigerators, tablets, mobile phones, smart watches and cash prizes. More than 217,000 invoices entered into fourth draw According to the SRB, a total of 217,525 verified invoices were entered into the fourth computerised draw. The invoices covered the period from April 8, 2026, to September 21, 2026. The number of invoices included in the latest draw was significantly higher than in the previous three rounds. The first draw included 3,260 verified invoices, followed by 8,734 in the second draw and 90,937 in the third draw. The sharp rise in verified invoices indicates increased participation in the SRB’s POS invoice verification and incentive scheme. SRB encourages real-time invoice verification The SRB introduced the prize scheme by integrating the POS invoicing systems of businesses providing retail services with its computerised system. The initiative covers businesses including restaurants, beauty parlours and gyms, allowing invoices to be reported to the SRB in real time. Customers can verify the authenticity of their invoices by scanning the QR code or entering the SRB invoice number through the eSRB app or the SRB website. Once an invoice has been successfully verified through the SRB system, it is automatically entered into the computerised prize ballot. Prize scheme aims to improve tax compliance The SRB said the POS system and its incentive-based prize scheme were expected to encourage customers to demand POS-integrated invoices when obtaining taxable retail services. Customers are also encouraged to verify the authenticity of their invoices according to the prescribed procedure. According to the SRB, the mechanism will help customers verify the amount of tax paid in a more transparent manner while encouraging businesses and consumers to participate in the formal tax system. The revenue authority said the initiative would contribute to improving tax compliance and promoting a stronger tax culture in Sindh. The fourth draw forms part of the SRB’s broader effort to use digital invoicing, real-time reporting and customer participation to strengthen transparency in the collection and verification of Sindh sales tax on services.
FBR EXPLAINS NORMAL AND SPECIAL TAX YEARS FOR TAX YEAR 2027
Date: 2026-09-23
Details: Written by Hamza Shahnawaz in Taxation FBR clarifies rules for normal, special and transitional tax years and explains how taxpayers can apply to change their tax year. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the rules governing the normal tax year and special tax year for determining income tax and tax liability for Tax Year 2027. The FBR has issued the updated Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026, and explained the provisions of Section 74, which establishes the framework for determining a taxpayer’s tax year. Normal tax year Under Section 74, the normal tax year is a period of 12 months ending on June 30. It is denoted by the calendar year in which June 30 falls. Accordingly, a tax year ending on June 30, 2027, is denoted by the calendar year 2027 and is referred to as Tax Year 2027. Special tax year The law also provides for a special tax year where a person’s income year under the repealed Income Tax Ordinance was different from the normal tax year. A taxpayer who has been allowed, through an order under Section 74, to use a 12-month period other than the normal tax year may also use that period as the person’s special tax year. The special tax year is generally denoted by the calendar year relevant to the normal tax year in which the closing date of the special tax year falls. FBR powers regarding tax years Section 74(2A) empowers the FBR to change the applicable tax year for a class of persons through a notification published in the official Gazette. For a class of persons using a special tax year, the Board may permit the use of the normal tax year. Similarly, for a class of persons using the normal tax year, the Board may permit the use of a special tax year. Taxpayers can apply for a special tax year An individual or entity may apply in writing to the Commissioner Inland Revenue for permission to use a 12-month period other than the normal tax year. The Commissioner may approve the application, subject to the relevant provisions, where the taxpayer demonstrates a compelling need to use a special tax year. A person already using a special tax year may likewise apply to the Commissioner to switch back to the normal tax year. The Commissioner may impose conditions while granting permission under either provision. Opportunity of being heard The law requires the Commissioner to provide the applicant with an opportunity of being heard before making an order under Section 74. If an application is rejected, the Commissioner must record the reasons for rejection in the order. The Commissioner may also withdraw previously granted permission after providing the concerned person with an opportunity of being heard. Transitional tax year Where a taxpayer’s tax year changes following an order under Section 74, the period between the end of the last tax year before the change and the commencement of the new tax year is treated as a separate tax year. This period is known as the “transitional tax yearâ€. The provision ensures that the period created by a change in the tax year is properly accounted for under the Income Tax Ordinance, 2001. Financial year reference The FBR has further clarified that a reference to a particular financial year in the Income Tax Ordinance, 2001 will, unless the context requires otherwise, include a special tax year or transitional tax year commencing during that financial year. Taxpayers have right to review A person dissatisfied with an order made under Section 74(3), 74(4) or 74(7) may file a review application with the FBR. The decision of the Board on such a review application will be final. The provisions of Section 74 therefore establish a framework for normal, special and transitional tax years, while setting out the procedures and conditions applicable when taxpayers seek to change their tax year.
FBR UNVEILS ‘FAIR MARKET VALUE’ MECHANISM FOR TAX YEAR 2027
Date: 2026-09-23
Details: Written by Hamza Shahnawaz in Taxation FBR explains how fair market values for property, assets, services and benefits will be determined for income tax purposes in Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the mechanism for determining the fair market value (FMV) of property, assets, services, benefits and perquisites for income tax purposes in Tax Year 2027. The FBR has issued the updated Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026, and explained the provisions of Section 68, which establishes the framework for determining fair market value. Definition of fair market value Under Section 68, the fair market value of any property, rent, asset, service, benefit or perquisite at a particular time is the price that the item would ordinarily fetch if sold or supplied in the open market at that time. The law requires fair market value to be determined without taking into account any restriction on the transfer of the property or asset. It also does not depend on whether the item is otherwise convertible into cash. Where the ordinary price of an item, other than immovable property, cannot be readily ascertained, the Commissioner may determine its fair market value. FBR empowered to determine property values Section 68 also empowers the FBR to determine the fair market value of immovable property in specified areas. The Board may, from time to time, issue a notification in the official Gazette specifying the fair market value of immovable property for an area or areas. Where the FBR has not notified a fair market value for an area, the value of the immovable property will be deemed to be the value determined by the District Officer (Revenue), provincial authority or any other authority authorised to determine values for stamp duty purposes. Minimum valuation for immovable property The law further establishes a minimum valuation requirement for certain transactions and tax calculations involving immovable property. For immovable property, the following values cannot be lower than the fair market value determined under Section 68(4) or Section 68(5): • Component A of the formula prescribed under Section 37(2); • “Consideration received†referred to in Division X of Part IV of the First Schedule; • “Value of immovable property†referred to in Division XVIII of Part IV of the First Schedule; and • Valuation undertaken for the purposes of Section 111. The provision ensures that values used for these specified tax purposes do not fall below the applicable fair market value determined under the law. FBR clarifies auction price rule The FBR has also clarified the treatment of cases where the notified or otherwise determined fair market value differs from an auction price. For the purposes specified under Section 68, where the fair market value determined under sub-section (4) or (5) differs from the auction price, the higher of the two values will be applicable. The FBR has further clarified that fair market values determined under these provisions are intended solely for carrying out the purposes of the Income Tax Ordinance, 2001. The mechanism under Section 68 therefore provides taxpayers and tax authorities with a statutory framework for determining property and other values relevant to income tax calculations for Tax Year 2027.
FBR EXPLAINS TAX TREATMENT OF JOINT OWNERS FOR TAX YEAR 2027
Date: 2026-09-23
Details: Written by Hamza Shahnawaz in Taxation FBR clarifies how income from jointly owned property and shared deductions should be treated for tax purposes in Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the tax treatment of income earned by joint owners during Tax Year 2027 under the Income Tax Ordinance, 2001. The FBR has issued an updated version of the Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026. The updated law provides guidance on determining taxable income where property is jointly owned by two or more persons. Tax treatment of jointly owned property Under Section 66 of the Income Tax Ordinance, 2001, where property is owned by two or more persons and their respective shares are definite and ascertainable, the owners will not be assessed as an association of persons (AOP) in respect of that property. Instead, each joint owner’s share of income derived from the property during a tax year will be taken into account when calculating that individual’s taxable income for the relevant year. The provision establishes the tax treatment of jointly owned property where the ownership proportions of the respective parties can be clearly determined. However, Section 66 specifically does not apply when calculating income chargeable under the head “Income from Businessâ€. Business income is therefore subject to the applicable provisions governing taxation under that head. FBR explains apportionment of deductions The FBR has also outlined rules governing the apportionment of expenditures, deductions and allowances under Section 67 of the Income Tax Ordinance, 2001. Under the provision, where an expenditure, deduction or allowance relates to the derivation of income under more than one head of income, the amount must be apportioned on a reasonable basis. The same principle applies where expenditure relates to the derivation of income comprising taxable income and any class of income to which sub-sections (4) and (5) of Section 4 apply. Similarly, where an expenditure, deduction or allowance relates partly to income chargeable to tax under a particular head of income and partly to another purpose, the amount must be appropriately apportioned. Section 67 requires such apportionment to take into account the relative nature and size of the activities to which the expenditure, deduction or allowance relates. Rules for allocating tax deductions The FBR is also empowered under Section 237 to make rules for determining how expenditures, deductions and allowances should be apportioned. These provisions provide a framework for determining taxable income where expenses or deductions cannot be directly attributed to a single source or category of income. For Tax Year 2027, taxpayers with jointly owned property or income involving multiple sources or purposes are required to apply the relevant provisions when calculating their taxable income under the Income Tax Ordinance, 2001. The clarification is particularly relevant to taxpayers who receive income from jointly owned property, as the law requires each owner’s ascertainable share to be considered separately rather than treating the joint ownership as an AOP, subject to the specific exclusion relating to business income.
FBR ORDERS DIGITISED INCOME AND ASSET DECLARATIONS FOR BS-17 AND ABOVE
Date: 2026-09-22
Details: Written by Faisal Shahnawaz in Taxation FBR has replaced manual asset declarations with an online system requiring BS-17 and above officers to disclose income, assets and liabilities. The Federal Board of Revenue (FBR) has directed all officers in BS-17 and above to submit their income, assets and liabilities declarations through a dedicated online portal, replacing the existing manual process. FBR sets October 30 deadline for declarations According to an FBR circular issued on September 21, 2026, the directive follows an Office Memorandum issued by the Establishment Division on September 16 concerning the digitisation of asset declarations under Section 15-A of the Civil Servants Act, 1973. All officers belonging to the Inland Revenue Service (IRS), Pakistan Customs Service (PCS) and Ex-Cadre groups in BS-17 and above who are serving under the administrative control of FBR have been directed to submit their Declaration of Assets and Liabilities for the year ended June 30, 2026, by October 30, 2026. The digitised system is being implemented by the Establishment Division in collaboration with FBR for the submission, verification and publication of income and asset declarations of civil servants in BS-17 and above. How officers can submit asset declarations online Under the new system, officers must provide their name, designation, personal email address, mobile number and CNIC to their respective Cadre Administrator so that an account can be created on the FBR portal. The email address must be personal and should not be changed because of an official posting. Once the Cadre Administrator forwards the required information to FBR and the account is created, the officer will receive an intimation through email, SMS or another designated channel. Officers can then activate their accounts by entering their CNIC on the portal’s login screen and selecting the “Forgot Password†option to receive a one-time password (OTP). The OTP will allow the officer to create a personal password and access the online declaration section. After logging in, officers will find a “Declaration†field on the portal dashboard. They must provide the required information through the relevant screens before submitting the declaration. FBR will conduct risk-based checks on the information submitted and communicate the results to the relevant Cadre Administrator. Personal and income information required The digitised declaration will cover extensive personal, service and financial information. Officers will be required to provide details including: • Name and CNIC • NTN, where available • Occupational group or service • Basic pay scale • Ministry or division • Position held • Date of joining service • Marital status • Number of dependants • Permanent and current residential addresses • Mobile number and email address • Details of spouse and dependants The income section will require officers to disclose their sources of income, as well as the income of their spouses and dependants. The system will also require details of expenditure, including utility bills, private foreign travel, children’s education, club memberships and other expenses. Assets, liabilities and net worth The online declaration will require comprehensive details of both immovable and movable assets. For agricultural, residential and commercial properties, officers will have to provide ownership details, locations or addresses, acquisition dates and values. The system will also cover: • Local and foreign bank accounts • Investments and securities • Shares • Prize bonds • Mutual funds • Vehicles • Precious possessions • Assets held as an attorney Officers will also have to disclose their liabilities, including departmental liabilities, bank loans, mortgages, overdrafts, private loans, credit liabilities and other outstanding obligations. For each loan or liability, information will be required on its purpose, the amount paid during the year and the outstanding balance. The system will further require officers to declare their net worth and explain any variation between the current year’s net worth and the previous year’s figure. Selected asset information to be published The Establishment Division said selected non-sensitive portions of officers’ asset declarations would be published on the FBR website for public information. Officers will be able to review the information proposed for publication on the portal before submitting their declarations. The memorandum stressed that officers must ensure the information submitted is accurate and complete. Any misstatement, concealment or failure to submit the declaration may result in disciplinary action under the applicable rules. Corrections allowed until November 30 Declarations must be submitted within the prescribed deadline. However, officers will be able to make corrections to information submitted through the portal until November 30, 2026, subject to approval or authorisation by the relevant Cadre Administrator. After submission, the declaration will appear in the portal’s “Submitted Tasks†section. Officers must disclose social media accounts The digitised system will also require officers to disclose their social media accounts and any foreign nationality or permanent residency (PR), where applicable. Officers may also be required to provide any other information specified through the online portal. The Establishment Division said technical or other problems encountered during the submission process should be reported to the relevant Cadre Administrator, who may coordinate with the designated FBR focal person. The move marks a significant transition from manual declarations to a centralised digital system for recording, verifying and selectively publishing income and asset declarations submitted by senior civil servants.
ABHI MICROFINANCE BANK, SOS GROUP & SOUTH AIR PARTNER TO OFFER ADVANCE SALARY SOLUTIONS
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 2 hours ago By Recorder Report KARACHI: ABHI Microfinance Bank its partnered with SOS Group and South Air to introduce Advance Salary solutions for their employees providing greater financial flexibility and convenience when it matters most. Through this collaboration, employees will have the ability to access a portion of their earned salary when needed, helping them manage everyday financial requirements with greater ease and greater control over their finances. The agreement was signed by Sohail Khan, Group Advisor, SOS Group, and Mariam Pervaiz, Chief Innovation & Financial Inclusion Officer, ABHI Microfinance Bank, in the presence of Kabeer Naqvi, Entrepreneur in Residence, ABHI Group, and Kanwar Muhammad Tariq, Group Chairman. This partnership reflects ABHI Microfinance Bank’s continued commitment to advancing financial inclusion and developing innovative solutions that empower individuals with greater access, flexibility, and control over their earned income. ABHI Microfinance Bank continues to build partnerships that bring practical financial solutions closer to people, helping create a more financially empowered workforce. Copyright Business Recorder, 2026
CHINA SHARES CLIMB AHEAD OF TRUMP-XI SUMMIT
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 3 hours ago By Reuters HONG KONG: China and Hong Kong stocks rose on Monday, led by technology and property shares, as investors hoped the US and China would extend a trade truce when presidents Donald Trump and Xi Jinping meet this week. At market close, the Shanghai Composite index was up 1 percent at 3,949.91 points. China’s blue-chip CSI300 index was up 0.7 percent. The start-up board ChiNext Composite index was higher by 0.8 percent and Shanghai’s tech-focused STAR50 index was up 0.3 percent. The CSI AI Index added 1.1 percent. Tech shares gained after US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng concluded talks in New York on Sunday, with the US side proposing a new AI safety notification mechanism ahead of the Trump-Xi summit for September 23-25. Market expectations for the meeting are tempered, but the main focus is whether the leaders will signal an extension to a trade truce struck last year. “Overall, we think both sides will seek to maintain relative stability in US-China relations, although a broad bilateral agreement appears unlikely,†analysts at Goldman Sachs said in a note. Among other gainers, the real estate sector surged 6.9 percent and the defence sector added 2 percent. Healthcare rose 3.6 percent after a Reuters report that the US is working on rules for pharmaceutical companies investing in China that would likely preserve their ability to strike most licensing deals for Chinese drugs. In Hong Kong, the benchmark Hang Seng Index was up 1.2 percent at 25,042.71, and the Hang Seng Tech Index was up 0.4 percent. Share markets edged higher in Asia on Monday as chipmakers climbed, while oil eased on reports that more oil was finding its way out of the Middle East than previously thought.
EUROPE’S STOXX 600 RALLIES AS OIL PRICES RETREAT
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 3 hours ago By Reuters FRANKFURT: A rally in heavyweight banks and technology stocks lifted European shares on Monday, while oil prices slumped for the fourth consecutive session, boosting broader risk sentiment. The pan-European STOXX 600 closed 1 percent higher, marking its biggest one-day jump since July 2. Most regional bourses also ended higher. The move marks an upbeat start to the week, with investors assessing whether the pull-back in crude can ease inflation pressures. The European Central Bank raised interest rates earlier this month to combat inflation, as heavy reliance on fuel imports leaves regional economies exposed to swings in oil prices. “Despite persistent headwinds and above-target inflation, economic growth should pick up in the second half of the year, with the outlook in Europe stronger than consensus expectations,†wrote Christian Schulz, chief economist at Allianz Global Investors. Bank stocks were among the biggest gainers, up 1.7 percent. Societe Generale gained 1.7 percent and Banco BPM was up 4.3 percent, with the latter rising after media speculation about UniCredit and Credit Agricole reportedly assessing a joint move on the Italian lender. Technology stocks advanced 1.7 percent, as renewed appetite for AI lifted chip-linked stocks such as Soitec and Aixtron. However, energy stocks slipped 0.8 percent as Brent crude futures headed for their longest streak of daily losses since June, after reports suggested more-than-expected supply was leaving the Gulf despite the ongoing Iran conflict. “The move remains cautious rather than decisively risk-on. The main support is coming from lower oil prices and continuing strength in technology, helping offset concerns surrounding the latest Middle East escalation,†said Naeem Aslam, chief investment officer at Zaye Capital Markets.
WALL ST RISES ON AI GAINS AS OIL SLIDES
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 3 hours ago By Reuters NEW YORK: The main US stock indexes advanced on Monday, powered by gains in AI firms, as Treasury yields eased and crude prices tumbled more than 3 percent to hit an 11-day low on the prospect of a breakthrough in Middle East talks at a UN meeting this week. Investors took comfort from data that suggested spending on AI was still expanding, placating concerns around doomsday warnings from the leaders of AI giants a week ago that triggered a global tech selloff. Chip companies rallied. Intel rose 13 percent, Advanced Micro Devices surged 9.3 percent to become the latest chipmaker to reach USD1 trillion in market valuation, while Micron gained 2.3 percent. Meta soared 6.7 percent to a more than seven-month high after brokerage Wells Fargo hiked its price target on the stock, while Accenture gained 3.2 percent after partnering with Anthropic to invest USD2 billion in AI evaluation. “The excitement in the build-out and adoption of AI has really driven a lot of the growth in corporate profits and a lot of the gains in the stock market over the past few years,†said Chris Zaccarelli, chief investment officer for Northlight Asset Management. “Is there going to be a trade-off between safety and productivity benefits? That argument is going to continue for many months to come, if not many years.†While Washington and Tehran continued to exchange new threats through the weekend, US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected at the UN General Assembly in New York this week. A fall in oil prices eased the pressure on equities as the 10-year US bond yield slipped below the critical 5 percent mark. Airlines such as American and Delta, typically sensitive to energy prices,rose marginally. Still, investors were wary of the interest-rate outlook after a recent pickup in inflation prompted the US Federal Reserve to raise rates for the first time in three years. Markets see a 50 percent chance of another hike next month, CME’s FedWatch showed. Commentary from at least 10 central bank policymakers is due this week. Chicago Fed President Austan Goolsbee said there was “no ambiguity†about the need for higher interest rates, with inflation pressures now moving beyond tariffs and energy prices to strong demand.
ASIAN STOCKS EDGE HIGHER, RUPIAH DOWN
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 3 hours ago By Reuters BENGALURU: Asian stocks rose slightly on Monday as investors awaited a meeting between US President Donald Trump and Chinese President Xi Jinping later this week, while Indonesia’s rupiah fell to a one-month low ahead of a central bank decision on Wednesday. Attention is firmly on the Trump-Xi summit in Washington on September 24, with markets looking for indications of easing tensions between the world’s two largest economies after months of trade and geopolitical frictions. Technology-heavy markets led gains in Asia, with South Korea’s KOSPI rising as much as 1.9 percent to its highest since September 10. Gains in the index were also supported by data showing exports for the first 20 days of September surged to a record high, driven by robust semiconductor demand. Taiwanese equities climbed more than 1 percent, touching their highest in nearly three months and logging their fourth straight session of gains. Improving risk appetite for AI and semiconductor stocks lifted North Asian markets, with investors extending bets on chipmakers after gains among their US peers and signs of resilient technology demand. The Indonesian rupiah fell as much as 0.6 percent. It has recovered more than 2 percent from the record low hit in June, but remains among the region’s weakest currencies this year. Markets are looking for clues on Bank Indonesia’s interest rate outlook as policymakers balance currency stability with efforts to support economic growth. The dollar index, which tracks the US currency against six major peers, was steady after gaining more than 1 percent last week following the Fed’s rate hike, as the central bank signalled more increases could be coming.
PFVA SUPPORTS BMG IN KCCI POLLS
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Waheed Ahmed, Patron-in-Chief of the All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA), has announced the Association’s full support for the Businessmen Group (BMG) in the Karachi Chamber of Commerce & Industry (KCCI) Elections 2026–28. Waheed Ahmed said that PFVA strongly supports its Chairman, Aslam, who is contesting the KCCI elections as an Executive Committee Member and has also been nominated for the position of Senior Vice President of KCCI. He said that Aslam’s nomination is a matter of pride for PFVA and Pakistan’s fruit and vegetable export sector, as it will further strengthen the representation of exporters, importers and merchants at one of the country’s most important chambers of commerce. “Pakistan’s export sector needs a strong and effective voice at key business forums. Representation at KCCI will provide an important platform to highlight issues related to export growth, trade facilitation, taxation, logistics, ease of doing business and access to international markets,†Ahmed said. He added that PFVA extends its support to the BMG panel in both the Corporate and Associate Classes, bearing Serial Numbers 1 to 15, and called upon members of Karachi’s business, trade and industrial community to actively participate in the KCCI Elections being held on 26th September 2026. Ahmed expressed confidence that closer coordination between KCCI, PFVA and other export-oriented sectors would help address challenges faced by the business community, strengthen exports and contribute to Pakistan’s economic growth. Copyright Business Recorder, 2026
IRISH PRIVACY REGULATOR FINES GOOGLE €403 MILLION OVER LOCATION DATA PROCESSING
Date: 2026-09-22
Details: • Google faces a €403M fine from Ireland's DPC for GDPR violations, specifically for mismanaging user location data and privacy Published September 21, 2026 Updated about 16 hours ago By Reuters DUBLIN: The lead EU data privacy regulator for most of the biggest internet companies fined Alphabet’s Google search engine €403 million ($463 million) after an inquiry into its processing of location data, Ireland’s Data Protection Commission said on Monday. The Irish watchdog found that Google infringed European Union privacy rules known as the General Data Protection Regulation (GDPR) through three of its specific features – ‘Web & App Activity’, ‘Location History’ and ‘Location Accuracy’ — from 2018 to 2020. It was the fourth largest fine of the more than €4 billion in total levied by the DPC since it became the lead EU regulator for most big US tech firms under the strict 2018 GDPR due to the location of companies’ EU operations in Ireland. Google was also ordered by the DPC to bring its processing into compliance within six months. The company did not immediately respond to a Reuters request for comment. “As a result of Google’s failures, individuals could have been unaware that their location was being used to, for example, influence them with ads or to infer their interests, and could lose control over their personal data,†DPC Deputy Commissioner Graham Doyle said in a statement. “The retention of users’ location data for longer than necessary aggravated this loss of control.†The DPC opened the inquiry in 2020 following complaints from several European consumer rights organisations, including the pan-European consumers’ organisation BEUC, regarding Google’s processing of location data. The infringements included the lawfulness and fairness of Google’s processing of location data in ‘Web & App Activity’, an account setting that processes information related to users’ activity on Google services, and ‘Location History’, which keeps track of users’ location through mobile devices. Google is subject to three other ongoing statutory inquiries, all of which are at an advanced stage, the DPC added.
PARAMOUNT SETTLES WITH US STATES TO CLEAR WARNER BROS MEGA-MERGER
Date: 2026-09-22
Details: Published September 22, 2026 Updated about 2 hours ago By AFP LOS ANGELES, (United States): Paramount has reached a settlement with a group of US states that clears the way for its takeover of Warner Bros. Discovery, officials announced Monday, creating a Hollywood empire spanning television, news and cinema. Paramount, which is run by David Ellison, whose ultra-wealthy family has ties to US President Donald Trump, won a bidding war against Netflix in February for control of a stable of assets that includes Warner Bros. Pictures, CNN and the HBO Max streaming service. The Trump administration approved the deal, one of the largest media mergers in years, in June without demanding a change to its business, before 12 US states sued to block the transaction.
FBR SETS MINIMUM VALUE OF VEGETABLE OIL AND GHEE FOR SALES TAX
Date: 2026-09-21
Details: Written by Faisal Shahnawaz in Taxation FBR links minimum taxable values to national retail prices and sets separate rates for three categories of oil and ghee brands. ISLAMABAD, September 20, 2026: The Federal Board of Revenue (FBR) has fixed minimum values for domestically produced vegetable and animal fats and oils, ghee and cooking oil for the purpose of calculating sales tax. The FBR issued SRO 1632(I)/2026 dated September 18, 2026, under the first proviso to clause (46) of Section 2 of the Sales Tax Act, 1990, prescribing minimum values for supplies of these products. FBR links minimum values to PBS retail prices Under the notification, the minimum value, inclusive of sales tax, will be determined on the basis of the average national retail price of vegetable and animal fats and oils, ghee and cooking oil published on the Pakistan Bureau of Statistics (PBS) website under the weekly Sensitive Price Indicator (SPI). The average price published during the last week of the immediately preceding month will be used to determine the minimum value for the following month. However, a Rs25 per kilogram reduction from the average national retail price will only be available to registered persons complying with the FBR’s digital invoicing and production monitoring system. Three categories introduced for oil and ghee brands The FBR has divided the products into three categories for determining the applicable minimum value. Category A, comprising brands including Dalda, Habib, Sufi, Mezan, Soya Supreme and EVA, will be valued at 100% of the prescribed value. Category B, covering brands such as Manpasand, Habib Handi, Seasons, Kashmir, Kausar, Shah Taj, Kisan, Shafaq and Sultan, will be valued at 93% of the prescribed value. Category C, covering all other brands, will be valued at 85% of the prescribed value. FBR explains minimum value calculation The notification provides an illustrative calculation using prices published on the PBS portal on July 26, 2026. The average price works out to Rs613 per litre/kg, based on pack prices of Rs3,067 for five litres/kg, Rs1,550 for 2.5 litres/kg and Rs606 for one litre/kg. The resulting prices of Rs613, Rs620 and Rs606 produce an average of Rs613. After deducting the Rs25 per kg available to compliant registered persons, the minimum retail price is calculated at Rs588 per kg. September 2026 minimum values Using the prescribed methodology, the notification sets different minimum values for the three categories. For Category A, the minimum value is Rs588 per litre/kg, representing 100% of the average price after the applicable Rs25 deduction. For Category B, the minimum value is Rs547 per litre/kg, representing 93% of the prescribed base value. For Category C, the minimum value is Rs500 per litre/kg, representing 85% of the prescribed base value. Higher actual value subject to sales tax The FBR said supplies of oil and ghee to the Armed Forces will be subject to the value or price specified in the relevant contract. For subsequent months, the applicable retail price will be calculated using the same methodology and the illustrative example provided in the notification. The notification also clarifies that where the actual supply value is higher than the value fixed by the FBR, sales tax will be charged on the higher value. SRO 1632(I)/2026 will remain applicable until the tax period of November 2026.
FBR ALLOWS 95% INPUT TAX ADJUSTMENT FOR OIL AND GHEE MANUFACTURERS
Date: 2026-09-21
Details: Written by Hamza Shahnawaz in Taxation The facility applies to compliant oil and ghee businesses paying sales tax at retail prices and remains available until November 30, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has allowed manufacturers and suppliers of edible oil and ghee to adjust input tax up to 95% of output tax for the relevant tax period, subject to specified compliance requirements. The FBR issued SRO 1631(I)/2026 dated September 18, 2026, amending its earlier notification SRO 1190(I)/2019 dated October 2, 2019, under the Sales Tax Act, 1990. The latest notification was issued under the powers conferred by the second proviso to sub-section (1) and sub-section (4) of Section 8B of the Sales Tax Act, 1990. FBR sets conditions for 95% input tax adjustment Under the amendment, the FBR has added a new entry to Table-2 of SRO 1190(I)/2019. The facility applies to registered persons engaged in the supply of oil and ghee who meet the prescribed conditions. Eligible businesses must: • Comply with the FBR’s digital invoicing and production monitoring system; • Be engaged in the supply of oil and ghee; and • Pay sales tax at the retail price in accordance with Serial No. 56 of the Third Schedule to the Sales Tax Act, 1990. The facility will remain available until November 30, 2026. Excess input tax to be carried forward Under SRO 1190(I)/2019, the FBR had allowed specified registered persons to adjust input tax up to 95% of output tax for the relevant tax period. Where admissible input tax exceeds the permitted adjustment limit, the excess amount is carried forward to the following tax period. The latest amendment extends this 95% input tax adjustment facility to compliant oil and ghee businesses meeting the conditions prescribed by the FBR. Digital compliance linked to tax facility The measure links the input tax adjustment facility with compliance with the FBR’s digital invoicing and production monitoring requirements. It specifically covers oil and ghee businesses liable to pay sales tax at retail prices under the Third Schedule to the Sales Tax Act. Oil and ghee manufacturers and suppliers seeking to avail themselves of the facility will therefore need to maintain compliance with the applicable digital invoicing and production monitoring requirements during the period covered by the notification.
FBR DECLARES 29 CATEGORIES OF GOODS AS PERISHABLE UNDER CUSTOMS LAW
Date: 2026-09-21
Details: Written by Faisal Shahnawaz in Taxation FBR replaces its 1999 notification with a revised list of 29 perishable goods and introduces an exception for properly preserved and packaged edible products. ISLAMABAD, September 20, 2026: The Federal Board of Revenue (FBR) has notified 29 categories of goods as perishable goods for the purposes of Section 98 of the Customs Act, 1969, replacing an earlier notification issued in 1999. Through SRO 1629(I)/2026 dated September 18, 2026, the FBR exercised its powers under Section 98 of the Customs Act, 1969, and superseded SRO 1250 of 1999 dated February 27, 1999. The revised notification covers a broad range of food, agricultural and other products that may deteriorate during storage. FBR lists 29 categories as perishable goods The notified goods include betel leaves, butter, bidi leaves and bidi, betel-nuts, cheese, coconuts (seeds), X-ray films, dates, dry fruits, eggs, non-essential oils, food grains, fish, ginger and garlic. The list also covers hides and skins, live trees, plants and roots, milk powder, meat, onions, apples, sweets and confectionery, soft drinks, sugar and spices. Other products classified as perishable include syrups, jams, jellies, marmalades, ketchup and similar condiments, tobacco other than unmanufactured processed tobacco, tea, cocoa and coffee. The notification further includes vegetables and fruits not specifically listed, as well as edible vegetable oil and oil-seeds. Exception introduced for preserved and packaged food The FBR has introduced an important exception for certain imported edible products. An edible product with an expiry date specified by the manufacturer and printed on its packaging will not be treated as a perishable good for the purpose of warehousing surcharge if it is imported in preserved, canned, bottled or packaged form. The exclusion is subject to specific storage and certification requirements. Under the first condition, such goods must be stored in customs bonded warehouses in accordance with the storage requirements specified by the manufacturer. The storage arrangements must ensure that the products do not become unfit for human consumption during the warehousing period. The second condition requires the licence holder of the customs bonded warehouse to certify, in the format prescribed in Annex-A, that the warehouse has the necessary facilities to store the goods according to the manufacturer’s specified conditions. The certificate must be uploaded by the importer or authorised clearing agent when filing the relevant In-Bond Goods Declaration. PSW and WeBOC system changes The FBR has also directed that any system-related charges required to implement the notification should be taken up immediately by the office of the Chief Collector (South Appraisement) with the Pakistan Single Window (PSW) and WeBOC teams. The revised notification establishes an updated framework for determining which goods qualify as perishable for customs warehousing purposes, while allowing appropriately preserved and packaged edible products to be excluded where the prescribed storage requirements are met.
FBR EXTENDS RETURN FILING DEADLINE FOR ST AND FED
Date: 2026-09-21
Details: Written by Hamza Shahnawaz in Taxation Taxpayers now have until September 25 to file sales tax and Federal Excise Duty returns for August 2026, subject to timely payment. ISLAMABAD, September 20, 2026: The Federal Board of Revenue (FBR) has extended the deadline for filing sales tax and Federal Excise Duty (FED) returns for August 2026 until September 25, 2026. The extension was communicated to Chief Commissioners Inland Revenue of the Large Taxpayers Offices (LTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs). FBR extends August return filing deadline According to a circular issued by Khalid Mehmood, Second Secretary (ST-I&P), the FBR has extended the deadline for submission of sales tax and FED returns for the tax period of August 2026 for all taxpayers. The FBR exercised its powers under Section 74 of the Sales Tax Act, 1990 and Section 43 of the Federal Excise Act, 2005 to grant the extension. Under the revised schedule, taxpayers can submit their August 2026 sales tax and FED returns by September 25, 2026. Sales tax liability must be paid on time The FBR has attached a specific condition to the extended filing facility. The sales tax liability due for the relevant tax period must have been deposited within the original due date. This means the extension provides additional time for taxpayers to complete and submit their returns, but does not extend the original deadline for payment of the applicable sales tax liability. Taxpayers seeking to benefit from the extended filing date should therefore ensure that their due liability was deposited within the prescribed payment period. Revised deadline applies to all relevant taxpayers The extension covers all taxpayers required to file sales tax and FED returns for the August 2026 tax period under the relevant laws. Taxpayers should complete and submit their returns by September 25, 2026, while ensuring that the applicable tax liability was paid within the original deadline to meet the conditions of the FBR’s extension.
KTBA URGES FBR TO REMOVE IRIS ERRORS
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Recorder Report KARACHI: The Karachi Tax Bar Association (KTBA) has raised concerns over computing tax liability by IRIS portal, saying members have found no clear statutory basis for the system-generated figures and are demanding the mechanism be reviewed immediately, with Tax Year 2026 return filing currently underway. In its letter sent to the Member Operations FBR on Friday, the KTBA said the portal calculates a “Difference of Minimum Tax†without disclosing the underlying formula, assumptions, or the provision of the Income Tax Ordinance, 2001, leaving taxpayers unable to verify the computation themselves. The Bar said that it is against the self-assessment scheme built into the Ordinance, under which taxpayers, not the portal, are meant to determine their own tax liability based on their specific business streams, receipts, and allowable deductions. The KTBA said that IRIS in some cases applied normal tax rates without properly accounting for tax already collected or deducted at source under Section 153, effectively counting the same income twice and generating additional liability despite prior withholding. It further said that any minimum-tax comparison should be made against the normal tax the taxpayer has already computed and declared, rather than through what it described as a mechanical allocation of receipts or an averaged tax rate applied automatically by the system. Calling for the restriction to be “removed forthwith,†the KTBA said IRIS should function as a tool to implement the law rather than one that predetermines taxpayer liability, and urged the Board to allow taxpayers to disclose relevant facts and complete their lawful computations without system-imposed constraints. Copyright Business Recorder, 2026
PAKISTAN POST PARTNERS WITH ALIBABA TO AUTOMATE PARCEL SORTING
Date: 2026-09-19
Details: Written by Faisal Shahnawaz in Taxation The collaboration aims to modernise Pakistan Post’s sorting centres and improve operational efficiency through automation and technology. ISLAMABAD, September 19, 2026: The Pakistan Post Office Department (PPOD) and Alibaba Group have agreed to automate parcel sorting at Pakistan Post as part of a government-backed initiative to modernise postal operations and expand technology-enabled services. According to an official document, the collaboration covers the automation of Pakistan Post’s sorting centres, with the Ministry of Information Technology and Telecommunication leading the initiative under the prime minister’s directives. The move forms part of a broader government effort to upgrade Pakistan Post’s infrastructure, improve operational efficiency and strengthen the delivery of digital and technology-based postal services. Pakistan Post advances cashless operations Pakistan Post is also implementing the prime minister’s cashless economy initiative, with the Ministry of Finance serving as the lead ministry. As part of the programme, Pakistan Post signed a memorandum of understanding with the National Bank of Pakistan in March 2026 for the collection of non-tax revenues. The postal department has also requested the Finance Division to facilitate the opening of a Raast-linked account to align its financial operations with the national cashless economy programme. The first phase will cover 85 General Post Offices (GPOs) and is expected to account for around 65% of PPOD’s revenue receipts, according to the document. Pakistan Post integrates customs systems Another initiative involves implementing the National Action Plan under the National Gemstone Policy 2026-30, with the Ministry of Industries and Production serving as the lead ministry. Meanwhile, technical teams from the Universal Postal Union, Pakistan Post, Pakistan Single Window and Pakistan Customs are working to integrate the Customs Declaration System with WeBOC/ACS. The integration is intended to strengthen coordination between postal and customs systems and support more efficient processing of international postal consignments. Drive to modernise postal services The various initiatives form part of Pakistan Post’s broader efforts to modernise its infrastructure, automate key operations, expand digital payment mechanisms and improve technology-based service delivery. The collaboration with Alibaba on automated parcel sorting is expected to contribute to these efforts as Pakistan Post upgrades its operational systems and responds to growing demand for faster and more technology-driven postal services.
PAKISTAN CUSTOMS ARRESTS TWO IN MAJOR NARCOTICS SMUGGLING ATTEMPT
Date: 2026-09-19
Details: Written by Hamza Shahnawaz in Taxation Customs officials arrested two people travelling to Dubai after allegedly finding concealed hashish in their baggage at Jinnah International Airport. KARACHI: Pakistan Customs officials at Jinnah International Airport in Karachi have foiled an alleged attempt to smuggle approximately 580 grams of hashish (charas) out of the country and arrested two passengers travelling to Dubai. The incident occurred at around 10pm on September 17, when a Customs machine operator deployed at the international departures area detected suspicious baggage during routine screening. The baggage belonged to a husband and wife travelling to Dubai, United Arab Emirates, on FlyDubai flight FZ-330. Hashish Found in Concealed Compartments Following the initial detection, Customs officials subjected both pieces of baggage to a detailed examination. During the inspection, officers recovered two wooden jewellery boxes that had been fitted with specially designed concealments. Further examination of the boxes led to the recovery of approximately 290 grams (gross) of hashish from each box. The total quantity of seized narcotics was approximately 580 grams (gross), with an estimated value of around Rs2 million. The contraband was seized under the relevant provisions of law, while both passengers were arrested in connection with the alleged smuggling attempt. FIR Registered, Investigation Underway Pakistan Customs said an FIR has been registered under applicable provisions of the Control of Narcotic Substances (CNS) Act. Further investigation is underway to establish the circumstances surrounding the alleged attempt and determine whether other individuals were involved. The case comes as Customs authorities continue to use risk-based profiling and baggage screening at international airports to identify suspected attempts to transport prohibited and restricted goods. Customs Strengthens Airport Screening Pakistan Customs said its enforcement measures include risk-based profiling, advanced baggage screening and targeted examination mechanisms at international entry and exit points. The department said these measures are aimed at preventing the movement of narcotics and other prohibited or restricted goods while protecting Pakistan’s economic and national interests. Authorities will continue investigating the case to determine the full circumstances of the alleged smuggling attempt.
KTBA FLAGS CRITICAL IRIS COMPUTATION GLITCHES IN TAX YEAR 2026 RETURNS
Date: 2026-09-19
Details: Written by Faisal Shahnawaz in Taxation The Karachi Tax Bar Association has urged the FBR to correct alleged IRIS calculation errors affecting minimum tax liabilities before the September 30 deadline. KARACHI, September 18, 2026: The Karachi Tax Bar Association (KTBA) has raised concerns over what it describes as critical computational errors in the Tax Year 2026 income tax return available on the Federal Board of Revenue’s (FBR) IRIS portal. In a letter to FBR Member Inland Revenue (Operations) Zubair Bilal, the KTBA said the portal was incorrectly calculating the “Difference of Minimum Tax†in cases involving tax collected or deducted under Section 153 of the Income Tax Ordinance, 2001. The association said it had received representations from taxpayers and its members regarding liabilities generated by IRIS that, in its view, lacked an identifiable statutory formula or mechanism under the Income Tax Ordinance. According to the KTBA, the portal does not disclose the formula or assumptions used to calculate the additional liability, making it difficult for taxpayers to verify the computation. KTBA questions minimum tax calculation The tax bar argued that the IRIS-generated “Difference of Minimum Tax†should have a clear statutory basis and should not override the self-assessment mechanism under the Income Tax Ordinance, 2001. It maintained that minimum-tax liability should be determined by comparing the applicable minimum tax with the normal tax computed and declared by the taxpayer in accordance with the law. The KTBA said the calculation depends on several factors, including the nature of business activities, different streams of receipts, applicable provisions, expenses and deductions. It therefore urged the FBR to ensure that IRIS facilitates the computation declared by taxpayers instead of replacing it with an undisclosed system-generated calculation. KTBA alleges possible duplication of tax The association also pointed to what it described as an apparent duplication in the treatment of tax collected or deducted under Section 153. According to the KTBA, the current formula may, in certain cases, apply normal tax rates without properly accounting for income already subjected to minimum-tax treatment. The association said this could result in the same income being considered more than once and generate an additional liability despite tax already having been collected or deducted at source. KTBA seeks immediate IRIS correction The KTBA urged the FBR to immediately review the formula and remove any system restrictions that could prevent taxpayers from making adjustments permitted under the law. The association said the IRIS portal should serve as a mechanism for implementing tax law rather than imposing unsupported liabilities or restricting taxpayers’ statutory computations through automated calculations. With Tax Year 2026 return filing underway and the deadline set for September 30, the KTBA called for the issue to be resolved promptly. It also urged the FBR to allow taxpayers to disclose relevant facts and determine their liabilities in accordance with the self-assessment framework. The KTBA said it remained available for further discussions with the FBR to resolve the matter.
DECLINING TREND PERSISTS ON COTTON MARKET
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday decreased the spot rate by Rs 4,00 per maund and closed it at Rs 18,700 per maund. Cotton Analyst told BUSINESS RECORDER that the local cotton market remained bearish and trading volume remained a little bit low. He also told that the rate of cotton in Sindh is in between Rs 18,300 to Rs 18,400 per maund, while Phutti in the province is trading between Rs 8,500 to Rs 8,600 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,500 to Rs 18,600 per maund, with Phutti fetching between Rs 8,600 to Rs 8,800 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,300 to Rs 18,400 per maund. The rate of Phutti is in between Rs 8,700 to Rs 9,000 per 40 kg. The rate of Polyester Fiber is Rs 445 per kg. Copyright Business Recorder, 2026
PCGA SAYS COTTON ARRIVALS SURGE 19.17PC YOY
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Recorder Report LAHORE: Pakistan’s cotton arrivals have surged 19.17 percent so far this season, reaching 2,388,682 bales by September 15 compared to 2,004,384 bales during the same period last year, according to a Pakistan Cotton Ginners Association (PCGA) report released on Friday, even as experts warn the crop has entered a make-or-break phase threatened by pink bollworm and unseasonal rains. Punjab recorded 860,942 bales, up 24.73percent, while Sindh logged 1,527,740 bales, a 16.25percent rise. Sanghar led Sindh’s tally with 888,607 bales, while Dadu posted a 150percent jump. Bahawalnagar topped Punjab with 166,400 bales, with Bhakkar and Kasur registering explosive gains. Speaking to Business Recorder, Sajid Mahmood, Head of the Technology Transfer Department at the Central Cotton Research Institute, Multan, said early-season figures looked encouraging but cautioned that pest pressure, rainfall, timely picking and lint quality would now determine final output. He said 412 ginning factories were operational nationwide, with unsold stocks totalling 260,789 bales. While crop condition remained largely favourable across Sindh and southern Punjab, he flagged growing pink bollworm infestations as the season’s top concern, urging continuous monitoring of boll damage alongside vigilance against whitefly, jassid and thrips, even as cotton prices showed modest improvement. Copyright Business Recorder, 2026
BANK OF JAPAN HIKES RATES
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By AFP TOKYO: The Bank of Japan raised interest rates to a 31-year high on Friday and said it would lift them further as it looks to counter inflation fuelled by surging energy prices and a weak yen. The 25-basis-point hike to 1.25 percent was expected by markets following the recent tightening by the European Central Bank and the US Federal Reserve, though the decision was not unanimous as it was carried by a 7-2 majority vote. Pressure has increased on officials to further tighten monetary policy as a spike in oil prices caused by the Middle East crisis – which shows little sign of ending anytime soon – is expected to keep putting upward pressure on inflation. “Given that underlying CPI inflation has been approaching two percent and financial conditions have been accommodative, the bank will continue to raise the policy interest rate,†the BoJ said on its website. BoJ Governor Kazuo Ueda told a news conference that it was “important to stabilise the underlying inflation rateâ€, avoiding a situation in which it surpassed the two percent target with an “adverse impact on the economyâ€. Central bankers are keeping tabs on movements in the yen, which fell to a 40-year low against the dollar in July, prompting a historic joint US-Japanese intervention in foreign exchange markets. The unit has been weighed in particular by the wide gap between Japan’s still low interest rates and those of the Federal Reserve, which encouraged investors to favour better-yielding dollar-denominated assets. Despite the hike to the highest level since 1995, which had been telegraphed for weeks, the yen weakened to more than 157 per dollar, compared with around 156.30 before the announcement. “For a market looking for evidence that the BoJ could shorten the distance between hikes, those dissents mattered,†said Stephen Innes at Quintex Intel. “Traders were looking for signs that the Bank could move faster from here, yet two members were already arguing that even today’s move had come too soon.†The cheap yen is driving up the cost of imported goods, which in turn is putting upward pressure on inflation. Makiko Tsushima, a farmer from the northern region of Aomori, told AFP that she was “really wishing†for inflation to slow down. “Prices are climbing. Casual shopping at a supermarket easily costs me 10,000 yen ($63) these days… Daily necessities like toilet paper and everything else are also expensive,†the 54-year-old said. Still, figures on Friday showed core inflation fell to 1.7 percent in August from 1.8 percent but remains close to the BoJ’s two percent target. The reading from the internal affairs ministry, which excludes volatile fresh food prices, was lower than forecasts for it to remain unchanged. Government support for gasoline and electricity fees contributed to the slower pace of inflation, the data showed. However, the reprieve could prove very short-lived for resource-poor Japan after energy and gas prices soared in recent weeks because of the Middle East crisis. “Inflation was little changed in August but there are mounting signs that higher energy costs are feeding through and we expect it to rise above the BoJ’s two percent target before long,†said Marcel Thieliant of Capital Economics. The government is trying to mitigate the impact of inflation on household purchasing power, notably with a massive stimulus package adopted at the end of 2025, extensive tax breaks on energy, and measures adopted in the spring to support consumption. Tokyo also decided this week on a drastic two-year reduction in the consumption tax on food products, from eight percent to one percent starting in April 2027.
MASHREQ PAKISTAN LAUNCHES RAAST PAYMENT ECOSYSTEM
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Mashreq Pakistan has become Pakistan’s first newly launched digital bank to offer the full suite of Raast services, including Raast Person-to-Merchant (P2M) payments, enabling seamless digital transactions for both individual customers and merchants. The launch forms part of Mashreq’s broader strategy to accelerate digital payment adoption and expand merchant acceptance across Pakistan. Launched in August 2026, the new capability enables merchants to receive instant payments through Raast QR codes, while customers can conveniently scan and pay merchants through Mashreq’s digital banking channels. Designed to serve businesses across a broad range of categories, Mashreq’s Raast P2M offering extends digital payment acceptance to grocery stores, restaurants, retail outlets, service providers and e-commerce merchants. Sole proprietors and self-employed professionals can also open a Mashreq NEOBiz account and become Raast P2M merchants, providing smaller businesses with a convenient way to accept account-based digital payments. Commenting on the launch, Muhammad Hamayun Sajjad, CEO, Mashreq Pakistan, said, that Pakistan’s digital payments ecosystem is entering an important phase where the focus must shift from access to adoption and by launching a unified Raast payments ecosystem for both customers and merchants, Mashreq is helping make instant payments a practical part of everyday commerce. “Our focus is on delivering digital experiences that create greater value for customers, businesses, and the wider economy while supporting Pakistan’s journey towards a more digitally connected and cashless future,†he added. Ahson Bin Saeed, CEO, Raast Payments Pakistan, said that building a national payments infrastructure is an evolving journey and Pakistan has embarked on its own journey with Raast, and the progress we are seeing is encouraging. “The next phase is about continuing to strengthen the infrastructure, broaden participation and ensure that institutions can build relevant, reliable and accessible payment experiences on top of it. Mashreq’s launch of Raast P2M is another important step in translating this national infrastructure into everyday use for merchants and consumers,†he added. Muhammad Imad Uddin, Director, Digital Innovation & Settlements Department, State Bank of Pakistan, said that digital transformation does not happen without challenges, particularly in a market as dynamic as Pakistan and SBP has remained focused on developing the regulatory and technological foundations needed for a more connected and inclusive payments landscape. Through the continued expansion of Raast, Mashreq aims to make instant, secure and interoperable payments increasingly accessible to customers and merchants across Pakistan. The Bank will continue to expand merchant acceptance while enhancing customer and merchant experiences through technology, service and innovation, supporting the continued growth of Pakistan’s digital economy. Copyright Business Recorder, 2026
CHINA STOCKS LOG BEST DAY IN A MONTH AHEAD OF TRUMP-XI MEETING
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Reuters SHANGHAI: China stocks rebounded on Friday with the blue-chip CSI300 Index logging its best day in a month, while Hong Kong shares also gained as traders expect trade tensions to ease after next week’s meeting between the US and Chinese presidents. China’s large-cap CSI300 Index closed 1.1 percent higher, posting its biggest one-day gain since mid-August. The Shanghai Composite Index rose 0.9 percent. In Hong Kong, the Hang Seng Index climbed 0.6 percent. For the week, CSI300 was largely flat, the Shanghai Composite edged up 0.6 percent, while the Hang Seng fell 0.2 percent. US President Donald Trump will welcome his Chinese counterpart Xi Jinping in Washington next week for their second meeting this year, as the two leaders seek stability in a fraught relationship. US Trade Representative Jamieson Greer said this month the countries will make “some announcements on agriculture and non-tariff barriersâ€. Traders will be watching for progress on an agreed mutual tariff reduction covering USD30 billion in goods. With a US rate hike also in the rear view mirror, “the external risks have weakenedâ€, Great Wall Securities said in a note. Bets on China’s AI and chipmaking sectors are still advisable, the brokerage said.
STOXX 600 FALLS AS AUTOS, TELECOMS LEAD BROAD SELL-OFF
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Reuters FRANKFURT: Europe’s STOXX 600 tumbled on Friday in broad-based losses led by automobile and telecom shares, while also logging a weekly decline in a week marked by retreating oil prices and interest-rate decisions by major central banks. The pan-European index fell 1.1 percent to 635.45 points, giving up almost all the gains made in the last two sessions. It was down 0.6 percent for the week. Regional bourses also ended the session in the red, with London’s FTSE 100 and Germany’s DAX down 1.5 percent and 1.6 percent, respectively. The automobile and parts sector fell 3.4 percent, with Volkswagen leading the losses in its biggest one-day drop since September 2025, down 5.6 percent. The company slashed its outlook, flagging €10 billion (USD11.5 billion) in one-off items related to its stake in luxury sports car maker Porsche, provisions for job cuts and a weak Chinese market. Porsche shares fell 4.9 percent. Telecommunication stocks were down 3.3 percent, posting their biggest single-day fall since April 2025, with Airtel Africa dropping 11.3 percent to become the STOXX’s top decliner after Bloomberg News reported that its unit Airtel Money is considering downsizing its London IPO. Food and beverages lost 1.9 percent, with Nestle down 2.6 percent after Russia seized control of the Swiss food giant’s local assets. Oil prices pared earlier losses on Friday as markets assessed Saudi supply alongside concerns about a widening Middle East conflict. Still, energy shares shed 0.7 percent and fell 0.5 percent for the week. A respite in the selloff in the bond market, along with receding crude prices, helped risk sentiment this week. The moves came even as the US Federal Reserve increased rates, while the Bank of England left rates unchanged but warned that further tightening may be needed if the war in Iran drags on.
CHERY MASTER PAKISTAN LAUNCHES CHERY Q
Date: 2026-09-19
Details: Published September 19, 2026 Updated about 3 hours ago By Press Release KARACHI: Chery Master Pakistan has officially announced the limited introductory price of Chery Q at Rs 5,554,000 at the Pakistan Auto Show 2026, as a new proposition designed to change what consumers expect from their everyday car. As a limited-time offer, Chery Q customers will receive a complimentary 7kW home charger worth Rs 100,000. The launch marks the latest step in Chery Master Pakistan’s rapidly expanding New Energy journey. Following the back-to-back introduction of Tiggo 7, Tiggo 8 and Tiggo 9 PHEVs, Chery Master has built Pakistan’s largest PHEV lineup in just seven months. With Q, the company now takes the next step towards pure electric mobility, continuing its ambition to revolutionize Pakistan’s NEV landscape and make advanced new energy mobility more accessible to everyday Pakistanis. The journey is driven by a simple belief: mobility must keep moving with the needs of people. As the world moves rapidly towards New Energy vehicles, Pakistan faces its own need for smarter, more efficient and accessible mobility. Rising fuel costs, fuel availability concerns and rapidly growing solar adoption are changing the equation for families and the country itself. Copyright Business Recorder, 2026
PAKISTAN CUTS PETROL PRICE BY RS1.65, HSD BY 88 PAISAS
Date: 2026-09-19
Details: Written by Faisal Shahnawaz in Energy, National Petrol now costs Rs389.14 per litre while high-speed diesel is priced at Rs424.04 under the government’s new daily pricing mechanism. ISLAMABAD, September 19, 2026: The government has reduced the price of petrol by Rs1.65 per litre and high-speed diesel (HSD) by 88 paisas, citing fluctuations in international oil prices. Following the latest revision, petrol will be available at Rs389.14 per litre, down from Rs390.79, while the price of HSD has been reduced from Rs424.92 to Rs424.04 per litre. According to a notification issued by the Petroleum Division, the revised prices will remain effective from September 19 to September 21. Daily fuel pricing mechanism The latest adjustment comes under the government’s new daily petroleum pricing mechanism, under which the Oil and Gas Regulatory Authority (OGRA) has started publishing daily petroleum prices on its website. The mechanism is intended to improve transparency and allow movements in international oil prices to be passed on to consumers more quickly. Petroleum Minister Ali Pervaiz Malik said daily fuel prices are determined using a seven-day average of international market prices, in line with international practice. Under the latest revision, petrol prices have fallen by Rs1.65 per litre, while HSD prices have declined by 88 paisas. Global oil market volatility The adjustment comes amid continued volatility in global oil markets following renewed tensions in the Middle East. The government moved towards more frequent fuel price reviews after international oil market conditions became increasingly volatile following the conflict involving Israel, the United States and Iran. Pakistan had previously revised petroleum prices on a fortnightly basis before moving to a weekly review mechanism. Under the new system, the government has opted for daily price reviews to allow domestic fuel prices to respond more quickly to movements in international markets. OGRA authorised to announce daily prices An official document detailing the federal cabinet-approved petroleum pricing mechanism states that OGRA will issue daily ex-depot prices for petrol and HSD. The prices will be calculated using average international market prices recorded over the preceding seven days. The regulator will be authorised to announce daily prices without seeking prior approval from the prime minister or federal government. However, prices notified on Fridays will remain unchanged on Saturdays and Sundays. The framework also requires OGRA to publish daily Platts reference prices from July 1, 2026. The document further states that the Petroleum Development Levy (PDL) cannot exceed the limit approved by the federal cabinet. Any change in the levy rate will require approval from the Finance Division. The latest reduction in petrol and HSD prices reflects the government’s move towards a more responsive fuel pricing system, under which domestic rates are adjusted more frequently in line with international oil market movements.
FBR RETAINS EMPLOYMENT GENERATION TAX CREDIT FOR MANUFACTURERS IN TAX YEAR 2027
Date: 2026-09-18
Details: Written by Hamza Shahnawaz in Taxation Eligible manufacturing companies can claim a tax credit linked to registered employees, subject to conditions under Section 64B. ISLAMABAD, September 17, 2026: The Federal Board of Revenue (FBR) has retained the employment generation tax credit available to eligible manufacturers for Tax Year 2027 under the Income Tax Ordinance, 2001. The FBR has issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, which sets out the eligibility requirements and calculation mechanism for the employment generation tax credit under Section 64B. Under the provision, a company established to set up and operate a new manufacturing unit may qualify for a tax credit for 10 years, provided the new unit was established within the period specified under the law and all prescribed conditions are met. Tax credit linked to number of employees The tax credit for a tax year is calculated at 2 per cent of tax payable for every 50 employees registered with the Employees’ Old-Age Benefits Institution (EOBI) or the Employees’ Social Security Institutions of the provincial governments during the relevant tax year. However, the total tax credit cannot exceed 10 per cent of the tax payable. The provision therefore links the value of the incentive directly to the number of qualifying employees employed by the manufacturing company. Conditions for claiming employment tax credit Section 64B sets out several conditions that a company must fulfil to qualify for the tax credit. The company must have been incorporated and the manufacturing unit established between July 1, 2015 and June 30, 2018, both dates inclusive. The company must employ more than 50 employees during a tax year, with the employees registered with EOBI and the Employees’ Social Security Institutions of the provincial governments. The manufacturing unit must be managed by a company formed specifically for the purpose of establishing and operating the unit. The company must also be registered under the Companies Act, 2017, with its registered office in Pakistan. The manufacturing unit must not have been established through the splitting up, reconstruction or reconstitution of an existing undertaking. In addition, the unit must not have been established through the transfer of machinery or plant from an undertaking that was already established in Pakistan before July 1, 2015. Tax credit can be recovered if conditions are breached The law empowers the Commissioner Inland Revenue to reassess a tax credit if documents or other information subsequently establish that any prescribed condition was not fulfilled. Where this occurs, the tax credit originally allowed is treated as having been wrongly granted. The Commissioner may recompute the taxpayer’s tax liability for the relevant tax year, with the applicable provisions of the Income Tax Ordinance, 2001, applying accordingly. Companies claiming the incentive therefore remain subject to the eligibility requirements throughout the relevant period. When is a manufacturing unit considered established? Section 64B specifies that a manufacturing unit is considered to have been established on the date it becomes ready to commence production. This includes a unit that is ready to begin either trial production or commercial production. The provision continues to provide a tax incentive for qualifying manufacturers based on employment generation. However, companies must meet the prescribed incorporation and establishment dates, employee registration requirements, corporate structure conditions and maximum tax-credit limit to benefit from the provision.
FBR ALLOWS TAX CREDIT ON LOW-COST HOUSING LOAN INTEREST FOR TAX YEAR 2027
Date: 2026-09-18
Details: Written by Hamza Shahnawaz in Taxation Individuals can claim a tax credit on qualifying housing-loan interest for eligible personal houses and flats under Section 63A. ISLAMABAD, September 17, 2026: The Federal Board of Revenue (FBR) has retained a tax credit for individuals on qualifying interest and other specified payments made on low-cost housing loans during Tax Year 2027. The provision is contained in Section 63A of the Income Tax Ordinance, 2001, updated by the FBR up to June 30, 2026. Under the provision, an individual may claim a tax credit for profit on debt, share in rent or share in the appreciation in the value of a house paid during the tax year, where the qualifying loan is used for the construction or acquisition of a personal house or flat. Loans eligible for housing tax credit The qualifying loan must have been obtained from a scheduled bank or another financial institution regulated by the Securities and Exchange Commission of Pakistan (SECP). Section 63A also covers loans advanced by the government, local government, a statutory body or a public company listed on a registered stock exchange in Pakistan. The loan must be used to construct or acquire a qualifying personal residence. For a house, the land area must not exceed 2,500 square feet, while a qualifying flat must have a total area of no more than 2,000 square feet. How the housing tax credit is calculated The tax credit under Section 63A is calculated using the following formula: (A/B) × C Under the formula: • A is the tax assessed on the individual for the relevant tax year before allowing any tax credit under the applicable provisions of the Income Tax Ordinance. • B is the individual’s taxable income for the relevant tax year. • C is the lesser of the total qualifying profit on debt paid during the year or 30 per cent of taxable income for that tax year. This means the amount of housing-loan interest taken into account for the tax credit is subject to a statutory limit. Restrictions on claiming the tax credit Section 63A places additional restrictions on taxpayers seeking to claim the housing-loan tax credit. An individual cannot claim the credit for any profit that is deductible under Section 15A of the Income Tax Ordinance, 2001. The provision also limits the frequency with which the tax credit can be claimed. An individual who has claimed a tax credit under Section 63A cannot claim another tax credit under the same section for another house or flat during the subsequent 15 tax years. The rules therefore link the tax credit to a qualifying personal residence while imposing limits on the property’s size, the amount of qualifying loan-related payments and the frequency of claiming the benefit.
FBR ALLOWS TAX CREDIT ON APPROVED PENSION FUND CONTRIBUTIONS FOR TAX YEAR 2027
Date: 2026-09-18
Details: Written by Hamza Shahnawaz in Taxation Eligible taxpayers can claim a tax credit on qualifying pension fund contributions under Section 63 of the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) has allowed a tax credit for contributions made to an approved pension fund for Tax Year 2027, subject to the conditions and limits prescribed under the Income Tax Ordinance, 2001. The FBR has issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, which contains provisions governing tax credits for contributions to approved pension funds under Section 63. Under Section 63, an eligible person earning income chargeable to tax under the head “Salary†or “Income from Business†is entitled to a tax credit for a tax year in respect of contributions or premiums paid during that year to an approved pension fund under the Voluntary Pension System Rules, 2005. How pension fund tax credit is calculated The amount of the tax credit is determined using the following formula: (A/B) × C Under the formula: • A represents the amount of tax assessed on the individual for the tax year before allowing any tax credit under the relevant provisions. • B represents the individual’s taxable income for the tax year. • C represents the lesser of the total contribution or premium paid during the year, or 20 per cent of the eligible person’s taxable income for the relevant tax year. This means the tax credit is calculated based on the qualifying pension contribution within the limits prescribed by the law. Additional pension contribution provision Section 63 also contains specific provisions for individuals who joined a pension fund at the age of 41 or above during the first 10 years beginning July 1, 2006. Under the provision, such an eligible person was allowed an additional contribution of 2 per cent per annum for each year of age exceeding 40, subject to the limits specified in the law. The provision stated that the total contribution allowed to such an individual could not exceed 50 per cent of the total taxable income of the preceding year. A further proviso provided that the additional contribution of 2 per cent per annum for each year of age exceeding 40 was allowed up to June 30, 2019, subject to the condition that the total contribution allowed could not exceed 30 per cent of the total taxable income of the preceding year. Transfer of existing pension balances excluded The FBR’s updated ordinance also clarifies that the transfer of existing balances by members of an approved employment pension or annuity scheme or an approved occupational savings scheme into individual pension accounts maintained with one or more pension fund managers does not qualify for a tax credit. Accordingly, the tax credit is linked to qualifying contributions or premiums actually paid during the relevant tax year rather than the transfer of existing pension balances. For Tax Year 2027, taxpayers seeking to claim the credit must therefore meet the eligibility requirements and remain within the calculation formula and contribution limits prescribed under Section 63 of the Income Tax Ordinance, 2001.
JAPAN’S NIKKEI RISES AS OIL PRICES EASE
Date: 2026-09-18
Details: Published September 18, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average rose on Thursday as investors snapped up beaten-down gaming and pharmaceutical stocks, while sentiment was supported by lower crude oil prices and a largely expected policy decision from the US Federal Reserve. The Nikkei ended the day up 0.3 percent at 64,136.25. The broader Topix gained 0.8 percent to 4,094.19. Overnight, Brent crude dropped 2.6 percent as reports of Saudi Arabia offering extra crude cargoes through Oman reduced fears of supply disruptions in the Middle East. The Fed raised its key interest rate by a quarter point, as widely expected, while signalling the likelihood of another hike this year. Oil-related stocks tracked crude prices lower, with Inpex sliding 3.2 percent. Of the Nikkei’s 225 components, 182 rose while 42 fell and one ended flat.
CHINA, HK STOCKS SLIP AS GOLD, REAL ESTATE SHARES FALL
Date: 2026-09-18
Details: Published September 18, 2026 Updated about 2 hours ago By Reuters HONG KONG: China and Hong Kong stock benchmarks declined on Thursday, led by rate-sensitive sectors such as gold and real estate, after the first US rate hike in three years fuelled worries about capital outflows. China’s blue-chip CSI300 Index and the Shanghai Composite Index dipped 0.4 percent each. Hong Kong benchmark Hang Seng fell 0.3 percent. The Federal Reserve raised interest rates on Wednesday and flagged more hikes in the coming months, setting a more hawkish tone than markets expected. Higher US rates widened its yield premium over China. In China, the CSI gold equity index slumped 4 percent, while an index of non-ferrous metal shares dropped 3 percent. Hong Kong’s property firms declined nearly 1 percent. The city raised its base interest rate by 25 basis points to 4.25 percent on Thursday, tracking the Fed hike. On the other hand, biotech and semiconductor shares outperformed in both markets. Analysts prefer China A-shares over Hong Kong shares for the rest of the year given they have more exposure to AI hardware and related supply chain. Due to the consumer-facing nature of leading internet companies listed in Hong Kong, the city’s stocks are more susceptible to weak domestic consumption, they said. A sustained and meaningful rebound in Hong Kong stocks requires catalysts such as fiscal stimulus or a “DeepSeek moment,†said Kevin Liu, chief offshore China and overseas strategist at CICC. The smaller Shenzhen index was down 0.2 percent, the startup board ChiNext Composite index was weaker by 0.4 percent and Shanghai’s tech-focused STAR50 index was down 0.6 percent.
EUROPEAN STOCKS RISE AFTER FED HIKE AS OIL SLIPS
Date: 2026-09-18
Details: Published September 18, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European shares rose on Thursday as lower oil prices and a pause in the global bond selloff lifted risk appetite after the US Federal Reserve delivered its widely expected interest-rate hike. The pan-European STOXX 600 gained 0.9 percent to 642.6 points, with most regional markets advancing. Metal mining shares led the gains, jumping 2.1 percent. Automakers rose 1.7 percent, led by gains of around 2 percent for BMW, Renault and Volkswagen. Brent crude extended losses for a second day after reports that Saudi Arabia was offering additional cargoes through Oman, though prices remained above USD100 a barrel. Europe’s energy sector nonetheless edged up 0.1 percent. The Fed’s first rate increase in three years on Wednesday reinforced expectations that major central banks are stepping up efforts to curb inflation. US Treasury yields fell on Thursday as investors assessed the decision and signals of further tightening ahead. Investors also focused on the Bank of England, which held rates steady while warning that soaring energy costs would intensify inflation pressures. The UK’s blue-chip FTSE 100 climbed 1.2 percent, marking its biggest one-day gain in over two months. Euro zone inflation was revised slightly lower to an annual 3.2 percent in August, from a preliminary estimate of 3.3 percent. In Sweden, Prime Minister Ulf Kristersson said he would resign after the centre-left opposition won a narrow parliamentary majority in Sunday’s election. The Social Democrats, led by former Prime Minister Magdalena Andersson, are set to lead talks on forming the next government. Sweden’s benchmark index rose 1.1 percent. Among other stocks, Berentzen jumped 19.4 percent after the German spirits manufacturer confirmed its negotiations regarding a potential takeover bid from New Orleans-based alcohol producer Sazerac. Poland’s biggest e-commerce platform Allegro raised its 2026 forecasts while confirming second-quarter results exceeded guidance, sending its shares to the top of the STOXX 600 leaderboard, up 9.5 percent. Helvetia Baloise gained 5.3 percent, after the Swiss insurance group released results for the first half of the year, with underlying earnings coming ahead of expectations.
AI SHIFTING DIGITAL DIVIDE FROM ACCESS TO CAPABILITY: JAZZWORLD CE
Date: 2026-09-18
Details: Published September 18, 2026 Updated about an hour ago By Tahir Amin ISLAMABAD: As artificial intelligence increasingly expands what individuals can do with technology, the next major divide may no longer be about access to connectivity and information, but access to capability, JazzWorld CEO Aamir Ibrahim said. Speaking at the Leaders in Islamabad Business Summit, Ibrahim drew a distinction between the digital divide and what he described as an emerging “intelligence divide,†as AI provides access to capabilities across education, analysis, information and software development. “The digital divide was about access to connectivity and information. The intelligence divide will be about access to capability. We need to make sure that there is an intelligent future for every Pakistani — a smartphone in every hand, and intelligence available to everyone,†he said. Ibrahim linked the challenge to Pakistan’s need to build the infrastructure required to participate in the global AI economy. Discussing the concept of AI factories, he said their key inputs include energy, compute, data centers and data, while outputs can range from AI inference and tokens to software, code, video and audio. Pakistan, he added, should aspire to become an “AI maker†rather than simply consuming technologies developed elsewhere. This would include building systems capable of serving global markets while understanding Pakistan’s languages, culture, security requirements and local context. He also highlighted sovereign AI, saying it extends beyond keeping data within national borders to having a degree of control over the country’s cognitive layer. Ibrahim made the remarks while delivering welcome remarks during the summit’s inaugural session, “The Next Move: Reading the Moment,†where he was joined by Muhammad Azfar Ahsan, Founder and Chairman, Nutshell Group and former Minister for Investment, and Dr Faisal Hashmi, Senior Director Public Affairs, Sustainability & Communication, Pakistan & Afghanistan Region, The Coca-Cola Company. He later built on the discussion during the closing leadership dialogue, “From Strategic Relevance to National Advantage,†joining Senator Anwaar-ul-Haq Kakar, former caretaker Prime Minister of Pakistan; Senator Dr Musadik Malik, Federal Minister for Climate Change and Environmental Coordination; Air Chief Marshal Sohail Aman, former Chief of Air Staff; and Ziad Bashir, Chairman, Pakistan Business Council, in a discussion moderated by Fahd Husain, Anchor, Columnist and Executive Editor, The Express Tribune. Ibrahim emphasised the need to translate Pakistan’s strategic potential into economic opportunity, with compute, data centers, reliable energy, and connectivity forming the infrastructure needed to participate in the global AI value chain. Copyright Business Recorder, 2026
YANGO PAKISTAN LAUNCHES SHARIA-COMPLIANT FINTECH SERVICE
Date: 2026-09-18
Details: Published September 18, 2026 Updated about 2 hours ago By Recorder Report KARACHI: Yango Pakistan, part of the global tech company Yango Group, has launched Sharia-compliant fintech service “Pay Laterâ€, to help local businesses grow while giving customers more flexibility and convenience when shopping. The service allows customers to split purchases into equal payments, while giving merchants another way to attract customers and grow their sales. The launch marks Yango’s first fintech offering in Pakistan and another step in expanding the company’s local digital ecosystem. Pay Later is initially available as a pilot on the websites of selected partner merchants. Customers can split eligible purchases into equal payments made every two weeks. Participating merchants can also be discovered through the Shop section of the Yango SuperApp. The service launches with merchants including Habitt, Sana Safinaz, Bagallery, Ego, Walkeaze, Scent N Secrets and others. Yango Pakistan plans to grow the network to more than 100 largest online retailers in fashion, beauty, home goods and electronics by the end of the year. The Pay Later model has been reviewed by Dr. Muhammad Imran Ashraf Usmani of Usmani & Co. Shariah Advisors (Pvt.) Ltd. His conclusion confirms that the solution’s structure and operating principles comply with Sharia requirements. “Partnership is at the core of Yango’s ecosystem across our services, we work with local companies to create solutions that help them grow while bringing more value to their customers. Pay Later extends this approach into fintech, which we see as an important enabler of business growth, helping merchants reach new audiences and contributing to Pakistan’s growing digital economy,†said Miral Sharif, Country Head, Yango Pakistan. Ali Hussain, Head of Sales at Yango Fintech in Pakistan said that Pay Later gives merchants an additional way to make purchases more accessible to customers and support conversion at checkout. “We designed the product for the Pakistani market, with Sharia principles incorporated into its structure from the outset,†he added. Copyright Business Recorder, 2026
RTO HYDERABAD SEEKS GREATER TAX COMPLIANCE FROM MARRIAGE HALLS
Date: 2026-09-17
Details: Written by Hamza Shahnawaz in Taxation RTO Hyderabad and marriage hall operators have agreed to use reliable industry data to improve voluntary tax compliance under Section 236D. The Regional Tax Office (RTO) Hyderabad and representatives of the Marriage Hall Association Hyderabad Region have agreed on an evidence-based approach to improve voluntary compliance with tax requirements under Section 236D of the Income Tax Ordinance, 2001. The agreement was reached during a meeting at the office of Chief Commissioner RTO Hyderabad, Sajjad Akbar, attended by senior tax officials and representatives of the Marriage Hall Association, including SV President Syed Nasir Ali, Shahid Qureshi, Zaheer Naghar and Wahid Sija. Focus on Voluntary Tax Compliance The meeting discussed ways to encourage marriage hall operators to fulfil their tax obligations without unnecessary enforcement or penal proceedings where matters can be resolved through cooperation and voluntary compliance. Officials noted that a relatively small number of association members currently comply with tax deduction requirements under Section 236D of the Income Tax Ordinance. The participants reviewed the practical requirements for determining tax-related amounts associated with functions and gatherings. Discussions covered prevailing booking and function rates, the number and nature of events, occupancy levels and seasonal variations. Industry Conditions to Guide Tax Assessment The meeting also considered differences between marriage halls based on location, size and category, along with other relevant business factors. Both sides agreed that parameters used for tax purposes should reflect actual market conditions and be supported by reliable, verifiable and representative industry data. Marriage Hall Association representatives acknowledged their responsibility to ensure compliance with Section 236D and expressed their willingness to facilitate the proper collection and deposit of taxes lawfully due. RTO Assures Fair and Transparent Approach Chief Commissioner Sajjad Akbar assured the association representatives of the department’s cooperation and reiterated RTO Hyderabad’s commitment to a fair, transparent, reasonable and evidence-based approach to tax compliance. The department will continue engaging with marriage hall operators to facilitate compliance while discouraging concealment, suppression or understatement of amounts relevant for taxation. The meeting concluded with both sides reaffirming their commitment to cooperation, goodwill and a transparent, evidence-based approach to compliance with Section 236D of the Income Tax Ordinance, 2001.
FBR ALLOWS TAX CREDIT ON CHARITABLE DONATIONS IN TAX YEAR 2027
Date: 2026-09-17
Details: Written by Hamza Shahnawaz in Taxation Eligible taxpayers can claim tax credits on qualifying donations, voluntary contributions and subscriptions subject to prescribed limits and conditions. ISLAMABAD: Taxpayers can claim a tax credit on eligible charitable donations made during Tax Year 2027 under Section 61 of the Income Tax Ordinance, 2001, updated up to June 30, 2026. The Federal Board of Revenue (FBR) has outlined the conditions, eligible recipients and limits applicable to tax credits on donations, voluntary contributions and subscriptions made to qualifying institutions and organisations. Donations eligible for tax credit Under Section 61, a person is entitled to a tax credit for any amount paid or property given as a donation, voluntary contribution or subscription during the tax year to specified entities. Eligible recipients include: • Any board of education or university in Pakistan established by or under federal or provincial law; • An educational institution, hospital or relief fund established or operated in Pakistan by the Federal Government, a provincial government or a local government; • Any non-profit organisation or person eligible for tax credit under Section 100C of the Income Tax Ordinance; and • Entities, organisations and funds listed in the Thirteenth Schedule of the Income Tax Ordinance. How charitable donation tax credit is calculated The tax credit under Section 61 is calculated using the following formula: (A/B) × C Under the formula: • A represents the tax assessed on the person for the tax year before allowing any tax credit under the relevant provisions; • B represents the person’s taxable income for the tax year; and • C represents the lesser of the total eligible donations made during the year, including the fair market value of donated property, or the applicable percentage of taxable income. For an individual or association of persons, the amount considered under component C is limited to 30% of taxable income. For a company, the applicable limit is 20% of taxable income. Lower limits apply to donations to associates The law provides lower limits where a donation is made to an associate. In such cases, the amount considered under component C is restricted to: • 15% of taxable income for an individual or association of persons; and • 10% of taxable income for a company. These limits apply where a sum is paid or property is given to an associate by the donor. Fair market value of donated property Where a taxpayer donates property, its fair market value is taken into account when calculating the tax credit. The value of the donated property is determined at the time it is given. The provision therefore covers both monetary donations and qualifying property donations, subject to the conditions and limits prescribed under Section 61. Cash donations must be paid by crossed cheque The FBR has also prescribed a payment requirement for cash donations. A cash amount paid as a donation can be included in the tax credit calculation only where it is paid through a crossed cheque drawn on a bank. Taxpayers claiming a charitable donation tax credit should therefore ensure that monetary donations meet the prescribed payment conditions. FBR may prescribe procedures Section 61 also authorises the FBR to make rules governing the procedure for granting approval under the relevant provisions of Section 2(36). The Board may also prescribe rules concerning other matters connected with or incidental to the operation of the charitable donation tax credit provisions. Tax credit available for qualifying donations in Tax Year 2027 The provisions establish the framework for eligible taxpayers to claim tax credits on qualifying charitable donations, voluntary contributions and subscriptions during Tax Year 2027. Taxpayers should ensure that donations are made to eligible recipients and comply with the applicable income-based limits, payment requirements and other conditions before claiming the tax credit.
EDUCATION EXPENSES DEDUCTION AVAILABLE IN TAX YEAR 2027
Date: 2026-09-17
Details: Written by Hamza Shahnawaz in Taxation Eligible individuals can claim a tuition fee deduction subject to income, payment and statutory limits under the Income Tax Ordinance, 2001. ISLAMABAD: The Income Tax Ordinance, 2001, updated up to June 30, 2026, allows eligible individuals to claim a deductible allowance for tuition fees paid during Tax Year 2027, subject to prescribed conditions and limits. According to the Federal Board of Revenue (FBR), the education expense allowance is available to individuals whose taxable income is less than Rs1.5 million. Education expenses deduction under Section 60 Under Section 60 of the Income Tax Ordinance, an eligible individual can claim a deductible allowance for tuition fees paid during a tax year, provided the individual’s taxable income is below Rs1.5 million. However, the amount that can be claimed is restricted to the lowest of three prescribed limits. The education expense allowance cannot exceed: • 5% of the total tuition fees paid by the individual during the tax year; • 25% of the individual’s taxable income for the year; or • Rs60,000 multiplied by the number of children of the individual. The taxpayer can therefore claim only the amount that falls within the lowest applicable limit. Unused education allowance cannot be carried forward The law also states that any education expense allowance, or part of an allowance, that cannot be deducted in the relevant tax year cannot be carried forward to a subsequent tax year. Consequently, taxpayers cannot use any unused portion of the eligible education allowance to reduce their tax liability in a later year. Either parent can claim tuition fee allowance The education expense allowance may be claimed against the tax liability of either parent who makes the tuition fee payment. For claiming the allowance, the taxpayer must provide either the National Tax Number (NTN) or the name of the educational institution. This enables the eligible parent who has paid the tuition fees to claim the applicable allowance, provided all other conditions and statutory limits are met. Education allowance excluded from Section 149 calculation The Income Tax Ordinance also provides that the education expense allowance is not taken into account when calculating tax deduction under Section 149. Section 149 deals with the deduction of tax from salary. The exclusion means the education expense allowance is treated separately from the salary tax deduction calculation under the provision. Education tax relief available for Tax Year 2027 The provisions provide a mechanism for eligible taxpayers to obtain tax relief on qualifying tuition fees during Tax Year 2027. Individuals seeking to claim the allowance should ensure that they meet the Rs1.5 million taxable-income threshold, comply with the prescribed calculation limits and retain the required details of the educational institution or its NTN.
FBR ALLOWS DEDUCTION FOR ZAKAT PAYMENTS IN TAX YEAR 2027
Date: 2026-09-17
Details: Written by Hamza Shahnawaz in Taxation The FBR has retained the provision allowing taxpayers to claim a deductible allowance for Zakat paid during Tax Year 2027, subject to the Income Tax Ordinance, 2001. ISLAMABAD: The Federal Board of Revenue (FBR) has retained the provision allowing taxpayers to claim a deductible allowance for Zakat paid during Tax Year 2027, subject to the conditions prescribed under the Income Tax Ordinance, 2001. The FBR has issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, for Tax Year 2027, setting out the applicable provisions for taxpayers. Zakat deduction under Section 60 Under Section 60 of the Income Tax Ordinance, 2001, a person is entitled to a deductible allowance for the amount of any Zakat paid during a tax year under the Zakat and Ushr Ordinance, 1980. The provision applies to Zakat paid during the relevant tax year in accordance with the applicable Zakat law. However, Section 60(2) states that the provision does not apply to any Zakat amount already taken into account under sub-section (2) of Section 40 of the Income Tax Ordinance, 2001. Unused Zakat allowance cannot be carried forward The FBR has also specified how any unused Zakat allowance is treated. Under Section 60(3), an allowance or part of an allowance available under Section 60 for a tax year that cannot be deducted under Section 9 for that year cannot be refunded. The unused amount also cannot be carried forward to a subsequent tax year or carried back to a preceding tax year. The provision therefore limits the Zakat deduction to the relevant tax year, subject to the applicable requirements of the Income Tax Ordinance. Workers’ Welfare Fund deduction The updated Income Tax Ordinance also contains Section 60A, which deals with deductions relating to the Workers’ Welfare Fund. Under this provision, a person is entitled to a deductible allowance for the amount of Workers’ Welfare Fund paid during a tax year under the Workers’ Welfare Fund Ordinance, 1971, or under provincial legislation concerning the Workers’ Welfare Fund enacted following the Eighteenth Constitutional Amendment Act, 2010. However, Section 60A does not apply to Workers’ Welfare Fund amounts paid to the provinces by a trans-provincial establishment. Workers’ Participation Fund deduction Similarly, Section 60B provides a deductible allowance for Workers’ Participation Fund paid during a tax year in accordance with the Companies Profit (Workers’ Participation) Act, 1968, or relevant provincial legislation enacted following the Eighteenth Constitutional Amendment. The provision also excludes amounts of Workers’ Profit Participation Fund paid to a province by a trans-provincial establishment. Tax deductions applicable for Tax Year 2027 The updated Income Tax Ordinance provides the applicable framework for deductions relating to Zakat, Workers’ Welfare Fund and Workers’ Participation Fund for Tax Year 2027. Taxpayers claiming these deductions must meet the requirements and conditions prescribed under the relevant provisions of the Income Tax Ordinance, 2001.
FBR, TRADERS TO VISIT MARKETS NATIONWIDE FOR ASAAN TAX SCHEME REGISTRATIONS
Date: 2026-09-17
Details: Written by Hamza Shahnawaz in Taxation FBR officials and trader representatives will jointly visit markets across Pakistan to facilitate on-the-spot registration of shopkeepers under the Asaan Tax Scheme. ISLAMABAD: The government and trade organisations have agreed to launch a joint market outreach drive to facilitate the registration of shopkeepers under the Asaan Tax Scheme across all four provinces. Under the plan, Federal Board of Revenue (FBR) officials will visit markets alongside representatives of trader organisations to provide on-the-spot registration facilities and help shopkeepers join the scheme. The decision was taken at a review meeting on implementation of the Asaan Tax Scheme, chaired by Minister of State for Finance and Railways Bilal Azhar Kayani. The meeting was attended by prominent trade representatives, including Ajmal Baloch and Kashif Chaudhry, as well as FBR Member Inland Revenue Operations Zubair Bilal. Senior FBR officials, chief commissioners and heads of the Regional Tax Offices (RTOs) in Islamabad and Rawalpindi also participated. Heads and officials of RTOs and Corporate Tax Offices (CTOs) from across the country joined the meeting through video link and briefed participants on implementation progress in their respective jurisdictions. FBR and traders to conduct joint market visits The meeting reviewed the performance of RTOs and CTOs in implementing the Asaan Tax Scheme and assessed progress achieved so far. Under the new strategy, local trader representatives and FBR field officers will jointly prepare schedules for visits to designated markets. The teams will provide registration facilities directly in markets and assist shopkeepers with completing the registration process. Trader representatives and FBR officials will coordinate arrangements and develop area-specific plans to ensure registration facilities are accessible to shopkeepers. Minister Bilal Azhar Kayani said progress under the initiative would be closely monitored. He also announced that another review meeting would be held next week under his chairmanship to assess implementation of the scheme. First registration plate installed in Islamabad The meeting also reviewed feedback received from traders regarding the Asaan Tax Scheme. Addressing the participants, Kayani said the government, under the patronage of Prime Minister Shehbaz Sharif, had fulfilled its commitment to introduce the scheme in response to demands from the business community. He highlighted the installation of the first official registration plate under the Asaan Tax Scheme in Islamabad as an important milestone in the implementation of the initiative. The minister said registration plates would be installed at the shops of traders joining the scheme across the country from the following day. Scheme aims to broaden tax base Kayani said the initiative would help broaden the tax base while making tax compliance easier for traders. He reaffirmed the government’s commitment to continuously monitor progress and address implementation issues to ensure the scheme achieves its intended objectives. The joint outreach programme is expected to bring FBR officials and trader representatives directly into markets, giving shopkeepers greater access to registration facilities and information about the Asaan Tax Scheme.
CHINA, HK SHARES END HIGHER ON TECH STRENGTH
Date: 2026-09-17
Details: Published September 17, 2026 Updated about 4 hours ago By Reuters SHANGHAI: Mainland China and Hong Kong stocks ended higher on Wednesday, led by tech shares, but gains were capped as investors held back from large bets ahead of the US Federal Reserve’s policy decision later in the day. At the close, the benchmark Shanghai composite index gained 0.7 percent, while the blue-chip CSI300 index advanced 0.7 percent. Both indexes snapped four straight days of losses. Gains were lifted by strength in tech shares, where the ChiNext Composite index was 2 percent higher and Shanghai’s tech-focused STAR50 index jumped 4.1 percent. AI is not a “monopoly of great powers†and the US should work with China to manage risk to create a non-discriminatory development environment, China’s top newspaper, the People’s Daily, said in a commentary on Wednesday. In Hong Kong, the benchmark Hang Seng index inched up 0.2 percent, while the city’s tech shares rose 0.8 percent. Fed Chair Kevin Warsh dislikes giving any guidance about the likely path of US interest rates, but elevated inflation, oil at more than USD100 a barrel, and his own emphasis on the need to deliver price stability and to pay attention to signals from financial market pricing appear to leave little doubt about what’s next. The Fed will raise its interest rate on Wednesday and deliver at least one more hike by the end of March, a Reuters poll showed. “The key question is whether the Fed presents today’s expected hike as a limited adjustment to reinforce inflation credibility or the beginning of a broader tightening cycle,†analysts at Commerzbank said in a note. “A surprise hold could push front-end yields lower but potentially lift longer-term yields if investors interpret the Fed as insufficiently hawkish on inflation, steepening the yield curve.†Separately, US Treasury Secretary Scott Bessent on Tuesday said he would meet with Chinese Vice Premier He Lifeng this weekend ahead of a meeting between President Donald Trump and Chinese President Xi Jinping next week.
OIL SLIPS AS KSA OFFERS MORE CRUDE VIA OMAN
Date: 2026-09-17
Details: Published September 17, 2026 Updated about 5 hours ago By Reuters NEW YORK: Oil prices fell on Wednesday after reports that Saudi Arabia was offering additional crude cargoes through Oman eased some concerns about Middle East supply disruptions, while a smaller-than-expected draw in US crude inventories added further downward pressure. Brent crude futures fell USD2.92, or 2.7 percent, to settle at USD105.83 a barrel. US West Texas Intermediate futures fell USD3.40, or 3.2 percent, to close at USD102.43. Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfers off Oman’s Sohar port, people familiar with the matter said, blunting some of the hit to global supply from attacks on the country’s East-West pipeline to the Red Sea. “News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,†said UBS analyst Giovanni Staunovo. Oil prices had gained more than USD3 in the previous session after shipping industry sources said crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers. The suspension followed strikes on the East-West pipeline, which feeds the Saudi port of Yanbu. Yanbu became Saudi Arabia’s main outlet for oil exports after Iran began blockading the Strait of Hormuz after US and Israeli attacks on the country at the end of February. Prior to the war, Hormuz was the conduit for one-fifth of the world’s oil and liquefied natural gas supply. Visible vessel passage through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday. That was well below the 10-day average of 18. US INVENTORIES WEIGH Oil prices came under further pressure after the US Energy Information Administration on Wednesday reported a smaller-than-expected draw from US crude inventories last week. Crude oil stocks in the top-producing nation fell about 640,000 barrels last week, the EIA data showed, compared to expectations of a 1.62 million barrel draw according to a Reuters poll of energy analysts. US gasoline and distillate inventories rose last week, EIA data showed. The rise in diesel inventories was bigger than expected, while gasoline stockpiles were expected to have declined last week, according to the Reuters poll. The data was bearish for oil prices as it showed refined product stockpiles are maintaining themselves and even rising slightly while crude oil declines are flatlining, said John Kilduff, a partner at Again Capital. Other analysts warned the data has done little to change a market that remains on tenterhooks as violence continues to escalate in the Middle East. “All in all, today’s data did little to sway us away from a long-standing bullish trading stance where buying significant price pullbacks remains much preferable to any attempts to pick a top to this bull market,†oil trading advisor Ritterbusch and Associates told clients in a note. Tensions ratcheted higher in the Middle East as Saudi warplanes pounded Yemen and Iran-backed Houthi fighters launched drones and missiles at Saudi cities. The Houthis, who have swept through Yemeni towns along the Red Sea since last week, said they had launched fresh strikes on Yanbu. Citi expects near-term escalation in the Middle East to continue supporting crude oil and refined fuel prices before the Strait of Hormuz eventually reopens in the fourth quarter of 2026 with support from regional diplomatic efforts, the bank said in a note. Diesel has become the top concern in global oil markets as tensions escalated in recent weeks, as the Middle East is a top supplier of both the fuel and the types of crude oil grades best suited for its production. Ukrainian attacks on refineries in Russia, another major diesel supplier, have further tightened the market and sent prices to record highs. European gasoil futures, a benchmark for diesel prices, settled at a record high on Tuesday. US ultra-low sulfur diesel futures also settled at a record high on Tuesday. “Europe has lost substantial diesel and jet fuel supply from the Middle East, while ongoing tensions in Eastern Europe have disrupted output at several major Russian refineries and prompted Moscow to restrict fuel exports,†said Frank Walbaum, market analyst at Naga.com. The Russian government has decided to extend restrictions on diesel exports for fuel producers until the end of October, Vedomosti daily reported late on Tuesday, citing two unidentified sources.
INDIA RBI MAY INCREASE DEBT SALES TO DRAIN LIQUIDITY AFTER FIRST SUCH AUCTION IN 9 YEARS
Date: 2026-09-17
Details: • India's central bank is actively draining surplus liquidity via bond sales, ensuring expected rate hikes, likely in October, effectively transmit Published September 17, 2026 Updated about 14 hours ago By Reuters MUMBAI: Indian bond traders expect the central bank to step up bond sales for liquidity absorption, as policymakers likely seek to strengthen transmission of expected rate hikes, after the first such auction in nine years recorded strong interest. Excess banking-system liquidity can weaken monetary-policy transmission, reducing banks’ need to borrow at the Reserve Bank of India’s policy rate, delaying increases in lending rates and supporting demand for government bonds. Earlier in the day, the RBI absorbed cash equivalent to nearly 0.2% of total banking-system deposits, selling bonds worth 500 billion rupees ($5.21 billion) under an auction-based open market sale, its first net sale since November 2017. The RBI sold papers maturing between fiscal 2029 and fiscal 2032 at cutoff yields that were slightly above market estimates. It is due to sell papers worth 250 billion rupees each in the next two weeks. “The RBI will likely draw down surplus liquidity through one more tranche of OMO sales or a CRR hike ahead of the October policy review, to ensure any rate action delivers its intended transmission,†said Alok Sharma, head of treasury at ICBC. Traders widely expect a 25-basis-point hike at the RBI’s October policy meeting. India’s banking system liquidity surplus hit a record 11.6 trillion rupees on September 6, boosted by one-off central bank measures to attract foreign currency, but has since eased by a third to around 7.4 trillion rupees due to tax outflows and aggressive foreign exchange intervention from the central bank. The RBI undertook longer-duration variable-rate reverse repo auctions, but moved to a more durable form of cash withdrawal after demand fell short of expectations. “We do not think 1 trillion rupees will be the end of the RBI’s liquidity absorption efforts. The surplus remains exceptionally large and may require several trillion rupees of draining through OMOs and other tools,†said Krishna Bhimavarapu, APAC economist at State Street Investment Management. ICICI Securities Primary Dealership also expects the RBI to withdraw around 2 trillion rupees through bond sales, alongside the start of the rate-hike cycle in
JAPAN'S NIKKEI FLAT AS INVESTORS AWAIT FED, BOJ DECISIONS
Date: 2026-09-16
Details: • The broader Topix gained 0.79% to 4,069.02 after touching an intraday high of 4,072.31 Published September 16, 2026 Updated about 20 hours ago By Reuters TOKYO: Japan’s Nikkei share gauge was flat on Wednesday as the broader market advanced, with investors weighing mixed economic signals and awaiting key central bank decisions. The benchmark Nikkei 225 edged 0.03% lower to 63,462.01 in early trading, poised for a fourth straight session of declines. The broader Topix gained 0.79% to 4,069.02 after touching an intraday high of 4,072.31. Investors remained cautious ahead of policy decisions by the Federal Reserve later on Wednesday and the Bank of Japan on Friday, with both expected to raise rates. Wall Street extended its selloff overnight, as rising US Treasury yields, debt concerns and soaring crude prices weighed on sentiment. Meanwhile, trade data released on Wednesday showed Japan’s exports rose 19.3% year-on-year, but a sharp 28% jump in imports left a trade deficit of 1.106 trillion yen ($7.5 billion), underscoring the impact of higher energy costs. “US markets ended lower but losses were limited, and investors are likely to stay on the sidelines ahead of the Fed and the Bank of Japan’s policy meeting, making sharp moves unlikely,†Monex Securities’ Yoshitaka Araya said in a note. Oil and coal product shares led gains among Topix industry groups, rising 5.14%, supported by a jump in Idemitsu Kosan that put it on track for a record close. Mining and marine transportation shares also advanced, up 3.37% and 2.33%, respectively, while information and communication shares lagged, down 1.20%. Breadth was positive, with 172 advancers on the Nikkei 225 against 52 decliners and one unchanged. The largest percentage gainers in the index were Idemitsu Kosan, up 5.59%, followed by Eneos Holdings, up 5.24%, and Mitsui Chemicals, up 3.80%. The biggest losers were Sumitomo Pharma, down 4.74%, followed by Otsuka Holdings, down 4.42%, and Mercari, down 4.37%.
ALTERNATIVE MEDICINES, HEALTH PRODUCTS: LCCI HOLDS SESSION ON INTEGRATED ONLINE
Date: 2026-09-16
Details: PORTAL Published September 16, 2026 Updated about 23 hours ago By Recorder Report LAHORE: An interactive session on “The Integrated Online Portal for Alternative Medicines and Health Products†was held under the auspices of the Health & OTC Standing Committee of the Lahore Chamber of Commerce & Industry (LCCI). The session was graced by senior officials from the Drug Regulatory Authority of Pakistan (DRAP), including Manzoor Buzdar, Director Health & OTC; Arsalan Tariq, Deputy Director; and Yasir Mehmood, Deputy Director MIS, along with Shamim Akhtar, Convener, Health & OTC Standing Committee, LCCI, and leaders and representatives of relevant industry associations. The session received an overwhelming and encouraging response, bringing together a large number of stakeholders from the Allopathic, Homeopathic, Nutraceutical, Herbal and allied health-product sectors, while a significant number of participants also joined online. The discussion provided an important platform for stakeholders to share their practical challenges, concerns and valuable suggestions regarding the proposed integrated online portal. The DRAP team provided valuable insight into the digital initiative, while participants discussed how an integrated platform could simplify regulatory processes, improve coordination, enhance transparency, facilitate businesses and make regulatory services more accessible to stakeholders. The enthusiastic participation reflected the industry’s strong commitment to digital transformation, regulatory facilitation and a more efficient, transparent and stakeholder-friendly regulatory ecosystem. The Health & OTC Standing Committee of LCCI, under the convenership of Shamim Akhtar, remains committed to strengthening constructive engagement between DRAP, industry associations and the business community, and to supporting initiatives that promote ease of doing business and sustainable growth of Pakistan’s health-products sector. Copyright Business Recorder, 2026
OIL SLIPS AS SAUDI ARABIA OFFERS MORE CRUDE VIA OMAN
Date: 2026-09-16
Details: • Brent crude futures were down $3.63, or 3.3%, at $105.12 a barrel Published September 16, 2026 Updated about 10 hours ago By Reuters NEW YORK: Oil prices fell on Wednesday after reports that Saudi Arabia was offering more crude cargoes via Oman eased some concerns about Middle East supply disruptions, and a smaller-than-expected draw from the U.S. crude stockpile added more downward pressure. Brent crude futures were down $3.63, or 3.3%, at $105.12 a barrel by 11:23 a.m. EDT (1523 GMT). U.S. West Texas Intermediate futures were down $4.11, or 3.9%, at $101.72. Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfers off Oman’s Sohar port, people familiar with the matter said, blunting some of the hit to global supply from attacks on the country’s East-West pipeline to the Red Sea. “News around Saudi Arabia exporting from the Gulf suggests concerns that the disruption could be larger are easing,†said UBS analyst Giovanni Staunovo. Oil prices had gained more than $3 in the previous session after shipping industry sources said crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers. The East-West pipeline feeds the port of Yanbu, which became Saudi Arabia’s main outlet for oil exports after Iran began blockading the Strait of Hormuz in retaliation for U.S. and Israeli attacks on the country at the end of February. Prior to the war, Hormuz was the conduit for one-fifth of the world’s oil and liquefied natural gas supply. Visible vessel passage through the Strait of Hormuz remained in the single digits at four on Tuesday, down from seven a day earlier, preliminary shipping data showed on Wednesday. That was well below the 10-day average of 18. US inventories weigh Oil prices came under further pressure after the U.S. Energy Information Administration on Wednesday reported a smaller-than-expected draw from U.S. crude inventories last week. Crude oil stocks in the top-producing nation fell about 640,000 barrels last week, the EIA data showed, compared to expectations of a 1.62 million barrel draw according to a Reuters poll of energy analysts. U.S. gasoline and distillate inventories rose last week, EIA data showed. The rise in diesel inventories was bigger than expected, while gasoline stockpiles were expected to have declined last week, according to the Reuters poll. The data was bearish for oil prices as it showed refined product stockpiles are maintaining themselves and even rising slightly while crude oil declines are flatlining, said John Kilduff, a partner at Again Capital. Middle East escalation Tensions ratcheted higher in the Middle East as Saudi warplanes pounded Yemen and Houthis launched drones and missiles at Saudi cities. The Houthis, who have swept through Yemeni towns along the Red Sea since last week, said they had launched fresh strikes on Yanbu. Citi expects near-term escalation in the Middle East to continue supporting crude oil and refined fuel prices before the Strait of Hormuz eventually reopens in the fourth quarter of 2026 with support from regional diplomatic efforts, the bank said in a note. Diesel has become the top concern in global oil markets as tensions escalated in recent weeks, as the Middle East is a top supplier of both the fuel and the types of crude oil grades best suited for its production. Ukrainian attacks on refineries in Russia, another major diesel supplier, have further tightened the market and sent prices to record highs. European gasoil futures, a benchmark for diesel prices, settled at a record high on Tuesday before easing on Wednesday. U.S. ultra-low sulfur diesel futures also settled at a record high on Tuesday. “Diesel’s strength reflects a product-specific shortage layered on top of expensive crude,†said Frank Walbaum, market analyst at Naga.com. “Europe has lost substantial diesel and jet fuel supply from the Middle East, while ongoing tensions in Eastern Europe have disrupted output at several major Russian refineries and prompted Moscow to restrict fuel exports.†Last week, the U.S. national average price of diesel surpassed $6 a gallon for the first time ever. The Russian government has decided to extend restrictions on diesel exports for fuel producers until the end of October, Vedomosti daily reported late on Tuesday, citing two unidentified sources. “I would expect, unless there is a peace deal or an improvement in the situation in Russia, that diesel prices stay supported,†said Staunovo at UBS.
FBR STREAMLINES TAX YEAR 2027 EXEMPTION CERTIFICATES WITH NEW ELIGIBILITY RULES
Date: 2026-09-12
Details: FBR revises exemption certificate rules for Tax Year 2027, linking eligibility to a 90% income distribution requirement and formal approval status. ISLAMABAD: The Federal Board of Revenue (FBR) has revised the rules governing the issuance of income tax exemption certificates for Tax Year 2027, introducing new eligibility conditions for specified persons and approved not-for-profit organisations. The changes have been explained in Income Tax Circular No. 2 of 2026-27, issued to clarify major amendments to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2026. According to the FBR, amendments have been made to Section 159 to streamline the issuance of exemption certificates for persons covered under clauses (99) and (99C) of Part I of the Second Schedule, as well as not-for-profit organisations approved under Section 2(36)(c) of the Ordinance. For this purpose, the FBR has introduced sub-sections (1C) and (1D) in Section 159. 90% income distribution requirement Under newly introduced sub-section (1C), a person will qualify for an exemption certificate for the subsequent tax year if they distributed 90% or more of their accounting income in accordance with clauses (99) and (99C) of Part I of the Second Schedule during the immediately preceding tax year. The requirement links eligibility for the exemption certificate to the taxpayer’s compliance with the prescribed income-distribution condition. Where a person has no preceding tax year because they have commenced business for the first time, the exemption certificate will instead be issued on the basis of an undertaking submitted to the Commissioner. Under the undertaking, the person must commit to distributing the required 90% or more of accounting income during the relevant tax year. Certificates for approved not-for-profit organisations The FBR has also introduced sub-section (1D) covering persons approved under sub-clause (c) of clause (36) of Section 2. Under the new provision, a person granted such approval for a tax year will be eligible to receive an exemption certificate under Section 159(1) for the whole tax year. This provides a clearer basis for issuing exemption certificates to approved not-for-profit organisations and links the benefit to their formal approval under the Income Tax Ordinance. FBR clarifies exemption certificate eligibility The amendments are intended to simplify the exemption certificate process for qualifying taxpayers and organisations while linking eligibility more clearly to prescribed income-distribution requirements and formal approval status. The new framework also provides a specific mechanism for businesses commencing operations for the first time, allowing them to obtain an exemption certificate through an undertaking rather than relying on a previous year’s distribution record. The latest changes form part of the broader tax reforms introduced through the Finance Act, 2026 and explained by the FBR in Income Tax Circular No. 2 of 2026-27.
FBR RESETS PROPERTY TAX COLLECTION WITH FLAT-RATE ADVANCE TAXES
Date: 2026-09-12
Details: FBR reduces advance tax rates on property sales and purchases, replacing higher slab-based rates with lower flat rates under the Finance Act, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has announced reduced advance tax rates on property transactions, replacing earlier higher, slab-based rates with lower flat rates. The changes have been outlined in Income Tax Circular No. 2 of 2026-27, which explains major amendments to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2026. Under the revised provisions, advance tax collected from sellers and purchasers at the time of registering, recording or attesting the transfer of immovable property has been reduced. Tax on sale of property Following the substitution of Division X of Part IV of the First Schedule, advance tax collected under Section 236C on the sale or transfer of immovable property has been set at a flat rate of 2.75% of the gross amount of consideration received. The revised rate replaces the earlier slab-based structure, simplifying the calculation of advance tax on property sales. The change is expected to lower the upfront tax liability for sellers compared with the previous rates. Tax on purchase of property The FBR has also revised advance tax on the purchase of immovable property. Following the substitution of Division XVIII of Part IV of the First Schedule, advance tax collected under Section 236K will now be charged at a flat rate of 1.25% of the fair market value of the immovable property. The new rate replaces the previous higher, slab-based rates applicable to property purchasers. The revised structure is intended to reduce the initial tax burden associated with property purchases while making the calculation and collection of advance tax more straightforward. Advance tax on international cards cut The FBR has also reduced the advance tax rate applicable to transactions through international credit, debit and prepaid cards. Under Division XXVII, the rate has been reduced from 5% to 0.5%. The amendment represents a substantial reduction in the advance tax applicable to international card transactions. Tax on TV plays and advertisements abolished The FBR has also made a consequential amendment following the abolition of advance tax on TV plays and advertisements under Section 236CA. As the tax has been abolished, Division XA of Part IV of the First Schedule has been omitted. This removes the corresponding advance tax provision from the First Schedule of the Income Tax Ordinance, 2001. FBR revises advance tax framework The latest changes form part of broader amendments introduced through the Finance Act, 2026, aimed at revising advance tax provisions and rationalising selected tax rates under the Income Tax Ordinance, 2001. The move reduces certain upfront tax obligations while replacing complex slab-based calculations with simpler flat rates for specified property transactions. For the property sector, the revised rates could provide greater clarity for buyers and sellers when estimating their tax liabilities at the time of transferring immovable property.
FBR OPENS DOOR TO TAXPAYER RE-AUDITS UNDER NEW TAX YEAR 2027 RULES
Date: 2026-09-12
Details: FBR gives tax officials new powers to order taxpayer re-audits under Section 177, subject to a hearing and prior approval from the Chief Commissioner. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that tax officials may order the re-audit of taxpayers’ accounts during Tax Year 2027 under amendments introduced through the Finance Act, 2026. The FBR explained the new provision in Income Tax Circular No. 2 of 2026-27, which sets out major amendments made to the Income Tax Ordinance, 2001. According to the FBR, a new sub-section (68) has been inserted into Section 177 of the Income Tax Ordinance, empowering the Commissioner to order a re-audit in specified circumstances. FBR sets conditions for re-audit Under the amended provision, the Commissioner may consider several factors when deciding whether a re-audit is required. These include the nature and complexity of the taxpayer’s accounts, the volume of accounts, doubts regarding their correctness, the multiplicity of transactions and the specialised nature of the taxpayer’s business. However, the Commissioner cannot order a re-audit without following specified procedural requirements. The taxpayer must first be provided with a reasonable opportunity of being heard. The Commissioner must also obtain prior approval from the Chief Commissioner before directing a re-audit. Re-audit may involve specialist professionals Once the required approval has been obtained, the Commissioner may direct that the taxpayer’s accounts be examined again by an accountant. The amended provision also allows inventory to be re-valued by a cost accountant, while actuarial values contained in the accounts may be determined by an actuary. The professionals appointed for these purposes must be selected from a panel nominated by the FBR. This provision gives tax authorities access to specialised expertise when dealing with complex accounts, inventory valuations or actuarial calculations. Taxpayers can object to nominated professionals The amendment also introduces a mechanism through which a registered person may object to the nomination of a particular accountant or cost accountant. This provides taxpayers with an avenue to raise concerns about the professional selected for the re-audit or valuation process. The mechanism forms part of the procedural safeguards accompanying the FBR’s expanded re-audit powers. New re-audit powers strengthen tax scrutiny The new provision is intended to provide tax authorities with additional tools to examine complex or questionable accounts while maintaining procedural safeguards for taxpayers. The requirement to provide a reasonable opportunity of being heard, together with the need for prior approval from the Chief Commissioner, creates an additional layer of oversight before a re-audit can be ordered. The changes form part of the wider reforms introduced through the Finance Act, 2026 to strengthen tax administration, improve scrutiny of taxpayer declarations and enhance the FBR’s audit and assessment framework for Tax Year 2027.
FBR TO ISSUE COMPLETE REPORT OF TAXPAYER AUDIT
Date: 2026-09-12
Details: FBR requires Inland Revenue officers to document audit observations and findings after considering taxpayers’ explanations. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a requirement for Inland Revenue officers to issue a complete audit report containing their observations and findings after completing sales tax audit proceedings. The FBR issued Circular No. 1 of 2026 to explain key amendments to the Sales Tax Act, 1990, introduced through the Finance Act, 2026. According to the circular, the previous Section 25 of the Sales Tax Act, 1990, did not require an Inland Revenue officer to issue a formal audit report after completing audit proceedings. However, a new sub-section (8B) of Section 25 has now been inserted, requiring the Inland Revenue officer to issue an audit report containing the audit observations and findings. The report must be issued after obtaining the registered person’s explanation on all issues raised during the audit. The amendment is intended to improve transparency in the sales tax audit process by formally documenting the findings of tax authorities while ensuring that taxpayers’ explanations are considered before the audit report is finalised. Commissioner empowered to order re-audit The FBR has also introduced a new sub-section (8A) of Section 25, empowering the Commissioner to direct a registered person to have their accounts re-audited by an accountant and their inventory revalued by a Cost Accountant. According to the FBR, the Commissioner may exercise this power after considering several factors, including the nature and complexity of the accounts, volume of transactions, doubts regarding the correctness of accounts and multiplicity of transactions. However, the Commissioner is required to provide the registered person with a reasonable opportunity of being heard before exercising these powers. The amendments strengthen the FBR’s ability to scrutinise sales tax records while introducing additional procedural safeguards for registered persons. The requirement to issue a complete audit report also provides taxpayers with a formal record of the tax authorities’ observations and findings following the completion of audit proceedings. Overall, the changes seek to enhance the effectiveness and transparency of sales tax audits while ensuring that registered persons have an opportunity to respond to issues identified by Inland Revenue officers.
FBR MANDATES SALES TAX INVOICES FOR EXEMPT SUPPLIES
Date: 2026-09-12
Details: Registered persons must now issue invoices for taxable and exempt supplies, including advance receipts, under the amended Sales Tax Act. ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for registered sales tax persons to issue invoices for both taxable and exempt supplies, as part of its ongoing drive to digitalise Pakistan’s sales tax system. The FBR issued Circular No. 1 of 2026, explaining major amendments to the Sales Tax Act, 1990 introduced through the Finance Act, 2026. According to the circular, under the existing sub-section (1) of section 23 of the Sales Tax Act, 1990, a registered person was previously required to issue a sales tax invoice only for taxable supplies. The provision has now been amended to require registered persons to issue invoices for both taxable and exempt supplies. The requirement also applies to invoices issued against advance receipts. FBR invoice number required The invoices must carry a verifiable and unique FBR invoice number, enabling the tax authority to digitally track and verify transactions. The introduction of a unique invoice number is expected to give the FBR greater visibility over commercial transactions and strengthen its ability to verify information submitted by registered persons. The measure forms part of the Board’s wider digitalisation of sales tax administration and its efforts to improve transparency in the declaration of business activities. Exempt supplies brought into digital trail The amendment will give the tax authority greater visibility into transactions involving both taxable and exempt supplies. Previously, exempt supplies did not fall within the same invoicing requirement under the relevant provision. Bringing them within the mandatory invoicing framework will create a digital trail for a broader range of commercial transactions. The FBR is expected to use the additional transaction data to strengthen documentation and monitoring of economic activity while improving compliance with sales tax requirements. FBR expands sales tax monitoring The new requirement is also intended to reduce gaps in sales tax reporting by ensuring that transactions involving exempt supplies are documented through invoices that can be digitally verified. The measure expands the scope of the existing invoicing framework while supporting the FBR’s wider shift towards digital monitoring and data-based sales tax administration. Registered sales tax persons will therefore need to ensure that invoices issued for taxable and exempt supplies, including relevant advance receipts, meet the amended requirements and contain the required FBR invoice identification.
FBR EXPLAINS FACELESS SALES TAX ASSESSMENT REGIME FOR TAX YEAR 2027
Date: 2026-09-12
Details: The new regime will separate taxpayers from tax officials during assessment, audit and related proceedings through a National Faceless Centre. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined a new faceless sales tax assessment regime that will apply from Tax Year 2027 onwards, aimed at separating taxpayers from tax officials during assessment, audit and related proceedings. According to FBR Circular No. 1 of 2026, the Finance Act, 2026 introduced a comprehensive faceless framework into the Sales Tax Act, 1990. The definition of “assessment†under section 2(17A) has been expanded to include faceless assessment, while a new section 32C provides for the establishment of a National Faceless Centre. National Faceless Centre to conduct proceedings The National Faceless Centre will conduct sales tax proceedings through electronic means and may comprise a Director General, Chief Commissioners, Commissioners and other prescribed authorities. Its wings and units will perform separate functions, with audit, assessment and quality control in a specific case and tax period assigned to different officers. All communication between the relevant units and registered persons or their authorised representatives will take place electronically. The separation of functions is intended to create a more structured assessment process while reducing direct interaction between taxpayers and individual tax officials. Faceless audits and e-hearings introduced Under newly inserted section 11H, audits under sections 25 and 72B for cases specified by the Board may also be conducted through the faceless system. Where a hearing or statement on oath is required, proceedings will be conducted through an e-hearing. The identity of the officer conducting the proceedings, including their facial and voice identity, will remain confidential under the new framework. This provision establishes electronic hearings as part of the faceless assessment and audit process while maintaining the confidentiality of the officials involved. Appeals can also be processed electronically The new section 45C allows appeals under section 45B to be processed through the National Faceless Centre. Meanwhile, section 30AA provides faceless jurisdiction to Inland Revenue authorities appointed at the centre. Such jurisdiction may be exclusive or concurrent, while the identity of the authority exercising jurisdiction will remain confidential. Notices and assessments cannot be challenged solely on confidentiality The amended law further provides that notices, orders, demands or assessments cannot be challenged solely on the grounds of lack of jurisdiction or the confidentiality of the authority’s identity. The new framework represents a significant shift towards technology-based administration of sales tax proceedings. By separating assessment, audit and quality-control functions and conducting communication and hearings electronically, the FBR aims to establish a more structured and digitally managed sales tax assessment process from Tax Year 2027.
FBR EMPOWERED TO INCREASE OR REDUCE SALES TAX ADJUSTMENT RATIO
Date: 2026-09-12
Details: The FBR can now adjust the input tax adjustment ratio based on taxpayers’ compliance with digital invoicing, POS and other electronic systems. ISLAMABAD: The Federal Board of Revenue (FBR) has been empowered to increase or reduce the ratio of input tax adjustment for sales tax during Tax Year 2027, depending on taxpayers’ compliance with the Board’s digital and electronic systems. The FBR issued Circular No. 1 of 2026 explaining major amendments to the Sales Tax Act, 1990 introduced through the Finance Act, 2026. According to the circular, an amendment to Section 8B of the Sales Tax Act, 1990 empowers the Board to reduce or enhance the ratio of input tax adjustment based on taxpayers’ compliance or non-compliance with its digital and electronic systems. Digital compliance linked to tax adjustment The amended provision covers a range of systems used by the FBR for digital integration and monitoring of economic activity. These include production monitoring systems, digital invoicing, e-bility, point-of-sale (POS) systems and other electronic systems used for the digital integration of data. Under the revised framework, the extent to which a taxpayer can adjust input tax will therefore be linked to their compliance with the FBR’s digital integration requirements. Taxpayers that comply with the specified digital and electronic systems could benefit from an enhanced input tax adjustment ratio, while non-compliance could result in a reduction. FBR strengthens digital sales tax monitoring The amendment forms part of the government’s broader efforts to increase electronic monitoring and documentation of economic activity and improve sales tax compliance. By linking input tax adjustment with digital compliance, the FBR aims to encourage businesses to integrate their operations with the Board’s electronic systems and improve the flow of transaction data. The revised powers will apply during Tax Year 2027 and represent another step towards expanding digital enforcement and documentation within Pakistan’s sales tax regime. The measure is expected to place greater importance on taxpayers’ compliance with FBR-mandated digital systems when determining their entitlement to input tax adjustments.
FBR BARRED FROM WITHHOLDING REFUNDS ABOVE RS390BN
Date: 2026-09-12
Details: Published September 11, 2026 Updated about 23 hours ago ISLAMABAD: The government has agreed with the International Monetary Fund (IMF) to limit the Federal Board of Revenue’s (FBR) outstanding tax refund stock to Rs390 billion, effectively barring the tax machinery from withholding refunds beyond the agreed ceiling. This was revealed by senior FBR officials while briefing the Senate Standing Committee on Finance and Revenue, which met with Saleem Mandviwalla in the chair here on Thursday. An FBR official added that refunds of Rs500 billion were paid during the last fiscal year. Minister of State for Finance Bilal Azhar Kiyani, during informal talks with the media before the start of the committee meeting, hinted that an IMF staff mission may arrive on September 23 or 24. The committee met to consider matters relating to tax refunds, sales tax on unsold jewellery returned under the Self-Consignment Scheme, honorarium for medical staff deployed during the Budget Session, and other financial and banking issues. The officials said the FBR had already disbursed around Rs197 billion in refunds during the first two months of the current fiscal year, up Rs40 billion from Rs157 billion paid during the corresponding period last year. The Committee was informed that the matter regarding payment of honorarium equivalent to five months’ basic pay to medical staff performing duties during the Budget Session in Parliament House has been resolved. Kayani stated that the Ministry of Finance and Revenue has issued the requisite instructions in this regard. The Committee also discussed the withholding of legitimate income tax refunds by the Federal Board of Revenue (FBR). Representatives of the affected chemical company stated that its tax refunds had remained pending for the last six years, with more than Rs270 million. The Committee observed that delayed refunds adversely affect the cash flow of businesses and must be amicably addressed. Mandviwalla highlighted that under the new system, refunds were expected to be processed within 72 hours. FBR officials assured the Committee that the matter would be resolved within one month. The Committee also directed the FBR to release the refunds and report to the Committee within 30 days. Senator Talha Mahmood stressed the need to make the FBR more taxpayer-friendly and sought details of tax refunds for the last five years. FBR officials informed the Committee that a new system had been introduced to reduce discretion, and now refunds are being issued systemically in sequence. The officials further informed the Committee that refunds amounting to approximately Rs197 billion had been issued during the first two months of the current fiscal year, compared to Rs157 billion during the corresponding period of the previous fiscal year, representing an increase of Rs40 billion. Under the IMF-related condition, the FBR cannot retain refunds exceeding Rs390 billion, and therefore refunds cannot be withheld for an extended period. Senator Abdul Qadir observed that if a taxpayer receives a refund after two years, it indicates that the refund was genuinely due. He called for action against officials responsible for unnecessary delays in the release of refunds. The Committee received a further briefing from the State Bank of Pakistan on the implementation of Foreign Exchange Circular No. 16 of June 24, 1999, regarding payment of interest/profit on Foreign Currency Accounts and measures aimed at protecting foreign investment and depositor confidence. Additionally, the Committee was also briefed on the request of the Jewellers & Gems Traders Association of Pakistan for removal of the sales tax on unsold jewellery returned under the Self-Consignment Export Scheme. The FBR Officials informed that under the Entrustment Scheme, import of unsold jewellery is exempted from sales tax after completion of the required customs documentation. The representatives of the Jewellers & Gems Traders Association of Pakistan pointed out that while exports are exempted from taxes, an 18 percent sales tax is imposed when the unsold gold and jewellery are returned under the self-consignment scheme, creating an additional burden on exporters. They also highlighted issues relating to the treatment of gold and gemstones under the relevant SRO 760(I)/2013. In view of the SRO, the Chairman of the Committee stated that the Ministry of Commerce would be invited to the next meeting to discuss the matter and resolve it amicably. Copyright Business Recorder, 2026
‘KPRA SAHULAT’ MOBILE APP LAUNCHED TO FACILITATE TAXPAYERS
Date: 2026-09-12
Details: Published September 11, 2026 Updated about 22 hours ago PESHAWAR: Khyber Pakhtunkhwa Revenue Authority (KPRA) has officially launched its dedicated mobile application, ‘KPRA Sahulat’, on the Google Play Store. The application is designed to provide citizens, taxpayers, and business owners with seamless digital access to essential sales tax services and transparent grievance redressal mechanisms. The KPRA Sahulat app serves as a comprehensive citizen services platform. Its key features include real-time invoice verification through QR code scanning, a direct reporting system for unverified or suspicious receipts, an interactive sales tax calculator, offline access to Schedule-II tax rates, and a live tax calendar to track filing deadlines. Additionally, citizens can verify registered businesses via NTN; track submitted complaints, and access official notifications and taxpayer guides. Highlighting the significance of the digital milestone, Director General KPRA, Miss Irum Naz, stated that the initiative directly aligns with the provincial government’s vision of governance reform and public service delivery. “KPRA Sahulat represents a major stride forward in empowering the people of Khyber Pakhtunkhwa. In alignment with the forward-looking vision of Chief Minister Muhammad Sohail Afridi and Chief Secretary Shahab Ali Shah, KPRA remains steadfast in providing accessible, transparent, and seamless public services. This digital platform equips citizens with the tools they need to engage effortlessly, exercise their rights, and voice their concerns with complete ease and confidence,“ said DG KPRA. DG KPRA expressed her sincere gratitude to the Advisor to the Chief Minister of Finance, Muzzammil Aslam, and Secretary Finance, Captain Kamran Ahmad Afridi (retd), whose continuous support and guidance have enabled KPRA to make remarkable strides and emerge as an exemplary public sector institution. Miss Irum Naz lauded the dedicated efforts of the KPRA ICT team for conceptualizing and developing the application in-house to serve the citizens of Khyber Pakhtunkhwa effectively. Addressing iOS users, DG KPRA announced that the development team is actively finalizing the iOS version of the application, which will soon be available on the Apple App Store to ensure complete coverage across all mobile platforms. The KPRA Sahulat app is currently available for download free of charge on the Google Play Store for all Android users. Copyright Business Recorder, 2026
RTO HYDERABAD EXPLAINS TO SHOPKEEPERS FIXED TAX SCHEME
Date: 2026-09-11
Details: Published September 11, 2026 Updated about an hour ago By Recorder Report HYDERABAD: On the directions of the Chief Commissioner Inland Revenue, RTO Hyderabad, the officers of Federal Board of Revenue (FBR) along with staff have visited Gul Centre and nearby markets to create awareness among small traders about the Small Shopkeepers Fixed Tax Scheme, a dedicated facilitation scheme launched by FBR for small shopkeepers. An information desk was set up at Gul Centre where officers engaged directly with shopkeepers, explained the scheme’s simple registration process, nominal fixed tax rates, and the ease of enrolment through FBR’s online portal and app. Traders were assured that the scheme is facilitative, not punitive, and were encouraged to become part of the formal tax net. The team also visited Dawlance Electronics showroom, where officers held a detailed, cordial sitting with the proprietor and staff, addressing their queries and reaffirming FBR’s facilitative approach. The visit was well received, with shopkeepers appreciating the department’s outreach and assuring cooperation. The Chief Commissioner Inland Revenue, RTO Hyderabad, said such awareness drives will continue across the city’s commercial hubs, and reiterated that the initiative reflects the department’s policy of taking taxpayers into confidence through dialogue and facilitation rather than enforcement. Copyright Business Recorder, 2026
PAKISTAN CUTS SMARTPHONE IMPORT DUTIES AS PREMIUM HANDSET CHARGES FALL
Date: 2026-09-11
Details: Written by Hamza Shahnawaz in IT & Telecom, Taxation Pakistan reduces regulatory and additional customs duties on imported mobile phones for FY2026-27, with premium smartphones receiving the largest cut. Pakistan has reduced regulatory duty (RD) and additional customs duty (ACD) on imported mobile phones for fiscal year 2026-27, lowering the duty burden on premium smartphones and other cellular devices. According to a brief issued by the Ministry of Commerce, the regulatory duty on completely built-up (CBU) smartphones priced above $500 has been reduced from Rs22,000 to Rs17,600 per handset. The move represents a saving of Rs4,400 per phone, equivalent to a 20% reduction in the fixed regulatory duty for the highest-priced handset category. Revised mobile phone regulatory duty rates Under the revised tariff structure, ACD has been reduced from 6% to 4% across the listed smartphone and cellular-phone categories. Regulatory duty has also been lowered according to the value of imported handsets. The revised RD slabs for CBU smartphones are: • Up to $30: Rs240, down from Rs300 • $30-$100: Rs2,400, down from Rs3,000 • $100-$200: Rs6,000, down from Rs7,500 • $200-$350: Rs8,800, down from Rs11,000 • $350-$500: Rs12,000, down from Rs15,000 • Above $500: Rs17,600, down from Rs22,000 For smartphones and cellular phones imported in completely knocked-down (CKD) or semi-knocked-down (SKD) condition, regulatory duty has been reduced from 5% to 4%. ACD on these categories has also been cut from 6% to 4%. Duty cuts introduced under FY2026-27 Budget The Ministry of Commerce said the tariff reductions were introduced under the FY2026-27 Budget as part of wider tariff rationalisation measures under the National Tariff Policy 2025-30. The changes are aimed at streamlining the tariff structure while supporting the government’s broader objectives for the mobile-device sector. Mobile phone imports surge The duty reductions come after a significant increase in Pakistan’s mobile phone imports during FY2025-26. According to the ministry, total imports of smartphones and cellular phones increased from $1.497 billion to $1.888 billion during the year. Imports of CBU smartphones more than doubled to $357.7 million, indicating stronger demand for fully assembled handsets. The rise in imports highlights growing demand for mobile devices in Pakistan, particularly for smartphones imported in finished form. Mobile manufacturing policy expires The ministry also noted that the Mobile Device Manufacturing Policy 2020-25 has expired, while a new policy has yet to receive approval from the federal government. However, incentives previously available to mobile phone manufacturers and assemblers under the expired policy remain protected through the Fifth Schedule of the Customs Act, 1969. This provides continued support for existing industry incentives while the government considers the framework for a new mobile-device manufacturing policy. Premium smartphones could become more affordable The latest tariff adjustments are expected to reduce the import duty burden on mobile handsets, with the most significant fixed-duty saving applying to smartphones priced above $500. The reduction could make imported premium smartphones relatively more affordable, although the final retail price will also depend on other taxes, exchange-rate movements, import costs and market conditions. At the same time, the government is continuing to support domestic mobile-device assembly and manufacturing through existing tariff incentives. The latest measures therefore seek to balance lower import costs for consumers with continued policy support for the development of Pakistan’s local mobile-device industry.
RTO HYDERABAD TAKES TAX AWARENESS DRIVE TO SMALL SHOPKEEPERS
Date: 2026-09-11
Details: Written by Faisal Shahnawaz in Taxation FBR officials explain fixed tax scheme, online registration and facilitation measures to traders in Hyderabad markets. The Regional Tax Office (RTO) Hyderabad has launched an awareness campaign to educate small traders about the Federal Board of Revenue’s (FBR) Small Shopkeepers Fixed Tax Scheme. The initiative is aimed at helping small businesses understand the registration process and encouraging them to join the formal tax system. The awareness drive was conducted on the instructions of the Chief Commissioner Inland Revenue, RTO Hyderabad. FBR officers and staff visited Gul Centre and surrounding commercial markets to directly engage with shopkeepers and provide information about the newly introduced facilitation scheme. An information desk was established at Gul Centre, where tax officials explained key features of the scheme to traders. The officials briefed shopkeepers about the simplified registration procedure, fixed tax rates and available digital options for enrolment through the FBR’s online portal and mobile application. Officials also clarified that the FBR fixed tax scheme for small shopkeepers has been designed as a facilitative measure rather than an enforcement-focused initiative. Traders were encouraged to register and become part of the documented economy while benefiting from a comparatively straightforward tax compliance process. As part of the campaign, the RTO Hyderabad team also visited a Dawlance Electronics showroom. Officers held a detailed discussion with the proprietor and employees, responding to their questions and explaining the practical aspects of the fixed tax arrangement. The interaction was described as positive, with traders welcoming the department’s efforts to communicate directly with the business community. Shopkeepers also assured the visiting officials of their cooperation with the registration and documentation process. The Chief Commissioner Inland Revenue said the awareness campaign would continue at commercial centres across Hyderabad. The official stressed that the department intends to build greater taxpayer confidence through communication, guidance and facilitation. The ongoing outreach reflects FBR’s broader efforts to expand the documented tax base by bringing smaller businesses into the formal system through simplified compliance measures.
KTBA DEMANDS 2026 RETURN FILING DEADLINE EXTENSION AMID HIGH REPORTING REQUIREMENTS
Date: 2026-09-11
Details: Written by Faisal Shahnawaz in Taxation Karachi Tax Bar Association urges FBR to extend the Tax Year 2026 return deadline, citing increased disclosures, IRIS issues and growing compliance demands. KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns for Tax Year 2026, citing a substantial increase in reporting and disclosure requirements. The KTBA said the FBR’s objective of obtaining more comprehensive information through income tax return declarations had significantly increased the time required by taxpayers and tax professionals to prepare and electronically file accurate returns. The association called on the FBR to provide taxpayers with sufficient additional time to meet the enhanced reporting requirements and achieve the highest possible level of compliance. A KTBA delegation met FBR Chairman Rashid Mehmood Langrial in Karachi on September 9, 2026, to discuss several taxation matters, including income tax return filing, refunds of tax collected under Section 7E of the Income Tax Ordinance, 2001, taxpayer facilitation and measures to improve voluntary compliance. The FBR delegation included Member Inland Revenue (Operations) Zubair Bilal, Member Inland Revenue (Policy) Sajjad Taslim Azam and Chief Revenue Domain Officer of Pakistan Revenue Automation Limited (PRAL) Zain ul Abideen Sahi. The KTBA delegation was led by President Mehmood Bikiya and included former President Abdul Qadir Memon, Vice President Saud ul Hassan, General Secretary Shams Mohiuddin, Joint Secretary Abdul Wahab and Librarian Muhammad Tarique. IRIS return filing issues discussed The meeting reviewed technical problems affecting income tax return forms and the IRIS portal. The FBR acknowledged KTBA’s active engagement with PRAL to help resolve technical issues and facilitate timely return filing. According to the meeting, around 2.2 million income tax returns had been filed by September 9, compared with 1.724 million during the corresponding period of the previous year. The FBR and KTBA agreed that continued coordination was necessary to ensure the smooth functioning of the IRIS portal and the prompt resolution of technical problems. Section 7E tax refunds under review The meeting also discussed refunds relating to tax collected under Section 7E of the Income Tax Ordinance, 2001. The FBR informed the KTBA that a dedicated mechanism was being developed for issuing refunds in light of the judgment of the Federal Constitutional Court. The tax authority said appropriate instructions would be issued for priority processing of eligible refund claims. The proposed mechanism is intended to facilitate taxpayers and improve the efficiency of the refund process. Digital integration and e-invoicing The KTBA welcomed the FBR’s technological and digitalisation initiatives aimed at improving the quality of tax declarations and documentation. However, the association stressed the need for sustained taxpayer awareness and facilitation to support effective implementation. The KTBA also raised concerns over penal action initiated by field formations in certain cases involving the service industry. It requested that such cases be examined individually under the applicable law and dealt with appropriate leniency where warranted to encourage wider compliance. Faceless audits and AI assessments The prospective introduction of faceless assessments and artificial intelligence-based initiatives for future tax assessment and monitoring was also discussed. The KTBA emphasised the importance of preparing taxpayers for the new system through greater awareness and compliance support. The association recommended a phased transition towards the forthcoming assessment regime to minimise avoidable difficulties for taxpayers. FBR seeks support for Shopkeepers Scheme The FBR sought KTBA’s assistance in creating awareness about the Shopkeepers Scheme and encouraging taxpayers to comply with its requirements. The KTBA assured the FBR of its continued cooperation in promoting taxpayer awareness and compliance. The association also expressed its readiness to work with the tax authority to improve taxpayers’ understanding of the scheme. FBR and KTBA reaffirm cooperation The meeting concluded in a constructive and cordial atmosphere, with both sides reaffirming their commitment to regular dialogue and stronger institutional coordination. The FBR and KTBA agreed that continued engagement would help improve tax administration, taxpayer facilitation and voluntary compliance. The KTBA appreciated the FBR Chairman and senior officials for their time, responsiveness and continued engagement with the tax bar.
FBR MAKES ELECTRONIC RETURN FILING MANDATORY UNDER TAX YEAR 2026 CHANGES
Date: 2026-09-11
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation FBR makes electronic income tax return filing mandatory through IRIS and requires companies to submit financial statements in electronically readable formats. ISLAMABAD: The Federal Board of Revenue (FBR) has made electronic return filing mandatory under major changes introduced to the Income Tax Ordinance, 2001 through the Finance Act, 2026. The FBR outlined the changes in Income Tax Circular No. 2 of 2026-27, which explains key amendments relating to the electronic filing of income tax returns and associated documents. Electronic filing through IRIS made mandatory The FBR said sub-section (2A) of Section 114 has been substituted to require taxpayers to file their income tax returns electronically through the IRIS system in the manner prescribed by the Board. The amended provision also empowers the FBR to make rules governing electronic filing, including procedures relating to verification, digital signatures and other matters connected with the electronic submission of returns, statements and documents. The changes establish electronic filing as a central requirement of the income tax return process, further reducing reliance on paper-based submissions. Companies face additional filing requirement The FBR has introduced a specific requirement for companies under the proviso to the amended provision. For Tax Year 2026 and onwards, companies must submit the financial statements accompanying their income tax returns only in an electronically readable file format. The requirement is intended to ensure that financial information submitted by companies can be processed and managed through the FBR’s digital systems. FBR expands digital tax administration The amendments are aimed at strengthening the digital filing framework and enabling the tax authority to process, verify and manage taxpayer information electronically. The latest measures form part of broader digitalisation initiatives introduced through the Finance Act, 2026 to modernise income tax administration and increase reliance on electronic filing and digitally processed taxpayer information. The move is expected to further integrate taxpayers and businesses into the FBR’s digital tax administration system, while providing the Board with information in formats that can be electronically processed.
FBR TIGHTENS CAPITAL GAINS TAX RULES FOR FOREIGN CURRENCY ACCOUNTS
Date: 2026-09-11
Details: Written by Hamza Shahnawaz in Taxation, Top stories FBR revises capital gains tax provisions for securities held through foreign currency and non-resident accounts, strengthening tax collection requirements. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced changes to the capital gains tax framework covering securities transactions and investments held through foreign currency and non-resident accounts. The FBR issued Income Tax Circular No. 2 of 2026-27, explaining major amendments to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2026. Changes to Section 100B Under amendments to Section 100B, references to a non-banking finance company in clause (b) of sub-section (2) have been omitted, along with clauses (c) and (d) of the same sub-section. The changes extend the application of special provisions under Section 37A, read with the rules contained in the Eighth Schedule, to capital gains arising from the disposal of securities by a non-banking finance company, a modaraba and a company in respect of debt securities. A new sub-section (3) of Section 100B has also been introduced covering mutual funds, banking companies and insurance companies. Under the new provision, the National Clearing Company of Pakistan Limited (NCCPL) will compute and determine the capital gain for these entities according to the mechanism prescribed under Section 37A. However, mutual funds, banking companies and insurance companies will continue to deposit tax on capital gains in accordance with the applicable provisions of the Income Tax Ordinance, 2001. Tax deduction on foreign currency accounts The FBR has also revised sub-section (1DA) of Section 152, introducing specific tax deduction requirements for banks maintaining certain foreign currency and non-resident accounts. Under the substituted provision, every banking company maintaining a Foreign Currency Value Account (FCVA), Foreign Currency Business Value Account (FCBVA), Non-Resident Rupee Value Account (NRVA) or Non-Resident Rupee Business Value Account (NRBVA) will be required to deduct tax from capital gains arising from the disposal of specified financial instruments. The requirement applies to capital gains arising from the disposal of debt instruments, government securities and certificates, including their Shariah-compliant variants, where these are invested through the specified accounts. Tax will be deducted at the rate prescribed under Division II of Part III of the First Schedule to the Income Tax Ordinance, 2001. FBR strengthens capital gains tax administration The amendments form part of broader changes introduced through the Finance Act, 2026 to strengthen the collection and administration of tax on capital gains from securities and financial investments. The revised framework also clarifies the role of NCCPL and banking companies in determining and collecting tax on capital gains associated with specified securities and accounts.
FBR SETS FAIR MARKET VALUE AS COST OF INHERITED PROPERTY
Date: 2026-09-11
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation FBR clarifies that inherited immovable property will be assigned its fair market value as the beneficiary’s cost under Finance Act 2026 amendments. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that immovable property acquired through inheritance will be treated at its fair market value as the cost of the property in the hands of the beneficiary under amendments introduced through the Finance Act, 2026. The FBR issued Income Tax Circular No. 2 of 2026-27, explaining major amendments to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2026. Fair market value applies to inherited property Under the newly inserted sub-section (8A) of Section 76, where an individual acquires immovable property through inheritance, the cost of the property in the hands of that individual will be its fair market value. The fair market value will be determined under sub-section (5) of Section 68 at the time the property is transferred to the beneficiary. The amendment provides greater clarity on the valuation of inherited property for income tax purposes, particularly where the beneficiary subsequently disposes of the asset. By establishing the fair market value as the beneficiary’s cost, the provision sets out a clearer basis for determining the tax treatment of any subsequent disposal of the inherited property. FBR clarifies transmission after death The FBR has also introduced an explanation in Section 79 to clarify the scope of property transmission following the death of an individual. Under the explanation, transmission of immovable property to a beneficiary following the death of a person will also include the transmission of assets arising from a family settlement among family members following the person’s death. The clarification effectively brings qualifying family settlements made as a consequence of death within the relevant provisions governing the transmission of assets. Finance Act 2026 expands property tax rules The amendments form part of wider changes to the Income Tax Ordinance, 2001 introduced through the Finance Act, 2026 and explained by the FBR in its latest income tax circular. The revised provisions provide greater certainty over how inherited immovable property and qualifying family settlements are treated for income tax purposes, particularly when inherited assets are later transferred or disposed of.
RTO ISLAMABAD GUIDES SMALL TRADERS ON EASY TAX RETURN FILING
Date: 2026-09-08
Details: Written by Hamza Shahnawaz in Taxation RTO Islamabad holds awareness seminar at ICCI to help small shopkeepers understand income tax return filing under the Small Shopkeepers Return initiative ISLAMABAD: The Regional Tax Office (RTO) Islamabad and its Domain Team held an awareness seminar at the Islamabad Chamber of Commerce and Industry (ICCI) to guide small shopkeepers through the income tax return filing process. More than 100 small traders attended the seminar and received detailed guidance on filing their tax returns under the Small Shopkeepers Return initiative. Tax officials explain return filing process During the session, the Chief Commissioner and Commissioners of RTO Islamabad, along with members of the Domain Team, explained the return filing process step by step. Officials focused on the requirements and procedures relevant to small businesses and highlighted the practical and legal benefits of complying with income tax obligations through the Small Shopkeepers Return. The session was designed to help traders better understand the filing requirements and make the process easier for small businesses. Traders raise technical concerns An interactive question-and-answer session followed the presentation, allowing traders to raise their technical concerns directly with tax officials. The RTO team provided hands-on guidance to participants, helping them understand the filing procedure and address difficulties they might encounter while submitting their returns. The initiative was aimed at improving tax awareness among small businesses and facilitating compliance with income tax requirements. ICCI appreciates RTO outreach The seminar concluded with remarks from the President of ICCI, who thanked the leadership of RTO Islamabad and the Domain Team for visiting the chamber and directly engaging with the small business community. He appreciated the tax authorities’ proactive approach towards facilitating traders and helping them understand the income tax return filing process. The seminar forms part of broader efforts by the tax authorities to improve taxpayer facilitation and encourage greater participation of small businesses in the formal tax system.
FBR ADDS FIVE STEEL UNITS TO RS5 ELECTRICITY SALES TAX REGIME
Date: 2026-09-08
Details: Written by Hamza Shahnawaz in Taxation Tax authority expands list of eligible iron and steel manufacturers subject to sales tax of Rs5 per unit of electricity consumed ISLAMABAD: The Federal Board of Revenue (FBR) has amended its Sales Tax General Order (STGO) 16 of 2026 to add five more iron and steel manufacturers to the list of taxpayers subject to sales tax at Rs5 per unit of electricity consumed. The FBR issued Sales Tax General Order No. 22 of 2026 – IR Operations, amending STGO 16/2026 dated August 6, 2026. The order was issued under the third proviso to sub-section (2) of Section 6 of the Sales Tax Act, 1990, read with clause (g) of SRO 1245(I)/2026 dated July 31, 2026. Five steel manufacturers added to FBR list Under the amendment, the following five steel manufacturers have been added to the list: • Rasheed Steel — MN 3348026 • Batala Steel Industries — MN 9184872 • Royal Steel — MN 2538271 • Platinum Steel Mill (Private) Limited — MN 5593212 • KBS Steel Furnace — MN 4288071 The order states that the relevant electricity reference numbers and distribution companies (DISCOs) will correspond to the respective electricity connections of each taxpayer. FBR sets eligibility criteria for steel manufacturers According to the FBR, the eligibility of the newly included taxpayers was determined under the criteria prescribed in SRO 1245(I)/2026. The criteria include the consumption of scrap and electricity units for the production of steel products, as well as the import of scrap under specified Harmonised System (HS) codes. The FBR said the list of eligible taxpayers may be revised from time to time either by the Board or on recommendations from the concerned Commissioner Inland Revenue (CIR). The Board and relevant field formations may also independently examine the eligibility of any registered manufacturer for inclusion in or exclusion from the list based on the prescribed criteria. Taxpayers can approach Commissioner Inland Revenue The FBR further stated that taxpayers facing hardship may approach the concerned Commissioner Inland Revenue for appropriate consideration. The amended STGO has immediate effect and applies to all electricity connections held by the five newly listed taxpayers.
INDIAN CENTRAL BANK UNLOADED AT LEAST $8 BILLION LAST WEEK TO ANCHOR RUPEE, BANKERS SAY
Date: 2026-09-08
Details: • RBI's $8-15 billion dollar sales last week drained rupee liquidity from the banking system, impacting interbank borrowing costs Published September 7, 2026 Updated about 13 hours ago By Reuters MUMBAI: The Reserve Bank of India ramped up its FX intervention last week, selling at least $8 billion to bolster the rupee, six bankers said, as a deluge of policy-driven dollar inflows gave the central bank more room to support the currency. The bankers estimated the RBI’s market presence at between $8 billion and $15 billion, with sustained interventions helping lift the rupee to an over two-month high of 94.2850 on September 3. The central bank’s discounted hedging facility for overseas borrowings by state-run firms and banks, alongside a free-of-cost hedging facility for banks to raise overseas FX deposits have drawn in more than $136 billion. These inflows have likely given the RBI more room to conduct sizeable interventions, one of the bankers familiar with the RBI’s market interventions said, though their estimates of the scale of dollar sales varied. This banker estimated the RBI’s dollar sales last week at around $15 billion. Another banker at a state-run lender quantified it at nearly $10 billion to $11 billion for the week to September 4, at least three times the amount in the previous week. All the bankers requested anonymity as they are not authorised to speak to the media. The RBI did not immediately respond to an email seeking comment. The RBI’s dollar-selling interventions also drain rupee liquidity from the banking system, which had recently hit a record high. Excess liquidity can push interbank borrowing costs below the policy rate, blunting monetary policy transmission. FX war chest Through August 21, India’s FX reserves stood at an all-time peak of $740.8 billion, while J.P. Morgan said that figure has since likely risen past $750 billion. “Increased near-term ammunition, in turn, explains the more aggressive intervention by the RBI in recent days, to try and push the rupee stronger, and bring exporters into the market,†the firm said in a Friday note. Persistent rupee weakness concerns have kept hedging flows skewed toward dollars, with importers stepping up forward purchases to guard against depreciation while exporters hold back on dollar sales, waiting for better levels, bankers said. The rupee’s rebound, from a low of 96.96 in May, is unlikely to mark the start of a broader appreciation cycle, analysts say. Goldman Sachs sees the currency in a narrow range in the medium term, saying that stronger external balances are unlikely to lead to a sustained upside. It expects the RBI to use future inflows to pare its forward FX liabilities, which three other economists estimate have likely crossed $200 billion.
BANK OF MAHARASHTRA, CANARA BANK EYE DOLLAR DEBT ISSUANCE THIS MONTH, BANKERS SAY
Date: 2026-09-08
Details: • Two Indian state banks plan to raise $1 billion through dollar bonds, benefiting from an RBI scheme that reduces currency hedging expenses Published September 7, 2026 Updated about 14 hours ago By Reuters MUMBAI: Two Indian state-run lenders, Canara Bank and Bank of Maharashtra, are set to raise $500 million each through the sale of U.S. dollar-denominated bonds over the next few days, two merchant bankers said on Monday. Both the lenders will look to raise funds through a sale of three-year or five-year papers, or a combination of both, under the central bank’s concessional swap window, which lowers the cost of hedging the risk of unfavourable currency moves, the bankers added. The bankers requested anonymity as the matter is still private, while neither of the lenders responded to a Reuters request for comment. Though this would be Bank of Maharashtra’s debut issue, this would Canara Bank’s second issuance this year, and both the debt sales are expected to be completed in September, the bankers said. Fitch Ratings has assigned Bank of Maharashtra’s $500 million medium-term note (MTN) programme a ‘BBB-minus’ rating and the bank will use the net proceeds of the notes to meet the funding requirements of its head office in India, foreign offices and general corporate purposes. In July, Canara Bank raised $200 million via private placement under the central bank’s concessional swap window, at a spread of 87 basis points over the corresponding U.S. Treasury yields, and this was its first such issuance since September 2024. Last week, the board of Canara Bank approved raising up to $2 billion through sale of foreign currency bonds. Indian lenders have already raised $13 billion through dollar bonds so far in 2026, of which $12.15 billion were raised in June to August, after the Reserve Bank of India announced the concessional swap window. State Bank of India, Bank of Baroda and Union Bank of India are the other lenders that have tapped dollar debt market in 2026.
EUROPEAN SHARES SUBDUED AS SURGING CRUDE SHARPENS FOCUS ON ECB RATE PATH
Date: 2026-09-08
Details: Published September 8, 2026 Updated 45 minutes ago By Reuters FRANKFURT: European shares closed flat on Monday as rising oil prices following renewed US-Iran tensions fuelled inflation worries, offsetting stronger-than-expected euro zone economic data. The pan-European STOXX 600 ended at 649.9 points. The Swiss main index dropped 0.8 percent. Heavyweight Novartis fell 3.2 percent after its cholesterol drug failed in a closely watched study. Germany’s DAX fell 0.2 percent. Over the weekend, the country’s far-right AfD topped a state election in Saxony-Anhalt with 44 percent of the vote, dealing a major blow to Chancellor Friedrich Merz. It remains unclear whether the AfD can form a government for the state as it fell short of an absolute majority. The party advocates tougher immigration curbs, closer ties with Russia, reduced support for Ukraine and a withdrawal from the euro. “The AfD’s historic Saxony-Anhalt victory has nudged the DAX lower, but the muted reaction suggests investors see the result as a political warning rather than an immediate economic threat,†Axel Rudolph, chief technical analyst at IG, said. Fiscal concerns ahead of next year’s election sent French stocks to two-month lows last week. The stock index was up 0.3 percent on Monday. Energy shares gained 1.2 percent, tracking higher oil prices. Brent crude futures hovered near six-week highs and moved closer to USD100 a barrel as strikes on vessels in the Strait of Hormuz and elsewhere heightened fears of prolonged supply disruptions.
CHINA STOCKS INCH HIGHER AS TECH SHARES RISE
Date: 2026-09-08
Details: Published September 8, 2026 Updated about an hour ago By Reuters HONG KONG: Chinese stocks edged up Monday as technology stocks jumped, offsetting losses in banking and insurance shares following Beijing’s capital-injection plan, while broader markets were muted as investors watched developments in China-US relations. At market close, the Shanghai Composite index was up 0.07 percent at 3,932.70 points, while the blue-chip CSI300 index was up 0.6 percent. Tech sectors climbed as chip-related firms tracked US peers higher. The ChiNext Composite index was 3.4 percent higher and Shanghai’s tech-focused STAR50 index rose 2.4 percent. The chip sector rallied 3.4 percent and the CSI 5G Communication Index was up more than 6 percent, with heavyweight Zhongji Innolight jumping by its 10 percent daily limit. However, the insurance sector declined 2.6 percent and the banking sector lost 1.5 percent, after China’s finance ministry said it will lead a combined USD54 billion in capital injections into state-owned insurers and banks in a coordinated push by Beijing to shore up capital across its financial system.
SOUTH KOREA, TAIWAN STOCKS SURGE ON AI APPETITE
Date: 2026-09-08
Details: Published September 8, 2026 Updated about an hour ago By Reuters BENGALURU: Chip stocks in South Korea and Taiwan drove Asian emerging markets to a multi-month high on Monday, helped by a healthy appetite for AI-related equities, while the Philippine peso hit a record low as elevated oil prices threaten the country’s trade balance. ChatGPT maker OpenAI released GPT-6 Astra last week, a new AI model it calls its best yet, driving a surge in the Philadelphia SE Semiconductor Index in the US on Friday. “That carried directly into Seoul and Taipei this morning, led by SK Hynix up nearly 6 percent and Samsung up 4.3 percent, with both foreign and institutional investors as net buyers,†said Inki Cho, a senior financial market strategist at online trading platform Exness. South Korea’s KOSPI ended 4.6 percent higher, logging its highest close since July 23. Taiwan’s benchmark gauge closed 1.7 percent higher at its highest close since June 22. Chipmakers SK Hynix and Samsung Electronics rose 8.3 percent and 5.7 percent to their highest close since July 27 and August 21, respectively. Taiwan’s TSMC closed 2.1 percent higher at its highest close since July 16.
GULF EQUITIES MIXED AMID US-IRAN FLARE-UPS
Date: 2026-09-08
Details: • Saudi Arabia’s benchmark index fell 0.4% Published September 7, 2026 Updated about 9 hours ago By Reuters Gulf stock markets were mixed on Monday as escalating U.S.-Iran tensions and fresh attacks on shipping in the region weighed on investor sentiment. After a weekend of tit-for-tat maritime strikes, Iran warned on Monday that regional energy infrastructure remained “sprawling, accessible, and exposed†to retaliation against U.S. attacks. Saudi Arabia’s benchmark index fell 0.4%, dragged down by a 0.5% decline in Al Rajhi Bank and a 0.2% drop in oil major Saudi Aramco. Adding to market concerns, the Financial Times reported that Aramco’s Jazan refinery was attacked on Monday, with damage assessments underway. Among other decliners, Saudi Ground Services Co tumbled 7%, making it the index’s worst performer, after airliner flynas gave notice it would terminate its ground handling agreement from March 2027. Yanbu National Petrochemical Co retreated 4.1% as the stock traded ex-dividend. Dubai’s main share index rose 0.8%, helped by a 1.3% gain in blue-chip developer Emaar Properties . Abu Dhabi’s index ended little changed. Gulf equities are likely to remain sensitive to developments in the Strait of Hormuz, including shipping traffic and changes to maritime corridors, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group. “While de-escalation efforts could cushion the downside, an unclear diplomatic timeline means caution will prevail,†he said. Highlighting friction over shipping routes, UAE presidential adviser Anwar Gargash said on Monday that the country’s energy exports would not be held hostage, warning that rebuilding trust with Iran could take decades. The Qatari index rose 0.5%. Outside the Gulf, Egypt’s blue-chip index dipped 0.1%, with Commercial International Bank Egypt losing 1.4%.
SMAP GREETS COMPLETION OF YOUTH SKILL UPLIFT PROGRAMME PHASE
Date: 2026-09-08
Details: Published September 8, 2026 Updated about an hour ago By Recorder Report KARACHI: The Salt Manufacturers Association of Pakistan (SMAP), in collaboration with NAVTTC, has successfully completed the first phase of its youth skill development programme aimed at equipping young Pakistanis with technical expertise and entrepreneurial capacity. Under the initiative, 75 students in Quaidabad received hands-on training in mining techniques, import export documentation, value addition, and industry related practices. The programme seeks to align youth skills with market demands, enabling them to secure employment or launch their own ventures. SMAP Chairperson Saima Akhtar and former Chairman Qasim Yaqoob Paracha hailed the completion of the Punjab training as a milestone. They announced that the next phase will begin next month in Karachi, Khewra, Toba/ Layyah, with a target of training 250 young men and women. “The success of the first phase has encouraged us to expand the programme further. Industry linked training is vital for creating employment opportunities and enhancing Pakistan’s export potential,†said Paracha. “By preparing youth for mining, value addition, and trade, we can strengthen local industry and boost exports,†he said, adding that collaboration between industry and training institutions is key to sustainable growth. SMAP leaders praised the role of Shah Shamas ul Arifeen, Coordinator for SMAP, NAVTTC teams, and partner training institutes in making the programme a success. They emphasised that equipping youth with modern, industry relevant skills is essential for Pakistan’s economic stability. “SMAP remains committed to supporting national development by fostering employment, entrepreneurship, and export growth,†Saima Akhtar affirmed. Copyright Business Recorder, 2026
PAKISTAN LAUNCHES NEW INSURANCE SCHEME FOR SME EXPORTERS
Date: 2026-09-08
Details: Written by Faisal Shahnawaz in Trade & Industry PakExim and EDF establish Rs3 billion risk pool to protect SME exporters against overseas buyer payment defaults Pakistan has introduced a new insurance initiative aimed at supporting small and medium enterprise (SME) exporters and strengthening the country’s export sector. The Export-Import Bank of Pakistan (PakExim), in collaboration with the Export Development Fund (EDF), has launched the SME exporters insurance scheme to provide greater financial security to businesses engaged in international trade. Under the initiative, SME exporters will, for the first time in Pakistan, receive protection against the risk of non-payment by overseas buyers. The facility is designed to safeguard exporters from potential financial losses when foreign customers fail to make payments for goods or services supplied. The new insurance mechanism is expected to provide greater confidence to SMEs as they seek to expand their presence in international markets. By reducing payment-related risks, exporters will be better positioned to pursue larger orders and establish business relationships with new buyers abroad. As part of the initiative, PakExim and EDF will create a risk pool of approximately Rs3 billion. The insurance arrangement will also receive international support from the Islamic Corporation for the Insurance of Investment and Export Credit, strengthening the scheme’s ability to provide export-related protection. Officials said the initiative could play an important role in expanding Pakistan’s SME export base. With improved protection against overseas payment defaults, smaller businesses are expected to become more willing to explore new destinations and increase the scale of their international operations. To provide direct assistance to exporters, PakExim has established offices in Sialkot and Faisalabad. SMEs in these major industrial and export-oriented cities will be able to obtain guidance and information about the insurance facility and its requirements. The government expects the scheme to contribute to higher SME exports while supporting increased production and employment opportunities. Greater export activity could also help Pakistan generate additional foreign exchange and strengthen the overall contribution of small and medium enterprises to the national economy. The launch marks a significant step toward reducing financial risks for SME exporters and encouraging more Pakistani businesses to compete in global markets.
COSTS IMPOSED BY BENCH DEPOSITED, TRIBUNAL TOLD
Date: 2026-09-07
Details: Published September 7, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: Commissioner Inland Revenue, Regional Tax Office, Multan, personally appeared before the Appellate Tribunal Inland Revenue, Multan and tendered assurance that the costs imposed by the Bench have been deposited. The matter pertains to anappeal filed by Sultan Ahmad, Multan-Versus the Commissioner Inland Revenue, RTO, Multan. During the hearing, the Tribunal Bench comprising Naveed Zafar Khan, Member, and Khurram Shahbaz Butt, Member, was informed by the respondent side. Muhammad Imran Ghaziadvocate appeared for the appellant, while Muhammad Nawaz, CIR (Multan-Zone), and Muhammad Irfan Khan Tareen, DR, represented the Department. The Commissioner of Inland Revenue assured the Bench that the reconciliation requisitioned by the Tribunal shall be submitted within 10 days. Considering the fact that the costs had already been deposited by the CIR, the Bench entertained the request made by the Commissioner. The office has been directed to fix the main appeal for September 17, 2026. Meanwhile, the CIR has been directed to furnish the reconciliation report on or before September 14. The office is further directed to provide a certified copy of this order sheet to the DR for compliance. The case has been adjourned until September 17 for further proceedings. This compliance by the head of the department is being termed as a “landmark move†towards upholding the dignity of the Tribunal and ensuring timely disposal of tax matters. Copyright Business Recorder, 2026
RTO HYDERABAD LAUNCHES DIGITAL INVOICING ENFORCEMENT DRIVE
Date: 2026-09-07
Details: Written by Faisal Shahnawaz in Taxation Tax authorities stop around 30 goods vehicles over missing digital invoices, while offering businesses an opportunity to ensure voluntary compliance with sales tax requirements. HYDERABAD: The Regional Tax Office (RTO) Hyderabad has launched an enforcement drive to ensure compliance with the Digital Invoicing system and relevant provisions of the Sales Tax laws. During the drive, around 30 goods-carrying vehicles were stopped after the required digital invoices and other relevant documents were found missing, said Anees Ahmed Memon, Deputy Commissioner Inland Revenue (HQs), RTO Hyderabad, on Sunday. Taxpayers Stopped Over Missing Digital Invoices Enforcement authorities observed that some taxpayers, despite being registered with the Digital Invoicing system, were transporting consignments without issuing the required digital invoices. Under applicable sales tax provisions, taxpayers are required to issue a tax invoice before the movement of goods. The concerned taxpayers were informed of their legal obligations and advised to ensure compliance with Digital Invoicing requirements. Enforcement squads calculated the applicable tax on the consignments, and the vehicles were allowed to proceed after payment of the due tax or production of the required digital invoice. RTO Encourages Compliance at Dispatch Stage The enforcement exercise demonstrated that taxpayers can comply with the law at the initial stage, particularly when goods are dispatched, rather than waiting until consignments are stopped during transportation. Following the enforcement action, Adil Ahmed Siddiqui, President of the Hyderabad Chamber of Commerce & Industry, and S.M. Jafri, President of the Hyderabad Tax Bar Association, met Sajjad Akbar Khan, Chief Commissioner Inland Revenue, RTO Hyderabad. They appreciated the transparent enforcement of the Digital Invoicing system and stressed the importance of giving the business community an opportunity to understand and comply with the new legal requirements. They particularly highlighted the need for businesses to issue digital invoices at the time of dispatch. RTO Offers Guidance to Business Community Sajjad Akbar Khan assured the representatives that the RTO would facilitate and guide the business community towards the complete implementation of the Digital Invoicing system. He also expressed willingness to pause further enforcement action, subject to an assurance from the Chamber and Tax Bar that they would play their role in ensuring immediate and effective voluntary compliance by the business community. The opportunity is intended to facilitate taxpayers and promote compliance with the law, while allowing businesses adequate time to achieve voluntary compliance with Digital Invoicing requirements. Drive Aims to Strengthen Tax Documentation The initiative forms part of RTO Hyderabad’s efforts to promote a transparent and properly documented tax system, ensure compliance with sales tax laws and strengthen cooperation with the business community. The enforcement drive also highlights the importance of issuing digital invoices before goods are transported, helping businesses meet their legal obligations and avoid enforcement action during the movement of consignments.
FBR RATIONALISES WITHHOLDING TAX ON MINIMUM TAX FOR TAX YEAR 2027
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation The Federal Government can reduce certain minimum-tax withholding rates by up to one percentage point where the tax burden threatens the economic viability of businesses. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the provisions governing the rationalisation of withholding taxes that are in the nature of minimum tax for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the FBR has explained Section 53A, which empowers the Federal Government to reduce certain withholding tax rates. Federal Government Can Reduce Withholding Tax Under Section 53A, the Federal Government may reduce the rate of any withholding tax that is in the nature of minimum tax by one percentage point, based on the economic viability of a person or class of persons. However, this provision does not apply to the minimum tax chargeable under Section 113 of the Income Tax Ordinance, 2001. Any reduction in a withholding tax rate remains subject to restrictions and limitations that may be specified by the Federal Government. The law also requires the Federal Government to place before the National Assembly details of amendments made to withholding tax rates in the First Schedule during a financial year under Section 53A. What Is Economic Viability? Section 53A defines “economic viability†in relation to the financial impact of the tax burden on businesses. The term includes an anticipated net loss of business income arising directly or indirectly from the tax burden, particularly where resources are unavailable to maintain or improve business efficiency. The economic viability of a person or class of persons must be certified by a Category A chartered accountant firm, based on the rating issued by the State Bank of Pakistan. Section 113 Minimum Tax Excluded The provision gives the Federal Government limited authority to rationalise certain minimum-tax withholding rates where the tax burden threatens the economic viability of businesses. However, the authority does not extend to the minimum tax imposed under Section 113. The FBR’s clarification forms part of the updated Income Tax Ordinance, 2001, applicable for Tax Year 2027 and incorporating amendments up to June 30, 2026.
FBR EXEMPTS FOREIGN INCOME OF RETURNING EXPATRIATES IN TAX YEAR 2027
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation Returning expatriate Pakistanis can claim a limited-period exemption on qualifying foreign-source income under Section 51 of the Income Tax Ordinance for Tax Year 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that certain foreign-source income of returning expatriate Pakistanis remains exempt from income tax during Tax Year 2027, subject to conditions prescribed under the law. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the FBR has explained the provisions of Section 51, which deals with foreign-source income of returning expatriates. Foreign Income Exemption for Returning Pakistanis Under Section 51, foreign-source income earned by a Pakistani citizen in a tax year is exempt from income tax if the individual was not a resident individual in any of the four tax years preceding the year in which they became a resident. The exemption applies for the tax year in which the individual becomes a resident and the following tax year. The provision therefore provides temporary tax relief to Pakistani citizens returning to the country after living abroad, provided they meet the conditions specified in the Income Tax Ordinance. Salary Income Earned Abroad Section 51 also covers Pakistani citizens who leave Pakistan during a tax year and remain abroad for the rest of that year. In such cases, any income chargeable under the head “Salary†earned outside Pakistan during that tax year is exempt from income tax under the Ordinance. This provision provides specific tax treatment for Pakistani citizens who depart the country during a tax year and subsequently earn salary income while residing abroad. Section 51 Applies in Tax Year 2027 The FBR’s clarification forms part of the updated Income Tax Ordinance, 2001, applicable for Tax Year 2027 and incorporating amendments up to June 30, 2026. The provision is particularly relevant to expatriate Pakistanis returning to the country, as it provides a limited-period exemption on qualifying foreign-source income after they become resident individuals. The exemption remains subject to the conditions and requirements set out in Section 51 of the Ordinance.
FBR CLARIFIES FOREIGN INCOME TAX EXEMPTION FOR SHORT-TERM RESIDENTS
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation FBR says certain resident individuals who become tax residents through employment may receive an exemption on foreign-source income for Tax Year 2027, subject to specific conditions. The Federal Board of Revenue (FBR) has clarified the tax exemption available on foreign-source income to certain short-term resident individuals for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the FBR has explained the provisions of Section 50, which governs foreign-source income of short-term resident individuals. Section 50 Foreign Income Tax Exemption Under Section 50, foreign-source income received by an individual may be exempt from tax if the person is a resident individual solely because of their employment and is present in Pakistan for a period or periods not exceeding three years. The exemption is subject to specific conditions and does not apply in circumstances expressly excluded under the law. The provision is designed to provide specific tax treatment to individuals who become resident in Pakistan because of their employment but remain in the country for a limited period. When the Exemption Does Not Apply The FBR has clarified that the exemption is not available where the foreign-source income is derived from a business established by the individual in Pakistan. Similarly, the exemption does not apply to foreign-source income that is brought into or received in Pakistan by the individual. Therefore, qualifying short-term resident individuals may benefit from tax relief on their foreign-source income only where the income does not fall within the exclusions specified under Section 50. Relevance for Tax Year 2027 The clarification forms part of the updated Income Tax Ordinance, 2001, applicable for Tax Year 2027 and incorporating amendments up to June 30, 2026. The provision is particularly relevant to individuals who become resident in Pakistan solely because of employment and remain in the country for no more than three years. Such individuals should consider the source of their income and whether it is brought into or received in Pakistan when determining whether the Section 50 exemption applies.
GOVT COMMITTED TO CUTTING TAX BURDEN THROUGH STRUCTURAL REFORMS: KIYANI
Date: 2026-09-07
Details: Written by Faisal Shahnawaz in Taxation Government introduces tax relief, faceless systems and simplified schemes to support businesses, exporters, salaried workers and small traders. The government is committed to reducing the tax burden on businesses, exporters, salaried individuals and small traders through major tax relief measures and structural reforms, Minister of State for Finance and Revenue and Railways Bilal Azhar Kiyani said on Saturday. Addressing the business community at the Lahore Chamber of Commerce and Industry (LCCI), Kiyani said the government was working to transform the Federal Board of Revenue (FBR) into a more transparent, technology-driven and taxpayer-friendly institution. He highlighted that super tax had been abolished for exporters and businesses earning between Rs150 million and Rs500 million annually. For companies with income above Rs500 million, the super tax rate had been reduced from 10% to 8%. Kiyani said exporters had also received relief through a reduction in tax deductions on export proceeds. The deduction had been brought down from 2% to 1.25%, helping reduce the financial burden on the export sector. The minister said the government was introducing centralized and faceless audit and assessment systems to limit individual discretion and reduce the risks of harassment and collusion. Customs reforms were also being implemented through a faceless system to minimize direct interaction between importers and officials. He said dedicated FBR facilitation structures had been established in major export hubs, including Karachi, Faisalabad, Lahore and Sialkot, with other cities being gradually incorporated. Exporters were also being included in these structures to ensure their concerns were addressed more efficiently. Kiyani added that the government had also provided tax relief to salaried individuals by abolishing the applicable surcharge or super tax and reducing rates across most income slabs. For small traders and shopkeepers, he said a simplified and optional tax scheme had been developed after consultations with business representatives. Participants would generally avoid routine audits related to previous-year differences, while FBR plates would help limit unnecessary official visits. The scheme would also exempt participating traders from withholding-agent and point-of-sale machine requirements. Kiyani said the initiative was aimed at broadening the tax base, encouraging formalization and ensuring a fairer distribution of the tax burden. He stressed that the private sector would continue to have a meaningful role in policymaking, with the government seeking regular input from chambers and business organizations to resolve practical challenges.
PAKISTAN RETAINS TAX EXEMPTIONS FOR FOREIGN INVESTMENT IN 2027
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation FBR confirms preferential tax treatment for qualifying foreign investments under the Foreign Investment (Promotion and Protection) Act, 2022. ISLAMABAD: Pakistan has retained broad income tax exemptions and preferential tax treatment for qualifying foreign investments for Tax Year 2027 under the Foreign Investment (Promotion and Protection) Act, 2022. The Federal Board of Revenue (FBR), in the Income Tax Ordinance, 2001 updated up to June 30, 2026, has outlined the tax treatment of qualified investments under Section 44A. Tax relief for qualified investments Under Section 44A, income taxes, including capital gains tax, advance tax, withholding taxes, minimum tax and final taxes, are exempt or subject to the rates and procedures specified under the Foreign Investment (Promotion and Protection) Act, 2022. The exemption or preferential treatment applies for the period and to the extent provided in the Second and Third Schedules of the Act. The provision applies to qualified investments specified in the First Schedule of the Foreign Investment (Promotion and Protection) Act, as well as investors covered by the legislation. Investors and shareholders covered The tax treatment also extends to all investors and shareholders of qualified investments, their associates and specified companies covered under the Second and Third Schedules of the Act. Third-party lenders are also covered in respect of loans, with exemptions or specified tax treatment applying according to the period and extent provided under the relevant schedules. Anti-avoidance provisions excluded Section 44A further provides that certain anti-avoidance provisions of the Income Tax Ordinance will not apply to the persons and amounts covered by the exemption. These include Sections 106, 106A, 108, 109 and 109A, to the extent and for the period specified under the Foreign Investment (Promotion and Protection) Act, 2022. Depreciation and investment allowances The provision also preserves certain rates applicable to depreciation, initial allowance and pre-commencement expenditure. Rates under Sections 22, 23 and 25 that were applicable on March 20, 2022, will continue to apply for 30 years, as provided in the Third Schedule to the Foreign Investment (Promotion and Protection) Act. The treatment applies to persons covered under Section 44A and remains subject to the conditions set out in the relevant legislation. Definitions under foreign investment law For the purposes of Section 44A, terms defined in the Second and Third Schedules of the Foreign Investment (Promotion and Protection) Act, 2022 will apply to the Income Tax Ordinance, with necessary modifications. The FBR’s updated Income Tax Ordinance therefore maintains the tax framework provided under Pakistan’s foreign investment law for qualifying investments during Tax Year 2027. The provisions cover a range of tax obligations and provide specified exemptions or preferential treatment to eligible investors, shareholders, associates, companies and certain third-party lenders, subject to the applicable conditions and periods.
FBR OUTLINES TAX EXEMPTIONS FOR DIPLOMATS AND FOREIGN OFFICIALS IN 2027
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation Diplomats, UN personnel and certain foreign government employees may qualify for income tax exemptions in Pakistan under Sections 42 to 44. ISLAMABAD: Diplomats, United Nations officials and certain foreign government employees may qualify for income tax exemptions in Pakistan during Tax Year 2027 under provisions of the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR), in the Income Tax Ordinance updated up to June 30, 2026, has outlined tax exemptions covering diplomats, United Nations personnel, foreign government officials and individuals covered by international agreements. Tax exemption for diplomats and UN officials Under Section 42, income of an individual entitled to privileges under the Diplomatic and Consular Privileges Act, 1972 is exempt from tax to the extent provided under that legislation. Similarly, income of an individual entitled to privileges under the United Nations (Privileges and Immunities) Act, 1948 is exempt from income tax to the extent provided under the relevant law. The provision also covers pensions received by Pakistani citizens because of their former employment with the United Nations or its specialised agencies, including the International Court of Justice, provided that their salary from such employment was exempt under the Income Tax Ordinance. Foreign government employees Section 43 provides a tax exemption for salary received by an employee of a foreign government for services rendered to that government, subject to specific conditions. The employee must be a citizen of the foreign country and not a Pakistani citizen. The services performed must also be similar in character to those performed by Federal Government employees serving in foreign countries. In addition, the employee’s home country must provide a similar tax exemption to Pakistani government employees performing comparable services there. Exemptions under international agreements Section 44 provides further exemptions where Pakistan is not permitted to tax certain Pakistan-source income under a tax treaty. The section also provides exemptions for certain salaries paid under aid agreements between the Federal Government and foreign governments or public international organisations. To qualify, an individual must generally meet conditions relating to residency, citizenship and the source of funds used to pay the salary. The provision also covers contractors, consultants and experts working on projects in Pakistan where the project is financed through grant funds under bilateral or multilateral agreements. Such individuals must meet prescribed conditions, including requirements concerning residency and the source of their income. Government may grant case-by-case exemptions The Federal Government may also exempt income on a case-by-case basis in respect of official development assistance financed through loans and grants-in-aid. Such exemptions may be granted through a notification published in the official Gazette and are subject to conditions and limitations specified by the government. Tax treatment for Tax Year 2027 The provisions establish the applicable tax treatment for diplomats, foreign officials and certain individuals working under international agreements for Tax Year 2027. However, eligibility for the exemptions depends on the specific statutory conditions, applicable privileges, international agreements and notifications governing each category.
FBR CONFIRMS AGRICULTURAL INCOME REMAINS TAX-EXEMPT FOR 2027
Date: 2026-09-07
Details: Written by Hamza Shahnawaz in Taxation The FBR says agricultural income remains exempt under the Income Tax Ordinance, 2001, while Section 41 defines qualifying farming income and related buildings. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that agricultural income remains exempt from tax under the Income Tax Ordinance, 2001 for Tax Year 2027. According to the Income Tax Ordinance, updated up to June 30, 2026, agricultural income derived by a person is exempt from tax under the Ordinance. What qualifies as agricultural income? Under Section 41 of the Income Tax Ordinance, agricultural income includes rent or revenue derived from land situated in Pakistan and used for agricultural purposes. The provision also covers income derived from agricultural land in Pakistan through farming activities, as well as certain income earned by cultivators or receivers of rent-in-kind. The law specifically includes income from processes ordinarily employed by a cultivator or receiver of rent-in-kind to make agricultural produce fit for taking to market. Income from the sale of produce raised or received by a cultivator or receiver of rent-in-kind is also covered, provided that no process has been carried out other than one ordinarily used to make the produce marketable. Buildings connected with agricultural land Section 41 also treats certain income from buildings connected with agricultural land as agricultural income. This includes income derived from a building owned and occupied by the receiver of rent or revenue from qualifying agricultural land. It also covers buildings occupied by a cultivator or receiver of rent-in-kind where agricultural operations or related produce-processing activities are carried out. However, the provision applies only where the building is situated on or in the immediate vicinity of the relevant land and is required by the receiver or cultivator because of their connection with the land. Such buildings may include a dwelling house, storehouse or other out-building. Agricultural income remains exempt for Tax Year 2027 The FBR’s clarification confirms that qualifying agricultural income continues to receive tax-exempt treatment under Section 41 for Tax Year 2027. The provision sets out the types of farming-related income that qualify as agricultural income, including income from agricultural land, the ordinary processing of produce and certain buildings associated with agricultural activities.
INDIAN PRIVATE BANKS’ ABRUPT CEO SUCCESSIONS TEST FOCUS ON STRATEGY
Date: 2026-09-07
Details: Published September 6, 2026 Updated a day ago By Reuters MUMBAI: Abrupt departures from some of India’s top private banks in recent months have exposed a need for better succession planning, prompting investors to question how likely such lenders are to stick with long-term business strategies. India’s USD3.3-trillion banking sector has drawn strong interest in recent years from foreign investors betting on its earnings prospects in one of the world’s fastest growing economies, marked by steady management and business strategies. The recent unexpected exits of CEOs from two of the largest private sector banks is set to test that confidence, even as those lenders boast of strong balance sheets, with bad loans near multi-year lows and capital levels robust, analysts say. “Several recent transitions at Indian private banks have appeared more abrupt than investors would like, particularly given the importance of leadership continuity in banking,†said Gary Tan, portfolio manager at Allspring Global Investments. His remarks came after India’s largest private lender, HDFC Bank, said over the weekend that Chief Executive Sashidhar Jagdishan would not seek reappointment when his term ends in two months, risking a surprise leadership transition. Smaller rival Kotak Mahindra Bank is searching for a new head after its current CEO, Ashok Vaswani, said in June he would leave in December after serving a three-year term, a move that surprised analysts. The focus on leadership transition at top private banks comes as external challenges and competitive pressure grow in India, where dominant state-owned banks and ambitious foreign banks are vying for bigger shares of the banking business. “Greater visibility around leadership succession can help reduce uncertainty and maintain investor confidence in the bank’s strategic direction and execution,†said Tan. Abrupt changes leave investors with questions about a bank’s strategic direction, added Tan, whose firm manages USD642 billion of client assets, shares of some Indian banks among them. SHALLOW POOL OF CANDIDATES India’s central bank requires bank boards to submit the names of candidates for CEO appointments or re-appointments at least six months before the end of an incumbent’s term, a deadline HDFC Bank missed with the unexpected exit of its CEO. “The six-month rule is a regulatory minimum, not a governance standard,†said Steve Lawrence, chief investment officer at Balfour Capital Group, whose funds have invested in Indian banks including HDFC Bank.
SBP LAUNCHES WOMEN MICROFINANCE CREDIT GUARANTEE FACILITY WITH 25% FIRST-LOSS COVER
Date: 2026-09-07
Details: Written by Mrs. Anjum Shahnawaz in Money & Banking The new facility provides banks and DFIs with first-loss guarantees of up to 25% to expand financing for women-led microenterprises and improve access to institutional funding. KARACHI: The State Bank of Pakistan (SBP) has launched the Women Microfinance Credit Guarantee Facility (WMCGF), offering first-loss guarantees of up to 25% to banks and development finance institutions (DFIs) against financing extended to eligible non-bank microfinance companies (NBMFCs) and non-bank finance companies (NBFCs). The facility has been introduced under the Federal Government’s Women Inclusive Finance Sector Development Programme (WIFSDP) to improve women’s access to finance and strengthen their participation in economic activity. The WMCGF aims to address liquidity constraints in the microfinance sector by enabling NBMFCs and NBFCs to secure financing from banks and DFIs for on-lending to women-led microenterprises. Under the scheme, participating NBMFCs will provide loans ranging from PKR 25,000 to PKR 3 million, with financing available for up to 36 months. The guarantees will be provided to participating financial institutions (PFIs) without any fee. SBP Sets Eligibility Criteria for Banks and DFIs The SBP has established several eligibility requirements for banks and DFIs seeking guarantee limits under the facility. Participating financial institutions must demonstrate profitability, including an average pre-tax return on assets of at least 1%. They must also maintain a net non-performing loans-to-capital ratio of no more than 15% and comply with the minimum capital adequacy ratio prescribed under SBP regulations. Banks and DFIs must comply with applicable laws and policies covering integrity, anti-money laundering and counter-terrorist financing. They must also not appear on the Asian Development Bank’s Debarment and Suspension Register. Participating institutions are further required to maintain sound financial management practices, including effective audit systems, internal controls and governance standards. Requirements for Beneficiary Institutions The facility also sets eligibility requirements for beneficiary financial institutions (BFIs), which will receive financing from participating banks and DFIs. BFIs must have a gender-focused women finance strategy, including plans to increase the number and volume of active women enterprise loan accounts and develop products targeting women in both rural and urban areas. They must also take measures to raise awareness among boards, senior management and staff about women’s business needs and improve financial literacy among women clients. BFIs are required to demonstrate strong financial performance, including: • Three-year average operational self-sufficiency above 100% • Average pre-tax return on assets of at least 1% • Net non-performing loans-to-capital ratio of no more than 15% • Compliance with minimum capital requirements under Securities and Exchange Commission of Pakistan (SECP) regulations • Sound financial management, audit, internal control and governance systems Financing Restricted to Women-Led Businesses Under the scheme, banks and DFIs must ensure that financing provided through NBMFCs is used exclusively for women-led, income-generating households and businesses. Participating institutions must also ensure that women borrowers understand the terms and conditions of their loans, helping protect them against the risk of over-indebtedness. Financed loans must have no or only minor environmental and social impacts in accordance with the applicable Environmental and Social Management Framework and the Asian Development Bank’s safeguard requirements. The scheme also requires loans repaid to NBMFCs during the approved financing period to be lent again to women beneficiaries. Guarantee Limits and Claims Guarantee limits will be allocated to banks and DFIs based on their requests. The performance of participating institutions will be monitored quarterly, or more frequently where necessary. Based on performance, the SBP may increase, reduce or withdraw allocated guarantee limits. A guarantee limit may also be withdrawn if a beneficiary institution is found to have been ineligible for financing when the facility was extended. In such cases, the participating bank or DFI will bear 100% of the credit risk for that institution. Guarantee claims can be submitted while the guarantee remains active and the amount due to the bank or DFI has not been paid and has been classified as a “Lossâ€, where principal, mark-up or interest has remained overdue for one year or more. SBP Introduces Digital Claims Processing The SBP has directed participating institutions to use digital platforms, including the Regulatory Approval System (RAS), for submitting guarantee applications and claims. The move is aimed at speeding up claims processing, reducing administrative costs and improving transparency. The Financial Inclusion Support Department (FISD) of SBP Banking Services Corporation will process claims within 10 working days, provided they comply with the prescribed format, procedures and information requirements. Participating institutions will remain responsible for recoveries, while the Trust’s share of recoveries, up to 100%, will be credited to the WMCGF account. Environmental and Reporting Requirements Participating financial institutions must establish an Environmental and Social Management System (ESMS) and conduct environmental and social due diligence in line with the applicable framework. They must maintain records of all financing provided under the facility and submit borrower-wise reports to the SBP on a quarterly basis or whenever required. An environmental and social report must also be submitted annually. The SBP’s inspection teams may inspect the relevant portfolios of participating institutions to ensure compliance with the facility’s terms and conditions. The WMCGF forms part of the government’s broader efforts to improve women’s access to finance and expand opportunities for women-led microenterprises by increasing the availability of institutional funding.
FBR REVISES PROCESS FOR PENDING SALES TAX REFUNDS
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The Federal Board of Revenue (FBR) has revised the process to expedite payments of deferred or pending sales tax refunds to the exporters. In this regard, the FBR has issued an SRO 1498(I)2026 on Friday to further amend the Sales Tax Rules, 2006. A tax expert said that four additional reprocesses or checks have been allowed to clear deferred or pending sales tax refund claims. Four additional validation checks or cycles have been allowed to facilitate the exporters. The FBR has decided on it in consultation with the exporters, he added. According to SRO 1498(I)2026, after eight validation checks including the initial one, the amount that remains uncleared or unverified shall be subjected to four additional validation checks or cycles, once every week, by the system in respect of such uncleared or unverified amount. If, after completion of the said four additional validation checks or cycles, any amount remains uncleared or unverified, the same shall thereafter be processed under the “STARR†module. Copyright Business Recorder, 2026
CUSTOMS KARACHI ARRESTS THREE IN RS16.5M AUCTION FRAUD CASE
Date: 2026-09-05
Details: Written by Faisal Shahnawaz in Pakistan Customs A Customs clerk allegedly masterminded the scam using fake payment and clearance documents to remove auctioned goods without depositing government dues. The Collectorate of Customs Enforcement, Karachi has arrested three individuals, including a departmental employee, an auction bidder and an alleged facilitator, for their alleged involvement in a Rs16.5 million fraud involving the illegal removal of auctioned goods through forged documents. The case came to light after credible intelligence was received on August 28, 2026, concerning the removal of auctioned goods from the Collectorate in February without depositing the required bid amount into the government treasury. Following the information, authorities initiated a fact-finding inquiry and preliminary investigation. The inquiry established that goods from an auction lot valued at Rs15 million had been removed by the successful bidder without payment of the bid amount. Fake Documents Used to Remove Auctioned Goods Investigators found that the fraud also involved the evasion of 10% income tax amounting to Rs1.5 million. As a result, the total financial loss or default linked to the transaction reached Rs16.5 million. The alleged scheme was carried out through a set of forged documents. These included a fake Payment Slip Identification Number (PSID), which had no corresponding record in the WeBOC system, along with a counterfeit Delivery Order, No Objection Certificate (NOC) and Computerized Payment Receipt (CPR) for income tax. According to the preliminary investigation, the fraudulent documents were prepared by a clerk posted in the Collectorate’s Auction Branch. Clerk Identified as Alleged Mastermind After confirming the findings, Customs authorities arrested the implicated Auction Branch official, the bidder involved in the auction lot and a suspected intermediary who allegedly facilitated the transaction. The clerk accused of preparing the forged documents had reportedly been absent from duty for several months. He has been identified as the alleged mastermind behind the scheme and is currently absconding. Teams have been deployed to locate and arrest him. Suspects Remanded for Further Investigation During interrogation, the three arrested suspects reportedly confessed to their involvement and identified the absconding clerk as the person who orchestrated the preparation of the fraudulent documents. The suspects were presented before the court on September 3, 2026, which granted their two-day physical remand. They are currently being interrogated by the Investigation and Prosecution (I&P) Branch of the Collectorate. Further investigation is underway to recover the defrauded amount and determine whether other Customs officials, employees or private individuals were involved. The Federal Board of Revenue has reiterated its zero-tolerance policy against corruption and malpractice, stating that departmental and criminal proceedings will be initiated against anyone found responsible, regardless of rank or position.
FBR CHANGES FASTER RULES TO SPEED UP SALES TAX REFUND PROCESSING
Date: 2026-09-05
Details: Written by Hamza Shahnawaz in Taxation New rules add four weekly validation cycles before uncleared or unverified refund amounts are transferred to the STARR module. ISLAMABAD: The Federal Board of Revenue (FBR) has amended the rules governing the Fully Automated Sales Tax e-Refund System (FASTER) to revise the process for handling sales tax refund amounts that remain uncleared or unverified. The FBR issued SRO 1498(I)/2026 on Friday under Section 50 of the Sales Tax Act, 1990, introducing amendments to the Sales Tax Rules, 2006. FBR expands validation checks under FASTER Under the amended procedure, any portion of a refund claim processed through FASTER that remains uncleared or unverified after the initial eight validation checks will no longer immediately move to the STARR module. Instead, the amount will be subjected to four additional validation checks, with the system conducting one check every week. If any amount remains uncleared or unverified after completion of these four additional weekly checks, it will subsequently be processed through the STARR module under Chapter V of the Sales Tax Rules. The amendment applies to the relevant provisions of Rule 29 of the Sales Tax Rules, 2006. Changes also made to Rule 39F The FBR has made a similar amendment to the second proviso of Rule 39F. Under the revised provision, amounts remaining uncleared or unverified after eight validation checks will undergo four additional weekly validation checks before being transferred to the STARR module. The changes are intended to provide the FASTER system with additional opportunities to validate refund claims before amounts that remain unresolved are moved to the subsequent processing mechanism. Existing FASTER refund procedure Under the previous Rule 29 procedure, the portion of a FASTER refund claim that was not verified or found admissible was subjected to weekly system validation checks. A Refund Payment Order (RPO) was generated for the amount found valid during each validation check. The system then communicated details of the RPO and any objections to the refund claimant and the relevant Regional Tax Office (RTO) or Large Taxpayer Office (LTO). The RPO generated through the process was also communicated to the State Bank of Pakistan (SBP) for payment. Previously, after eight validation checks, including the initial check, any amount that remained uncleared was transferred to the STARR channel. The latest amendment replaces this mechanism by allowing four additional weekly validation cycles before the remaining amount is processed under the STARR module. The revised procedure is expected to provide an extended automated validation window for sales tax refund claims and streamline the handling of amounts that cannot initially be verified or cleared through FASTER.
WHICH INCOME IS TREATED AS “INCOME FROM OTHER SOURCES†FOR TAX YEAR 2027?
Date: 2026-09-05
Details: Written by Hamza Shahnawaz in Taxation Section 39 of the Income Tax Ordinance covers dividends, royalties, profit on debt, certain rents, prizes, gifts and other income not taxable under another head. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the types of income chargeable under the head “Income from Other Sources†for Tax Year 2027 under Section 39 of the Income Tax Ordinance, 2001. The provisions are contained in the Income Tax Ordinance, 2001, updated up to June 30, 2026, and specify the types of receipts that are taxable under this head, as well as the deductions available under Section 40. Income chargeable under other sources Under Section 39(1), income of every kind received by a person during a tax year is chargeable under “Income from Other Sources†if it is not included under another head of income and is not exempt from tax under the Ordinance. The section specifically covers the following: • Dividend • Royalty • Profit on debt • Additional payment received on a delayed refund under any tax law • Ground rent • Rent from the sub-lease of land or a building • Income from leasing a building together with plant or machinery • Income from providing amenities, utilities or other services connected with renting a building • Any annuity or pension • Prize bonds and winnings from raffles, lotteries, quizzes, promotional prizes offered by companies for promoting sales and crossword puzzles • Any other consideration received for the provision, use or exploitation of property, including the right to explore for or exploit natural resources • The fair market value of any benefit, whether convertible into money or not, received in connection with the provision, use or exploitation of property • Amount received for vacating possession of a building or part of a building, after deducting any amount paid to acquire possession • Amount received under an Approved Income Payment Plan or Approved Annuity Plan under the Voluntary Pension System Rules, 2005 • Subject to the relevant provisions, any amount or fair market value of property received without consideration or as a gift, except a gift received from a relative as defined under Section 85(5) • Income arising to a shareholder from the issuance of bonus shares Tax treatment of compensation for vacating property Where a person receives an amount for vacating possession of a building or part of a building under Section 39(1)(k), the amount is chargeable to tax in the tax year in which it is received. However, the amount is spread equally over 10 tax years — the year of receipt and the following nine tax years. This provision determines how such compensation is brought into taxable income over the specified period. Loans, advances, deposits and gifts Section 39(3) provides that certain amounts received as a loan, advance, deposit for issuance of shares or gift may be treated as taxable income under “Income from Other Sourcesâ€. The provision applies where the amount is received during a tax year from a person other than a banking company or financial institution and is not received through: • A crossed cheque drawn on a bank • A banking channel • Digital means as defined in Section 2 The transaction must be from a person holding a National Tax Number (NTN). Where the relevant conditions are met, the amount is treated as income chargeable under “Income from Other Sources†for the tax year in which it is received. However, this rule does not apply to advance payments for the sale of goods or supply of services. Profit on debt received in arrears Section 39(4A) provides special treatment where profit on debt from National Savings Deposit Certificates, including Defence Savings Certificates, is received in arrears. If the receipt includes profit relating to an earlier tax year and taxing the entire amount in the year of receipt results in a higher tax rate, the taxpayer may elect to have the profit taxed at the rate that would have applied if it had been received in the relevant earlier tax year. The election must be made through written notice to the Commissioner by the due date for filing the return for the tax year in which the amount was received. The Commissioner may also allow a later date through a written order. When Section 39 does not apply Section 39 does not apply to income that is: • Chargeable to tax under another head of income; or • Subject to tax under Sections 5, 5AA, 6, 7 or 7B. This prevents income from being taxed under “Income from Other Sources†where the Ordinance specifically provides for taxation under another provision. Deductions against income from other sources Section 40 sets out the deductions available when computing taxable income under the head “Income from Other Sourcesâ€. A taxpayer may generally deduct expenditure paid during the year to the extent that it is incurred in deriving income chargeable under this head, provided the expenditure is not capital in nature. A person receiving taxable profit on debt may also claim a deduction for Zakat paid under the Zakat and Ushr Ordinance, 1980, at the time the profit is paid. Deductions for leased buildings For income from leasing a building together with plant or machinery, allowable deductions may include: • Depreciation of the plant, machinery or building used to derive the income under Section 22; and • Initial allowance for plant or machinery under Section 23. No deduction is allowed under Section 40 to the extent that the expenditure is already deductible when calculating income under another head. The provisions of Section 21 also apply when determining allowable deductions under Section 40. For this purpose, expenditure is considered capital in nature if it has a normal useful life of more than one year. Income from Other Sources for Tax Year 2027 For Tax Year 2027, Section 39 broadly brings income that does not fall under another taxable head into “Income from Other Sourcesâ€. The provision specifically covers items such as dividends, royalties, profit on debt, certain rents, annuities, prizes, property-related receipts, gifts in specified circumstances and bonus shares. Meanwhile, Section 40 sets out the rules governing deductions that may be claimed against income taxable under this head.
CAPITAL GAINS TAX ON DISPOSAL OF SECURITIES IN TAX YEAR 2027
Date: 2026-09-05
Details: Written by Hamza Shahnawaz in Taxation Section 37A sets out the tax treatment of securities, including capital gain calculations, eligible losses, holding periods and covered financial instruments. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the rules governing capital gains arising from the disposal of securities for Tax Year 2027 under Section 37A of the Income Tax Ordinance, 2001. The provisions are contained in the Income Tax Ordinance, 2001, updated up to June 30, 2026, and specify the securities subject to capital gains tax, the method for calculating gains and the treatment of losses. Securities subject to capital gains tax Under Section 37A(1), capital gains arising from the disposal of securities on or after July 1, 2010 are chargeable to tax at the rates specified in Division VII of Part I of the First Schedule, unless the gain is exempt under the Income Tax Ordinance, 2001. The section does not apply to a banking company or an insurance company. Certain share disposals are also excluded from Section 37A. These include: • Shares of a listed company disposed of otherwise than through a registered stock exchange and not settled through the National Clearing Company of Pakistan Limited (NCCPL). • Shares disposed of through an initial public offering (IPO) during the listing process, except where details of the disposal are furnished to NCCPL for the computation of capital gains and tax. For such transactions, the provisions of Section 37 apply. How capital gain is calculated Under Section 37A(1A), the capital gain on the disposal of a security is calculated using the following formula: Capital gain = A – B Here: • A represents the consideration received by the person on disposal of the security. • B represents the cost of acquisition of the security. The resulting gain is subject to the applicable capital gains tax rate under Division VII of Part I of the First Schedule. Holding period of securities For the purposes of Section 37A, the holding period is calculated from the date of acquisition to the date of disposal. The provision applies to securities acquired before, on or after June 30, 2010, provided that the disposal takes place after June 30, 2010. What qualifies as a security? Section 37A defines a “security†to include a range of financial instruments, including: • Shares of a public company • Vouchers of Pakistan Telecommunication Corporation • Modaraba certificates • Instruments of redeemable capital • Debt securities • Units of exchange-traded funds (ETFs) • Derivative products Shares of a public company qualify as securities where the company is a public company at the time the shares are disposed of. Debt securities covered by Section 37A For the purposes of Section 37A, debt securities include both corporate and government debt instruments. Corporate debt securities include Term Finance Certificates (TFCs), Sukuk certificates, registered bonds, commercial papers, Participation Term Certificates (PTCs) and other debt instruments issued by Pakistani or foreign companies or corporations registered in Pakistan. Government debt securities include Treasury Bills (T-bills), Federal Investment Bonds (FIBs), Pakistan Investment Bonds (PIBs), foreign currency bonds, government papers, municipal bonds, infrastructure bonds and other debt instruments issued by federal or provincial governments, local authorities and statutory bodies. Derivative products covered The FBR has clarified that derivative products include future commodity contracts entered into by members of the Pakistan Mercantile Exchange, regardless of whether the contracts are settled through physical delivery. This brings such qualifying derivative transactions within the scope of the securities provisions under Section 37A. Capital gains treated as separate income Under Section 37A(4), income from capital gains covered by the section is treated as a separate block of income. This means such gains are dealt with separately in accordance with the provisions and rates applicable under Section 37A. Treatment of capital losses Section 37A(5) generally provides that where a person incurs a loss from the disposal of securities during a tax year, the loss can only be set off against gains from other securities chargeable under Section 37A. The provision further states that losses from the disposal of securities sustained from Tax Year 2019 onwards, to the extent that they have not been set off against eligible gains, may be carried forward to the following tax year. Such carried-forward losses can only be adjusted against gains from securities chargeable under Section 37A. The losses cannot be carried forward for more than three immediately succeeding tax years. FBR may prescribe rules Under Section 37A(6), the FBR may prescribe rules to carry out the purposes of the section. The provision gives the tax authority the power to establish the necessary rules for implementing the securities capital gains regime. Capital gains tax rules for Tax Year 2027 For Tax Year 2027, capital gains from securities covered by Section 37A are generally calculated by deducting the acquisition cost from the consideration received on disposal. The resulting gain is subject to the applicable rates under Division VII of Part I of the First Schedule, while eligible losses are subject to the specific set-off and carry-forward restrictions provided under Section 37A.
FBR EXPLAINS CAPITAL GAINS TAX RULES FOR TAX YEAR 2027
Date: 2026-09-05
Details: Written by Hamza Shahnawaz in Taxation The Federal Board of Revenue outlines how capital gains are taxed, calculated and disclosed under Section 37 of the Income Tax Ordinance, 2001. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the provisions relating to capital gains tax for Tax Year 2027 under Section 37 of the Income Tax Ordinance, 2001. The FBR has issued an updated version of the Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026, and outlined the rules governing gains arising from the disposal of capital assets. Tax on capital gains Under Section 37(1), a gain arising from the disposal of a capital asset by a person in a tax year is chargeable to tax under the head “Capital Gainsâ€, unless the gain is exempt from tax under the Income Tax Ordinance, 2001. The law separately provides that a gain arising from the disposal of immovable property situated in Pakistan to a person in a tax year is chargeable under the head Capital Gains at the rates specified in Division VIII of Part I of the First Schedule. How capital gain is calculated Under Section 37(2), the gain arising from the disposal of a capital asset is generally calculated using the following formula: Capital gain = A – B Here, A represents the consideration received by the person on disposal of the asset, while B represents the cost of the asset. For determining the cost of a capital asset, Section 37(4) states that expenditure cannot be included in the cost where the expenditure is, or may be, deductible under another provision of the relevant chapter or is referred to in Section 21. Definition of capital asset Section 37(5) defines a “capital asset†as property of any kind held by a person, whether or not it is connected with a business. However, the definition excludes certain categories of property. These include stock-in-trade, consumable stores and raw materials held for business purposes. It also excludes property in respect of which a person is entitled to a depreciation deduction under Section 22 or an amortisation deduction under Section 24. Movable property held for personal use by a person or a dependent member of the person’s family is also excluded, subject to the capital assets specified under Section 38(5). Advance tax on acquisition of company shares Section 37 also contains specific provisions concerning the acquisition and disposal of company shares. Under Section 37(6), a person acquiring shares of a company is required to deduct advance adjustable tax at 10% of the fair market value of the shares from the gross amount paid or payable as consideration. The deduction is to be made at the time of payment or at the time of registration of the shares by the Securities and Exchange Commission of Pakistan (SECP) or the State Bank of Pakistan (SBP), whichever is earlier. The deducted amount must be paid to the Commissioner for credit to the Federal Government within 15 days of the payment. Under Section 37(7), the value of shares for this purpose is their fair market value as prescribed for Section 101A(4), without reduction of liabilities. Commissioner may allow reduced or no deduction Under Section 37(8), the Commissioner may, on an application by the person acquiring the shares and after conducting any inquiry considered appropriate, allow the payment to be made without deduction of tax or with deduction at a reduced rate. The section also provides for the application of certain provisions relating to tax deduction, recovery and penalties to tax deductible and payable under these provisions. Disclosure requirement for disposal of shares A person disposing of capital assets in the form of company shares is required under Section 37(10) to furnish the prescribed information or documents to the Commissioner within 30 days of the disposal transaction. However, the Commissioner may issue a written notice requiring the person to provide the information, documents and statement within a period shorter than 30 days, as specified in the notice. The provisions form part of the FBR’s updated Income Tax Ordinance, 2001 for Tax Year 2027, incorporating amendments made up to June 30, 2026.
NIKKEI RISES ON SOFTBANK RALLY
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average snapped a four-session slide on Friday, driven by a 12 percent rally in index heavyweight SoftBank Group and buoyed by Wall Street’s strong finish overnight. The Nikkei closed 1.26 percent higher at 65,020.94, but posted a weekly loss of 2 percent. Technology investor SoftBank Group jumped 11.78 percent to become the biggest source of gains for the Nikkei after its chip unit Arm Holdings rose 3.29 percent overnight. Memory chipmaker Kioxia rose 5.4 percent. The broader Topix recouped early losses to end 0.03 percent higher at 4,103.23. The index was down 1.05 percent for the week. Markets have almost fully priced in a Bank of Japan interest rate increase to 1.25 percent later this month. They have also fully priced in another hike by January, according to data from money market broker Tokyo Tanshi. US Federal Reserve Governor Christopher Waller said on Thursday he would support keeping rates unchanged this month if upcoming data confirmed inflation pressures were easing.
INDIAN SHARES POST WEEKLY LOSSES AS ELEVATED CRUDE KEEPS SENTIMENT SUBDUED
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Reuters MUMBAI: Indian shares rose on Friday after declining for four straight sessions but logged weekly losses as high crude prices and bond yields earlier in the week outweighed robust domestic growth and tax-collection data. The Nifty 50 rose 0.1 percent to 23,897.7, while the Sensex gained 0.48 percent to 76,515.43. Ahead of the closing auction, the indexes were up 0.27 percent and 0.65 percent, respectively. For the week, the benchmarks lost 1.2 percent and 1 percent, marking their fourth consecutive weekly decline and their longest losing streak in five months. Brent crude jumped about 7 percent this week as intensifying US-Iran hostilities stoked inflation concerns and drove global bond yields higher, pressuring risk assets. The auto index lost 4 percent on concerns that sales growth could slow amid a high base and potentially weaker rural demand following a rainfall deficit. Maruti fell 5.1 percent, while Mahindra and Mahindra lost 4.9 percent.
CHINA STOCKS CLOSE WEEK DOWN AS AI RALLY LOSES STEAM
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Reuters SHANGHAI: China stocks edged down on Friday and ended the week lower, as a rally in AI shares lost momentum and concerns over higher US yields weighed on global equities. China’s blue-chip CSI300 Index closed 0.1 percent lower and the Shanghai Composite Index edged down 0.3 percent. Hong Kong benchmark Hang Seng rose 1.7 percent. For the week, the CSI300 Index ended 1.3 percent down, while the Hang Seng Index was up 0.3 percent. Sentiment towards AI supply chain stocks cooled along with global peers and investors have shifted into some traditional sectors, according to market participants. The tech-focused STAR50 Index fell 2.1 percent, and was down 5.1 percent this week. The CSI Artificial Intelligence Index fell 1.6 percent. Against broad declines, consumer staples shares rose 2.7 percent. Chinese liquor giant Kweichow Moutai shares rose 2.4 percent. The CSI Financial Index rose 0.8 percent. Onshore A-share sentiment remained soft this week amid higher US yield concerns and weak domestic macro data, Morgan Stanley analysts said in a note. They lowered their China equity index targets to reflect a weaker growth outlook, tighter liquidity, less favourable flow dynamics and rising regulatory uncertainty. Hong Kong shares rose after Federal Reserve Governor Christopher Waller said he is leaning toward keeping interest rates steady at the US central bank’s policy meeting this month if the next batch of inflation data shows price pressures are continuing to moderate. Tech majors listed in Hong Kong rebounded from a two-month low, up 2.3 percent. Alibaba shares gained 2.4 percent. Shares of Chinese smartphones-to-electric vehicle (EV) maker Xiaomi climbed 3.6 percent on a deal with German auto dealers.
WALL ST SLIDES AFTER STRONG JOBS REPORT BOLSTERS HAWKISH FED BETS
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Reuters NEW YORK: The major US stock indexes slipped on Friday after a stronger-than-expected jobs report prompted investors to ramp up bets on an interest rate hike later this month. A Labor Department report showed the US economy added 162,000 jobs in August, compared with estimates of 56,000, according to economists polled by Reuters. The unemployment rate stood at 4.1 percent last month, as expected. The data could give the Federal Reserve more room to focus on inflation, especially as Chair Kevin Warsh has indicated that controlling price pressures is his top priority. “This is obviously a very volatile report, but it does mean that at this point the Fed’s focus is going to be on inflation,†said Josh Stevens, chief investment officer at CresAlta Investment Management. Traders added to expectations of an interest rate hike at the central bank’s September 15-16 meeting, with short-term interest-rate futures now implying a 60 percent chance of an increase, up from 55 percent before the report. “The market just had a knee-jerk reaction to the jobs report. Investors are shooting first and asking questions later,†said Thomas Hayes, chairman at Great Hill Capital. At 11:52 a.m. ET, the Dow Jones Industrial Average fell 305.54 points, or 0.57 percent, to 53,380.57, the S&P 500 lost 33.99 points, or 0.44 percent, to 7,713.72 and the Nasdaq Composite lost 114.87 points, or 0.43 percent, to 26,469.19. The declines round out a rollercoaster week that saw traders rushing to recalibrate expectations as fresh data, earnings and Fed Governor Christopher Waller’s commentary shifted the policy outlook. Attention now turns to next week’s inflation readings, with the Labor Department set to release CPI and PPI data that could prove pivotal to the Fed’s decision. Consumer discretionary stocks fell 1.79 percent and led declines on the S&P 500. The PHLX semiconductor index rose 3 percent and was set to end a two-week losing streak. Among individual stocks, Lululemon Athletica fell 17.99 percent after it slashed its full-year profit and revenue forecasts. Adobe dropped 6.08 percent, as it said longtime CEO Shantanu Narayen will hand over the reins to company insider Anil Chakravarthy. US credit reporting agencies lost ground after US Director of Federal Housing Bill Pulte said on Thursday he directed Fannie Mae and Freddie Mac, created by the US Congress to support the housing market, to approve all lenders to use thecredit-scoring system VantageScore. Fair Isaac lost 15.99 percent and TransUnion was down 7.64 percent, while Equifax slid 6.58 percent. As investors head into the Labor Day weekend, debate about the seasonal weakness of September also persists.
Date: 2026-09-05
Details: Published September 5, 2026 Updated about 2 hours ago By Reuters BENGALURU: Most emerging Asia stocks advanced on Friday with Singapore’s benchmark hitting an all-time high, as waning expectations of a near-term US rate increase spurred demand for risk assets, while regional currencies gained ground. The MSCI gauge of emerging Asia equities gained 1.6 percent and was headed for its best session in seven days, with tech-heavy South Korea and Taiwan gaining 1.8 percent and 1.5 percent, respectively. Singapore’s Straits Times Index climbed as much as 1.3 percent to a record 5,820.69 points, led by blue-chip banks. The index was up 1.9 percent for the week, on course for the steepest rise since early July. Expectations of a Federal Reserve rate hike have moderated ahead of key US inflation data, while the yen’s appreciation has weakened the dollar and helped Asian currencies recover some lost ground, said DBS economist Radhika Rao. “Risks nonetheless remain two-sided, as any renewed US-Iran kinetic conflict could drive oil prices higher and weigh on Asian assets anew,†Rao said. Treasuries rallied, and the US dollar index slipped after Fed Governor Christopher Waller said overnight he would favour keeping rates unchanged at September’s policy meeting if upcoming inflation reports reinforce signs of disinflation. Futures markets lowered the probability of a rate hike later this month to about 50 percent, from roughly 63 percent a day earlier. The dollar’s retreat following Waller’s comments supported Asian currencies, with the South Korean won leading gains at 0.4 percent. Taiwan’s dollar rose 0.2 percent.
PM SHEHBAZ SHARIF APPROVES REMOVAL OF SENIOR FBR OFFICER OVER CORRUPTION
Date: 2026-09-04
Details: Written by Mrs. Anjum Shahnawaz in Taxation BS-18 Inland Revenue officer Khurram Fakhar Siddique removed from service after an inquiry found charges of misconduct and corruption proved against him. ISLAMABAD: Prime Minister Shehbaz Sharif has approved the removal from service of Khurram Fakhar Siddique, a BS-18 officer of the Inland Revenue Service (IRS), after disciplinary proceedings found charges of misconduct and corruption proved against him. According to a notification issued by the Federal Board of Revenue (FBR) on Thursday, Siddique was already under suspension when disciplinary proceedings were initiated against him under the Civil Servants (Efficiency & Discipline) Rules, 2020. The proceedings were launched through an order of inquiry, charge sheet and statement of allegations dated February 27, 2025, on charges of “Misconduct†and “Corruptionâ€. Inquiry finds charges proved Amina Hassan, an IRS BS-21 officer, was appointed as the inquiry officer. She submitted her inquiry report on June 27, 2025, concluding that all charges against Siddique had been established. The inquiry officer recommended the major penalty of “Removal from Service†under Rule 4(3)(d) of the Civil Servants (E&D) Rules, 2020. Following the inquiry report, the FBR issued a show-cause notice on July 7, 2025, asking Siddique to explain why one or more penalties should not be imposed, including the major penalty of dismissal from service under Rule 4(3)(e). Siddique submitted his written response to the show-cause notice on July 21, 2025. Officer given opportunity for personal hearing The officer was subsequently given an opportunity for a personal hearing on August 26 and September 1, 2025, before Syed Nadeem Hussain Rizvi, a retired IRS BS-22 officer and then Director General of the IRS Academy, Lahore. However, Siddique opted to submit a written response instead of appearing personally before the hearing officer. The notification said the Prime Minister, as the competent authority under Rule 2(1)(c) of the Civil Servants (Efficiency & Discipline) Rules, 2020, reviewed the complete record of the disciplinary proceedings. The record included the charge sheet and statement of allegations, inquiry report, show-cause notice and response, recommendations of the inquiry and hearing officers, as well as the speaking order passed on the directions of the Lahore High Court. Prime Minister approves removal from service After reviewing the record, Prime Minister Shehbaz Sharif concluded that the charges of misconduct and corruption had been proved against Siddique. The Prime Minister also determined that the penalty recommended by the inquiry officer was commensurate with the charges. The notification stated that the Prime Minister therefore imposed the major penalty of “Removal from Service†on Khurram Fakhar Siddique (IRS/BS-18) with immediate effect under Rule 4(3)(d) of the Civil Servants (E&D) Rules, 2020. Siddique retains right to appeal Despite the removal order, Siddique has been given the right to appeal against the decision. Under the Civil Servants (Appeals) Rules, 1977, he may approach the Appellate Authority within 30 days from the date the notification is communicated to him. The appeal provision allows the former FBR officer to challenge the disciplinary action within the prescribed legal timeframe.
FBR DECLARES SATURDAY, SEPTEMBER 5, A NORMAL WORKING DAY
Date: 2026-09-04
Details: Written by Hamza Shahnawaz in Taxation The Federal Board of Revenue directs all offices to observe normal working hours on September 5 and bars officials from taking leave or station leave. ISLAMABAD: The Federal Board of Revenue (FBR) has decided to observe Saturday, September 5, 2026, as a normal working day for operational purposes. In a circular issued on Thursday, the tax authority directed all its offices to observe normal working hours on Saturday. The directive applies to Regional Tax Offices (RTOs), Large Taxpayers Offices (LTOs), Medium Taxpayers Offices (MTOs), Corporate Tax Offices (CTOs), Directorate Generals, Chief Collectorates, Collectorates and FBR Headquarters. FBR orders normal working hours The FBR said the decision had been taken for operational purposes and instructed all field offices to ensure normal working hours on September 5. The tax authority also directed that no leave or station leave would be allowed for FBR officials on Saturday. The measure is intended to ensure that the department’s operations continue without interruption and that its field formations remain fully functional. FBR focuses on revenue collection The decision comes as the FBR continues efforts to maximise revenue collection during the ongoing fiscal year. According to FBR sources, such measures are aimed at supporting revenue mobilisation ahead of the upcoming International Monetary Fund (IMF) review under Pakistan’s loan programme. The additional working day is expected to allow FBR offices to continue operational and revenue-collection activities without interruption. The move will also provide the tax authority with an additional working day to address ongoing operational requirements and support its revenue mobilisation efforts.
PAKISTAN STEPS UP TAX REFORMS TO BROADEN TAX BASE, SAYS KAYANI
Date: 2026-09-04
Details: Written by Faisal Shahnawaz in Taxation Minister of State for Finance Bilal Azhar Kayani says digitalisation, retailer formalisation and private-sector engagement are central to Pakistan’s tax reforms. ISLAMABAD: Minister of State for Finance Bilal Azhar Kayani has said Pakistan is stepping up efforts to broaden its tax base, ease the burden on compliant taxpayers and improve revenue collection through digitalisation and greater engagement with the private sector. Addressing the High-Level Dialogues on Taxation for Fiscal Sustainability, organised by the Asian Development Bank (ADB) in collaboration with the Government of Pakistan, Kayani said Prime Minister Shehbaz Sharif had given unprecedented attention to reforms at the Federal Board of Revenue (FBR). He said the prime minister was conducting weekly reviews of the FBR’s transformation, covering both strategic and operational aspects of the reform process. Kayani highlighted several initiatives, including faceless customs, digital invoicing, track-and-trace systems and a new tax operating model, which are intended to reduce human intervention in tax assessments and audits. He said the prime minister’s detailed oversight of FBR reforms was aimed at ensuring that the tax authority improved not only revenue collection but also its dealings with taxpayers. Government seeks to bring more retailers into tax net Kayani said the government’s new retailers’ tax scheme was a key initiative aimed at bringing more retailers into the formal economy and broadening Pakistan’s narrow tax base. He said the scheme had been developed following extensive consultations with retailers and their representative organisations, including discussions on why previous attempts to tax the sector had failed. Retailers had raised concerns about informal payments and sought greater protection from such practices in return for joining the formal tax system, he said. The government subsequently worked with traders to finalise the scheme’s tax rates, penalties, procedures and documentation, including a simplified one-page form in Urdu, according to the minister. He said the consultation process had secured support from major trader organisations even before the scheme was formally announced. Kayani also stressed the need for sustained dialogue between government agencies and the private sector, noting that poor communication had contributed to the failure of some economic reforms in the past. Tax burden reduced for exporters, businesses and salaried workers The minister said the government had also taken measures to reduce the tax burden on exporters, small and medium-sized businesses and salaried workers. He said the super tax rate for businesses earning between Rs150 million and Rs500 million annually, as well as those earning more than Rs500 million, had been reduced by two percentage points from 10% to 8%. For exporters, the combined rate of advance income tax and minimum tax deducted at source had been reduced from 2% to 1.25%, he said. The government had also retained the final tax regime for information technology exporters while reducing taxes on salaried taxpayers, which he described as a major priority for the prime minister. Kayani said salaried workers had historically carried a disproportionate share of the tax burden because their incomes were easier for tax authorities to document and collect. FBR to adopt centralised, rules-based system On wider FBR reforms, Kayani said the new tax operating model would centralise and anonymise assessment and audit functions as far as possible. He said a system-driven and rules-based process would reduce the role of individual tax officials and make tax assessments fairer and more predictable. “A CRM-driven audit and assessment function, which is anonymised to the extent possible, which is taken away from the field offices and is centralised, will result in fairer treatment of the taxpayer,†he said. Kayani also highlighted the establishment of exporter facilitation committees in major export centres, including Karachi, Lahore, Sialkot and Faisalabad. The committees bring together FBR officials and exporters and are intended to provide a regular mechanism for identifying and resolving issues faced by businesses. The minister said many difficulties experienced by taxpayers and exporters were linked to procedures and administrative mechanisms rather than tax rates. “Half the friction in the system, including in FBR, is mostly related to processes and mechanisms as opposed to tax rates themselves,†he said. He said the government was receiving support from development partners, including the ADB, for its wider FBR transformation programme. The ultimate objective, Kayani said, was not simply to collect more taxes but to establish a tax system that was more transparent, equitable and easier for taxpayers to navigate. ADB backs Pakistan’s tax reform agenda Speaking at the event, ADB Vice President for South, Central and West Asia Yingming Yang said tax collection and domestic resource mobilisation were crucial to sustainable development. He said robust revenue systems enabled governments to invest in people, infrastructure and resilience while reducing dependence on debt. Addressing challenges such as Pakistan’s narrow tax base, widespread informality and low compliance was vital for fiscal sustainability, Yang said. He added that Pakistan’s tax reform agenda was gaining momentum and could help increase revenue collection, strengthen documentation of the economy and improve data collection for better policymaking and planning. Strong revenue collection enables governments to invest in people and provide better public services, including health, education and communications, he said. Yang said reforms to the revenue collection system could also help Pakistan address its broader fiscal challenges. He reaffirmed the ADB’s commitment to providing financial and technical assistance, as well as knowledge-sharing, to support Pakistan in modernising its tax administration and transforming its revenue collection system. The event, he added, would also provide an opportunity to discuss policy mechanisms and share international best practices for broadening the tax base and improving domestic revenue mobilisation.
PCDMA WARNS FBR IRIS GLITCHES ARE DELAYING SALES TAX RETURNS
Date: 2026-09-04
Details: Written by Hamza Shahnawaz in Taxation, Trade & Industry The Pakistan Chemicals & Dyes Merchants Association has urged the FBR to urgently resolve IRIS technical issues affecting timely Sales Tax Return filing. KARACHI: The Pakistan Chemicals & Dyes Merchants Association (PCDMA) has warned that persistent technical glitches in the Federal Board of Revenue’s (FBR) IRIS system are creating major hurdles for the timely filing of Sales Tax Returns. The association said the problems were leaving registered taxpayers dependent on their suppliers and exposing businesses to the risk of penalties for late submission. In a letter to the FBR chairman, PCDMA Chairman Salim Valimuhammad urged the tax authority to address the issue on an urgent basis, saying recent changes to the IRIS system had made it increasingly difficult for taxpayers to meet statutory filing deadlines. He particularly highlighted problems relating to Annex H1 — Statement of Stock for Traders, introduced following the implementation of SRO 350(I)/2024. According to Valimuhammad, the requirement has created an unnecessary dependency on suppliers for completing and submitting Sales Tax Returns. “Most taxpayers have become dependent on their suppliers to submit their returns,†he said, adding that the rigid dependency had significantly slowed the filing process across the country. As a result, many sales tax-registered businesses are struggling to submit their returns within the prescribed deadlines despite their willingness to remain compliant, he added. PCDMA seeks permanent solution Valimuhammad said the issue was not limited to the chemical trade and was affecting sales tax-registered businesses across Pakistan. The association, which represents around 750 members and is among the major trade bodies in the chemical sector, has therefore approached the FBR seeking a practical and permanent solution. He said PCDMA had prepared a detailed presentation highlighting the problems associated with Annex H1 and had also proposed a mechanism to resolve the matter permanently. The proposed mechanism, he added, would provide relief to taxpayers generally and help accelerate the filing of Sales Tax Returns. The PCDMA chairman stressed that the association’s objective was not to weaken tax compliance but to remove technical and procedural barriers that were preventing taxpayers from filing their returns within the prescribed timeframe. He urged the FBR chairman to treat the matter as a priority and facilitate an early resolution in the interest of both taxpayers and the government. Association calls for smoother filing process The association said a smoother and more workable filing mechanism would reduce the administrative burden on businesses, improve the pace of return submissions and strengthen overall tax compliance. Valimuhammad also offered PCDMA’s assistance for any further clarification or technical input required to understand the issue and implement the proposed solution. The association expressed hope that the FBR would address the technical difficulties promptly and introduce a more efficient mechanism that enables taxpayers to meet their statutory obligations without unnecessary procedural hurdles.
BANKISLAMI ROLLS OUT FIRST GOLD-BASED FINANCING FACILITY
Date: 2026-09-04
Details: Published September 4, 2026 Updated about an hour ago By Recorder Report KARACHI: BankIslami has launched the country’s first Islamic Gold-based financing facility, enabling customers to access Shariah-compliant financing against their gold assets. The offering is in line with BankIslami’s commitment to expanding access to Islamic financial solutions and enables the Bank’s customers to avail financing of up to PKR 5 million, with flexible tenures of up to four years. This Gold-Based Financing structure is built on the principles of Musawamah, a Shariah-compliant sale mechanism that provides customers with an asset-backed financing solution, keeping the transaction in line with Islamic banking principles. With this launch, BankIslami becomes the first Islamic bank in Pakistan to offer Shariah-compliant financing against gold, providing customers with a Riba-free avenue to meet their financial needs through a secure and innovative solution. The launch further strengthens BankIslami’s growing portfolio of retail financing solutions and reinforces its focus on financial inclusion, customer-centric innovation and making Islamic banking more accessible across Pakistan. This initiative represents another step in the Bank’s continued commitment to Saving Humanity from Riba. Copyright Business Recorder, 2026
CHINA STOCKS END FLAT; INVESTORS AWAIT US PAYROLLS DATA
Date: 2026-09-04
Details: Published September 4, 2026 Updated about an hour ago By Reuters SHANGHAI: Mainland China stocks closed largely flat on Thursday after two consecutive sessions of losses, as investors cautiously awaited US jobs data for further clues on the Federal Reserve’s policy outlook and upcoming domestic indicators for signs of the broader economy’s health. At the close, the benchmark Shanghai Composite index ended largely unchanged at 3,942.09 points and the blue-chip CSI300 index inched up 0.1 percent. The smaller Shenzhen index ended up 0.1 percent and the start-up board ChiNext Composite index was unchanged, while Shanghai’s tech-focused STAR50 index eased 0.4 percent. Property shares were among the biggest winners, with a sub-index bouncing 4.1 percent following three days of sharp losses. In Hong Kong, the benchmark Hang Seng index fell 0.4 percent, while the city’s tech shares dropped 1.1 percent. Shares of online fast-fashion retailer SHEIN Global Holdings plunged 8.7 percent in the third day of Hong Kong trading. All eyes are now on Friday’s US nonfarm payrolls report, where analysts are forecasting an increase of 56,000 in jobs, following July’s shock drop of 23,000, with unemployment holding at 4.1 percent. Markets are now pricing in a 61 percent chance of a Fed rate hike in September. US monetary tightening could affect global financial markets. Meanwhile, domestic August economic data is also in focus. “Economic activity should stay sluggish for August, as widely expected, yet the key thing to watch is whether a catch-up recovery starts in September on recent policy push,†Citi analysts said in a note. China’s services activity expanded at a faster pace in August, a private-sector survey showed on Thursday, with stronger domestic demand helping firms add staff for a fourth consecutive month. Meanwhile, China’s central bank governor told the G20 Finance Ministers and Central Bank Governors meeting that the country never deliberately pursues a trade surplus and insists on expanding domestic demand and maintaining a high level of opening up to the world, according to a statement from the bank on Wednesday.
EUROPEAN STOCKS RECOVER FROM ONE-MONTH LOWS AS BOND YIELDS RETREAT
Date: 2026-09-04
Details: Published September 4, 2026 Updated about an hour ago By Reuters FRANKFURT: European stocks rose on Thursday after three straight sessions of losses, as a global bond selloff eased and investors looked ahead to US economic data for clues on the Federal Reserve’s next policy moves. The pan-European STOXX 600 was up 0.5 percent at 649.1, recovering from one-month lowshit on Tuesday. Regional indexes were also mostly higher. Soitec jumped 10.3 percent to the top of the STOXX 600 index after the French chip materials maker raised its revenue growth outlook for the second quarter of 2027 to 50 percent year-on-year from its previous forecast of 30 percent. Markets had come under pressure in recent days as the escalation of the Iran war lifted oil prices and amplified concerns over persistent inflation, rising government debts and tighter monetary policy. European equities are particularly exposed to higher oil prices due to the region’s reliance on energy imports. Oil prices eased on Thursday but remained above USD95 a barrel, while euro zone bond yields retreated from multi-year highs. “Until there is a complete stop to attacks from both sides it is hard to see commodity prices pull back in a meaningful way, or bonds stage a long-term recovery as central banks will remain wary about inflation risks,†Kathleen Brooks, research director at XTB, said. The latest survey showed growth in the euro zone’s dominant services industry slipped to a two-month low in August, though solid, broad-based demand kept overall private sector activity steady. Traders are nearly certain the European Central Bank will raise borrowing costs to 2.5 percent at its policy meeting next week and deliver two additional quarter-point rate hikes by mid-2027. “Even though Brent will fluctuate, the actual product people use is at the highs of March and April, and this will have an impact,†Ricardo Castillo, head of investments at Mirabaud Group, said.
WALL ST CLIMBS AFTER FED GOVERNOR SAYS HE COULD SUPPORT RATE HOLD
Date: 2026-09-04
Details: Published September 4, 2026 Updated about an hour ago By Reuters NEW YORK: Wall Street’s main indexes rose on Thursday after Federal Reserve Governor Christopher Waller said he could support holding rates steady this month if data confirms price pressures are cooling off. The comments prompted traders to lower bets on a hike, and could dispel the gloom in markets following the latest military exchanges between the US and Iran. But borrowing costs may need to rise if inflation data shows price pressures persist, he said. Traders still expect a nearly 50 percent chance of a hike this month, according to the CME FedWatch tool. “Even if domestic inflation data improves, a sustained rise in oil prices could keep inflation concerns alive and make it harder for the Fed to remain on the sidelines,†said Jeff DerGurahian, loanDepot’s chief investment officer. Brent crude futures rose 0.49 percent on Thursday — their fourth consecutive day of gains. Separately, data released on Thursday showed US services sector activity picked up in August. Investors hungry for positive catalysts are now eyeing Friday’s jobs data, but some have cautioned against placing too much emphasis on the report as Federal Reserve Chair Kevin Warsh has indicated that controlling inflation remains his top priority. In Thursday’s batch of data, initial claims for state unemployment benefits rose by 2,000 to a seasonally adjusted 206,000 in the week ended August 29, broadly in line with economists’ expectations. At 11:25 a.m. ET, the Dow Jones Industrial Average rose 612.96 points, or 1.15 percent, to 53,673.94, the S&P 500 gained 70.70 points, or 0.93 percent, to 7,737.70 and the Nasdaq Composite gained 323.62 points, or 1.23 percent, to 26,541.45. Communication services stocks led gains among the S&P 500’s 11 sectors, rising about 1.76 percent, while healthcare and materials slipped. Broadcom dropped 4.9 percent to a five-month low after its fourth-quarter revenue forecast fell short of Wall Street’s lofty expectations, underscoring that the firms at the center of the AI buildout have a high bar to clear. The weakness spilled over to chipmakers, with the Philadelphia Semiconductor index down more than 1 percent.
SRI LANKAN SHARES CLOSE HIGHER
Date: 2026-09-04
Details: Published September 4, 2026 Updated about 2 hours ago By Reuters COLOMBO: Sri Lankan shares closed higher on Thursday, led by materials stocks. The CSE All-Share index settled 0.3 percent higher at 21,395.11 points. Ceylinco Holdings Plc and Haycarb Plc were the top index point gainers, up 41.92 points and 11.07 points, respectively, on the day. Trading volume on the index rose to 118.2 million shares from 50.9 million shares in the previous session. The equity market’s turnover rose to 2.45 billion Sri Lankan rupees (USD7.46 million) from 1.28 billion rupees in the previous session, according to exchange data. Foreign investors were net buyers, purchasing stocks worth 1.53 billion rupees, while domestic investors were net sellers, offloading shares worth 2.29 billion rupees, the data showed.
PAKISTAN PHARMA INDUSTRY OPPOSES PROPOSAL TO ALTER THE DRUG PRICING FORMULA
Date: 2026-09-04
Details: Published September 4, 2026 Updated about 2 hours ago By Salman Siddiqui Pakistan’s pharmaceutical manufacturing industry has expressed concern over a federal minister’s directives to amend the existing drug pricing mechanism, warning that sudden changes could cripple the industry, disrupt medicine supplies and undermine efforts to ensure the availability of affordable medicines. Industry officials said the existing Drug Pricing Policy, 2018 was endorsed by the Supreme Court and was developed by the government through a thorough process involving consultations with stakeholders, rather than by any individual or small group. Federal Minister for Economic Affairs and Establishment Division Senator Ahad Cheema recently directed the Ministry of National Health Services and the Drug Regulatory Authority of Pakistan (DRAP) to urgently revise the regulatory framework governing drug pricing. The proposed changes include amendments to the Hardship Policy and the composition of the DRAP Policy Board, with a focus on protecting consumers from unjustified price increases while ensuring the availability of essential medicines. Under the existing pricing policy, the government determines and regulates the prices of life-saving medicines, including those covered under hardship cases, where a medicine becomes too expensive to manufacture or import at the price currently allowed by the government. Essential medicines account for roughly 40 percent — or around 500 molecules — of all medicines marketed and sold in the country, indicating that the government continues to exercise significant control over medicine pricing. The pharma industry said repeated government interventions and changes to pricing policies create inconsistency and hinder the industry’s performance. Industry officials urged the authorities to allow existing pricing policies, including the hardship mechanism, to remain in place for a longer period to deliver the desired results, including the availability of affordable medicines and higher exports. They said the existing pricing policy provides a transparent mechanism for revising prices of essential medicines and follows international standards. Under the policy, the government allows a maximum price increase equivalent to 70 percent of the annual Consumer Price Index (CPI) inflation rate when revising medicine prices. Price revisions are also made after benchmarking the prices of the same molecules in neighbouring countries, including India, Bangladesh and Sri Lanka. Accordingly, authorities revised the prices of essential medicines by a maximum of 4.9 percent in fiscal year 2026, equivalent to 70 percent of the 7 percent CPI inflation recorded during the year. The increase was kept below corresponding prices in neighbouring countries. The pharma industry said this demonstrated that the pricing process remained transparent, with the government not allowing prices to exceed levels at which medicines are available in regional countries, despite higher production costs in Pakistan. Industry officials also pointed to India, saying the country had maintained consistency in its pricing policies and deregulated the prices of a majority of medicines. They said this helped India achieve pharmaceutical export earnings of close to $30 billion in 2026, almost equivalent to Pakistan’s total export earnings in FY26. The industry said Pakistan’s pharmaceutical manufacturing sector had a net profit margin of around 3 percent some two years ago, before the government introduced its 2024 deregulation policy allowing manufacturers to set prices for non-essential medicines. Following deregulation, profit margins have improved to around 10 percent, according to an industry official. Industry officials further argued that pressure on pharmaceutical companies’ profit margins due to what they termed “unnecessary government interventions†could compromise medicine quality. They also pointed to the departure of a large number of multinational pharmaceutical companies from Pakistan in the past, attributing it to inconsistent policies. According to industry officials, several other sectors, including banks, oil and gas marketing companies and fertiliser manufacturers, were earning higher profit margins than the pharmaceutical industry. They argued that pharmaceutical companies were “just doing business†and needed to earn profits to reinvest in the industry, increase the availability of affordable medicines, expand production lines and boost exports. The industry also said deregulation of non-essential medicines had increased competition among pharmaceutical companies over prices and quality. “Competition always keeps a check on pricing and quality of medicines,†industry officials said, adding that patients remained the biggest beneficiaries of competition among pharmaceutical companies. Copyright Business Recorder, 2026
RUSSIAN CO REVEALS MACOS USERS FACE MORE CYBER THREATS THAN WINDOWS USERS
Date: 2026-09-04
Details: Published September 4, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: A Russian cybersecurity company revealed on Thursday that 12 percent of macOS users reported malware infections compared with 9 percent of Windows users. According to Kaspersky’s latest survey, the largest gap in cybersecurity approaches appears in the habit of not opening suspicious emails or links, with 62 percent of Windows users following this practice compared to 51 percent of macOS users. What’s more, when it comes to cybersecurity software installation, macOS users are also lagging behind. While among Windows users 42 percent reported using digital life protection software, for macOS this rate is only 35 percent, what Kaspersky security experts call a worryingly low figure. To counter these specific threats, robust anti-malware and anti-phishing protection is essential. When it comes to credentials and passwords safety, Windows users also show better security practices’ adoption rates. Adopting a dedicated password manager becomes a logical next step. Such tools store all credentials in a secure vault protected by a single master password, eliminating the need to remember hundreds of passwords while keeping them safe from breaches. They also support modern authentication methods like passkeys, enabling seamless, single-tap sign-in across all devices through secure synchronization – capabilities offered by solutions such as Kaspersky Password Manager. Consequently, any device with an internet connection, regardless of its operating system or form factor, requires cybersecurity software to defend against a wide range of cyber threats,†comments Sergey Puzan, cybersecurity expert at Kaspersky. Copyright Business Recorder, 2026
OIL PRICES MIXED AS INVESTORS WEIGH ME ESCALATION
Date: 2026-09-04
Details: Published September 4, 2026 Updated about 2 hours ago By Reuters NEW YORK: Oil prices were mixed on Thursday, supported after US strikes on Iran and renewed Israeli threats against Tehran revived concerns about disruption to Middle East supplies but pressured by comments from Russian President Vladimir Putin signaling openness to peace negotiations. Brent crude futures settled down 11 cents, or 0.12 percent, at USD 95.52 a barrel while US West Texas Intermediate crude futures rose 29 cents, or 0.32 percent, to USD 91.30. Both contracts hit six-week highs earlier in the session. Iran’s health minister said 18 people were killed and 108 wounded in Tuesday night’s US strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz. Three Iranian Army pilots were killed in the US strikes, the semi-official Tasnim news agency reported. The attacks were the most substantial exchange of fire between the United States and Iran since July. The war, which began with US-Israeli strikes at the end of February, is in its seventh month. Vice President JD Vance told reporters on Thursday that the US does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz. “The market will watch out if the US strike earlier this week was one off event or not,†said UBS analyst Giovanni Staunovo. Israeli Defence Minister Israel Katz renewed warnings that Israel would “cripple†Iran’s military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it. Saxo Bank analyst Ole Hansen said Katz’s comments had helped to push oil prices higher. Comments from Russian President Vladimir Putin indicating openness to peace negotiations with Ukraine could help ease concerns about Russian fuel supply disruptions if attacks on refineries decline and production normalizes, a factor pressuring prices on Thursday, said Phil Flynn of Price Futures Group. Putin said on Thursday there was a chance of reaching an agreement to end the war in Ukraine. Speaking at an economic forum in Russia’s far east, he said a number of countries including the US and China were ready to support a peace settlement. Fewer vessels transit strait Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and well below the 10-day average of around 13, preliminary shipping data showed on Thursday. “The oil market remains tight, with oil inventories still declining globally translating into higher prices,†said UBS energy analyst Giovanni Staunovo. Meanwhile, Iran added ships to the list of vessels it deems non-compliant and subject to fines, confiscation or detention if they try to sail through the strait. Iraqi vessels are among those Iran has allowed to pass through Hormuz. Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.
US NATGAS PRICES RISE TO 8-WEEK HIGH ON LNG FLOWS, WARM WEATHER
Date: 2026-09-04
Details: Published September 4, 2026 Updated about 2 hours ago By Reuters NEW YORK: US natural gas futures edged up to an eight-week high on Thursday on rising flows to liquefied natural gas (LNG) export plants now that Tropical Storm Edouard has passed over the coasts of Texas and Louisiana, and on forecasts for unseasonably warm weather and higher-than-usual air conditioning demand to continue through at least mid-September. Front-month gas futures for October delivery on the New York Mercantile Exchange rose 3.6 cents, or 1.2percent, to USD2.992 per million British thermal units (mmBtu), putting the contract on track for its highest close since July 9 for a second day in a row. Recent gains also pushed the front-month into technically overbought territory for the first time in almost three months. Prices were also supported by expectations a federal report on Thursday will show that hot weather last week caused energy firms to add less gas to storage than usual for this time of year. Analysts forecast energy firms added 31 billion cubic feet (bcf) of gas to storage during the week ended August 28. That compares with an increase of 50 bcf during the same week last year and a five-year (2021-2025) average increase of 37 bcf for the period. Financial firm LSEG said average gas output in the US Lower 48 states rose to 112.9 billion cubic feet per day (bcfd) so far in September, up from a monthly high of 112.2 bcfd in August. Record output and mild spring weather this year allowed energy firms to keep the amount of gas in inventory higher than the five-year (2021-2025) average since March. But with hot weather last week, analysts said the amount of gas in storage likely eased to 5.3percent above normal during the week ended August 28 from 5.5percent above normal the previous week, according to estimates ahead of the weekly federal inventory report on Thursday. Meteorologists forecast the weather will remain mostly warmer than normal through September 18, pushing power generators to continue burning more gas than usual to keep air conditioners running. About 40percent of US power generation comes from gas-fired plants. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 112.7 bcfd this week to 108.8 bcfd next week. The forecast for next week was lower than LSEG’s outlook on Wednesday. Average gas flows to the nine big US LNG export plants rose to 18.0 bcfd so far in September from 17.2 bcfd in August. That is still short of the monthly record high of 18.8 bcfd in April. The US became the world’s biggest LNG exporter in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more low-cost US gas. Around the world, gas was trading near 44-month highs of around USD25 per mmBtu at the Dutch Title Transfer Facility (TTF) benchmark in Europe and USD24 at the Japan-Korea Marker (JKM) benchmark in Asia. Global gas prices have spiked in recent years primarily due to supply disruptions linked to Russia’s invasion of Ukraine in 2022 and the US-Israeli war with Iran this year. Prices in the US, however, have not reacted much to the war in Iran because the US produces all the gas it consumes domestically and US LNG companies are already liquefying as much fuel as they can. No matter how high global gas prices go, the US cannot export much more LNG until units under construction enter service in coming months and years.
FBR PROPOSES CHANGES TO ALTERNATIVE DISPUTE RESOLUTION RULES
Date: 2026-09-03
Details: Written by Hamza Shahnawaz in Taxation FBR proposes new procedures for ADR applications, committee remuneration, multiple cases and withdrawal of pending tax appeals ISLAMABAD: The Federal Board of Revenue (FBR) has proposed amendments to Rule 231C of the Income Tax Rules, 2002, seeking to revise procedures for the alternative dispute resolution (ADR) of tax disputes. The FBR issued SRO 1496(I)/2026 dated September 2, 2026, proposing amendments to Rule 231C, which governs disputes referred for resolution under Section 134A of the Income Tax Ordinance, 2001. Under the proposed amendments, an aggrieved person seeking ADR would be required to submit a written application to the FBR in the prescribed form, along with the required supporting documents. The applicant would have to nominate a person to serve on the ADR Committee and provide the nominee’s CNIC, phone number, permanent address and email address, along with the undertaking required under the Income Tax Ordinance. The proposed rules would further require the taxpayer’s nominee to submit three names of retired judges for consideration as Chairperson of the ADR Committee. The applicant would also have to provide details including their phone numbers, bank account information, permanent addresses and email addresses. Proposed remuneration for ADR committees The FBR has proposed a revised lump-sum, one-time remuneration structure for members of ADR committees based on the disputed tax liability. For disputed tax liability of up to Rs50 million, the proposed remuneration would be: • Rs300,000 for the Chairperson. • Rs150,000 for each other committee member, excluding the Chief Commissioner Inland Revenue. For disputed tax liability exceeding Rs50 million, the proposed remuneration would be: • Rs500,000 for the Chairperson. • Rs250,000 for each other committee member, excluding the Chief Commissioner Inland Revenue. The Chairperson and committee members may also be entitled to TA/DA equivalent to the allowances admissible to BPS-22 and BPS-21 federal government officers, respectively. Rules proposed for multiple ADR applications The draft amendments also provide for the clubbing of multiple applications submitted by the same taxpayer during the same financial year where they involve identical issues. Where the same Chairperson has been appointed and the committees are constituted within 90 days, the applications may be clubbed and processed together. In such circumstances, the members would be considered to constitute a single committee for all purposes, including determination of remuneration, irrespective of whether separate orders for constituting the committees had been issued. The proposed amendments also state that where an ADR Committee becomes defunct or is dissolved because of an administrative, legal or procedural issue that is not attributable to the FBR or taxpayer, no remuneration would be payable. Any amount already advanced or deposited would have to be refunded to the respective parties within 15 days of the committee’s dissolution. Conditions for ADR committee members The draft rules prescribe conditions for Chairpersons and members who become unavailable or are unable to perform their functions because of a conflict of interest or any other reason. Such members would be required to notify the FBR in writing within seven days of notification of the committee’s constitution. However, once the prescribed remuneration has been released or paid, the member or Chairperson would not be entitled to recuse themselves or withdraw from the proceedings until a final decision has been reached or the committee has been dissolved. Withdrawal of pending appeals The proposed amendments also introduce a prescribed application for withdrawal of an appeal under Section 134A(9) of the Income Tax Ordinance, 2001. Under the proposed procedure, a taxpayer who has applied for the constitution of an ADR Committee and whose committee has subsequently been constituted would be required to withdraw the relevant pending appeal, reference application or civil appeal. The prescribed application would seek disposal of the appeal as withdrawn while retaining the taxpayer’s right to seek reinstatement if the ADR Committee fails to decide the dispute within the stipulated period. The proposed amendments are aimed at establishing a more structured framework for processing ADR applications, constituting committees, determining remuneration and managing appeals linked to tax disputes.
FBR AMENDS INCOME TAX RETURN FORMS FOR TAX YEAR 2026
Date: 2026-09-03
Details: Written by Faisal Shahnawaz in Taxation FBR adds four new provisions to tax rules as experts seek adequate time for taxpayers to comply with revised forms ISLAMABAD: The Federal Board of Revenue (FBR) has amended the income tax return forms for Tax Year 2026, nearly two months after the official launch of return filing for taxpayers. The FBR issued SRO 495(I)/2026 on Wednesday, introducing further amendments to the Income Tax Rules, 2002 under the powers granted by Section 237 of the Income Tax Ordinance, 2001. According to the notification, the amendments have been made following the earlier publication of SRO 835(I)/2026 in May 2026, as required under the Income Tax Ordinance. The latest notification adds four new parts to the Second Schedule of the Income Tax Rules, 2002. These include Part-II-ZE, Part-II-ZF, Part-II-ZG and Part-II-ZH. FBR revises Tax Year 2026 return forms The amendments have been introduced after taxpayers had already begun filing their income tax returns for Tax Year 2026 under the previously notified return forms. The development is expected to raise questions over the Tax Year 2026 return filing deadline, which is currently set for September 30, 2026. Taxpayers and tax practitioners may now need to review the revised provisions and determine whether the amendments affect information already prepared or submitted under the earlier return forms. Tax experts seek additional filing time Tax experts have argued that taxpayers should be provided adequate time to comply with changes introduced through amended return forms. They maintain that the FBR should allow three months from the date of issuance of the revised forms for taxpayers to file their returns, even where amendments are introduced after the start of the filing period. According to tax practitioners, providing additional time would help taxpayers understand the revised requirements, make necessary adjustments and complete their returns without facing compliance difficulties. The timing of the amendments could therefore create uncertainty among taxpayers and tax practitioners regarding the applicable return forms and the time available to complete Tax Year 2026 filing. New provisions incorporated into tax rules The FBR’s latest notification formally incorporates the new provisions into the Income Tax Rules, 2002 and follows the authority granted to the tax authority under the Income Tax Ordinance, 2001. With the filing period already under way, taxpayers and advisers are expected to closely examine the amended forms and related provisions before submitting or revising their Tax Year 2026 returns. The changes also put renewed focus on the need for clear guidance and sufficient compliance time whenever tax return forms are amended after the filing process has commenced.
FBR ORDERS FIRE SAFETY REVIEW ACROSS HEADQUARTERS AND FIELD OFFICES
Date: 2026-09-03
Details: Written by Faisal Shahnawaz in Taxation Tax offices, Customs formations and warehouses ordered to address fire hazards and strengthen emergency preparedness ISLAMABAD: The Federal Board of Revenue (FBR) has directed all its field formations to conduct comprehensive reviews of fire safety arrangements at offices and buildings, including rented premises, and immediately address any identified deficiencies. The directive covers FBR headquarters as well as regional tax offices, Customs formations, appeals offices, directorates, PRAL offices, computer wings, data centres and call centres. According to the FBR instructions, heads of all field formations must review fire safety systems both internally and in coordination with relevant fire and rescue agencies, building management authorities or other competent bodies. The review will cover fire-fighting systems, emergency exits, internal electrical installations, fire safety standard operating procedures (SOPs), emergency drills and staff awareness, among other safety arrangements. FBR orders inspection of fire safety equipment The FBR has directed offices to ensure the availability, proper placement, functionality and regular maintenance of fire extinguishers, fire-fighting equipment, fire alarms and detection systems. Any deficiencies identified through internal inspections or assessments by relevant fire and rescue authorities must be rectified immediately. The board has also ordered thorough inspections of electrical wiring, distribution boards, UPS systems, generators and other electrical installations to identify and eliminate potential fire hazards. Evacuation plans and emergency drills FBR field formations have been instructed to prepare and prominently display evacuation plans showing escape routes, emergency exits, fire-fighting equipment and designated assembly points. Officials and staff must be familiarised with these plans, while necessary emergency evacuation drills are to be conducted regularly. Emergency exits, stairways, corridors and escape routes must remain clear and unobstructed. Offices have also been instructed to ensure adequate emergency lighting and clearly visible safety signage. The FBR further directed formations to review and implement fire safety and emergency response SOPs and ensure that employees are aware of fire prevention measures, evacuation procedures and the proper use of fire-fighting equipment. Fire safety focal persons to be designated Each field formation has been asked to designate appropriate officers or staff members as fire safety focal persons. Emergency contact numbers for Rescue services, fire brigades and other relevant emergency agencies should also be displayed prominently. The board has additionally stressed the safe storage of files, records and other combustible materials, particularly ensuring that such items are kept away from electrical installations, generators and fuel storage areas. Generators and fuel storage facilities must be properly installed and adequately ventilated. They are also required to undergo regular inspections and maintenance, while fuel must be stored safely away from heat sources, electrical installations and other potential ignition sources. Special instructions for Customs warehouses The FBR has also issued specific safety instructions for Customs warehouses. These facilities must have adequate fire-fighting equipment and functional fire detection and alarm systems. Combustible and hazardous goods must be stored safely, while access and exit routes must remain clear. Regular inspections of electrical installations in Customs warehouses have also been made mandatory. The FBR directed all heads of field formations to take any other measures necessary to strengthen fire-fighting and fire safety systems. Compliance report deadline All heads of field formations have been asked to take immediate action wherever the required measures have not already been implemented. They must submit a compliance report to FBR Headquarters by September 15, 2026, detailing the status of fire safety arrangements, deficiencies identified and corrective measures taken. The FBR has also instructed field formations to immediately report any fire-related incident, including minor incidents, to headquarters along with details of the incident and remedial measures undertaken. Markets / Cotton & Textile KCA DECREASES SPOT RATE BY RS100 TO RS19,400 PER MAUND Published September 3, 2026 Updated about an hour ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association decreased the spot rate by Rs 100 per maund and closed it at Rs 19,400 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained easy and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs 18,900 to Rs 19,000 per maund, while Phutti in the province is trading between Rs 8,600 to Rs 9,300 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,800 to Rs 19,000 per maund, with Phutti fetching between Rs 8,500 to Rs 9,300 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,900 to Rs 19,000 per maund. The rate of Phutti is in between Rs 8,700 to Rs 9,400 per 40 kg. Copyright Business Recorder, 2026
GHAR HO TU APNA: MBL APPROVES RS31.45BN IN HOUSING FINANCE
Date: 2026-09-03
Details: Published September 3, 2026 Updated about an hour ago By Recorder Report KARACHI: Meezan Bank has approved more than PKR 31.45 billion in housing finance across 4,424 applications under the Government of Pakistan’s Wazir-e-Azam Apna Ghar Programme-Ghar Ho Tu Apna (GHTA), reflecting strong demand for affordable, Shariah-compliant home financing across the country. The approved applications represent a substantial financing pipeline expected to translate into further disbursements as customers complete property selection, documentation and other procedural requirements. Against this growing pipeline, Meezan Bank has already crossed PKR 4 billion in cumulative disbursements under the programme, helping around 650 families move closer to owning their homes. Momentum accelerated sharply during August 2026, when the Bank disbursed approximately PKR 2.2 billion in a single month, accounting for more than half of its cumulative disbursements under the programme to date. Commenting on the development, Ahmed Ali Siddiqui, Group Head Consumer Finance, Meezan Bank, said that the approval of more than PKR 31.5 billion in financing across over 4,400 applications demonstrates the significant demand for affordable and Shariah-compliant housing finance in Pakistan. With over PKR 4 billion already disbursed and 650 families supported, our focus is now on converting this strong approved pipeline into home ownership for thousands of additional customers, he informed. He further said that Meezan Bank remains committed to supporting the Government’s objective of expanding access to affordable housing while providing customers with financing solutions structured in accordance with Islamic principles. Through its Easy Home solutions, Meezan Bank provides Shariah-compliant financing for the purchase and construction of residential properties. Copyright Business Recorder, 2026
INDIAN CENTRAL BANK STEPS UP RUPEE SUPPORT, SOARING NRI DEPOSITS BOLSTER FIREPOWER
Date: 2026-09-03
Details: • India's central bank is successfully defending the rupee, pushing it to a two-month high despite rising oil prices and US Treasury yields Published September 2, 2026 Updated about 14 hours ago By Reuters MUMBAI: The Reserve Bank of India has stepped up its support for the rupee in recent sessions, shielding the currency from a surge in oil prices and rising U.S. Treasury yields, with a flood of deposits from non-resident Indians bolstering the central bank’s firepower. The rupee has rallied past the 95-per-dollar mark to a two-month high, catching much of the market by surprise given the headwinds facing the currency. Brent crude has jumped 7% so far this week to $95.50 a barrel. The 10-year U.S. Treasury yield has climbed to its highest level in nearly three years, while the dollar index is approaching the 100 mark. The RBI has repeatedly stepped in with dollar sales, absorbing the impact of adverse external developments and pushing rupee higher. Bankers say the central bank has been increasingly active before the formal market opening over the last three sessions, followed by intervention through the trading day. Previously, the central bank largely stepped in to curb weakness in the rupee, and more recently it appears to be using its intervention to push the currency higher, the bankers said. “The RBI’s intention seems to be to insulate the rupee from the pressure that is building up from oil prices,†said Sakshi Gupta, principal economist at HDFC Bank. “The larger FX reserve buffer provides it higher scope to intervene and by demonstrating its willingness to keep supporting the currency, it will deter any speculative build-up.†A treasury official at a private sector bank, who requested anonymity because they are not authorised to speak to the media, said the RBI may be seeking to challenge the perception that the rupee is locked into a one-way weakening trend. By doing so, the central bank could influence the hedging behaviour of corporates and speculators, they added. Flows accelerate The stepped-up intervention comes amid a surge in deposits from overseas Indians. Inflows picked up markedly in the days leading up to the scheme’s deadline. Deposits stood at $65.4 billion on August 21, according to the RBI’s latest update, before jumping past $100 billion by the August 31 deadline for banks to raise deposits eligible for concessional swaps, according to a media report. Banks raising these deposits can swap the dollars with the RBI for rupees at zero cost, giving them access to cheaper rupee funding while simultaneously boosting the RBI’s ability to support the currency by adding to its foreign exchange reserves. India’s foreign exchange reserves were already at an all-time high of $729.3 billion in the week ended August 21 and are expected to rise further when more of these inflows are swapped with the RBI. Gaura Sen Gupta, chief economist at IDFC FIRST Bank, estimates that FX reserves are likely to cross $750 billion by September-end.
MEEZAN BANK APPROVES OVER RS31BN UNDER GHAR HO TU APNA PROGRAMME
Date: 2026-09-03
Details: • Meezan Bank has already crossed Rs4 billion in cumulative disbursements Published September 2, 2026 Updated about 20 hours ago By BR Web Desk Meezan Bank, one of Pakistan’s largest commercial banks, has approved more than Rs31.45 billion in housing finance across 4,424 applications under the Government of Pakistan’s Wazir-e-Azam Apna Ghar Programme – Ghar Ho Tu Apna (GHTA). The approved applications represent a substantial financing pipeline expected to translate into further disbursements as customers complete property selection, documentation and other procedural requirements, Meezan Bank said in a statement. Meezan Bank has already crossed Rs4 billion in cumulative disbursements under the programme, helping around 650 families move closer to owning their homes. Momentum accelerated sharply during August 2026, when the MEBL disbursed approximately Rs2.2 billion in a single month, accounting for more than half of its cumulative disbursements under the programme to date. Commenting on the development, Ahmed Ali Siddiqui, Group Head Consumer Finance, Meezan Bank, said, “The approval of more than Rs31.5 billion in financing across over 4,400 applications demonstrates the significant demand for affordable and Shariah-compliant housing finance in Pakistan. With over Rs4 billion already disbursed and 650 families supported, our focus is now on converting this strong approved pipeline into home ownership for thousands of additional customers.†He added that Meezan Bank remains committed to supporting the government’s objective of expanding access to affordable housing.
PAKISTAN ACCELERATES CASHLESS DRIVE WITH NEW DIGITAL TARGETS
Date: 2026-09-03
Details: Written by Faisal Shahnawaz in Money & Banking Finance Division reviews digital payment progress, merchant adoption and government transactions ahead of the Prime Minister’s Cashless Initiative review. Minister of State for Finance Bilal Azhar Kayani chaired a high-level meeting at the Finance Division on Wednesday to review preparations for the upcoming review of the Prime Minister’s Cashless Initiative. Senior representatives from the Ministry of Finance, State Bank of Pakistan (SBP), NADRA, Capital Development Authority (CDA), Ministry of IT and Telecommunication, and private-sector stakeholders attended the meeting. The minister reviewed progress made on directives issued earlier by Prime Minister Shehbaz Sharif and discussed measures aimed at accelerating Pakistan’s digital financial transformation. New Targets for Cashless Dashboard A major focus of the meeting was assessing progress achieved during the previous year and beginning the process of setting annual performance targets for the national Cashless Dashboard for the current fiscal year. Officials also considered adding new analytical indicators to the dashboard. These indicators are intended to strengthen real-time monitoring, improve data transparency and provide a clearer picture of the country’s transition toward digital payments. The meeting reviewed growth in the number of active digital merchants, overall digital transaction volumes and digital banking users during the previous year. Government Payments to Be Digitised Participants also examined progress in converting government payments to digital channels across state-owned enterprises (SOEs) and autonomous bodies. The government reiterated its objective of fully digitising payments made to vendors, employees and pensioners. The move is expected to improve efficiency, transparency and traceability within public-sector financial transactions. Officials further discussed measures to increase merchant adoption of digital payment systems across the country. A centralized merchant database was proposed to improve real-time visibility of transactions and support better monitoring of digital financial activity. Focus on Public Convenience The meeting also emphasized simplifying digital payment processes so citizens can make electronic payments conveniently across different services and touchpoints. Reaffirming the government’s commitment to Prime Minister Shehbaz Sharif’s vision, Kayani said Pakistan was working toward a more transparent, documented and inclusive economy. He stressed that regular reviews would continue to monitor implementation and ensure that digital financial reforms are carried out swiftly while maximizing convenience for the public.
FBR EXPLAINS ACCOUNTING METHOD FOR COMPUTING TAX IN TAX YEAR 2027
Date: 2026-09-02
Details: Written by Hamza Shahnawaz in Taxation FBR outlines cash and accrual accounting rules and explains the tax treatment of unpaid liabilities and changes in accounting methods. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the accounting methods to be used for computing taxable business income for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 32 provides that a person’s income chargeable to tax shall be computed according to the method of accounting regularly employed by that person. Under the law, a company is required to account for income chargeable under the head “Income from Business†on an accrual basis. Other persons may account for such income on either a cash or accrual basis, subject to the provisions of the Ordinance. The FBR may also prescribe that any class of persons account for business income on either a cash or accrual basis. Change in accounting method A taxpayer may apply in writing to change their method of accounting. The Commissioner may approve the application if satisfied that the change is necessary to clearly reflect the person’s taxable business income. Where the accounting method is changed, the taxpayer must make appropriate adjustments to income, deductions, credits or other affected items to ensure that no item is omitted or taken into account more than once. Cash-basis accounting Under Section 33, a person using the cash basis for business income recognises income when it is received and incurs expenditure when it is paid. Accrual-basis accounting Under Section 34, a person using the accrual basis recognises income when it becomes due and incurs expenditure when it becomes payable. An amount becomes due when the taxpayer becomes entitled to receive it, even if payment is postponed or is to be made in instalments. Similarly, an amount becomes payable when all events determining the liability have occurred and the amount can be determined with reasonable accuracy. Treatment of unpaid liabilities The FBR has also specified the tax treatment of unpaid liabilities where a taxpayer has already been allowed a deduction for expenditure. If the liability, or part of it, remains unpaid for three years from the end of the tax year in which the deduction was allowed, the unpaid amount becomes chargeable to tax under the head “Income from Business†in the first tax year following the expiry of the three-year period. In addition, where a taxpayer has been allowed a deduction for a trading liability and subsequently derives any benefit in respect of that liability, the value of the benefit is taxable as business income in the tax year in which it is received. If an unpaid liability has previously been brought to tax under this provision and the taxpayer subsequently pays the liability, or part of it, a deduction for the amount paid is allowed in the tax year in which the payment is made. These provisions form part of the Income Tax Ordinance, 2001, updated by the FBR up to June 30, 2026, and applicable for Tax Year 2027.
TAX TREATMENT OF PROFIT ON NON-PERFORMING DEBTS IN TAX YEAR 2027
Date: 2026-09-02
Details: Written by Hamza Shahnawaz in Money & Banking, Taxation FBR clarifies deduction rules for profit on non-performing debts and explains how recovered amounts are treated for tax purposes. ISLAMABAD: The Federal Board of Revenue (FBR) has explained the tax treatment of profit accruing on non-performing debts of banking companies, development finance institutions, non-banking finance companies and modarabas for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 30 allows a banking company, development finance institution, non-banking finance company (NBFC) or modaraba to claim a deduction for profit accruing on a non-performing debt. The deduction is available where the profit is credited to a suspense account in accordance with the applicable Prudential Regulations issued by the State Bank of Pakistan (SBP) or the Securities and Exchange Commission of Pakistan (SECP). The provision covers non-performing debts of banking companies, development finance institutions, NBFCs and modarabas, subject to the relevant regulatory requirements. Tax treatment when profit is recovered The FBR has also specified the treatment of profit that was previously deducted under Section 30 and is subsequently recovered. Any such profit recovered by a banking company, development finance institution, NBFC or modaraba will be included in its taxable income under the head “Income from Business†in the tax year in which the recovery takes place. The provision therefore allows the deduction while the profit remains associated with a non-performing debt and is credited to a qualifying suspense account. However, once the previously deducted profit is recovered, the amount must be brought back into business income in the tax year in which it is received. The rules form part of the Income Tax Ordinance, 2001, as updated by the FBR up to June 30, 2026, for Tax Year 2027.
FBR CLASSIFIES ‘BAD DEBTS’ DEDUCTION FOR TAX YEAR 2027
Date: 2026-09-02
Details: Written by Hamza Shahnawaz in Taxation FBR outlines conditions for claiming bad debt deductions and sets out tax treatment for subsequent recoveries and consumer loan provisions. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the rules governing bad debt deductions for Tax Year 2027 under Section 29 of the Income Tax Ordinance, 2001. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, a person may claim a deduction for a bad debt if the prescribed conditions are fulfilled. The debt must have either previously been included in the person’s taxable business income or relate to money lent by a financial institution in deriving taxable business income. The law further requires the debt, or part of it, to be written off in the person’s accounts during the relevant tax year. There must also be reasonable grounds for believing that the debt is irrecoverable. The amount claimed as a deduction cannot exceed the amount of the debt actually written off in the accounts during the tax year. Recovery of previously deducted bad debts The FBR has also outlined the tax treatment where a person subsequently recovers an amount against a debt for which a bad debt deduction was previously allowed. If the amount recovered exceeds the difference between the total bad debt and the deduction previously allowed, the excess will be treated as Income from Business in the tax year in which the amount is received. Where the amount recovered is less than that difference, the shortfall will be allowed as a bad debt deduction when computing business income for the tax year in which the recovery is made. Provision for consumer loans The FBR has separately outlined provisions for bad debts arising from consumer loans under Section 29A. A non-banking finance company or the House Building Finance Corporation may claim a deduction of up to 3% of income for the tax year arising from consumer loans to create a reserve against bad debts from such loans. If a bad debt cannot be fully adjusted against the reserve, the amount exceeding the available reserve may be carried forward for adjustment against the reserve in subsequent years. The law defines a consumer loan as money or its equivalent provided by a non-banking finance company or the House Building Finance Corporation to a debtor primarily for personal, family or household purposes. The definition also covers debts created through the use of a lender’s credit card or a similar arrangement, as well as insurance premium financing. The provisions form part of the Income Tax Ordinance, 2001, as updated by the FBR for Tax Year 2027.
FBR ORDERS CUSTOMS OFFICERS TO DECLARE DUAL NATIONALITY, FOREIGN TRAVEL DETAILS
Date: 2026-09-02
Details: Written by Hamza Shahnawaz in Taxation Customs officers who missed the August 30 deadline have been directed to submit declarations without further delay ISLAMABAD: The Federal Board of Revenue (FBR) has directed officers of the Pakistan Customs Service (PCS) to submit declarations regarding foreign nationality and foreign travel documents within the prescribed 90-day period. The latest directive follows similar instructions issued to officers of the Inland Revenue Service (IRS), requiring FBR officers to provide details concerning their foreign nationality and travel documents under the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026. According to the FBR directive, officers were earlier asked through Circular C.No.4(6)/S.MIR-I/2018 dated June 9, 2026, to submit the declaration on the prescribed proforma by July 8, 2026. However, a number of officers have yet to provide the required information. 90-day deadline expires The FBR said that under Rule 3(3) of the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026, the declaration was required to be submitted within 90 days, with the deadline falling on August 30, 2026. As the deadline has now lapsed, Customs officers who have not submitted the required information have been directed to provide the duly completed prescribed proforma to their respective Secretaries of the Management Wing through the designated email addresses by the close of office hours. For BS-17 to BS-18 officers of the Pakistan Customs Service, including Ex-Cadre officers, the declaration is to be submitted through the Management Wing’s designated channel. Meanwhile, BS-19 to BS-22 PCS officers, including Ex-Cadre officers, have been assigned a separate management channel for submission of the required information. The FBR has also directed all heads of field formations to ensure compliance with the instructions previously communicated through the June 9, 2026 circular. Failure to declare may constitute misconduct The FBR has specifically drawn officers’ attention to Rule 3(4) of the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026. Under the rule, failure to submit the required declaration under the relevant provisions, or making a false declaration, constitutes misconduct under the Civil Servants (Efficiency and Discipline) Rules, 2020. The provision places an obligation on officers to provide accurate information regarding their foreign nationality and foreign travel documents within the prescribed framework. FBR pushes compliance among Customs officers The latest directive comes as the FBR moves to ensure compliance with the federal government’s rules concerning the disclosure and regulation of foreign nationality among civil servants. The requirement covers declarations relating to foreign nationality and foreign travel documents, with officers who have not yet complied being instructed to submit the required information without further delay. The move follows the FBR’s earlier efforts to obtain similar declarations from Inland Revenue Service officers and forms part of the broader implementation of the 2026 rules across the federal civil service.
FBR INTRODUCES STRICTER CUSTOMS MONITORING, NOTIFIES DIGITAL ENFORCEMENT STATIONS
Date: 2026-09-02
Details: Written by Hamza Shahnawaz in Taxation, Top stories New framework expands intelligence- and WeBOC-based cargo monitoring while broadening customs enforcement responsibilities across Pakistan ISLAMABAD: The Federal Board of Revenue (FBR) has introduced further amendments to the customs enforcement framework, expanding intelligence- and WeBOC-based monitoring of customs-cleared import and export cargo and formally incorporating several Digital Enforcement Stations (DES) and Mobile Enforcement Stations (MES). The FBR issued SRO 1448(I)/2026, amending its earlier notification S.R.O. 1637(I)/2024 dated October 18, 2024. The latest notification was issued under powers conferred by the Customs Act, 1969, read with relevant provisions of the Sales Tax Act, 1990. Under the revised framework, customs authorities will undertake intelligence and WeBOC-based monitoring of customs-cleared import and export cargo at ports, off-dock terminals, land customs stations, dry ports and airports. The monitoring will also cover cargo placed on hold in the WeBOC system, while routine clearance operations of the relevant collectorates will remain unaffected. The notification also assigns responsibility for monitoring the gates of ports, wharfs, terminals and off-dock terminals within the civil division of Karachi. Digital Enforcement Stations expanded A significant part of the notification relates to the operations of Customs Digital Enforcement Stations and Mobile Enforcement Stations established along the Indus and Hub rivers. The notified enforcement network includes: • DES Thakot Battagram • DES Tarbela • DES Swabi-Mi-Motorway • DES Attock GT Road • DES Khushal Garh • DES DIK-Hakla Motorway M-14 (CPEC) • DES Kalabagh Bridge • DES Jinnah Bridge • DES Chashma Bridge The network further covers enforcement points at DIK-Bhakkar Road, Taunsa, Ghazi Ghat, Zahir Pir, Kashmore or Guddu, Arror-Sukkur, Sukkur Barrage, Larkana-Khairpur Bridge, Dadu-Moro Bridge, Amri Qazi-Ahmed, Kotri Bridge and Aral-Sehwan. For the Hub area, the notification lists DES Hub-Moachko, DES Hub-Bypass Road and MES Hub-Mygarhi Cut among the designated enforcement locations. Greater focus on EFS and export-related matters The revised customs structure also assigns responsibilities relating to the Export Facilitation Scheme (EFS) and legacy matters involving Duty and Tax Remission for Exports, Manufacturing Bonds and Export Oriented Units. In Sindh, these matters will cover the relevant territorial jurisdiction, excluding districts falling under the jurisdiction of the Collectorate of Customs Exports Karachi. The notification also adds responsibility for matters concerning the Sialkot Export Processing Zone and Gujranwala Export Processing Zone, along with customs residential colonies within the relevant collectorate’s jurisdiction. New responsibilities for warehouses and clearing agents The FBR has also revised responsibilities concerning customs warehouses in Karachi. The amendments cover the licensing of public and private warehouses, diplomatic bonded warehouses and duty-free shops, subject to specified exclusions. Another addition assigns responsibility for the licensing of clearing agents. The notification further provides for the issuance of user IDs to all external users of WeBOC in specified jurisdictions. Customs coverage expanded in KP and Balochistan The amendments also set out customs responsibilities for Export Processing Zones (EPZs) in Balochistan. The Collectorate of Customs Appraisement, Taftan, will handle customs clearance matters for specified EPZs, including Saindak, Siadiq and Reko Diq, as well as any future EPZ established within its territorial jurisdiction. Similarly, the Collectorate of Customs Appraisement, Gwadar, will deal with customs clearance for the Duddar Export Processing Zone and future EPZs established within its jurisdiction. For North Khyber Pakhtunkhwa, the revised framework covers cargo clearance for imports, exports, EPZs and temporary imports, excluding international transit, across specified civil divisions and customs stations. These include Peshawar Dryport, Shabqadar, Azakhel, Amangarh, Upper Dir, Nawa Pass, Jamrud, Shergarh, Khapakh, Arandu, Shah Saleem and Torkham, as well as EPZ Risalpur. The notification also assigns EFS, Duty and Tax Remission for Exports, Manufacturing Bonds, Export Oriented Units and EPZ-related matters to the relevant civil divisions of North KP. A similar arrangement has been notified for South Khyber Pakhtunkhwa, covering customs stations in Kohat, Bannu, D.I. Khan and Miranshah. The designated locations include Tank, Thall, Kharlachi, Shaheedano Dand, Burki, Lawara Boya-Datta Khel, Angoor Adda, Khand Narai, Ghulam Khan, Bakka Khel and Terimengal, as well as EPZ Miranshah. Shift towards digital, intelligence-led enforcement The FBR’s latest amendments represent a broader shift towards intelligence-led and digital monitoring of customs-cleared cargo while redefining enforcement responsibilities across ports, customs stations, warehouses and export zones. The expanded network of Digital Enforcement Stations and Mobile Enforcement Stations is expected to strengthen post-clearance monitoring and provide customs authorities with a wider operational framework for monitoring the movement of goods across key trade routes. The revised responsibilities also seek to streamline customs oversight of export schemes, warehouses, clearing agents and Export Processing Zones across different regions of the country
PAKISTAN BANKS DISBURSE RECORD RS3.23 TRILLION IN AGRI LOANS
Date: 2026-09-02
Details: Written by Faisal Shahnawaz in Money & Banking Agriculture credit disbursements jumped 24.7% in FY2025-26, while the number of borrowers rose to 3.26 million. Pakistan’s banking sector significantly expanded financing for the agriculture sector during fiscal year 2025-26, with total agriculture credit disbursements reaching Rs3,231.56 billion. The figure represents a 24.7% increase compared with Rs2,592.23 billion disbursed during FY2024-25. The latest data issued by the State Bank of Pakistan’s Agriculture Credit and Financial Inclusion Department showed that the number of borrowers also increased during the year. Total outstanding borrowers receiving agricultural financing for production and development purposes climbed 4.8% to 3.26 million in FY26, compared with 3.11 million a year earlier. Production-related financing accounted for the largest share of agricultural lending during the period. According to the data, around Rs2,924 billion was disbursed for production purposes, reflecting continued demand for financing among farmers and other stakeholders across the agricultural value chain. Commercial banks remained the largest contributors to Pakistan’s agriculture credit disbursement. Their combined lending rose 26.3% year-on-year to Rs2,791 billion in FY26 from Rs2,209 billion in FY25. Among commercial banks, the five major banks provided Rs1,642 billion, representing 13.9% annual growth. Mid-sized banks recorded a much stronger increase, disbursing Rs898.17 billion, up 61.7%. Islamic banks also expanded their agriculture financing by 18.4% to Rs250.38 billion. Specialized banks posted another notable increase in agricultural lending. Their total disbursements rose 26.7% to Rs108.45 billion during FY26 from Rs85.62 billion in the previous fiscal year. Zarai Taraqiati Bank Limited (ZTBL) accounted for Rs99.61 billion, showing a substantial 36.5% increase over FY25. Microfinance institutions and rural support programs also contributed to the overall growth. Microfinance banks increased their agricultural lending by 10.3% to Rs278.33 billion, while financing by Microfinance Institutions and Rural Support Programs rose 19.6% to Rs53.81 billion. Meanwhile, the total outstanding agriculture credit reached Rs1,257.84 billion by the end of June 2026, registering a 25% increase from Rs1,004.86 billion at the end of FY25.
PRIVATE SECTOR REPAYS OVER RS371BN IN BANK CREDIT AMID HIGH INTEREST RATES
Date: 2026-09-02
Details: Written by Faisal Shahnawaz in Money & Banking, Trade & Industry Private-sector credit records a negative flow as businesses remain cautious about borrowing amid elevated financing costs ISLAMABAD: Pakistan’s private sector reduced its outstanding borrowing from the banking system by more than Rs371.6 billion, as elevated interest rates and subdued economic conditions continued to weigh on demand for bank financing. According to provisional monetary data released by the State Bank of Pakistan (SBP) for the week ended August 21, 2026, credit to the private sector stood at Rs11.412 trillion at the end of June 2026. The data showed a negative flow of Rs371.662 billion in private-sector credit during the period under review, indicating a significant reduction in outstanding borrowing. Private-sector credit declines across banking segments The contraction was recorded across conventional and Islamic banking channels. Credit extended through conventional banking branches declined by Rs198.609 billion, while financing through Islamic banks fell by Rs135.249 billion. Islamic banking branches of conventional banks also recorded a decline of Rs37.805 billion. The figures suggest that businesses have remained cautious about taking on fresh bank financing amid relatively high borrowing costs and challenging economic conditions. Reduced demand for credit could also indicate that businesses are prioritising deleveraging and cash-flow management rather than expanding their borrowing commitments. Overall non-government credit also falls Credit to the broader non-government sector declined by Rs578.110 billion, reaching Rs14.426 trillion. Within this category, credit to public-sector enterprises (PSEs) declined by Rs173.508 billion, while credit to non-bank financial institutions fell by Rs32.940 billion. The decline points to weaker demand for bank financing across much of the non-government sector during the period. Government remains dominant borrower While private-sector borrowing contracted, the government continued to account for the bulk of borrowing from the banking system. Net government-sector borrowing stood at Rs37.316 trillion at end-June 2026, while government borrowing from scheduled banks reached Rs35.735 trillion. The figures underline the banking sector’s continued role in meeting the government’s fiscal financing requirements. Government borrowing from scheduled banks is primarily raised through auctions of Market Treasury Bills (MTBs), while longer-term financing is obtained through Pakistan Investment Bonds (PIBs). The contrast between declining private-sector credit and substantial government borrowing highlights the competing demands placed on the banking system. Broad money contracts during period The SBP data also showed a contraction in broad monetary aggregates. Broad money (M2) stood at Rs46.460 trillion at end-June 2026 and recorded a negative flow of Rs2.728 trillion during the period under review. Total deposits with banks declined by Rs2.574 trillion, while currency in circulation increased by Rs153.357 billion. The banking system’s net domestic assets declined by Rs2.391 trillion, while net foreign assets fell by Rs337.195 billion. High borrowing costs weigh on businesses The latest figures highlight a notable shift in credit conditions, with private-sector borrowing falling sharply while government financing requirements remain substantial. The decline in private-sector credit suggests that businesses continue to exercise caution over new borrowing commitments, particularly where financing costs remain elevated. A sustained contraction in private-sector credit could have implications for business expansion, investment and working-capital activity, although the impact will depend on broader monetary and economic conditions. The trend will be closely monitored as monetary conditions evolve and businesses assess the cost and availability of bank financing.
WALL ST KICKS OFF SEPT UNDER PRESSURE AS HIGHER YIELDS, OIL PRICES WEIGH
Date: 2026-09-02
Details: Published September 2, 2026 Updated about 2 hours ago By Reuters NEW YORK: The main US stock indexes slipped on Tuesday, as elevated bond yields and higher oil prices kept investors at bay at the start of a historically weak month for equities. A sharp increase in rate-hike bets has soured sentiment in recent sessions, while renewed clashes in the Middle East have heightened worries that borrowing costs may need to rise to contain price pressures. The selloff in US Treasuries also pushed yields to their highest in months, dampening risk appetite further. Higher yields on risk-free Treasuries typically reduce the appeal of equities. “It’s time to trim the winners and position a little bit more defensively,†said Ryan Isherwood, founder and CEO of Significance Capital. “The rubber band is stretched pretty tight on oil inventories, and it’s not going to take a lot to break.†Investors are also contending with seasonal weakness. Since 1926, the benchmark S&P 500 has lost 0.7 percent on average in September, making it the weakest month for stocks and the only one with a negative average return, according to Fisher Investments, which cited data from Finaeon. Still, historical trends may not be a reason to step away from stocks. “Historically, it is when economic conditions were deteriorating that some of these worst outcomes for September and October have played out, which is not necessarily the case this year,†said Angelo Kourkafas, senior global investment strategist at Edward Jones. At 11:31 a.m. ET, the Dow Jones Industrial Average fell 215.70 points, or 0.41 percent, to 52,970.20, and the Nasdaq Composite lost 185.42 points, or 0.70 percent, to 26,185.47. The S&P 500 was last down 33.19 points, or 0.43 percent, to 7,652.95 after hitting its lowest in nearly a month earlier in the session. Wall Street’s fear gauge, the CBOE Volatility Index, rose 0.43 points to 15.36. Six of the 11 main S&P 500 sectors were in negative territory. Consumer discretionary stocks led losses with a 1.60 percent fall, while information technology slid 0.78 percent. The Philadelphia SE Semiconductor index fell to a near one-month low. Broadcom was down 0.42 percent ahead of results on Wednesday. Nvidia, Intel and AMD were down between 0.68 percent and 2.56 percent. US job openings rose to 7.27 million in July, less than the 7.3 million expected, according to economists polled by Reuters. The more crucial nonfarm payrolls data is due on Friday.
PUNJAB ORDERS SALONS, SPAS TO DISPLAY SALES TAX GUIDELINES AT CASH COUNTERS
Date: 2026-09-01
Details: Written by Hamza Shahnawaz in Taxation PRA says 5% Punjab Sales Tax applies to specified beauty and aesthetic services and urges consumers to demand digital receipts LAHORE: The Punjab Revenue Authority (PRA) has directed aesthetic clinics, spas, beauty salons and beauty parlours across the province to prominently display sales tax guidelines at their cash counters. According to a PRA spokesperson, the measure aims to increase awareness among businesses and consumers about the Punjab Sales Tax applicable to services provided by these establishments. The spokesperson said a 5% Punjab Sales Tax applies to services offered by aesthetic clinics, spas, beauty parlours, salons, as well as skin and laser treatment service providers. Businesses required to register with PRA Service providers operating in these sectors are required to obtain registration with the Punjab Revenue Authority, the spokesperson said. Businesses that fail to obtain the required registration may face legal action under the applicable laws. The PRA has also advised consumers to carefully check the Punjab Sales Tax charged on their bills alongside the actual service charges. The authority warned that charging customers more than the applicable tax rate is an offence. Consumers told to demand digital receipts The PRA spokesperson further advised consumers that temporary or handwritten receipts are not permissible. Customers should always demand a proper digital receipt when purchasing services from aesthetic clinics, spas, salons and beauty parlours. Consumers have also been advised to report businesses that refuse to accept card or other digital payments. According to the spokesperson, complaints can be lodged through the PRA Sahulat App or the authority’s social media platforms. Tax collected from consumers belongs to government The PRA clarified that sales tax collected from customers does not constitute business income. Instead, businesses collect the tax on behalf of the government and are required to deposit it with the government in accordance with the law. The authority said displaying the guidelines at cash counters would help businesses comply with their tax obligations while enabling consumers to understand their rights and verify the tax charged on services. The move is part of the PRA’s efforts to improve compliance with Punjab’s sales tax regime and increase transparency in the taxation of services across the province.
ISLAMABAD TO ISSUE 2026-27 PROPERTY TAX BILLS WITHIN 10 DAYS
Date: 2026-09-01
Details: Written by Faisal Shahnawaz in Taxation MCI revises rebate period after billing system upgrade, with 5% early-payment relief available from bill issuance ISLAMABAD: The Metropolitan Corporation Islamabad (MCI) is set to issue property tax bills for financial year 2026-27 within 10 working days following the completion of an upgrade to its billing system, the Directorate of Revenue said on Monday. The upgraded system will cover property tax billing for residential, commercial, industrial and institutional properties, according to the directorate. The development is expected to facilitate property tax collection for the new financial year while improving the efficiency of the billing process. Rebate period revised after billing delay The MCI has revised the property tax rebate period for taxpayers following delays caused by the billing system upgrade. Under the revised arrangement, the rebate period will be calculated from the date the property tax bill is issued, rather than from an earlier date. The additional 5% rebate for early payment will remain available from the date of bill issuance until the applicable due date. The change is intended to give taxpayers adequate time to receive their bills, verify the information provided and make payments within the stipulated period to benefit from the available rebate. MCI urges timely payment The MCI has advised property owners to pay their property taxes within the prescribed period after receiving their bills. Taxpayers with queries concerning residential properties can contact the Directorate of Revenue at 9252823 and 9253057. For commercial property-related queries, taxpayers can contact 9252498 and 9252461. The Directorate of Revenue said the billing system was being modernised to improve the efficiency and transparency of property tax collection while making the process more convenient for taxpayers. The issuance of the revised bills is expected to facilitate property tax collection for FY2026-27 following completion of the billing system upgrade.
FBR ORDERS IRS OFFICERS TO DECLARE FOREIGN NATIONALITY, TRAVEL DOCUMENTS
Date: 2026-09-01
Details: Written by Faisal Shahnawaz in Taxation Tax authority warns that failure to disclose or submitting false information may constitute misconduct under civil service rules ISLAMABAD: The Federal Board of Revenue (FBR) has directed all Inland Revenue Service (IRS) officers who have yet to comply with disclosure requirements to declare any foreign nationality or foreign travel documents without further delay. The directive follows the Establishment Division’s S.R.O. No. 893(I)/2026, dated June 1, 2026, and Office Memorandum dated June 4, 2026, concerning the disclosure and regulation of foreign nationality among civil servants. The FBR had earlier directed its officers through a circular issued on June 9, 2026, to submit declarations regarding foreign nationality and foreign travel documents on the prescribed proforma by July 8, 2026. However, the tax authority said a number of officers had still not submitted the required information. 90-day deadline expires According to the FBR, Rule 3(3) of the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026 requires the declaration to be submitted within 90 days, with the deadline falling on August 30, 2026. As the deadline has now passed, the FBR has directed all officers who have not submitted the required information to complete the prescribed proforma and submit it to their respective Management Wing secretaries through the designated email addresses. For BS-17 to BS-18 IRS officers, the information is to be submitted to the Secretary HRM-II. For BS-19 to BS-22 IRS officers, submissions are to be made to the Secretary Management IR-I. Meanwhile, BS-17 and above Ex-Cadre (IRS) officers have been directed to submit their declarations to the Secretary Management IR-III. Field formations told to ensure compliance The FBR has also instructed heads of all field formations to ensure compliance with the directions issued through its June 9 circular. The latest directive is aimed at completing the disclosure process in accordance with the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026. The requirement covers information relating to foreign nationality and foreign travel documents and is part of the government’s regulatory framework for civil servants. False declaration may constitute misconduct The FBR has reminded officers of the consequences of failing to submit the required declaration or providing incorrect information. Under Rule 3(4) of the Civil Servants (Disclosure and Regulation of Foreign Nationality) Rules, 2026, failure to submit the required declaration or making a false declaration constitutes misconduct under the Civil Servants (Efficiency and Discipline) Rules, 2020. The FBR has therefore asked all remaining officers to submit the required information without further delay and directed field formations to ensure that the disclosure requirements are fully complied with. The move comes after the expiry of the 90-day deadline and reinforces the government’s requirement for civil servants to disclose relevant foreign nationality and travel-document information.
INDUS MOTOR CROSSES RS1 TRILLION IN CUMULATIVE TAX CONTRIBUTIONS
Date: 2026-09-01
Details: Written by Faisal Shahnawaz in Automotive, Corporate, Taxation Automaker contributes Rs140 billion to Pakistan’s national exchequer in FY2025-26 as profit rises 11% to Rs25.51 billion KARACHI: Indus Motor Company Limited (IMC) has crossed the Rs1 trillion mark in cumulative tax contributions to Pakistan’s national exchequer since its incorporation in 1989, while posting stronger financial results for fiscal year 2025-26. The company said it contributed Rs140 billion to the national exchequer during FY2025-26, equivalent to around 1% of the total tax revenue collected by the Government of Pakistan. Its cumulative contribution since incorporation has now exceeded Rs1,030 billion, underscoring the automaker’s significant contribution to government revenues over more than three decades. The announcement came as Indus Motor reported a profit after tax of Rs25.51 billion for the year ended June 30, 2026, representing an 11% increase from Rs23.01 billion in the previous fiscal year. Indus Motor profit rises 11% According to financial statements submitted to the Pakistan Stock Exchange (PSX), the company’s earnings per share increased to Rs324.50, compared with Rs292.74 a year earlier. Gross profit rose to Rs36.30 billion in FY2025-26 from Rs31.20 billion in the preceding year. Meanwhile, expenses declined to Rs5.84 billion, compared with Rs6.11 billion in the previous fiscal year. Despite the improvement in profitability, the company’s income tax payment also increased significantly during the year. Indus Motor paid Rs17.30 billion in income tax during FY2025-26, up 19.50% from Rs14.48 billion in the previous year. Vehicle sales increase 33% The company’s financial performance was supported by a substantial increase in vehicle sales. Indus Motor said total sales of completely knocked down (CKD) and completely built-up (CBU) units increased 33% to 45,035 vehicles during FY2025-26, compared with 33,757 units in the previous year. The company maintained an estimated 14.7% share of Pakistan’s domestic automotive market. Vehicle production also increased by 37% to 45,597 units, compared with 33,251 units produced in the preceding fiscal year. Revenue climbs to Rs258.75 billion Net sales revenue rose sharply to Rs258.75 billion during FY2025-26 from Rs215.14 billion a year earlier. The company attributed the improvement in revenue and profitability primarily to higher sales volumes, lower material costs supported by a relatively favourable exchange rate, cost-reduction measures and greater localisation of parts and components. Returns on investments and bank placements also remained a significant contributor to overall profitability. Indus Motor further said other income benefited from an unrealised gain arising from the remeasurement of its long-term liability relating to the Sindh Infrastructure Development Cess, in accordance with International Financial Reporting Standards (IFRS). Final dividend of Rs47 per share proposed The board of directors of Indus Motor Company met on August 29, 2026, and recommended a final cash dividend of Rs47 per ordinary share for the year ended June 30, 2026. The proposed final dividend is in addition to interim dividends totalling Rs148 per share, taking the total proposed dividend for the year to Rs195 per share, subject to applicable approvals. The latest results highlight a recovery in automotive sales alongside continued growth in revenue and profitability, while Indus Motor’s cumulative tax contribution has surpassed the Rs1 trillion milestone since the company’s establishment.
FBR ALLOWS EMPLOYEE TRAINING TAX DEDUCTIONS FOR TAX YEAR 2027
Date: 2026-09-01
Details: Written by Hamza Shahnawaz in Taxation Businesses can claim deductions for qualifying employee education, healthcare and training expenditure under Section 27 ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the tax deductions available to businesses for certain employee training, education and welfare-related expenditure during Tax Year 2027. Through the Income Tax Ordinance, 2001, updated up to June 30, 2026, the FBR has explained the provisions of Section 27, which allow taxpayers to claim deductions for qualifying non-capital expenditure incurred on employee education, healthcare and training. Expenditure eligible for deduction Under Section 27, a person may claim a deduction for expenditure incurred during a tax year, other than capital expenditure, in respect of specified employee training and welfare facilities. The provision covers expenditure on several categories. Educational institutions and hospitals Businesses can claim a deduction for expenditure incurred on an educational institution or hospital established in Pakistan for the benefit of their employees and their dependants. The provision allows employers to obtain tax relief for qualifying facilities established to meet the education and healthcare needs of their workforce and their families. Industrial worker training institutes A deduction is also available for expenditure incurred on an institute established in Pakistan for the training of industrial workers. The institute must be recognised, aided or operated by the Federal Government, a Provincial Government or a Local Government. This provision supports employer spending on formal training facilities aimed at improving the skills of industrial workers. Training under an FBR-approved scheme The law also permits a deduction for expenditure incurred on the training of a person who is a citizen of Pakistan, where the training is provided under a scheme approved by the FBR for the purposes of Section 27. Businesses therefore need to ensure that training expenditure claimed under this provision relates to a scheme that satisfies the relevant FBR approval requirements. Tax incentive for workforce development The provision effectively provides businesses with a tax incentive to invest in employee welfare and skills development. By allowing eligible expenditure to be deducted when calculating taxable business income, the government seeks to encourage employers to support education, healthcare and workforce training. The measure can also help businesses develop a more skilled workforce while providing tax relief for qualifying non-capital expenditure. Records required for Tax Year 2027 Businesses claiming the deduction should ensure that their expenditure falls within the categories specified under Section 27 and maintain appropriate records to substantiate their claims. Relevant documentation should establish the nature of the expenditure, the facility or training involved, its connection with employees or eligible trainees and, where applicable, the recognition or approval required under the law. The FBR’s updated Income Tax Ordinance provides the legal framework for determining whether employee education, healthcare, training and related expenditure qualifies for deduction in Tax Year 2027.
FBR EXPLAINS TAX DEDUCTION FOR SCIENTIFIC RESEARCH IN TAX YEAR 2027
Date: 2026-09-01
Details: Written by Hamza Shahnawaz in Taxation Businesses can claim qualifying scientific research expenditure incurred in Pakistan, subject to conditions under Section 26 of the Income Tax Ordinance, 2001 ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the tax benefit available to businesses for qualifying scientific research expenditure incurred in Pakistan during Tax Year 2027. Under Section 26 of the Income Tax Ordinance, 2001, taxpayers may claim a deduction for eligible scientific research expenditure where the spending is incurred wholly and exclusively for the purpose of deriving income from a business chargeable to tax. The FBR’s updated Income Tax Ordinance, 2001, incorporating amendments up to June 30, 2026, sets out the conditions governing the deduction and defines the types of research and expenditure that may qualify. Who can claim the scientific research deduction? A person may claim a deduction for scientific research expenditure where the research: •is undertaken in Pakistan; •is incurred during the relevant tax year; •is wholly and exclusively related to deriving taxable business income; and •is undertaken for the purpose of developing the person’s business. The provision is designed to support business-related research and development activities carried out within Pakistan. What qualifies as scientific research? The FBR defines scientific research as any activity undertaken in Pakistan in the field of natural or applied science for the development of human knowledge. The definition covers research activities intended to advance knowledge in scientific fields, provided that the expenditure and activity satisfy the requirements prescribed under the Income Tax Ordinance. What expenditure qualifies for the tax deduction? Scientific research expenditure covers spending incurred by a person on scientific research undertaken in Pakistan for the purpose of developing the person’s business. The deduction may also cover a contribution made to a scientific research institution, where the institution undertakes research for the purposes of the taxpayer’s business. This allows businesses to potentially claim tax relief for qualifying research carried out both directly by the business and through eligible research institutions. Expenditure excluded from the deduction Section 26 also identifies expenditure that does not qualify as scientific research expenditure. The excluded expenses include amounts incurred on: 1. acquiring depreciable assets or intangible assets; 2. acquiring immovable property; and 3. activities undertaken to determine the existence, location, extent or quality of a natural deposit. As a result, businesses cannot classify the purchase of depreciable assets, intangible assets or property as qualifying scientific research expenditure simply because those assets are used in research-related activities. Similarly, expenditure incurred to establish the existence or characteristics of natural deposits is specifically excluded from the deduction. What is a scientific research institution? The law defines a scientific research institution as an institution certified by the FBR as conducting scientific research in Pakistan. Businesses seeking a deduction for contributions made to such institutions should therefore ensure that the research organisation meets the FBR’s certification requirements. Tax benefit for business research The provision gives businesses an opportunity to reduce their taxable business income through a deduction for eligible scientific research expenditure, provided all conditions under Section 26 are satisfied. The tax treatment is intended to encourage private-sector investment in research and development while promoting scientific knowledge and strengthening business capabilities in Pakistan. For Tax Year 2027, businesses should maintain adequate documentation establishing the nature of the research, its connection with the business, the expenditure incurred and, where applicable, the certification status of the scientific research institution receiving a contribution. Proper records can help taxpayers demonstrate that the expenditure meets the statutory requirements if the deduction is reviewed by the tax authorities.
FBR EXPLAINS AMORTISATION DEDUCTIONS FOR INTANGIBLES IN TAX YEAR 2027
Date: 2026-09-01
Details: Written by Hamza Shahnawaz in Taxation FBR sets amortisation rules for intangible assets in Tax Year 2027, including eligibility, 15-year life, disposal and deduction limits. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the rules governing amortisation deductions for intangible assets while calculating taxable business income for Tax Year 2027. The provisions are contained in Section 24 of the Income Tax Ordinance, 2001, updated up to June 30, 2026. The section allows eligible taxpayers to claim an amortisation deduction for qualifying intangible assets used to generate income from a taxable business. Conditions for claiming amortisation deduction Under Section 24, a taxpayer can claim an amortisation deduction where an intangible asset is wholly or partly used during the tax year to derive income from a business chargeable to tax and has a normal useful life of more than one year. However, no deduction is available under this provision if the entire cost of the intangible asset has already been allowed as a deduction under another provision of the Income Tax Ordinance in the tax year in which the asset was acquired. The annual amortisation deduction is generally calculated by dividing the cost of the intangible asset by its normal useful life in whole years. FBR sets 15-year period for intangibles without ascertainable life The FBR has specified that an intangible asset whose useful life cannot be ascertained will be treated as having a normal useful life of 15 years for calculating amortisation. Where an intangible is used partly to generate taxable business income and partly for another purpose, the taxpayer can claim only the fair proportional portion of the otherwise allowable deduction. Similarly, where the asset is not used throughout the tax year to generate taxable business income, the deduction is calculated proportionately according to the number of days for which it was used for that purpose. Amortisation deduction cannot exceed asset cost The FBR has clarified that total deductions claimed in the current and previous tax years in respect of an intangible asset cannot exceed its original cost. The restriction prevents taxpayers from claiming amortisation deductions exceeding the expenditure incurred to acquire or create the asset. Tax treatment when an intangible is disposed of The FBR has also prescribed specific tax treatment for intangible assets disposed of during a tax year. No amortisation deduction is allowed for the year in which the intangible asset is disposed of. If the amount received from the disposal is higher than the written-down value of the asset, the excess is treated as taxable business income. Where the disposal proceeds are lower than the written-down value, the difference is allowed as a deduction when calculating taxable business income for that year. The written-down value is generally determined by reducing the cost of the intangible by the total amortisation deductions allowed in respect of the asset. What qualifies as an intangible asset? The FBR’s definition covers a broad range of intellectual property and other rights. Eligible categories include: •Patents and inventions •Designs and models •Secret formulas and processes •Copyrights •Trademarks •Scientific and technical knowledge •Computer software •Motion picture films •Export quotas •Franchises and licences •Intellectual property •Contractual rights •Expenditure providing an advantage or benefit for more than one year However, expenditure incurred to acquire a depreciable asset or unimproved land does not fall within the definition of an intangible asset. The provision also excludes self-generated goodwill and adjustments arising from accounting treatment in the prescribed manner. Cost includes acquisition and development expenditure For tax purposes, the cost of an intangible asset includes expenditure incurred to acquire or create it, as well as expenditure on its improvement or renewal. An intangible asset that becomes available for use on a particular day is treated as being used on that day, including where the day is a non-working day. The Section 24 provisions provide businesses with a framework for recovering the cost of qualifying long-term intangible assets through amortisation deductions. The rules also ensure that deductions remain linked to the asset’s use in generating taxable business income and that total amortisation claims do not exceed the original cost of the intangible asset.
FIRM TREND SEEN ON COTTON MARKET
Date: 2026-09-01
Details: Published September 1, 2026 Updated about 2 hours ago By Recorder Report LAHORE: The local cotton market on Monday remained firm and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the rate of cotton in Sindh is in between Rs 19,400 to Rs 19,500 per maund, while Phutti in the province is trading between Rs 8,800 to Rs 9,300 per 40 kilograms. In Punjab, cotton rates stand between Rs 19,300 to Rs 19,400 per maund, with Phutti fetching between Rs 8,800 to Rs 9,400 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 19,500 to Rs 19,600 per maund. The rate of Phutti is in between Rs 9,000 to Rs 9,400 per 40 kg. The Spot Rate remained unchanged at Rs 19,300 per maund. Copyright Business Recorder, 2026
JAPAN’S NIKKEI EDGES LOWER
Date: 2026-09-01
Details: Published September 1, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share gauge edged lower on Monday as rising expectations for central bank rate hikes weighed on risk sentiment. The benchmark Nikkei 225 fell 1.97 percent to close at 65,096.63, recovering from an earlier plunge of as much as 2.37 percent. The broader Topix slipped 0.84 percent to 4,111.71. Wall Street’s main indexes ended lower last week after Federal Reserve Chair Kevin Warsh reiterated the central bank’s focus on fighting inflation, increasing prospects for an interest rate hike. Equity markets in Asia were broadly lower after the United States and Iran exchanged strikes as their conflict entered its sixth month. The largest losers were Mitsubishi Materials, down 6.57 percent, followed by Japan Steel Works, 5.61 percent lower, and Advantest, down 4.48 percent. The largest gainers were Tokai Carbon, up 7.7 percent, followed by Kansai Electric Power, 7.58 percent higher, and JTEKT, which gained 5.68 percent.
CHINA STOCKS END HIGHER AS TECH BOOST OFFSETS WEAK DATA
Date: 2026-09-01
Details: Published September 1, 2026 Updated about 2 hours ago By Reuters SHANGHAI: China stocks closed higher on Monday as a late rally in tech shares offset concerns over weak economic data and a slump in property stocks following Beijing’s policy overhaul, while Hong Kong stocks ended flat. The blue-chip CSI300 Index recouped early losses to end 0.4 percent higher, while the Shanghai Composite Index rose nearly 1 percent. In Hong Kong, the Hang Seng Index edged 0.1 percent lower. Chinese markets were lifted in the afternoon by technology shares. The CSI Cloud Computing 50 Index gained 4 percent, the CSI Big Data Industry Index advanced 3.5 percent, the CSI Integrated Circuits Index climbed 3 percent and the CSI Artificial Intelligence Index strengthened 2.8 percent. A rally in technology shares helped ease economic concerns after official data showed China’s factory activity improved in August on stronger demand, although it remained in contraction for a second consecutive month. Meanwhile, services and construction activity remained weak, underscoring deepening imbalances in the economy. UBS Securities Chief China Economist Yu Song expected a round of additional support later in the year, citing “more obvious risks of not reaching the annual growth targetâ€. Market sentiment was also initially dampened by a selloff in property shares after China on Friday rolled out measures to reduce developers’ dependence on presale funds. “The effort to shrink the presales system will lead to a decline in housing starts,†Zhang Xiaoxi, analyst at Gavekal Dragonomics said in a note, predicting that “more private-sector developers will exit the market†as banks favour state-owned developers. An index, which tracked China-listed real estate firms, dropped 3 percent, while the Hang Seng Mainland Properties Index tumbled 6 percent. China’s gold-related stocks fell sharply after US Federal Reserve Chairman Kevin Warsh’s hawkish remarks on Friday triggered a selloff in the yellow metal. But Chinese banks climbed after the country’s largest banks reported their strongest first-half profit since the height of the property crisis.
EUROPE’S STOXX 600 FALLS AS OIL PRICES JUMP
Date: 2026-09-01
Details: Published September 1, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European shares fell on Monday as fresh US-Iran military strikes drove oil prices and bond yields higher, though the benchmark STOXX 600 marked its fifth consecutive monthly gain. The pan-European STOXX 600 was down 0.6 percent at 651.1 points on the day, with trading volumes subdued as London markets were closed for a bank holiday. Germany’s DAX dropped 1.2 percent, the steepest decline among major regional indexes, after data showed German inflation accelerated in August as the Iran conflict lifted energy prices. However, the increase was smaller than expected and core inflation remained stable. Investors have largely priced in a September interest rate increase from the European Central Bank. “The stage looks increasingly set for another rate hike at next week’s ECB meeting,†Carsten Brzeski, global head of macro at ING, said in a note. “The second rate hike this year would also fall into the category of ‘insurance rate hike’, or maybe more to the ECB’s liking: a rate hike to strengthen the ECB’s credibility and to preempt any possible indirect or even second-round effects from the current energy price shock.†Euro zone inflation figures and US payrolls data will be in focus later this week. Germany’s policy-sensitive two-year government bond yield hit its highest level since July 2024, taking cues from US Treasuries after Federal Reserve Chair Kevin Warsh on Friday signalled interest rates may need to rise. Energy stocks firmed, tracking a more than 2 percent jump in Brent crude, which traded around USD90.5 a barrel. TotalEnergies , Orlen and OMV rose between 1.5 percent and 3.5 percent. US forces struck two missile launchers on Iran’s Larak Island in the Strait of Hormuz on Sunday, the first known US military action against Iran since late July, prompting Tehran to launch attacks on two US air bases in Jordan, Iranian media reported.
WALL ST DIPS AS RISING OIL PRICES, HAWKISH FED BETS PRESSURE STOCKS
Date: 2026-09-01
Details: Published September 1, 2026 Updated about 2 hours ago By Reuters NEW YORK: The main US stock indexes slipped on Monday after military clashes between the United States and Iran drove up oil prices, stoking inflation fears after Fed Chair Kevin Warsh’s hawkish remarks in his maiden Jackson Hole address the previous week. The losses could set the tone for September, typically a weak month for equities, and are likely to up the ante at the US Federal Reserve’s meeting next month. Traders see more than a 60 percent chance of a rate hike at the Fed’s September meeting, according to CME’s FedWatch, a sharp increase from 41.4 percent a week ago, after Warsh said policymakers may need to increase borrowing costs if inflation does not ease to the central bank’s 2 percent target. “Absent a material downside surprise, the onus is now on Warsh to deliver a September hike. Otherwise, he risks undermining some of the credibility he gained on Friday,†analysts at BofA Global Research said in a note. Warsh’s comments, delivered on Friday at the Fed’s Jackson Hole symposium in Wyoming, followed mixed data in recent weeks. A consumer inflation report this month showed price pressures were mild in July, but the Personal Consumption Expenditures reading, the Fed’s preferred gauge, came in hotter than expected. The ambiguity could raise the stakes for the monthly US employment report, due on September 4. Recent data did not indicate that “underlying trends have meaningfully improved,†Warsh said on Friday. At 11:24 a.m. ET, the Dow Jones Industrial Average fell 346.30 points, or 0.65 percent, to 53,210.80, the S&P 500 lost 35.66 points, or 0.46 percent, to 7,676.10, and the Nasdaq Composite shed 88.98 points, or 0.34 percent, to 26,312.74. Still, the benchmark S&P 500 and the tech-heavy Nasdaq were on track to snap two consecutive months of decline, while the Dow was headed for a fifth consecutive monthly gain. “The dynamism of the US economy and the corporate sector is incredible. The US exceptionalism argument is pretty alive and well,†said Thomas Kikis, head of markets, US and Americas, at Standard Chartered. Military clashes between the US and Iran resumed in the Middle East, where disruption in the Strait of Hormuz has impeded oil shipments. Energy stocks were up 0.97 percent after a 1.04 percent jump in Brent crude prices, while all other S&P 500 sectors were under pressure. Utilities fell 1.19 percent after an amendment to a Senate bill in California did little to alter the exposure of grid operators in the state to wildfire liabilities. PG&E plunged 19.4 percent and looked set for its worst day in more than six years, if losses hold.
RTO-II KARACHI SEALS ILLEGAL CIGARETTE FACTORY IN MALIR
Date: 2026-08-31
Details: FBR’s RTO-II Karachi seizes Rs200m in machinery and tobacco from a Malir factory accused of illegal cigarette manufacturing. KARACHI: The Federal Board of Revenue’s (FBR) Regional Tax Office-II (RTO-II) Karachi has sealed an alleged illegal cigarette manufacturing facility in Malir and confiscated plant, machinery and tobacco valued at approximately Rs200 million. The operation is estimated to have prevented an annual revenue loss of around Rs1.2 billion to the national exchequer, according to an FBR press release issued on Sunday. The raid was conducted by the Inland Revenue Enforcement Squad of RTO-II Karachi and the Inland Revenue Enforcement Network (IREN) as part of intensified enforcement against illegal cigarette manufacturing, illicit tobacco trade and tax evasion. The action followed directions from the Prime Minister, Chairman FBR and Director General Intelligence and Investigation/Chief Coordinator IREN. Machinery and tobacco confiscated During the raid, the enforcement team sealed the factory premises and confiscated the installed plant and machinery, along with raw and finished stock. The seized equipment included cigarette-making machines, packing machines, token machines, filter machines, heavy-duty generators and other related machinery, with an estimated value of Rs200 million. Around 700 kilograms of raw tobacco was also recovered from the premises. Factory had capacity to produce 200 million cigarettes annually A preliminary assessment found that the machinery installed at the facility had an estimated production capacity of 700,000 cigarette sticks per day. This translates into an estimated annual production capacity of around 200 million cigarette sticks. The FBR said the alleged illegal manufacturing activity was consequently causing an estimated Rs1.2 billion annual loss to the national exchequer. The enforcement team sealed the facility and confiscated the plant, machinery and stock. Criminal proceedings initiated Following the operation, criminal proceedings were initiated against the persons allegedly involved in the illegal manufacturing activity. An FIR was registered before the Special Judge (Customs & Taxation), Karachi. The confiscated plant and machinery were subsequently dismantled and shifted from the factory premises to the official premises of RTO-II Karachi. The raw and finished stock was also transferred in accordance with the prescribed legal procedure. Investigation underway The enforcement operation was conducted by a team headed by Baqir Ali, DCIR, and coordinated by Dr Aslam Marri, Commissioner Inland Revenue, RTO-II Karachi and Regional Coordinator IREN Sindh and Balochistan. The operation was carried out under the supervision of Zafar Rafique, Chief Commissioner, RTO-II Karachi. The criminal investigation into the alleged illegal manufacturing operation and the individuals involved is currently underway. RTO-II Karachi reaffirmed its commitment to taking strict and sustained enforcement action against illegal cigarette manufacturing, illicit tobacco trade and tax evasion. The tax authority said such measures are aimed at safeguarding government revenue, protecting compliant businesses and ensuring adherence to applicable tax laws.
PAKISTAN CUSTOMS TIGHTENS EFS CHECKS OVER FABRIC MISDECLARATION
Date: 2026-08-31
Details: Enhanced scrutiny and laboratory testing target alleged misuse of tax and customs exemptions under the Export Facilitation Scheme KARACHI: Pakistan Customs has stepped up enforcement against the alleged misuse of exemptions under the Export Facilitation Scheme (EFS) through misdeclaration of imported fabric, an initiative welcomed by the All Pakistan Textile Mills Association (APTMA). In a press release, APTMA appreciated the action taken by the Federal Board of Revenue (FBR) and Pakistan Customs to address concerns surrounding the import of greige fabric under the EFS. The association said greige fabric had been excluded from the scheme under SRO 1435(I)/2025, but raised concerns that some consignments were allegedly being imported under incorrect descriptions to obtain exemptions from customs duty and sales tax. Customs intensifies scrutiny of fabric consignments Pakistan Customs field formations are subjecting relevant consignments to enhanced scrutiny to establish the correct description and nature of imported fabric. Where necessary, physical examination of consignments is being supplemented by laboratory testing of samples to determine the actual composition and description of the goods. The process is aimed at identifying potential violations of applicable laws and procedures and preventing traders from obtaining concessions to which they are not entitled. APTMA backs enforcement action APTMA said misdeclaration of imported fabric could lead to a loss of legitimate government revenue while creating an unfair competitive disadvantage for domestic manufacturers that comply with the law. The association also acknowledged the role of Customs field formations in examining consignments and taking action where misuse of the EFS is identified. APTMA called for continued vigilance to ensure that the Export Facilitation Scheme is used strictly for its intended purpose and does not become a channel for obtaining unauthorised tax and customs concessions. Customs vows to protect compliant businesses Pakistan Customs said trade facilitation and effective enforcement are complementary priorities, stressing that facilitation measures are intended to support legitimate and compliant trade. The department said misuse of exemptions, concessions or regulatory procedures undermines the integrity of the trade system and must be addressed in accordance with the law. Pakistan Customs said it would continue strengthening controls against misdeclaration and other forms of abuse while safeguarding government revenue and protecting businesses that comply with regulations. The department further reaffirmed its commitment to ensuring that trade facilitation schemes operate transparently and in line with their intended objectives. The latest enforcement measures highlight the authorities’ focus on preventing abuse of the EFS while maintaining facilities for legitimate exporters and manufacturers.
FBR SETS ELIGIBILITY RULES FOR INITIAL ALLOWANCE IN TAX YEAR 2027
Date: 2026-08-31
Details: Tax relief applies to qualifying new depreciable assets placed into business use in Pakistan for the first time ISLAMABAD: The Federal Board of Revenue (FBR) has set out the conditions and categories of assets eligible for an initial allowance under the Income Tax Ordinance, 2001 for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated by the FBR up to June 30, 2026, Section 23 allows taxpayers to claim an initial allowance when qualifying depreciable assets are placed into service in Pakistan for the first time. Initial allowance available on eligible assets Under Section 23, a taxpayer who places an eligible depreciable asset into service in Pakistan for the first time during a tax year can claim an initial allowance. The asset must be used by the taxpayer for business purposes for the first time. Alternatively, the allowance may be claimed in the tax year in which commercial production begins, whichever is later. The initial allowance is calculated by applying the rate specified in Part II of the Third Schedule of the Income Tax Ordinance to the cost of the eligible asset. The cost of an eligible depreciable asset is determined in accordance with Section 76 of the Ordinance. Special rules for financial institutions The FBR has prescribed separate treatment for leasing companies, investment banks, modarabas, scheduled banks and development finance institutions. Where these institutions own assets and lease them to another person, the initial allowance relating to those assets can only be deducted against lease rental income earned from the relevant assets. Assets excluded from initial allowance The FBR has specified several categories of depreciable assets that do not qualify for the initial allowance. These include: •Road transport vehicles, unless they are used for hire; •Furniture and fittings; •Plant or machinery previously used in Pakistan; •Plant or machinery for which another provision of the Income Tax Ordinance has already allowed a deduction for the asset’s entire cost in the tax year of acquisition; and •Immovable property or structural improvements to immovable property. The exclusion of previously used plant and machinery means that the initial allowance is primarily targeted at qualifying new assets being introduced into business operations in Pakistan. Initial allowance supports business investment The initial allowance provides businesses with an upfront tax deduction on qualifying capital assets in addition to the normal depreciation mechanism, subject to the conditions prescribed under the Income Tax Ordinance. By limiting eligibility to specified depreciable assets placed into business use for the first time, the provisions are intended to provide tax relief for qualifying investment in productive business assets while preventing claims on used equipment, furniture, non-hire vehicles and excluded property. Businesses seeking to claim the allowance for Tax Year 2027 will therefore need to ensure that their assets meet the eligibility requirements and that the relevant conditions concerning first-time business use or commencement of commercial production have been fulfilled.
FBR SETS DEPRECIATION RULES FOR TAX YEAR 2027
Date: 2026-08-31
Details: Businesses face detailed conditions on eligible assets, depreciation rates, disposal gains and leased property ISLAMABAD: The Federal Board of Revenue (FBR) has laid down detailed conditions for claiming depreciation deductions against business income for Tax Year 2027, covering eligible assets, calculation methods, partial business use, disposal of assets and specific restrictions. The provisions are contained in Section 22 of the Income Tax Ordinance, 2001, updated by the FBR up to June 30, 2026. Under the rules, taxpayers can claim depreciation on depreciable assets used in a business during the relevant tax year. However, depreciation cannot be claimed on additions to capital assets where tax required to be deducted under Sections 152 or 153 has not been deducted and deposited with the government. Such amounts cannot be included in the cost of assets for calculating tax depreciation. Depreciation is generally calculated by applying the relevant rate prescribed in Part I of the Third Schedule to the written-down value of the asset at the beginning of the tax year. Depreciation limited for partial business use Where an asset is used partly to earn taxable business income and partly for another purpose, the depreciation deduction is restricted to the proportion attributable to its use in generating taxable business income. For such assets, the written-down value is calculated on the basis that the asset was used solely to derive taxable business income. For an asset acquired during the tax year, the written-down value is determined by reducing its cost by any initial allowance available under Section 23. For assets acquired in earlier years, the written-down value represents the original cost less total depreciation deductions, including any initial allowance, already claimed in previous tax years. The FBR has also clarified that depreciation is considered to have been allowed during a period in which a business’s income is exempt if its buildings, furniture, plant or machinery are used for business purposes during that period. Once the exemption period ends, the written-down value is determined after accounting for the relevant depreciation and initial allowances. Total depreciation cannot exceed asset cost The total depreciation and initial allowance deductions claimed throughout the ownership period cannot exceed the original cost of the asset. The rules also prescribe treatment for depreciable assets that are disposed of. No depreciation deduction is allowed for the tax year in which an asset is disposed of. If the sale consideration exceeds the asset’s written-down value, the excess is treated as taxable business income. Where the consideration is lower than the written-down value, the difference is allowed as a deduction against business income for that year. Special treatment for leased assets Specific rules apply to depreciation claimed by leasing companies, investment banks, modarabas, scheduled banks and development finance institutions. Depreciation relating to assets owned by these institutions and leased to another person can only be deducted against the lease rental income generated from those assets. Such leased assets are treated as being used in the business of the relevant leasing company or financial institution. Rs7.5m depreciation limit for certain vehicles For a passenger transport vehicle that is not used for hire, the depreciable cost is capped at Rs7.5 million. The cost of immovable property or structural improvements to immovable property does not include the cost of the underlying land. The rules further provide that where consideration received from disposing of immovable property exceeds its cost, the consideration received is treated as the property’s cost for depreciation purposes. Tax treatment of assets transferred abroad Where a depreciable asset previously used in Pakistan is exported or transferred outside the country, the taxpayer is treated as having disposed of the asset at the time of export or transfer. For this purpose, the consideration received is deemed to be equal to the cost of the asset. What qualifies as a depreciable asset? The FBR defines a depreciable asset as tangible movable or immovable property, other than unimproved land, or a structural improvement to immovable property that: •has a normal useful life of more than one year; •is expected to lose value through normal wear and tear or obsolescence; and •is wholly or partly used to derive taxable business income. An asset is excluded if another provision of the Income Tax Ordinance already allows a deduction for its entire cost in the tax year in which it was acquired or the improvement was made. Structural improvements covered The definition of structural improvement covers a broad range of infrastructure and property improvements, including buildings, roads, driveways, car parks, railway lines, pipelines, bridges, tunnels, airport runways, canals, docks, wharves, retaining walls, fences, power lines, water and sewerage pipes, drainage systems, landscaping and dams. The FBR has also prescribed a special rule for assets jointly owned by a taxpayer and an Islamic financial institution licensed by the State Bank of Pakistan or the Securities and Exchange Commission of Pakistan under Musharika or diminishing Musharika financing. Such an asset is treated as wholly owned by the taxpayer for the purposes of the depreciation provisions. The detailed rules under Section 22 set out the circumstances in which businesses can claim depreciation deductions while ensuring that capital assets, disposal proceeds and tax compliance requirements are properly accounted for when determining taxable business income for Tax Year 2027.
FBR LISTS BUSINESS EXPENSES NOT DEDUCTIBLE FOR TAX YEAR 2027
Date: 2026-08-31
Details: FBR sets out restrictions on business expense deductions, including cash payments, salary, commissions, penalties and digital compliance for 2027. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined a range of expenses and payments that taxpayers cannot claim as deductions when calculating income from business for Tax Year 2027. The provisions are contained in the Income Tax Ordinance, 2001, updated up to June 30, 2026, with Section 21 specifying expenditures that are not allowable as deductions against business income. Taxes on business profits Under the rules, taxpayers cannot deduct any cess, rate or tax paid or payable in Pakistan or another country where the levy is imposed on business profits or gains or calculated with reference to those profits. Tax deducted under the relevant provisions of the Income Tax Ordinance from an amount derived by a taxpayer is also not allowable as a business deduction. An expenditure from which a taxpayer is required to deduct or collect tax is generally disallowed unless the taxpayer has complied with the applicable tax deduction and payment requirements. However, disallowance relating to purchases of raw materials and finished goods under this provision cannot exceed 20% of such purchases. Tax recovered under Sections 161 or 162 is treated as tax paid. Commission and entertainment expenses The FBR has also placed restrictions on deductions for certain commission payments. Commission paid or payable on supplies of products listed in the Third Schedule of the Sales Tax Act, 1990, is not deductible where it exceeds 0.2% of the gross amount of supplies, unless the recipient of the commission appears on the Active Taxpayer List. Entertainment expenditure exceeding prescribed limits or incurred in violation of prescribed conditions is also not allowable. Contributions to funds Contributions to funds that are not recognised provident funds, approved pension funds, approved superannuation funds or approved gratuity funds cannot be deducted. The rules further disallow 50% of contributions made to an approved gratuity fund, approved pension fund or approved superannuation fund. Contributions to provident or other employee-benefit funds are also subject to conditions relating to tax deduction from payments made by the fund to employees. Fines, penalties and personal expenses The FBR has maintained that fines and penalties paid or payable for violating any law, rule or regulation are not deductible. Similarly, personal expenditure incurred by a taxpayer cannot be claimed as a business expense. Amounts transferred to a reserve fund or capitalised in any manner are also excluded from deductible business expenditure. Profit on debt, brokerage, commission, salary or other remuneration paid by an association of persons to one of its members is likewise not allowable as a deduction. Restrictions on cash transactions The tax rules impose restrictions on business transactions involving payments outside the banking channel. Expenditure under a single account head exceeding Rs250,000 in aggregate generally must be paid through a crossed cheque, crossed bank draft, crossed pay order or another crossed banking instrument showing transfer from the taxpayer’s business bank account. Online transfers from the payer’s business account to the payee’s business account and credit-card payments are treated as banking-channel transactions, provided they can be verified through the respective bank statements. The restriction does not apply to individual expenditures of up to Rs25,000, as well as utility bills, freight charges, travel fares, postage and payments of taxes, duties, fees, fines and other statutory obligations. For companies, a separate provision requires certain transactions exceeding Rs250,000 under a single account head to be made through digital means from the business bank account notified to the Commissioner under Section 114A. The provision will take effect from a date to be notified by the FBR. Salary payments and capital expenditure Salary exceeding Rs32,000 per month paid to an individual is not deductible if it is not paid through a crossed cheque, direct transfer to the employee’s bank account or approved digital means. The FBR also disallows expenditure of a capital nature, except where specifically provided for under the relevant provisions of the Income Tax Ordinance. For pharmaceutical manufacturers, expenditure on sales promotion, advertising and publicity exceeding 10% of turnover is not deductible. Utility expenditure exceeding prescribed limits or incurred in violation of prescribed conditions can also be disallowed. Purchases from non-NTN holders The rules provide for a 10% disallowance of claimed expenditure attributable to purchases made from persons who do not hold a National Tax Number (NTN). For purchases of agricultural produce, the provision applies only to purchases made from middlemen. The FBR may exempt specific persons or classes of persons from this restriction through notification in the official Gazette, subject to specified conditions. Electronic invoicing and payment restrictions The FBR has also introduced a 3% disallowance of claimed expenditure for a person who fails to install an electronic resource or act as an integrated enterprise where required by law, subject to the prescribed method and procedure. In addition, 50% of expenditure claimed in respect of sales may be disallowed where a taxpayer receives more than Rs200,000 against a single invoice through means other than a banking channel or digital payment. The provision applies to invoices covering one or more transactions involving the supply of goods or provision of services. The restrictions outlined under Section 21 form part of the FBR’s broader tax-compliance framework for Tax Year 2027, aimed at promoting documented transactions, banking-channel payments, digital compliance and proper withholding-tax practices. RTO HYDERABAD INTERCEPTS POULTRY FEED OVER MISSING DIGITAL INVOICE Tax authorities intercept Rs2.7m poultry feed shipment after finding it was transported without a valid FBR digital sales tax invoice. HYDERABAD: The Regional Tax Office (RTO) Hyderabad has intercepted a commercial consignment of poultry feed being transported without a valid digital sales tax invoice, as part of its ongoing enforcement drive to strengthen supply-chain documentation under the Sales Tax Act, 1990. According to the RTO, its Inland Revenue enforcement staff intercepted the goods transport vehicle at around 11:45pm on August 28, 2026, while it was transporting poultry feed from a manufacturer’s premises to Naushahro Feroze district. The interception was carried out on the basis of prior information, the tax office said. Shipment carried only delivery challan and bilty The vehicle, hired through a goods transport company, was carrying 50kg bags of Broiler Finisher (HD) poultry feed manufactured by a registered feed producer. During inspection of the accompanying documents, the enforcement team found that the consignment was travelling with only a delivery challan and transporter’s bilty. No digital sales tax invoice had been issued through the Federal Board of Revenue (FBR) system when the goods left the supplier’s premises, despite the requirements of the Sales Tax Act and the digital invoicing regime. The RTO subsequently verified the transaction through FBR’s electronic records and found that the relevant invoice had been uploaded to the system only at 11:10am on August 29, several hours after the consignment had departed and after the vehicle had been intercepted. Invoice declared Rs2.7m supply The subsequently generated invoice showed a poultry feed supply worth Rs2.706 million, with Rs270,600 in sales tax charged at the reduced rate of 10% applicable to poultry feed. The case highlights the tax authorities’ increasing focus on ensuring that taxable goods are properly documented before entering the supply chain. RTO urges businesses to comply with digital invoicing rules RTO Hyderabad urged registered persons, transporters and buyers to ensure that no consignment of taxable goods leaves a supplier’s premises without a valid digital sales tax invoice issued through the FBR system. The tax office also advised businesses to ensure that the quantities recorded on the digital invoice, delivery challan and transporter’s bilty accurately correspond with the goods actually loaded onto the vehicle. The enforcement action forms part of the tax department’s efforts to improve documentation, prevent the irregular movement of taxable goods and strengthen compliance with Pakistan’s digital invoicing requirements.
TORONTO: Canada’s main stock index fell to an eight-day low on Friday, led by declines for metal
Date: 2026-08-31
Details: mining shares, as investors weighed hawkish comments from Federal Reserve Chair Kevin Warsh and doubted that second-quarter strength in Canada’s economy would be sustained. The S&P/TSX Composite Index ended down 280.33 points, or 0.8 percent, at 36,553.92, its lowest closing level since August 20. For the week, the index was down 0.2 percent, adding to its slight decline in the prior week, despite all six major banks reporting stronger-than-expected quarterly earnings. US benchmark the S&P 500 also lost ground, with investors turning cautious after Warsh reiterated the central bank’s focus on fighting inflation. Canadian GDP increased at an annualized rate of 3.3 percent in the second quarter after six months of virtually no growth, aided by strong jump in exports and solid domestic demand, while an advanced indicator showed that the economy was largely flat in July. “The breakdown of second-quarter GDP growth was even better than the solid 3.3 percent annualised gain might suggest, although the preliminary estimate of unchanged GDP in July and the headwinds from new US tariffs means it is unlikely that this momentum will be sustained,†Ariane Curtis, senior North America economist at Capital Economics, said in a note. The US imposed new 50 percent tariffs on USD20 billion of Canadian imports last Saturday after talks between the two countries collapsed. The materials group, which includes metal mining shares, gave back some recent gains to end 2.8 percent lower. Gold was down 3.1 percent as traders increased bets on an interest rate hike next month from the Fed. Energy lost 1 percent as US crude oil futures settled 0.2 percent lower at USD83.40 a barrel on rumors of a possible agreement on shipping through the Strait of Hormuz.
AUSTRALIAN SHARES CLIMB ON STRONG NVIDIA EARNINGS
Date: 2026-08-31
Details: Published August 31, 2026 Updated about 2 hours ago SYDNEY: Australian shares advanced on Friday, driven by gains in mining and tech stocks after US chip giant Nvidia’s strong earnings underscored the AI spending boom and boosted market sentiment, shrugging off rate hike fears. The benchmark S&P/ASX 200 index rose 0.6 percent to 9,092.30 points. It edged 0.4 percent higher during the week. Technology stocks advanced 2.3 percent, clocking their best session since August 20 as Nvidia’s robust revenue growth outlook fueled gains in Nasdaq. Sector majors WiseTech Global, Technology One and Xero gained between 2.7 percent and 4.8 percent, and were among the top gainers on the benchmark. The sector has been beaten down for the better part of a year, and a strong performance from US tech behemoths like Nvidia and Salesforce is providing some relief to investor concerns that software is at terminal risk from AI impacts, said Luke Winchester, portfolio manager at Merewether Capital. Investors looked past heightened expectations of a rate hike at the Reserve Bank of Australia’s September meeting, after data showed hotter monthly inflation. Swaps now imply more than a 50 percent chance of a hawkish move by the central bank in September, from 16 percent before the release of data. Heavyweight miners added 1.1 percent, supported by higher commodity prices. The world’s largest listed miner, BHP, rose 1.4 percent, while South32 inched 0.8 percent higher.
WALL STREET WEEK AHEAD: JOBS REPORT, BROADCOM RESULTS POSE NEXT HURDLES FOR STOCK MARKET RALLY
Date: 2026-08-31
Details: Published August 31, 2026 Updated about 2 hours ago NEW YORK: A fresh look at the US labor market in the coming week along with quarterly results from semiconductor company Broadcom will test a market rally that has lifted stocks near record highs. The S&P 500 posted a weekly gain, putting the benchmark index slightly more than 1 percent away from its August 13 all-time high. A blowout quarterly report on Wednesday from AI bellwether and market behemoth Nvidia boosted sentiment for stocks, which had been dented earlier in the month by rising Treasury yields. Investors were focused on the monthly US employment report, due on September 4, and on whether the jobs data would offer hints about the US Federal Reserve’s plans for interest rates in coming months. “As we’re starting to get closer to that September (Fed) meeting, each data print is going to be under the microscope as it may inform what the Fed ultimately does,†said Michael Reynolds, vice president of investment strategy at Glenmede. Following a speech by new Fed Chair Kevin Warsh on Friday, investors increased bets that the central bank would hike rates at its next meeting in September, as it grapples with above-target inflation. With August coming to a close, the S&P 500 was last up more than 12 percent for the year. Strong corporate profit growth driven by massive spending on the AI infrastructure buildout is fueling the nearly four-year-old bull run in US equities. Markets have been relatively calm as summer ends in the US The Cboe Volatility Index hovered near its low point for the year, and daily market trading volume this week was well below its 2026 average. Several upcoming events could shake assets, including the jobs data. Employment for August was expected to have climbed by 58,000 jobs, with the unemployment rate at 4.1 percent, according to a Reuters poll as of Friday. The July report showed a surprise labor-market weakening, with employment declining by 23,000 jobs. “The last jobs report gave the market and investors a little bit of pause,†said Amanda Agati, chief investment officer of PNC Asset Management Group. However, Agati said she doubted there was a breakdown in the labor market, adding she would be looking for “either confirmation of that trend that we saw in the last report, or maybe a bounce back to prior months.†The jobs data could also indicate whether the Fed is likely to raise interest rates. Data this week showed inflation continued to run well above the US central bank’s 2 percent annual target. Rate hikes pose several challenges for equity performance, including by raising borrowing costs for consumers and companies. Fed funds futures late on Friday suggested a 57 percent chance of a hike at the next meeting in September, and investors were wary that a hot jobs report showing a big jump in employment and sharp wage growth could increase such bets. “What the stock market wants to see is a continued number that gives the Fed the ability to remain on hold,†said Matt Stucky, chief portfolio manager, equities, at Northwestern Mutual Wealth Management. Other economic data in the coming week included reports on manufacturing and services sector activity. The prior monthly reading from the Institute for Supply Management showed US manufacturing activity increased to the highest level in more than four years. “Continuing that momentum into September we think is something that’s really noteworthy to watch,†Stucky said. Wednesday’s earnings report from Broadcom, whose market value was last about USD1.7 trillion, will also be in focus, after rival semiconductor company Nvidia’s results lifted equity indexes. Nvidia forecast a whopping 70 percent jump in revenue for its next fiscal year. It was a rare disclosure for the AI bellwether, which typically does not issue such projections. “We’re just wondering whether or not Broadcom offers the same type of visibility,†Stucky said. Other reports are due next week from tech companies Dell Technologies and Palo Alto Networks. With the vast majority of companies having already reported, S&P 500 second-quarter earnings are on pace to have climbed 34.5 percent from a year earlier on an adjusted basis, according to LSEG IBES data. The reporting season has demonstrated “really robust core earnings power,†Reynolds said.
GULF STOCKS FALL AFTER WARSH REMARKS
Date: 2026-08-31
Details: Published August 31, 2026 Updated about 2 hours ago BENGALURU: Most Gulf stock markets closed lower on Sunday as investors turned cautious after US Federal Reserve Chair Kevin Warsh reiterated the central bank’s commitment to bringing inflation back to target, boosting expectations of another interest-rate increase. Warsh said at the Fed’s annual economic symposium in Jackson Hole that policymakers would “have work to do†if they were not confident that underlying inflation was returning to the central bank’s 2 percent target. He also noted that financial conditions did not appear restrictive. Following his remarks, market-implied odds of a rate increase at the Fed’s September meeting rose to 55.7 percent from 35.4 percent on Thursday, according to CME Group’s FedWatch tool. Gulf markets are particularly sensitive to changes in US monetary-policy expectations since most regional currencies are pegged to the dollar. Saudi Arabia’s benchmark index fell 0.7 percent for a second consecutive session, with most constituents ending in negative territory. Saudi Arabian Mining declined 3.3 percent, while Saudi National Bank, the kingdom’s largest lender by assets, lost 1.2 percent. “The Saudi market could remain vulnerable to further downside if investors continue taking profits after several sessions of gains,†said Hani Abuagla, senior market analyst at XTB MENA. Qatar’s benchmark index edged 0.1 percent lower, weighed down by declines in financial and communications shares. Doha Bank dropped 5.1 percent, while The Commercial Bank fell 2.5 percent. In contrast, QatarEnergy-linked Industries Qatar gained 0.6 percent, and Gulf International Services rose 3.9 percent. QatarEnergy sold at least 7 million barrels of various Qatari crude grades through a tender this week for October loading, several trade sources said on Friday. “Looking ahead, GCC markets are likely to remain sensitive to shipping developments in the Strait of Hormuz and any diplomatic progress,†Abuagla said. “Strong domestic fundamentals may help limit downside risks, though investor caution could persist as global bond yields rose following Warsh’s remarks, with attention now turning to the Fed’s next meeting.†Outside the Gulf, Egypt’s blue-chip index slipped 0.3 percent, with most shares trading lower. Commercial International Bank fell 0.8 percent, while Talaat Moustafa Group lost 1.3 percent. Abu Qir Fertilizers and Chemical Industries, however, rose 4.8 percent after the company said it had expanded ammonia production capacity and reduced natural-gas consumption.
SEC 7E, SUPER TAX UNDER SEC 4C: FBR YET TO DEVISE MECHANISM FOR REFUNDING TAXES: BUTT
Date: 2026-08-31
Details: Published August 31, 2026 Updated a day ago By Recorder Report ISLAMABAD: The Federal Board of Revenue (FBR) has not devised any mechanism to refund taxes collected under Section 7E (deemed income tax on immovable property) and Super Tax under Section 4C (tax on high earners’ capital gain), said Waheed Shahzad Butt, Chairman LTBA Public Interest Litigation Committee, who is seeking a clear, policy-level system to enable taxpayers to reclaim amounts already paid or recovered. More than three months have elapsed since Chairman LTBA-PILC wrote to FBR Chairman, routed through FBR Members, seeking a notified refund procedure for both levies, yet the Board has neither issued any guidance nor prescribed an application format or forum for filing such claims, he said. The demand follows rulings of the Federal Constitutional Court (FCC), which struck down Section 7E in its entirety as unconstitutional and void from inception, setting aside all notices and proceedings initiated under the provision introduced through the Finance Act 2022. The levy had targeted properties valued above Rs25 million at five percent of FBR-assessed fair market value. On Super Tax, the FCC upheld the provision’s constitutional validity but excluded certain exempt capital gains from its scope, effectively meaning the tax cannot be charged on the sale of immovable property held beyond the prescribed holding period, inherited property, or otherwise exempt income, Waheed explained. The continued silence of FBR on a refund route, despite binding constitutional pronouncements, has placed taxpayers in an untenable legal and financial position, Waheed said, noting that the Section 7E refund universe is potentially far wider given that the provision was struck down altogether, while Super Tax refunds would apply wherever the tax was charged on already-exempt income. LTBA-PILC is seeking a clear, policy-level system mechanism for taxpayers to reclaim amounts paid or recovered. “Same may be allowed as adjustment against tax liability for the tax year 2026,†Waheed added. He said this interim arrangement could be operationalized through the annual return for Tax Year 2026, with field formations directed to accept and process such adjustments uniformly across all tax jurisdictions, rather than leaving the matter to the discretion of individual Commissioners or Regional Tax Offices. Waheed reiterated his call upon the Board to communicate, without further delay, the procedure through which taxpayers may claim refunds or adjustments of amounts recovered under the two contested provisions, and to ensure consistent treatment of such claims nationwide. He cautioned that prolonged inaction exposes FBR to further litigation, including complaints before the FTO, as affected taxpayers seek redress for sums held to be unlawfully retained despite clear constitutional court findings against their collection. Copyright Business Recorder, 2026
FBR REVISES PROPERTY VALUATION RATES ACROSS QUETTA
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Taxation New FBR valuation tables cover Quetta’s urban areas, cantonment localities and DHA, with rates prescribed by location and property type. ISLAMABAD: The Federal Board of Revenue (FBR) has revised the fair market values of immovable properties across Quetta, covering urban areas, cantonment localities and the Defence Housing Authority (DHA) Quetta. The FBR issued S.R.O. 1444(I)/2026 under sub-section (4) of Section 68 of the Income Tax Ordinance, 2001, replacing Notification No. S.R.O. 1723(I)/2024 dated October 29, 2024. The revised valuation tables prescribe separate rates for specified locations and property categories across Quetta, with values generally determined on a per-square-foot basis. The notification covers front and commercial areas, non-commercial areas, adjoining streets, plazas, shops and offices, among other property categories. Revised rates cover Quetta urban areas The first valuation table covers Patwar Circle Halqa Urban-I, Tehsil City, District Quetta, including numerous wards, roads and commercial locations. For instance, the schedule sets the fair market value at Rs35,000 per square foot for the front/commercial area of Qandhari Bazaar from Masjid Road Cross to Meezan Chowk, while adjoining streets have been assigned a rate of Rs7,000 per square foot. Other prominent locations have also been assigned separate valuation rates, depending on the relevant road, ward, locality and nature of the property. The revised tables further cover urban locations around Qasi Road, Kach Road, Prince Road and Me-conghy Road, among other major roads and localities in Quetta. Separate valuations for other localities A separate valuation table has been provided for Patwar Circle Halqa Urban-II, Tehsil City, District Quetta, covering various roads and localities. The notification also includes other Patwar Circles, including Sadar-II, with separate rates prescribed for mouzas, mahals and specified localities. The valuation schedule extends beyond central urban areas to various rural and semi-urban localities within Quetta district. Rates vary according to the location and category of the property. Cantonment and DHA Quetta included The revised notification also covers Quetta Cantonment, with a dedicated table listing locations and survey numbers within the cantonment areas. A separate table has been prescribed for Defence Housing Authority (DHA) Quetta, covering residential and commercial properties and different plot categories. For DHA Quetta, the FBR has distinguished between the Early Bird category and other categories or schemes. The schedule provides separate per-square-foot valuation rates for residential and commercial properties, including 4-marla, 8-marla and 1-kanal categories. Rates applicable under Income Tax Ordinance The revised valuation schedule is intended to provide updated fair market values for immovable properties in Quetta for purposes of the applicable provisions of the Income Tax Ordinance, 2001. The detailed rates have been prescribed on a locality-wise basis in the 22-page notification, covering a wide range of urban, cantonment and DHA areas. The revised schedule replaces the valuation framework notified by the FBR in October 2024 and establishes updated benchmark values for the covered properties. Disclaimer: The rates cited above are indicative and based on selected entries from the notification. For verified and complete valuation rates, taxpayers and property owners should refer to the original S.R.O. 1444(I)/2026 available on the official FBR website.
FBR GRANTS RANGERS, FRONTIER CORPS LIMITED CUSTOMS POWERS ALONG BORDERS
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Taxation New powers will support Customs anti-smuggling operations within 50 kilometres of international borders, subject to specified restrictions. ISLAMABAD: The Federal Board of Revenue (FBR) has authorised Pakistan Rangers and Frontier Corps personnel to exercise specified functions and powers of Customs officers within their respective jurisdictions to strengthen anti-smuggling operations along Pakistan’s international borders. The FBR issued SRO 1435/2026 dated August 27, 2026, under sub-section (1) of Section 6 of the Customs Act, 1969, superseding Notification No. S.R.O. 901(I)/2023 dated July 7, 2023. Under the notification, the assigned customs functions will be exercised by Pakistan Rangers and Frontier Corps Khyber Pakhtunkhwa (North and South) within their respective jurisdictions, subject to specified conditions. The delegated powers will apply within 50 kilometres of international borders. However, the jurisdiction excludes city municipal limits, Customs areas, Customs stations, ports, Border Customs stations, international airports and bonded warehouses. The Rangers and Frontier Corps personnel will not be authorised to check the baggage or goods of bona fide passengers that have already been cleared from a Customs area. The FBR has directed the personnel to exercise due care while performing their assigned functions and ensure that legitimate trade, imports and exports, and the general public are not unnecessarily obstructed. Powers to be exercised in aid of Customs The notification clarifies that the delegated powers are intended to assist Pakistan Customs and will not replace or exclude the authority of Customs officers. Rangers and Frontier Corps personnel will provide assistance to Customs officers in performing their functions wherever required. Any goods seized on suspicion of being smuggled or intended for smuggling must be deposited only at the nearest Customs State Warehouse or another State Warehouse approved by the Collector of Customs. Seizure reports prepared by Rangers and Frontier Corps personnel must be submitted to the relevant Adjudication Collectorate within 15 days of detention of the goods for adjudication under the Customs Act. A copy of each seizure report must also be endorsed to the concerned Collector of Customs (Enforcement) in whose jurisdiction the case falls. Customs powers assigned according to rank The notification specifies different provisions of the Customs Act that may be exercised according to the rank of the personnel. Officers not below the rank of non-commissioned officer may exercise specified powers under Sections 158, 159(1), 160(1) and (2), and 172(1) of the Customs Act. Officers not below the rank of Junior Commissioned Officer may exercise powers under Sections 157(1), 158, 159, 161(1) and (2), 164(1), 165(1), 166(1) and (2), 167, 168(1) and (3), and 169(1), (2), (3) and 171. Commissioned officers may exercise specified powers under Sections 159(2) and (3), 160(6), 161(3) and (4), and 163(1), (2), (3) and (4). The Commandant, within his jurisdiction, may exercise the powers provided under Section 157(2) of the Customs Act. Disposal and monitoring of seized goods Following confiscation by the relevant legal forum, the concerned Collector of Customs (Enforcement) will auction or otherwise dispose of confiscated goods and vehicles in accordance with the Customs Act, applicable Auction Rules and relevant customs orders. Perishable goods and other items requiring disposal under Section 169(4), read with Section 201 of the Customs Act, will be disposed of by the concerned Collector of Customs (Enforcement) in accordance with applicable law and Customs Rules. The FBR has also introduced a reporting mechanism requiring the Officer Commanding of each Rangers and Frontier Corps wing to submit monthly seizure details to the relevant Collector of Customs (Enforcement) by the fifth day of each month. The reports will include details of detained or seized goods and vehicles, dates of detention and seizure, value and quantity, and the name and location of the State Warehouse where the goods were deposited. Monthly coordination meetings ordered The Chief Collector of Customs (Enforcement), Islamabad, has been directed to convene a coordination meeting every month with the respective Director Generals of Rangers and Inspectors General of Frontier Corps. The meetings will review enforcement activities and facilitate coordination between Customs authorities and the paramilitary forces. The new arrangement is aimed at strengthening coordinated anti-smuggling operations near Pakistan’s international borders while retaining Customs authorities’ responsibility for the formal adjudication and disposal of seized and confiscated goods.
BILAL AZHAR KAYANI MEETS KARACHI EXPORTERS TO ADDRESS TAX CONCERNS
Date: 2026-08-29
Details: Written by Faisal Shahnawaz in Taxation Minister of State highlights budget relief, export facilitation committees and government support for export-led industrial growth Minister of State for Finance and Railways Bilal Azhar Kayani held a consultative meeting with leading exporters and representatives of major trade associations in Karachi, focusing on tax policies, budgetary relief and measures to strengthen Pakistan’s export sector. During the meeting, Kayani briefed business representatives on the government’s latest tax measures, particularly relief announced for exporters in the recent federal budget. He also listened to concerns raised by exporters regarding tax-related procedures and operational challenges affecting businesses. The minister said the government remains committed to creating a business-friendly environment by facilitating trade, simplifying the tax framework and supporting export-oriented industries. He emphasized the importance of maintaining regular engagement with the business community to identify and resolve issues affecting exporters. A major focus of the discussion was the Export Facilitation Committees recently notified by the government following the budget. According to the minister, these committees have been established to facilitate exporters, address industry-related complaints and provide an effective platform for resolving disputes amicably. The committees are also intended to ensure that exporters receive greater protection from unnecessary harassment during interactions with tax authorities. The initiative is expected to improve coordination between the government and export-oriented businesses while creating a more predictable operating environment. Kayani reaffirmed that export-led industrial growth remains a key priority for the government. He assured industry stakeholders that policy support would continue and that channels of communication with exporters would remain open to address emerging challenges. Representatives of the exporting community welcomed the government’s engagement and presented practical recommendations concerning tax-related operational matters. They stressed the need for effective implementation of facilitation measures to improve Pakistan’s export performance and competitiveness. The meeting was attended by prominent representatives of several national trade bodies, including PHMA, PAKSEA, PRGMEA, TMA, PCMA, PCFA, PBEA, PDMEA, APBUMA, PTEA, PSGMEA, SIMAP, PCMEA, PLGEMA, Sialkot Chamber of Commerce and Industry, Pakistan Tanners Association, Pakistan Fisheries Exporters Association, Pakistan Gloves Manufacturers and Exporters Association, Rice Exporters Association of Pakistan, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association and All Pakistan Meat Exporters & Processors Association. The exporters appreciated Kayani’s efforts to address industry concerns and called for continued government-business coordination to create a stronger environment for export-led growth.
PM ORDERS TIMELY FBR REFORMS, CRACKDOWN ON TAX EVASION AND SMUGGLING
Date: 2026-08-29
Details: Written by Faisal Shahnawaz in Taxation, Top stories Shehbaz Sharif calls for faster digitalisation, stronger revenue systems and third-party oversight of tax reforms Prime Minister Shehbaz Sharif has directed authorities to ensure the timely implementation of FBR reforms and intensify action against tax evasion, smuggling and illegal businesses. Chairing the weekly review meeting on Federal Board of Revenue reforms in Islamabad, the prime minister called for a third-party audit of the reform process to improve transparency, efficiency and long-term sustainability. Shehbaz Sharif said digitalisation, production monitoring and automated systems were central to efforts aimed at modernising Pakistan’s tax administration. He also welcomed the appointment of reputed goods evaluators within the FBR and appreciated the board’s leadership for advancing the reforms. The meeting was informed about progress on the restructuring of Pakistan Revenue Automation Limited (PRAL), digital tax initiatives and measures designed to strengthen revenue collection. Work is also progressing on IRIS 3.0, a new tax operating model and a central data hub intended to create an integrated, data-driven tax system. International consultants have been engaged to help develop IRIS 3.0, while a related project is being pursued to improve tax administration, introduce pilot auto-taxation and eventually use artificial intelligence and machine learning to enhance tax collection. Officials also briefed the meeting on changes at PRAL, including new senior-level appointments covering technology, data security, operations and taxation. The meeting was told that faceless assessment in customs had produced positive results. Between January and June 2026, average revenue per Goods Declaration increased by 12%, while the system also strengthened the identification and monitoring of irregular imports. The recruitment of 280 goods evaluators is nearing completion. A Central Assessment Unit in Islamabad is expected to become operational by December 31, 2026, with its permanent facility planned for completion by June 2027. Digital invoicing has also expanded significantly. Transactions increased from PKR 236 billion in July 2025 to PKR 2.5 trillion in July 2026, with a target of PKR 4 trillion by December. To combat petroleum smuggling, authorities are using GIS tagging, GPS tracking, oil marketing company ERP integration and a central monitoring application. The Rahguzar app has reportedly helped shut down 2,500 illegal petrol pumps and initiate legal proceedings. The prime minister directed authorities to maintain momentum and ensure the reforms deliver stronger revenue collection and a more transparent tax system.
PTCL DISCLOSES RS55.3BN TAX CONTINGENCIES IN 1HCY26
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Corporate, IT & Telecom, Taxation PTCL says disputed tax matters remain under appeal, with stays obtained against recovery of the outstanding amounts. ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has disclosed tax contingencies with a potential tax impact of approximately Rs55.30 billion in its financial report for the first half of calendar year 2026 (1HCY26). According to the financial report submitted to the Pakistan Stock Exchange (PSX), the disputed tax matters relate to tax years 2007, 2009, 2010 and 2011 to 2024. The company said tax authorities had disallowed certain expenses and tax credits and raised demands over the short deduction of withholding tax (WHT) for various tax years. PTCL challenged the disputed orders before the relevant appellate forums, which granted partial relief in several cases. After taking into account orders issued by the Commissioner Inland Revenue (Appeals), Appellate Tribunal Inland Revenue (ATIR) and rectification orders, the tax impact of the remaining disputed matters stood at Rs55.296 billion. Appeals pending before tax tribunals PTCL said appeals concerning the outstanding tax matters were pending adjudication before the ATIR. The company also disclosed that the reference relating to tax year 2007 was sub judice before the Islamabad High Court. PTCL said stays had been obtained in all cases from the relevant forums, protecting the company against recovery of the disputed tax amounts while the legal proceedings remain pending. Rs5.94bn matters remanded for reconsideration Meanwhile, the Commissioner Inland Revenue (Appeals) remanded disallowances relating to tax years 2014 and 2020 to the taxation officer for reconsideration. According to PTCL, these remanded matters carry a combined tax impact of Rs5.938 billion. The company’s latest disclosure forms part of the contingent tax matters reported in its financial statements for the six months ended June 30, 2026. The disclosed amounts remain subject to the outcome of ongoing appeals and court proceedings, with no final determination of the disputed tax liabilities at this stage.
FBR EXPLAINS BUSINESS EXPENSE DEDUCTIONS FOR TAX YEAR 2027
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Taxation Updated tax rules set conditions for deducting business expenses and specify treatment of depreciable and intangible assets ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the rules for claiming deductions against income chargeable under the head “Income from Business†for tax year 2027. The FBR issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, explaining the provisions governing deductions in computing business income under Section 20. Under the law, a taxpayer deriving income chargeable under the head “Income from Business†can claim a deduction for expenditure incurred during the tax year, provided the expense is incurred wholly and exclusively for the purposes of business. The deduction remains subject to the conditions and limitations prescribed under the Income Tax Ordinance. Deduction allowed for business animals The law also provides a specific deduction where animals used for business or professional purposes, other than as stock-in-trade, die or become permanently useless for those purposes. In such cases, a taxpayer is allowed a deduction equal to the difference between the actual cost of the animals to the taxpayer and any amount realised from their carcasses or from the animals themselves. Depreciable assets and long-term expenditure The FBR has further clarified the treatment of expenditure incurred on depreciable assets and intangible assets. Where business expenditure is incurred to acquire a depreciable asset, an intangible asset having a useful life of more than one year, or constitutes pre-commencement expenditure, the amount cannot simply be deducted in full in the year in which it is incurred. Instead, subject to the Income Tax Ordinance, such expenditure is required to be depreciated or amortised in accordance with Sections 22, 23, 24 and 25. This provision establishes a distinction between ordinary business expenses and expenditure relating to assets or costs that provide benefits over an extended period. Amalgamation-related costs The law also provides relief for certain expenses incurred by an amalgamated company. Where an amalgamated company incurs expenditure on legal and financial advisory services, as well as other administrative costs associated with planning and implementing an amalgamation, a deduction is allowed for such expenditure, subject to the provisions of the Ordinance. The provisions of Section 20 establish the framework for determining which expenses can be deducted when calculating taxable business income for tax year 2027. Taxpayers are required to ensure that claimed expenses meet the statutory conditions and that capital, intangible and pre-commencement expenditure is treated under the relevant depreciation or amortisation provisions.
FBR CLARIFIES ‘SPECULATION BUSINESS’ RULES FOR TAX YEAR 2027
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Definitions, Taxation Updated tax rules define speculative transactions involving commodities, stocks and shares while excluding qualifying hedging activities ISLAMABAD: The Federal Board of Revenue (FBR) has outlined the rules governing “speculation business†for tax year 2027, including the circumstances in which transactions involving commodities, stocks and shares are treated as speculative activities for tax purposes. The FBR issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, explaining the treatment of speculation business under Section 19. Under the law, where a person carries on a speculation business, it is treated as a distinct and separate business from any other business conducted by that person. The provisions relating to business income and losses are applied separately to the speculation business and the taxpayer’s other business activities. The law also provides that any loss arising from speculation business during a tax year, calculated in accordance with the relevant provisions, will be dealt with under Section 58 of the Income Tax Ordinance. What constitutes speculation business? For tax purposes, the FBR defines “speculation business†as a business in which a contract for the purchase or sale of a commodity, including stocks and shares, is periodically or ultimately settled without actual delivery or transfer of the commodity. However, the law excludes certain transactions from the definition of speculation business. The first exclusion applies to contracts involving raw materials or merchandise entered into by a person in the course of manufacturing or mercantile business. Such contracts are excluded where they are intended to protect against losses arising from future price fluctuations and are entered into for fulfilling the taxpayer’s other contracts involving the actual delivery of goods to be manufactured or merchandise to be sold. Hedging contracts receive exemption The second exclusion covers contracts relating to stocks and shares entered into by a dealer or investor to protect against losses in the person’s existing holdings resulting from price fluctuations. The third exclusion applies to contracts entered into by a member of a forward market or stock exchange as part of transactions in the nature of jobbing or arbitrage. Such transactions are excluded where they are undertaken to protect against losses that may arise in the ordinary course of the member’s business. The provisions therefore distinguish between speculative transactions and legitimate hedging activities undertaken to manage commercial or investment risks. Separate treatment for speculative activities For tax year 2027, taxpayers engaged in speculation activities are required to treat such business separately from their other business operations. This means income and losses arising from speculation business will be assessed independently, while qualifying hedging and risk-management transactions remain outside the scope of the speculation business definition. The clarification provides taxpayers with guidance on distinguishing genuine risk-management transactions from speculative activities for income tax purposes.
FBR SETS OUT INCOME-FROM-BUSINESS RULES FOR PAKISTAN’S TAX YEAR 2027
Date: 2026-08-29
Details: Written by Hamza Shahnawaz in Definitions, Taxation Updated Income Tax Ordinance clarifies taxable business profits, benefits, leasing receipts and financial-sector income ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the categories of income that will be taxable under the head “Income from Business†for tax year 2027. The FBR issued the Income Tax Ordinance, 2001, updated up to June 30, 2026, explaining the provisions applicable to income from business under Section 18. Under the updated law, profits and gains from any business carried on by a person at any time during a tax year are chargeable to tax under the head “Income from Businessâ€, except where the income is specifically exempt under the Ordinance. Income earned by a trade, professional or similar association from selling goods or providing services to its members is also treated as business income. Cooperative societies’ income falls under business head The law further clarifies that income derived by cooperative societies, including recreational clubs, from the sale of goods, immovable property or provision of services to their members is and has always been chargeable to tax under the Income Tax Ordinance. Income earned from the hiring or leasing of tangible movable property also falls under the head of income from business. The FBR has additionally included the fair market value of any benefit or perquisite received by a person in the course of, or by virtue of, a past, present or prospective business relationship. Such a benefit is taxable whether it can be converted into money or not. The law further clarifies that the term “benefit†includes an advantage arising from the waiver of profit on debt or the debt itself under the State Bank of Pakistan Banking Policy Department’s Circular No. 29 of 2002 or any other scheme issued by the central bank. Management fees treated as business income Management fees earned by a management company, including a modaraba management company, are also chargeable to tax under the head “Income from Businessâ€. The FBR has clarified that income taxable under Sections 5A, 5AA, 6, 7 and 7A of the Income Tax Ordinance will not be chargeable under Section 18. The updated law also specifies the treatment of profit on debt. Where a person’s business consists of deriving profit on debt, such income will be taxable under “Income from Business†rather than “Income from Other Sourcesâ€. Special rules for financial institutions Special rules apply to certain financial institutions involved in leasing activities. Where a scheduled bank, investment bank, development finance institution, modaraba or leasing company leases an asset to another person, any amount paid or payable in connection with the lease will be treated as income of the lessor and taxed under the head “Income from Businessâ€. The provision applies whether the leased asset is owned by the lessor or not. The law also provides that any amount received by a banking company or non-banking finance company representing a distribution by a mutual fund or a Private Equity and Venture Capital Fund from its income from profit on debt will be chargeable under “Income from Businessâ€. Such income will not be treated as income from other sources. The updated provisions provide the tax treatment for a broad range of commercial receipts and business-related benefits, helping determine the appropriate head under which such income is to be assessed for tax year 2027.
BOP DELIVERS RECORD 1H’26 RESULTS, ANNOUNCES INTERIM DIVIDEND OF 16PC
Date: 2026-08-29
Details: Published August 29, 2026 Updated about 2 hours ago By Press Release LAHORE: The Bank of Punjab (BOP) on Friday announced its unaudited financial results for the half year ended June 30, 2026. Reviewed and approved by the Bank’s Board of Directors, the results reflect sustained business momentum, disciplined operational execution, and healthy core earnings growth, further strengthening the Bank’s position in Pakistan’s financial sector. In recognition of the Bank’s strong financial performance and continued commitment to delivering value to shareholders, the Board of Directors has also declared the highest-ever interim cash dividend of 16 percent in line with industry dividend payout ratios. The enhanced dividend reflects continued confidence in the Bank’s earnings trajectory, while reinforcing its commitment to creating sustainable value for shareholders. 1st Half 2026 Highlights at a Glance Exceptional Operating Performance & Earnings Growth The Bank delivered a highly robust performance for the first half of the year 2026, underscored by a 67 percent YoY growth in Operating Profit (before provisions & gains) reaching Rs 22.5 billion. The Bank’s Net Interest Income improved to Rs 46.1 billion with a 29 percent YoY growth, while Non-Markup Income (excluding gains) registered a hefty growth of 61 percent, reaching Rs 11.9 billion. This remarkable trajectory was driven by proactive asset-liability management, accelerated fee-based income generation, and the successful diversification of revenue streams. Through vigilant and disciplined cost management, coupled with enhanced operational efficiencies, the Bank achieved a 35 percent YoY growth in Profit Before Tax, reaching Rs 20.5 billion, while Profit After Tax surged to Rs 9.5 billion with a 40 percent YoY growth. Sustained expense discipline and resource optimization further strengthened the Bank’s cost efficiency. As a result, the Bank’s Cost-to-Income Ratio continued its declining trend and improved by 2.40 percentage points over the first half of 2025. Improved Funding Profile and Strong Advances Momentum During the first half of 2026, the Bank maintained a sound and well-balanced financial position, with total assets of Rs 2,504 billion. The Bank’s funding profile strengthened as total deposits increased to Rs 2,154 billion, driven by 20 percent YoY growth in current deposits, while average current deposits recorded an impressive 26 percent YoY increase. The Bank continued to support economic activity through disciplined lending, with gross advances rising by 28 percent to Rs 996 billion, including financing for priority sectors of the economy. Regulatory Compliance The Bank maintained a strong capital position, with its Capital Adequacy Ratio (CAR) at 13.69 percent and leverage ratio at 3.65 percent, both comfortably above the regulatory requirements prescribed by the State Bank of Pakistan. The Bank also remained fully compliant with provisioning requirements under IFRS 9, reinforcing the strength, resilience, and soundness of its balance sheet. Landmark Strategic Developments During 2026 PACRA upgrades BOP to Highest AAA Rating: In a major institutional milestone, the Pakistan Credit Rating Agency (PACRA) upgraded the Bank’s long-term entity rating to the highest possible tier of AAA, with a Stable Outlook. This upgrade is a testament to BOP’s strengthened financial profile, elevated market standing, and unwavering commitment to rigorous risk management and governance frameworks. Bahrain Overseas Wholesale Banking Unit: Advancing its international footprint, BOP received in-principle approval from the State Bank of Pakistan (SBP) to establish an Overseas Wholesale Banking Unit in the Kingdom of Bahrain. This strategic expansion will enable the Bank to capitalize on lucrative cross-border banking opportunities, enhance regional connectivity, and cultivate vital institutional relationships across the Middle East. Proposed Rs 30 Billion Equity Subscription: Highlighting strong sponsor support, the Board of Directors has proposed the issuance of ordinary shares to the Government of Punjab for up to Rs 30 billion. Subject to requisite shareholder and regulatory approvals, this substantial capital injection will be executed in two tranches i.e. up to Rs 20 billion by December 31, 2026, and the remaining balance by June 30, 2027. This pivotal initiative will significantly augment the Bank’s capacity for accelerated balance sheet expansion and strategic flexibility. Pakistan Banking Awards 2026 – Recognition of Sustained Leadership: At the Pakistan Banking Awards 2026, BOP won three awards: Best Bank for Agriculture Inclusion, Best SME Bank, and Best Bank for Women’s Inclusion. The Agriculture and Women’s Inclusion awards mark a three-year hat-trick, while the SME award is BOP’s fourth in the last five years. BOP is the only bank to win three awards for two consecutive years, and the only bank ever to achieve this unique vertical and horizontal hat-trick, reaffirming its sustained leadership in Pakistan’s priority sectors. Strategic Market Position & Outlook Serving as a trusted and integral financial partner to the Government of Punjab, BOP continues to play a catalytic role in facilitating public welfare programs, priority sector financing, and broader socio-economic development initiatives. Supported by a solid capital base, a newly upgraded AAA credit standing, and a relentless focus on digital transformation, the Bank is exceptionally well-positioned to sustain its accelerated growth momentum throughout the remainder of 2026. Management remains resolutely committed to delivering sustainable, long-term shareholder value while championing financial inclusion and expanding access to modern, customer-centric banking services nationwide. Copyright Business Recorder, 2026
AL BARAKA GROUP’S NET INCOME RISES TO USD204M IN 1H2026
Date: 2026-08-29
Details: Published August 29, 2026 Updated about 2 hours ago By Press Release MANAMA: Al Baraka Group B.S.C. (C) announced its financial results for the second quarter and first half ended 30 June 2026, reaffirming its continued ability to deliver strong and sustainable growth across its financial and operational performance indicators, despite geopolitical and economic challenges and volatility in global markets. The results reflect the resilience of the Group’s business model, underpinned by geographic diversification, strong market presence of its banking units in their local markets, diversified income streams, and enhanced quality of its financing and investment portfolios, enabling the Group to transform challenges into growth opportunities, supported by the outstanding performance of its key banking units, particularly in Türkiye, Jordan, and Algeria. During the second quarter of 2026, the Group recorded notable growth in profitability indicators, with net income attributable to the shareholders of the parent company increasing by 16 percent to USD61 million, compared with USD53 million in the second quarter of 2025. Basic earnings per share rose to US cents 3.59 in the second quarter of 2026, compared with US cents 2.89 for the same period last year. Total net income also increased significantly by 18 percent to USD111 million during the second quarter of 2026, compared with USD94 million in the corresponding period of 2025, driven by the remarkable growth in the business activities of the Group’s banking units, particularly in Türkiye, Algeria, and Jordan. Total comprehensive income attributable to the shareholders of the parent company surged by 46 percent to USD73 million during the second quarter of 2026, compared with USD50 million in the corresponding period of 2025, primarily due to the positive impact of applying hyperinflation accounting requirements. For the first half of 2026, the Group continued to deliver strong financial performance. Net income attributable to the shareholders of the parent company increased by 14 percent to USD113 million, compared with USD99 million in the first half of 2025. Basic earnings per share rose to US cents 7.91 in the first half of 2026, compared with US cents 6.73 for the corresponding period of 2025. Total net income grew by 10 percent to reach USD204 million during the first half of 2026, compared with USD185 million in the corresponding period of the previous year, for the same reasons mentioned above. Total comprehensive income attributable to the shareholders of the parent company surged by 73 percent to USD145 million during the first half of 2026, compared with USD84 Million in the corresponding period of 2025. Total equity attributable to the shareholders of the parent company and Sukuk holders increased to USD1.48 billion at the end of June 2026, compared with USD1.37 billion at the end of December 2025, representing an 8 percent increase, primarily supported by the accounting impact arising from hyperinflation. Total equity also increased by 7 percent to USD2.35 billion at the end of June 2026, compared with USD2.19 billion at the end of December 2025, for the same reasons mentioned above. The Group further strengthened its financial position during the first half of 2026, with total assets rising to USD32.96 billion, compared with USD31.01 billion at the end of 2025, representing a growth of 6 percent, supported by solid growth in financing and investments, particularly across the Group’s banking units in Türkiye, Jordan, and Algeria. As part of its strategy to enhance integration among its banking units, Al Baraka Group continued to expand its cross-border banking services by launching its account opening and management service between Al Baraka Islamic Bank – Bahrain and Al Baraka Bank Egypt, following the successful launch of the service between its Bahrain and Türkiye banking units. The initiative provides customers with a seamless digital banking experience across the markets in which the Group operates. Commenting on the results, Shaikh Abdullah Saleh Kamel, Chairman of Al Baraka Group, said: “The Group’s results for the first half of 2026 reaffirm the strength and resilience of our business model and its ability to deliver sustainable growth despite geopolitical and economic challenges. Our strategy of geographic diversification, coupled with the deep-rooted presence of our banking units in their local markets, and the strength of our customer relationships have been fundamental pillars in enhancing the Group’s resilience against market volatility while enabling us to capitalize on growth opportunities, further reinforcing our position as one of the leading Islamic financial groups at both the regional and international levels.†For his part, Houssem Ben Haj Amor, Board Member and Group Chief Executive Officer, stated: “These results reflect the successful execution of the Group’s strategic priorities, supported by growth in operating revenues, expansion of financing and investment activities, and improved operational efficiency, while maintaining strong liquidity, capital, and asset quality. The cross-border banking initiative represents a pillar of our ‘Borderless Banking’ strategy and will be progressively expanded across the Group’s banking units to support trade and investment while delivering an integrated digital banking experience.†Copyright Business Recorder, 2026
NBP ANNOUNCES RS32.4BN NET PROFIT FOR 1HCY2026
Date: 2026-08-29
Details: Published August 29, 2026 Updated about 2 hours ago By Recorder Report KARACHI: National Bank of Pakistan (NBP) delivered a resilient performance in the first half of calendar year 2026, posting a profit before tax of Rs67.3 billion and a profit after tax of Rs32.4 billion, translating into earnings per share of Rs15.23 for the half year ended June 30, 2026. The Board of Directors of National Bank of Pakistan (NBP) has approved the interim condensed financial statements for the half-year ended June 30, 2026 in it meeting held on August 27, 2026. According to company announcement, NBP continued to demonstrate resilient financial performance and disciplined balance sheet management during the first half of 2026, navigating an evolving interest rate environment while maintaining strong liquidity, funding and capital positions. With 15 percent growth, NBP generated gross interest income of Rs361.7 billion in the first half of calendar year 2026. Non-mark-up income also advanced, rising 3.8 percent year-on-year to Rs27.6 billion the back of a strong showing across multiple streams. Foreign exchange income grew impressively to Rs5.4 billion from Rs3.5 billion, while dividend income surged 30 percent to Rs4.1 billion, underscoring the quality and diversification of the Bank’s earnings base. Operating expenses increased by approximately 11 percent YoY to Rs65.5 billion, primarily reflecting targeted investments in digital capabilities and technology infrastructure to strengthen operating capacity, resilience and scalability. Proactive risk management remained a key strength, with recoveries against non-performing loans, and credit loss allowances recording a net reversal of Rs5.3 billion during 1HCY26, compared to a charge of Rs4.8 billion in the corresponding period last year. Specific Non-Performing Loan (NPL) provision coverage stood at 93 percent under applicable SBP regulations, while the Bank continues to maintain strong IFRS 9 Expected Credit Loss coverage. The Bank’s total assets increased by 10.9 percent during the first half of 2026 to Rs7.8 trillion, compared to Rs7.07 trillion as of December 31, 2025. Investments increased to Rs5.67 trillion, with the portfolio strategically positioned towards shorter-maturity government securities, providing flexibility to capitalise on emerging repricing opportunities. Gross advances stood at Rs1.58 trillion, compared to Rs1.61 trillion at year-end 2025, with the 2.4 percent decline primarily reflecting seasonal factors in the Commercial and SME segments. Meanwhile, Islamic financing continued its growth trajectory, increasing by 27 percent during the first half to Rs312.8 billion. Total deposits stood at Rs4.2 trillion as of June 30, 2026. Current deposits of Rs2.07 trillion represented 49.2 percent of total deposits, while the overall CASA base stood at Rs3.53 trillion. Commenting on the performance Abdul Wahid Sethi, SEVP/CFO, additional acting charge of President / CEO NBP, expects the operating environment to gain further traction during the second half of 2026, supported by easing geopolitical tensions, improving business confidence and a gradual recovery in economic activity. He said that with its strong liquidity and funding franchise, robust capital position and disciplined risk management framework, the Bank is well positioned to support and capitalise on this recovery. NBP will continue to pursue risk-calibrated asset growth and deepen customer relationships, with stronger advances and improving business activity expected to provide greater momentum to its core franchise through the year-end, he added. Copyright Business Recorder, 2026
DECLINING TREND SEEN ON COTTON MARKET
Date: 2026-08-28
Details: Published August 28, 2026 Updated about an hour ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Wednesday decreased the spot rate by Rs 2,00 per maund and closed it at Rs 18,600 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained steady and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs 18,600 to Rs 18,800 per maund, while Phutti in the province is trading between Rs 8,700 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,800 to Rs 19,000 per maund, with Phutti fetching between Rs 8,800 to Rs 9,200 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,000 to Rs 18,900 per maund. The rate of Phutti is in between Rs 8,900 to Rs 9,400 per 40 kg. Copyright Business Recorder, 2026
NIKKEI CLOSES LOWER AS ADVANTEST FALLS
Date: 2026-08-28
Details: Published August 28, 2026 Updated about an hour ago By Reuters TOKYO: Japan’s Nikkei share average reversed early gains to end lower on Thursday, dragged down by Nvidia supplier Advantest, while the broader Topix inched higher on value-buying. The Nikkei fell 0.2 percent to 66,131.98 after rising as much as 1 percent, while the broader Topix rose 0.15 percent to 4,117.22. The Nikkei opened higher after chip company Nvidia rose nearly 5 percent in extended trading following a forecast that revenue would jump 70 percent next fiscal year. The index changed course as chip-testing equipment maker Advantest erased its gains to trade lower. Advantest ended down 3.05 percent, making it the biggest drag on the Nikkei. Banks rose, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group up 0.81 percent and 0.92 percent, respectively.
CHINA STOCKS END HIGHER ON NVIDIA-LED AI HARDWARE RALLY
Date: 2026-08-28
Details: Published August 28, 2026 Updated about an hour ago By Reuters SHANGHAI: Chinese stocks closed up on Thursday, as strong revenue projections from US chip giant Nvidia boosted investor appetite for artificial intelligence and hardware-related shares, while Hong Kong shares ended lower. China’s blue-chip CSI300 Index ended 0.9 percent higher, while the Shanghai Composite Index gained 1.1 percent. Hong Kong benchmark Hang Seng was down 0.3 percent. Technology and hardware manufacturing shares led gains onshore. The 5G Communication Index climbed 3.8 percent, while onshore artificial intelligence shares rose 3.6 percent. The tech-focused STAR50 Index advanced 3.8 percent. Broader tech sentiment was lifted after Nvidia on Wednesday forecast a 70 percent jump in annual revenue, underscoring unrelenting demand for artificial intelligence hardware even as it warned that memory component shortages would constrain growth. Chinese memory chip giant CXMT jumped 5.4 percent, while Shengyi Technology, a supplier of electronic base materials, surged 8.4 percent. Optical fiber producers strengthened as well, with Yangtze Optical Fibre and Cable surging 10 percent to its daily maximum. Onshore non-ferrous metal shares extended a rally, rising 1.5 percent, led by gold miners, with Hunan Gold rising 10 percent to its daily trading maximum. China’s industrial firms reported slower profit growth in July, with export-focused sectors riding the global AI boom, while industries reliant on domestic demand remained under pressure. Hong Kong-listed tech heavyweights, which are dominated by internet platform firms and lack major hardware makers, ended 0.1 percent down. AI developer Minimax shares rose 3.8 percent after it posted a nearly four-fold jump in first-half revenue. Hong Kong shares of Zhongji Innolight climbed 3.1 percent on inclusion in the Stock Connect trading list.
STOXX 600 SLIDES AS FRANCE’S ELECTION RISKS RATTLE INVESTORS
Date: 2026-08-28
Details: Published August 28, 2026 Updated about an hour ago By Reuters FRANKFURT: European shares had their worst day in a month, with French blue-chip stocks sliding to a one-month low over worries about fiscal and political uncertainty ahead of the first presidential debate before next year’s election. France’s looming budget battle ahead of the presidential election unnerved investors, with the country having one of the highest deficits in the euro zone. The first presidential debate is due later in the day. Doubts remain about whether the government can rein in public finances as hard-left and far-right election frontrunners may push costly agendas. “If we do see a move to more extreme (political positions), then we could see more populist policies emerging, which will be bad news as far as debt levels are concerned, as far as the yields are concerned,†said Fiona Cincotta, senior market analyst at City Index. “The debate this evening is really bringing those concerns and fears front and central, which explains the underperformance in French stocks compared to European peers.†Credit rating agency Fitch is expected to review France’s rating on Friday. The French benchmark CAC 40 fell 1.7 percent to a one-month low, weighing on the pan-European STOXX 600, which slipped 0.7 percent to 651.85 points. French lenders BNP Paribas, Societe Generale and Credit Agricole slipped between 4 percent and 5 percent. European banks led sectoral declines on the STOXX 600, falling 1.7 percent. Investor attention is also shifting to the Federal Reserve’s Jackson Hole Symposium, where Chair Kevin Warsh is set to deliver his first speech in the role amid scrutiny over the central bank’s policy outlook and independence.
TECH STOCKS BOLSTER WALL STREET AS NVIDIA QUELLS AI GROWTH CONCERNS
Date: 2026-08-28
Details: Published August 28, 2026 Updated about 2 hours ago By Reuters NEW YORK: The tech-heavy Nasdaq outperformed peers on Thursday after Nvidia’s blockbuster results reaffirmed the strength of the AI boom and fueled gains in technology stocks. Nvidia shares jumped 7.5 percent after the chip giant’s robust forecast met lofty investor expectations, bolstering the view that the tech rally still has room to run as companies at the heart of AI buildout continue to deliver impressive growth. “Nvidia’s results show that the AI boom is not running out of demand… while delivering that growth is becoming more expensive and capital-intensive,†said Lale Akoner, global market strategist at etoro. Its “ability to raise prices should help margins recover… but it cannot escape supply pressures entirely.†Nvidia has warned that shortages of memory components could curb the pace of the industry’s growth. US chip-linked stocks broadly rose, with the semiconductor index adding 1.5 percent. The S&P 500 Information Technology sector rose 2.6 percent, making it the sole gainer among the S&P 500’s 11 constituents. Salesforce surged 20.2 percent after raising annual revenue and profit forecasts, and rolling out a new plug-in integrated with Anthropic’s Claude AI models. The stock was the biggest boost to the blue-chip Dow, and was set for its best one-day jump in six years. CrowdStrike climbed 18 percent after the cybersecurity software provider raised its annual revenue forecast and topped second-quarter earnings estimate. Both these reports calmed worries that advanced AI tools could upend the traditional software industry, boosting investor appetite for beaten-down software stocks and narrowing the gap with semiconductors, which are seen as the primary beneficiaries of the AI boom. Other software firms ServiceNow and Palo Alto Networks gained 8.6 percent and 11.5 percent, respectively. At 11:32 a.m. ET, the Dow Jones Industrial Average rose 171.81 points, or 0.32 percent, to 53,635.69. The S&P 500 gained 44.59 points, or 0.58 percent, to 7,720.29, while the Nasdaq Composite advanced 311.01 points, or 1.19 percent, to 26,441.21. Moderna dropped 6.8 percent after unveiling a USD2 billion convertible bonds sale, while HP lost 5.2 percent after its PC unit shipments and margins declined in the third quarter.
ASIAN STOCKS GAIN ON NVIDIA RESULTS
Date: 2026-08-28
Details: Published August 28, 2026 Updated about 2 hours ago By Reuters BENGALURU: Philippine assets remained weak on Thursday after the central bank hiked its key rate by a quarter percentage point, as expected, to combat inflation and support the peso, while South Korean and Taiwan equities closed higher on Nvidia results. The peso held steady at 61.739 per dollar, lower than the previous session’s close of 61.635, after the Bangko Sentral ng Pilipinas raised its key interest rate by 25 basis points to 5.00 percent — a third consecutive tightening of policy. Manila equities remained in the red, last down 2.2 percent, near their lowest since June 11. The South Korean won traded steady at 1,381.33 per dollar after Bank of Korea lifted its benchmark interest rate to 3.00 percent earlier in the session, along with raising its 2026 economic growth forecast. The Taiwan dollar, also driven by chip exports, strengthened to 31.719 a dollar, near its strongest level since late June. Other emerging market currencies were weaker as the US dollar strengthened overnight following inflation and other economic indicators that raised expectations for a Federal Reserve rate hike ahead of a Jackson Hole meeting of central bankers later in the day. South Korean stocks rose 1.5 percent, and Taiwan equities ended 0.3 percent higher. Both benchmarks posted a three-session win streak after Nvidia reported quarterly revenue that more than doubled and forecast third-quarter revenue above Wall Street estimates. Equities were mixed in Southeast Asia. Indonesian and Thai stocks climbed 1.4 percent and 0.3 percent respectively, while those in Singapore shed 0.6 percent.
GULF MARKETS CLOSE MIXED
Date: 2026-08-28
Details: Published August 28, 2026 Updated about 2 hours ago By Reuters BENGALURU: Gulf stock markets closed mixed on Thursday while investors assessed renewed diplomatic efforts between the United States and Iran and progress in talks over the Strait of Hormuz. Qatar’s prime minister visited Tehran on Thursday in a bid to revive diplomacy after the United States and Iran exchanged recriminations over Washington’s plans to step up economic pressure on Tehran, a move an Iranian official described as “all-out economic warâ€. Dubai’s main index rose 0.3 percent, with most sectors ending in positive territory. Emirates NBD, Dubai’s largest lender, gained 1.2 percent, while toll-road operator Salik Company advanced 1.3 percent. Qatar’s index added 0.2 percent, led by materials and energy stocks. Gulf International Services surged 6 percent, while Qatar Gas Transport rose 1.1 percent. QatarEnergy has issued a spot tenderto sell light and full-range naphtha cargoes on a free-on-board basis from Ras Laffan port, near the Strait of Hormuz, traders said. A document reviewed by Reuters on Wednesday confirmed the tender. Abu Dhabi’s benchmark was little changed. ADNOC Gas fell 1.2 percent, while First Abu Dhabi Bank, the UAE’s largest lender, rose 1.1 percent.
ESTABLISHMENT OF UNITED DIGITAL LIFE INSURANCE COMPANY APPROVED
Date: 2026-08-28
Details: Published August 28, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: The United International Group (UIG) has announced that the Board of Directors of the United Insurance Company of Pakistan Limited (UICL) has approved the establishment of United Digital Life Insurance Company, marking a significant step in the Group’s long-term growth strategy. The proposed company is planning to expand UIG’s presence in Pakistan’s insurance and financial services sector by leveraging digital technologies to deliver accessible, customer-centric life insurance solutions. The initiative reflects the Group’s commitment to innovation, operational excellence, and the evolving needs of consumers in an increasingly digital economy. Through United Digital Life Insurance Company, UIG aims to strengthen its market position by offering technology-enabled insurance products and services designed to enhance customer experience, improve accessibility, and support greater financial inclusion. The initiative aligns with the Group’s broader strategy to invest in digital transformation and expand its portfolio across the insurance sector. The establishment of United Digital Life Insurance Company remains subject to the completion of all applicable legal, regulatory, and licensing requirements, including the necessary approvals from the relevant authorities. Commenting on the development, Mian M A Shahid, Chairman of United International Group (UIG) and Chief Executive Officer of the United Insurance Company of Pakistan Limited, said, “The approval of United Digital Life Insurance Company represents an important milestone in our growth strategy. We believe this initiative will create new opportunities for innovation, strengthen our presence in the insurance and financial services sector, and enable us to deliver modern, technology-driven insurance solutions that are more accessible and responsive to the evolving needs of our customers.†Copyright Business Recorder, 2026
PAKISTAN, MALAYSIA SIGN MOU TO ESTABLISH ‘MINERALS HUB’
Date: 2026-08-28
Details: Published August 28, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Pakistan and Malaysia have signed a memorandum of understanding at Lumut Port to establish a Pakistan-Malaysia “Minerals Hub,†marking a significant step toward strengthening bilateral cooperation in the minerals and mining sector. The agreement was reached between Lumut Maritime Terminal and the Pakistan Coal Association. It was signed by Muhammad Saqlain Abbas, President of the Pakistan Coal Association, and Dr Haji Mubarak Ali bin Ghulam on behalf of Lumut Maritime. Under the terms of the agreement, Pakistan’s mineral resources will be linked to Malaysia’s port infrastructure, logistics network, processing facilities, trade channels, and market capabilities, with both parties agreeing to work together in identifying and facilitating commercially viable opportunities in the sector. The Pakistan Coal Association will serve as Pakistan’s facilitator, helping to build connections with mineral producers, suppliers, exporters, industry participants, and other stakeholders relevant to the initiative. Officials described the agreement as an important milestone in transforming Pakistani minerals into value-added, market-ready products through Malaysian channels, adding that the deal is expected to connect Pakistani minerals to global markets by leveraging the capabilities established at Lumut Port. Copyright Business Recorder, 2026
SPOT RATE SHEDS RS200 PER MAUND
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Monday decreased the spot rate by Rs 200 per maund and closed it at Rs 18,800 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained easy and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs 18,000 to Rs 18,800 per maund, while Phutti in the province is trading between Rs 8,700 to Rs 9,000 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,800 to Rs 19,000 per maund, with Phutti fetching between Rs 8,800 to Rs 9,200 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,000 to Rs 19,000 per maund. The rate of Phutti is in between Rs 8,900 to Rs 9,300 per 40 kg. Copyright Business Recorder, 2026
ABL POSTS RS32.046BN PBT IN H1CY2026
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 2 hours ago By Press Release KARACHI: Allied Bank continues to strengthen its capacity to navigate evolving market dynamics. Enhanced digital capabilities and operational excellence remain central to delivering superior customer experience and sustainable growth which are complimented by disciplined risk management practices, a diversified portfolio, and a strong capital base. The Bank recorded markup/interest income of Rs. 171,499 million for the half year ended June 30, 2026, compared to Rs. 143,586 million for the half year ended June 30, 2025, reflecting an increase of 19%. This increase primarily stems on account of higher average volumes of mark-up bearing assets.The Bank declaredRs. 8.00 dividend for the half year ended June 30, 2026. Conversely, markup or interest expense of the Bank has increased by Rs. 26,498 million or 29% to reach at Rs. 118,429 million for the half year ended June 30, 2026, compared to Rs. 91,932 million for the half year ended June 30, 2025. This increase is on account of higher borrowing expense, deposit cost and interest expense on right of use asset, Resultantly, net markup and interest income reached at Rs. 53,069 million during the half year ended June 30, 2026 as compared to Rs. 51,654 million during the same period last year, increasing by Rs. 1,415 million or 3%. Fee income stood at Rs. 8,335 million for the half year ended June 30, 2026, compared to Rs. 7,732 million for the corresponding period last year; registering increase of Rs. 603 million or 8%, mainly on account of higher card related fee, card acquiring business, investment banking fee, partially offset by lower commission on remittances. Dividend income of the Bank stood at Rs. 2,023 million for the half year ended June 30, 2026 as compared to Rs. 1,374 million for the half year ended June 30, 2025, increased by 47% Due to unrealized loss on fair value through profit and loss securities, capital gain of the Bank for the half year under review was Rs. 490 million compared to a capital gain of Rs. 1,687 million for the half year ended June 30, 2025. Foreign Exchange income of ABL stood at Rs. 3,393 million for the half year ended June 30, 2026, against Rs. 2,927 million for the half year ended June 30, 2025, increasing by 16%. The Bank’s other income amounted to Rs. 1,408 million in first six months of 2026, compared to Rs. 411 million in the same period last year, expanding by 242%. Cumulatively, non-markup or non-interest income of the Bank stood at Rs. 15,650 million for the half year ended June 30, 2026, reflecting a 11% increase from Rs. 14,131 million in the corresponding period last year. Allied Bank’s continued investment in expanding its branch network and strengthening its technology infrastructure resulted in a moderate increase in operating expenses during the six-month period. Nevertheless, the Bank’s disciplined approach to cost optimization, supported by process automation, digitalization, and enhanced operational efficiencies, enabled it to contain the growth in operating expenses to 11%, reflecting its continued focus on sustainable productivity and long-term value creation. Total operating expenses amounted to Rs. 35,749 million for the half year ended June 30, 2026, compared to Rs. 32,129 million for the half year ended June 30, 2025. For the half year ending June 30, 2026, profit before taxation stood at Rs. 32,046 million, reflecting a 13% decrease from Rs. 36,970 million in the corresponding period ended June 30, 2025. The Bank’s profit after taxation for the half year ended June 30, 2026, stood at Rs. 15,713 million, compared to Rs. 17,457 million in the corresponding period of 2025, lower by 10%. During the period, the Bank further strengthened its physical presence through the expansion of its branch network, the establishment of additional digital and smart branches, and the refurbishment of existing locations to provide a modern, seamless, and customer-centric banking experience. As at June 30, 2026, the Bank operated a network of 1,537 branches, comprising 1,194 conventional branches, 321 Islamic branches, and 22 digital branches. This nationwide footprint is complemented by a comprehensive self-service banking infrastructure of 1,713 Automated Teller Machines (ATMs), including 1,461 on-site ATMs, 243 off-site ATMs, and 9 Mobile Banking Units (MBUs). The Bank also has a network of 491 Cash Deposit Machines (CDMs) as on June 30, 2026. Gross advances of the Bank were recorded at Rs. 770 billion as of June 30, 2026, compared to Rs. 802 billion as of December 31, 2025. Similarly, net advances of ABL were Rs. 757 billion as of June 30, 2026, compared to Rs. 790 billion as of December 31, 2025; thereby, declining by 4%. The Bank’s disciplined risk management framework, proactive monitoring of credit exposures, and robust recovery efforts continue to support a healthy asset mix while safeguarding long-term financial stability. As of June 30, 2026, the Bank’s infection ratio stood at 1.53%, as compared to 1.42% for the year ended December 31, 2025. The overall coverage ratio was recorded at 106.2% as of June 30, 2026, compared to 109.1% as of December 31, 2025. Bank’s total investments stood at Rs. 2,483 billion as of June 30, 2026, compared to Rs. 2,137 billion as of December 31, 2025, depicting a growth of 16%. Total deposits were Rs. 2,618 billion as of June 30, 2026, compared to Rs. 2,346 billion as of December 31, 2025, reflecting a healthy growth of 12%. Allied Bank recorded strong growth with total assets rising to Rs. 3,735 billion as of June 30, 2026, versus Rs. 3,370 billion at the end of December 2025, growing by 11%. The Bank’s net assets decreased by 2% mainly on account of revaluation deficit on federal government securities, reaching Rs. 258 billion as of June 30, 2026, compared to Rs. 263 billion on December 31, 2025. The Return on Assets (ROA) and Return on Equity (ROE) Tier 1 of the Bank recorded at 0.9% and 15.7%, respectively, as of June 30, 2026. The Capital Adequacy Ratio (CAR) stood at 24.97% as of June 30, 2026, remaining well above the minimum regularity threshold of 11.5%. Copyright Business Recorder, 2026
CHINA, HONG KONG STOCKS SLIP AS ALIBABA SLIDES
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 3 hours ago By Reuters HONG KONG: China and Hong Kong shares weakened on Monday as a surprise share placement by tech major Alibaba rekindled concerns about AI spending and weighed on the tech sector. The Shanghai Composite Index slipped 0.6 percent to 3,882.01 points while the blue-chip CSI 300 Index fell 1.2 percent, with both benchmarks ending at their lowest levels in three weeks. Tech sectors led the decline, with the start-up board ChiNext Composite Index down 3.2 percent and Shanghai’s tech-focused STAR50 Index down 3.1 percent. Among other major losers, the CSI AI Index fell 4.4 percent and the CSI Semiconductor Index lost 1.7 percent. In Hong Kong, the Hang Seng Index lost 1.9 percent, and the Hang Seng Tech Index dropped 3.6 percent. The AI sector index tumbled more than 5 percent. Shares of market heavyweight Alibaba sank as much as 10.5 percent to a one-month low after it announced a HKD80 billion (USD10.2 billion) share placement at an 8.4 percent discount to its Friday close, in the city’s largest-ever primary follow-on offering to fund its AI-related development. “This placement is pretty surprising to the market, in terms of both its size and the discount,†said Jason Chan, strategist at Bank of East Asia. There will be some dilution pressure on the stock, and markets will again question the amount of returns that the fierce AI competition can generate, he added. Around the region, share markets were hesitant and oil prices eased as investors awaited details of threatened US sanctions on Iran. The US threatened Iran with what it called “the greatest financial offensive ever marshalled†as it prepared to roll out economic sanctions on Monday that target Iran’s trade partners.
TECH DRAGS S&P 500, NASDAQ LOWER AS IRAN TENSIONS
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 3 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq fell on Monday, dragged by technology stocks, while investors assessed the potential fallout from the US pledge of an “economic D-Day†against Iran and looked ahead to Nvidia’s earnings and a key inflation report later this week. The moves mark a sober start to a week that may determine whether equities can shrug off a flare-up in Middle East tensions and worries tied to a tense bond market. US Treasury Secretary Scott Bessent, who warned of an “economic D-Day†in an opinion piece published in the Financial Times, is scheduled to hold a press conference in the afternoon. The US has threatened sanctions targeting Iran’s trade partners. Chip stocks sold off, with the Philadelphia SE Semiconductor index falling 2.64 percent to its lowest in three weeks. Nvidia lost 2.03 percent, Micron Technology shed 5.76 percent and Broadcom slid 1.74 percent, pressuring the S&P 500 Information Technology index. Financials, however, gained 1.19 percent, with JPMorgan Chase up 1.49 percent and Visa adding 2.64 percent. They also kept the blue-chip Dow afloat. At 11:55 a.m. ET, the Dow Jones Industrial Average rose 146.59 points, or 0.28 percent, to 53,423.60. The S&P 500 lost 13.52 points, or 0.18 percent, to 7,660.85, while the Nasdaq Composite fell 99.04 points, or 0.38 percent, to 26,081.41.
ASIAN FX, STOCKS RETREAT AS INVESTORS AWAIT IRAN SANCTION DETAILS
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 3 hours ago By Reuters BENGALURU: Asian currencies and stocks lost ground on Monday as investors waited on details around the threatened US sanctions against Iran while risk appetite was subdued ahead of key central bank meetings and Nvidia earnings. Currencies throughout the region dropped ahead of US Treasury Secretary Scott Bessent’s press conference later in the day, after threats of severe measures on Iran’s trading partners, while Iran vowed to shut down oil exports from the Gulf. The news piles up on uncertainty already magnified by rising developed market bond yields and ballooning debt levels, the fears of which hammered the US dollar to multi-month lows and drove up gold prices. Indonesia’s rupiah and the Philippine peso weakened slightly, trading at 17,713 and 61.708 per dollar respectively. The South Korean won demonstrated resilience, briefly climbing to 1,376.50 per dollar, its highest level since mid-September, 2025. The currency, with help from a weaker US dollar, gained support ahead of Bank of Korea’s rate decision later this week where a 25 basis point tightening is expected. Samsung’s record USD79 billion shareholder-return plan, however, disappointed investors and sent its shares falling 8.7 percent and dragged South Korea’s KOSPI 3.1 percent lower. To check the health of the artificial intelligence trade that amplified global market volatility, investors will be assessing bellwether Nvidia’s earnings due on Wednesday, with any surprises sure to move markets. Stocks elsewhere trended lower. Taiwan’s equity benchmark shed over 1 percent, while Indonesian stocks lost 0.5 percent. Thailand stocks shed 0.9 percent, although its currency, historically linked to gold prices, gained to 32.6425 per dollar. The Bank of Thailand will meet later this week, with an interest rate hold widely expected. Philippines stocks added 0.2 percent, ahead of the Bangko Sentral ng Pilipinas’ meeting later this week, with the central bank also widely expected to hike rates by 25 basis points.
FIRMS TO DETECT ABNORMAL EVENTS, THEFT ALERTS WITH ADVANCED AI FEATURES
Date: 2026-08-25
Details: Published August 25, 2026 Updated about 3 hours ago By Recorder Report ISLAMABAD: A leading cyber security company Monday announced that the Pakistani companies would be equipped with the most effective and cybersecurity technologies and tools by receiving advanced AI features for detecting abnormal events and theft alerts. According to the latest Kaspersky study issued on Monday, one in three companies intends to integrate EDR (Endpoint Detection and Response) or XDR (Extended Detection and Response) into their security operations centres to deliver advanced and reliable protection. With this in mind, Kaspersky updated Kaspersky Next to ensure that businesses are armed with the most effective and all-encompassing cybersecurity technologies and tools. With the latest advancements in Kaspersky SOC management console facilitate the administration and maintenance of security tasks on a platform, and allow for advanced AI capabilities, enhancing various processes from faster data search to improved threat detection. Moreover, this update in Kaspersky Next helps companies significantly reduce hardware requirements, leading to cost savings and increased efficiency. Kaspersky Next is a flagship B2B product line that provides real-time protection, threat visibility, investigation and response capabilities of EDR and XDR within core offerings: Kaspersky Next Optimum (for small and mid-sized businesses) and Kaspersky Next Expert (for enterprises of all sizes). In its new release, Kaspersky Next Expert has received significant updates related to AI-powered technologies, EDR capabilities and flexible deployment options. With the new release, companies receive access to advanced AI features including precise detection of DLL hijacking class attacks, with automatic alert generation upon identification. The AI-driven mechanism leverages new correlation rules that determine the baseline of normal login activity and detects abnormal events to trigger account theft alerts. Copyright Business Recorder, 2026
OIL DROPS MORE THAN USD2
Date: 2026-08-25
Details: • Brent fell $2.22, or 2.35%, to $92.17; WTI dropped $2.05 to $85.01, also down 2.35% Published August 25, 2026 Updated about 3 hours ago By Reuters NEW YORK: Oil prices slipped more than USD 2 a barrel on Monday as investors took profits after recent gains and shrugged off new US sanctions on Iran. Brent crude futures settled down USD 2.22, or 2.35%, to USD 92.17, while US West Texas Intermediate crude fell USD 2.05 a barrel, down 2.35% at USD 85.01. Treasury Secretary Scott Bessent on Monday announced an expansion of secondary sanctions it can impose on entities and countries that maintain business ties with Iran around the world as Washington significantly ratchets up economic pressure on Tehran with the war nearing its 6-month mark. This followed Trump’s threats of “economic warfare and isolation on an unprecedented scale†against Tehran last week. “There is not much new that came out of Bessent’s commentary, beyond what was telegraphed in advance,†said Raymond James Investment Strategy Analyst Pavel Molchanov. The oil market having rallied quite a bit last week, saw profit taking today, he added. Both contracts posted a second consecutive weekly gain last week, rising more than 5%. “Can the White House come up with something that has never been tried before and will have a much more powerful effect on the Iranian economy? We’ll believe it when we see it,†Molchanov said. “The real question now is how aggressively Washington is prepared to enforce secondary sanctions against Iran’s remaining trading partners,†Jorge Leon, head of geopolitical analysis at Rystad Energy. “Unless China materially reduces purchases further, the additional impact on Iranian oil revenues could be relatively limited,†he added. Iran had condemned US plans to announce new sanctions and President Masoud Pezeshkian had called for a diplomatic solution. Pakistan’s army chief was visiting Tehran on Monday for mediation talks, ahead of the US announcement. Oil shipments through the Strait of Hormuz, a route that once carried a fifth of global supplies, remained constrained. Fewer than 20 commodity vessels transited the Strait of Hormuz at the weekend, shipping data showed on Monday, as Iranian and US blockades restrict traffic through the chokepoint for energy shipments. TotalEnergies Chief Executive Patrick Pouyanne said the oil company was profitably moving oil through the Strait of Hormuz, with higher transport costs more than offset by steep discounts from crude producers. Iraq’s SOMO and QatarEnergy both offered crude for loading inside the strait in tenders, traders said. “USD 93 per barrel Brent, rather than USD 120-150, is telling us that enough oil is flowing through the Strait of Hormuz and from the Persian Gulf in general,†SEB analyst Bjarne Schieldrop told Reuters, adding that a turning point could be if Iran decided to actually close Hormuz with rockets and drones. Morgan Stanley analysts have increased their Brent forecasts, projecting a peak of USD 100 per barrel in the fourth quarter. The International Energy Agency is not currently discussing a second release of oil from strategic reserves, its chief Fatih Birol said on Monday.
PAKISTAN’S FIRST DPR PROGRAMME: IFC, BANK ALFALAH SIGN PROJECT AGREEMENT
Date: 2026-08-21
Details: Published August 21, 2026 Updated about an hour ago By Press Release ISLAMABAD: In a significant development for Pakistan’s external financing landscape, a Project Agreement between the International Finance Corporation (IFC) and Bank Alfalah Limited (BAFL) for Pakistan’s first Diversified Payment Rights (DPR) Programme was signed on Thursday at the Finance Division, Islamabad, in the presence of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The Project Agreement was signed by Momina Aijazuddin, Regional Industry Director, Financial Institutions Group, Middle East and Central Asia, IFC, and Atif A. Bajwa, President and CEO, Bank Alfalah Limited. The DPR Programme, being pursued under the direction of the Prime Minister, provides an innovative mechanism for mobilizing long-term foreign currency financing through eligible future foreign-currency payment flows. The initiative aims to diversify sources of external financing and facilitate greater access to international capital markets. The initial transaction envisages up to USD 100 million of financing under the DPR structure. Subject to market conditions and the performance of the initial transaction, the programme may provide a platform for further financing and broader participation by international institutional and private investors. Speaking on the occasion, Senator Muhammad Aurangzeb appreciated the close coordination among the Ministry of Finance, State Bank of Pakistan, IFC and Bank Alfalah in developing the transaction. He noted that the initiative involved significant regulatory, policy and technical work and described its successful progression as an important first step that could pave the way for similar market-based financing structures in the future. The Finance Minister emphasized the importance of diversifying Pakistan’s sources of foreign currency financing and developing innovative financing mechanisms to support investment and productive economic activity. He also highlighted the importance of effectively utilizing the financing channel and developing a pipeline of eligible projects requiring foreign currency funding. Representatives of IFC appreciated the support and coordination extended by the Government of Pakistan and the State Bank of Pakistan and acknowledged the efforts of all stakeholders involved in bringing the transaction to this stage. They expressed confidence that the DPR structure could open an additional avenue for long-term international financing and contribute to further development of Pakistan’s capital markets. Bank Alfalah acknowledged the support of the Government, State Bank of Pakistan and IFC and highlighted the significance of being the first Pakistani bank to undertake a DPR transaction. The bank expressed its commitment to leveraging the structure to support eligible foreign currency requirements and productive investment. The transaction marks an important milestone in the development of Pakistan’s debt capital market and external financing framework. It also establishes a potential precedent for future DPR transactions by other Pakistani banks, subject to market conditions and the performance of the initial programme. The ceremony was attended by Secretary Finance, Imdadullah Bosal; Simon Andrews, Division Director, Pakistan, Afghanistan, Kyrgyz Republic, Tajikistan and Turkmenistan, IFC; along with senior representatives from the Finance Division, International Finance Corporation, Bank Alfalah Limited and State Bank of Pakistan. Copyright Business Recorder, 2026
MEEZAN BANK OPENS FIRST ROUND-THE-CLOCK SERVICE CENTER
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Recorder Report KARACHI: Meezan Bank has inaugurated its first Service Center at Clifton Bridge, Karachi, introducing a customer-focused banking model that combines round-the-clock digital convenience with personalized support. The new facility is designed to enhance customer experience by bringing digital banking services and dedicated assistance under one roof. Strategically located in one of Karachi’s busiest commercial and residential corridors, the Center provides convenient access to banking services for individuals and businesses alike. It is the only banking facility in the industry to offer customers Virtual Teller assistance 24 hours a day, seven days a week, through its Cheque and Cash Deposit Machines, enabling greater accessibility beyond standard branch hours. At the heart of the Center is Meezan Bank’s Virtual Teller service, a video-based banking solution that connects customers with a centrally located teller through live audio and video. The service provides real-time guidance and enables customers to carry out eligible transactions that would ordinarily require assistance at a branch. The inaugural ceremony was attended by the Bank’s President and Chief Executive Officer, Dr. Syed Amir Ali; Chief Operating Officer Retail and Branch Banking Operations, Zia Ul Hasan; General Manager and Head of Operations, Ebrahim Yakoob and other members of the Bank’s senior management. Self-service facilities include cash withdrawals and deposits, balance inquiries, mini statements and funds transfers within prescribed limits. Customers can also deposit Meezan Bank cheques and other banks’ cheques, encash Meezan Bank cheques and access 24/7 Virtual Teller support. On-site staffs are also available to assist customers with product information, digital banking activation, service requests and other banking needs. The Service Center builds on Meezan Bank’s broader efforts to make banking simpler, more accessible and more responsive to customers’ needs. Through initiatives such as WhatsApp Banking, Cheque and Cash Deposit Machines, Virtual Teller, digital account opening, and enhanced card and lifestyle privileges, Meezan Bank continues to combine digital convenience with personalized service across customers’ financial journeys. Copyright Business Recorder, 2026
BANKISLAMI REPORTS RS4.31BN PBT FOR IH OF 2026
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago KARACHI: BankIslami, one of Pakistan’s fastest-growing Islamic banks, reported a profit before tax (PBT) of PKR 4.31 billion for the first half of 2026. The Bank’s deposit base crossed PKR 700 billion for the first time, reflecting 11.1 percent year-on-year growth and continued customer trust in its banking services. In the first half of 2026, the Bank’s CASA ratio strengthened to over 77 percent, and gross financing rose to PKR 338.6 billion. The Bank’s total income for the period stood at PKR 20.5 billion, reflecting steady contribution from the Bank’s diversified financing and investment portfolio. Earlier this year, BankIslami was recognised as Pakistan’s Best Islamic Digital Bank by the Euromoney Islamic Finance Awards, for its efforts to strengthen its digital capabilities and provide customers with a seamless and convenient banking experience. This marks the Bank’s second consecutive year of recognition, having previously been named Best Islamic Bank in 2025. “As flagbearers of Islamic banking in Pakistan, our mission is to make Islamic banking easy and accessible to our customers, and to make it the preferred choice of banking for everyone,†said Imran H Shaikh, Dy Chief Executive Officer of BankIslami. “Our financial performance reflects the continued trust and support of our partners and customers, and we remain committed to continuing this momentum as we carry forward our mission of Saving Humanity from Riba,†he added. With a nationwide network of over 550 branches, the Bank continues to expand across retail, cash management, investment banking, trade, and home remittances, with a strong focus on enhancing customer experience and its mission of ‘Saving Humanity from Riba’. Copyright Business Recorder, 2026
CHINA, HONG KONG STOCKS GAIN
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Reuters SHANGHAI: China and Hong Kong stocks rose on Thursday, as healthcare stocks surged and tech shares rebounded from a selloff, amid a broader recovery across Asia. China’s large-cap CSI300 Index finished the session up 0.1percent, after tumbling 3percent on Wednesday. The Shanghai Composite Index rose 0.2percent. In Hong Kong, Hang Seng climbed 0.8percent after a nearly flat session on Wednesday. Investors drew solace from strength in neighbouring markets following the global tech selloff in the previous session. South Korea’s Kospi Index jumped 6percent while Japan’s stock market gained 1.4percent. Sentiment was also aided by a fresh batch of Chinese companies - including Foxconn Industrial Internet Co and CCCC Design & Consulting - announcing share buybacks or purchases. Healthcare stocks surged in both China and Hong Kong after Moderna and Merck on Wednesday announced a major success in a new field of cancer treatment that sent Moderna’s shares surging as much as 160percent, while Merck jumped 12percent. China’s CSI Vaccine and Biotech Index shot up 9percent, while Hong Kong’s Hang Seng Innovative Drug Index advanced more than 4percent. Meanwhile, tech shares clawed back some of Wednesday’s losses. The STAR100 Index gained 2percent after a 7percent loss, while Hong Kong’s AI Index firmed 2.3percent. But shares of Chinese humanoid robot maker Unitree tumbled 19percent after soaring more than fivefold in a blockbuster trading debut in Shanghai on Wednesday.
EUROPE’S STOXX 600 SLIPS ON INFLATION FEARS
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European shares inched lower on Thursday, as elevated oil prices kept inflation worries alive, while a recovery in global bonds after a US Treasury intervention helped limit losses. The pan-European STOXX 600 closed 0.12percent lower at 650.35 points, extending its losing streak to a seventh straight session, its longest since September 2023. An impasse in US-Iran talks to end the six-month Middle East conflict has dampened hopes for energy supplies to resume through the Strait of Hormuz, pushing oil prices above USD90 a barrel in recent days and rekindling inflation fears among global investors. “Price pressures could move higher in the coming readings as the July retreat in energy prices proved temporary. With no easy resolution in the Middle East, inflation risks remain tilted to the upside,†said Ipek Ozkardeskaya, senior analyst at Swissquote. Shares of energy companies rose 0.9percent as Brent crude futures climbed 2.2percent, but the higher oil prices sent travel and leisure stocks down 0.7percent. There was relief in markets, however, that euro zone bond yields steadied on Thursday from multi-year highs following the US Treasury’s move on Wednesday to boost liquidity support for long-term debt. France’s benchmark CAC 40 underperformed regional peers, down 0.6percent as luxury stocks slipped. Gucci parent Kering and Louis Vuitton parent LVMH slid 3.6percent and 2.8percent respectively. On the macro front, German producer prices rose at their fastest pace in over three years in July, data showed, driven by higher costs for intermediate goods and energy. Sweden’s benchmark share index rose 0.3percent after the Riksbank left its key interest rate unchanged at 1.75percent as expected and signalled it stood ready to tighten policy if price pressures accelerate. Among individual movers, JD Sports plunged 14.3percent to the bottom of the STOXX 600 after the British sportswear retailer cut its profit outlook following a steeper-than-expected drop in second-quarter underlying sales, particularly in North America. Novonesis jumped 9.7percent after the Danish biosolutions maker reported better-than-expected second-quarter results, raised its full-year guidance and announced a share buyback.
WALL ST HITS TWO-WEEK LOWS
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Reuters NEW YORK: The main US stock indexes hovered near two-week lows on Thursday as climbing Treasury yields dented risk appetite, while a rare quarterly sales miss from retail bellwether Walmart disappointed investors. Walmart lost 9.2percent after missing Wall Street expectations for quarterly comparable sales as shoppers pulled back on spending in the face of rising gas prices. It weighed on the S&P 500 consumer staples index, the biggest sectoral loser, which was down 1.5percent. Rival retailers were pulled lower after Walmart’s earnings, with Albertsons and Costco down 1.3percent and 1.4percent, respectively. “Investor sentiment wavered after the company (Walmart) held to its conservative guidance last quarter, and the slightly raised outlook may not be sufficient to restore confidence,†said Sky Canaves, principal analyst at Emarketer. Meanwhile, US Treasury Secretary Scott Bessent said he may again increase the volume of Treasury bonds the government will repurchase. Though yields on US Treasuries dipped briefly, they were still trading higher on the day, with the 30-year yield up 3.5 basis points to 5.244percent. The benchmark 10-year bond also rose and was last at 4.700percent. Shiraz Ahmed, founder and CEO of Sartorial Wealth, said the muted reaction in equities reflected growing investor concerns that markets were due for a pullback after their recent record rally. Concerns over elevated oil prices stemming from the Iran conflict and increasing government debt pushed the US 30-year Treasury yield to a near-two-decade high this week, before the initial support measures announced for long-duration bonds caused it to retreat sharplyon Wednesday. At 12:15 p.m. ET, the Dow Jones Industrial Average fell 458.35 points, or 0.86percent, to 53,004.70, the S&P 500 lost 34.23 points, or 0.44percent, to 7,673.75, and the Nasdaq Composite dropped 243.56 points, or 0.92percent, to 26,087.53. The S&P 500 consumer discretionary sector was the biggest weight on the benchmark index, dragged by losses in Amazon and Tesla. Meanwhile, oil prices rose 2.1percent, extending gains for the fifth consecutive session due to stalled US-Iran peace talks and Middle East supply disruptions. The S&P 500 energy index rose 1.4percent and was the biggest gainer on the S&P 500. Separately, data showed the number of Americans filing claims for unemployment benefits slipped last week, suggesting the labor market remains stable. Minutes of the US Federal Reserve’s July meeting, released on Wednesday, showed inflation concerns deepening at the central bank, with “several†policymakers ready to raise interest rates. Among others, cryptocurrency-related companies rallied a day after US President Donald Trump called on Congress to pass a crypto bill. Bitcoin hoarder Strategy added 7percent and exchange operator Coinbase Global rose 6.2percent. Biotech company Moderna dropped nearly 20percent a day after surging nearly 177percent.
KASPERSKY IDENTIFIES NEW VARIANT LINKED TO HONEYMYTE APT
Date: 2026-08-21
Details: Published August 21, 2026 Updated about an hour ago By Recorder Report ISLAMABAD: A global cyber security company has discovered an updated malware that gives cyber attackers remote access in intrusions targeting organizations and government entities in Myanmar, Mongolia, Pakistan, India and also Russia. According to the report of the company, Kaspersky Global Research and Analysis Team (GReAT) has identified a new CoolClient variant linked to HoneyMyte APT, also known as Mustang Panda, in a 2026 cyber-espionage campaign across Asia and Russia. The malware uses a signed kernel driver, software that runs deep in the system to hide on infected Windows devices. In the observed campaign the actor used PlugX, another backdoor commonly deployed after an initial breach, to deliver the CoolClient components. The latest CoolClient variant is designed to operate with a stealthy profile and make remediation more difficult. It deploys a signed driver that runs deep within Windows to help hide the malware’s presence, protect related files and registry entries from inspection or modification and support the backdoor’s activity on the infected system. To maintain access after a reboot, the attacker created a scheduled task that launched defender.exe automatically at startup with the highest local Windows privileges. When executed, it loaded a malicious libngs.dll file triggering the CoolClient infection chain. For the targeted organization, that means the malware can remain active on a compromised system while masking key traces of its presence and limiting defenders’ ability to inspect or remove it,†said Fareed Radzi, Security Researcher at Kaspersky GReAT, the report added. Copyright Business Recorder, 2026
GLOBE RESIDENCY REIT DECLARES CASH DIVIDEND
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Press Release KARACHI: Globe Residency REIT (GRR), South Asia’s first listed developmental REIT, managed by Arif Habib Dolmen REIT Management Limited, Thursday announced a cash dividend of PKR 4.00 per unit (40 percent) for the year ended June 30, 2026. This marks GRR’s fourth consecutive annual payout since its listing, following distributions of PKR 3.50 per unit (35 percent) in FY2025, PKR 1.75 per unit (17.5 percent) in FY2024, and PKR 3.00 per unit (30 percent) in FY2023. GRR was listed on the Pakistan Stock Exchange in December 2022 at an offer price of PKR 10 per unit, making it Pakistan’s first, and South Asia’s first, listed developmental REIT. The underlying project, Globe Residency Apartments, comprises nine towers within Naya Nazimabad, Karachi. Copyright Business Recorder, 2026
5G TECHNOLOGY: ZONG ANNOUNCES INVESTMENT PROGRAMME TO UPGRADE 1,000 SITES
Date: 2026-08-21
Details: Published August 21, 2026 Updated about 2 hours ago By Rizwan Bhatti KARACHI: Following the acquisition of a 5G license, Zong, a subsidiary of China Mobile Limited, has launched a mega investment programme to upgrade more than 1,000 sites to 5G technology across Pakistan during 2026, accelerating the country’s transition towards next-generation mobile connectivity. Zong, in Mach, announced to commercially launch fifth-generation (5G) services in Pakistan. Its coverage includes Islamabad, Rawalpindi, Karachi, Lahore, Peshawar and Quetta. Technical trials recorded speeds above 1.4 gigabits per second, alongside ultra-low latency, according to figures shared by the company. Talking to an exclusive media gathering in Karachi, Saira Mirza Deputy Director Corporate Brand Communications and Sustainability Zong said that Zong has positioned its investment as a contribution to Pakistan’s digital infrastructure, in line with the government’s Digital Pakistan vision, the China-Pakistan Economic Corridor (CPEC) agenda and Vision 2030. On the occasion Syed Ramis Ali manager Corporate Brand and Communications, and Hafiz Muhammad Imran Regional CTO South were also present. She further informed that Pakistan’s telecom sector contributes around 5.4 percent to GDP and, given the country’s predominantly young population, investment in locally developed 5G, cloud and artificial intelligence (AI) capabilities could help accelerate the digital economy, promote entrepreneurship and skills development, and enable young Pakistanis to develop globally competitive products from within the country. She said that, backed by China Mobile’s global R&D capabilities and Zong’s continued investment in Pakistan, Zong’s network is increasingly AI-enabled, using intelligent technologies to continuously optimize network performance and energy efficiency across thousands of sites. “Zong plans to deploy and upgrade more than 1,000 5G sites across Pakistan during 2026, expanding a network that is already live in over 20 cities and positioning the operator to support growing demand for faster consumer and business connectivityâ€, Saira said. Deputy Director Corporate Brand Communications Zong said that the rollout will benefit customers who remain on 4G. Additional spectrum is expected to reduce congestion in high-traffic areas, improving consistency and network performance while laying the groundwork for broader 5G expansion. The operator’s infrastructure includes more than 17,000 sites and over 26,000 kilometres of fibre. Artificial intelligence is increasingly being used to optimise network performance, detect problems and improve energy efficiency. In Islamabad, Zong reported a 39 percent improvement in peak-hour throughput after deploying AI-enabled network capabilities, she informed. For consumers, the company is developing 5G fixed wireless access for home broadband, gaming and streaming bundles, cloud storage, AI-assisted services, and smart-home products. Businesses are being targeted with private networks, enterprise Internet of Things solutions and digitisation tools for sectors including healthcare, manufacturing, agriculture and logistics. She mentioned that Zong is also supporting these services through Z SAIS, its locally hosted Tier III Intelligent Cloud Computing Center, with zones in Islamabad and Lahore and billing in Pakistani rupees. As 5G adoption grows, the immediate test will be whether faster connectivity translates into affordable, reliable services and measurable productivity gains across the wider economy. Saira said that Zong will continue to meet all PTA regulatory requirements and coverage obligations, while accelerating network deployment to strengthen market competitiveness and deliver an ultimate customer experience across Pakistan. Copyright Business Recorder, 2026
COMSATS INTERNET SERVICES SUCCESSFULLY DEAL WITH ‘OPERATIONAL TURBULENCE’
Date: 2026-08-21
Details: Published August 21, 2026 Updated about an hour ago By Recorder Report ISLAMABAD: COMSATS Internet Services (CIS) has bounced back from financial and operational turbulence with a major infrastructure overhaul, 7 Gbps internet bandwidth and a state-of-the-art Tier III Data Centre, positioning the public-sector entity for a fresh push into Pakistan’s fast-expanding digital economy. The organisation, which operates as the internet services arm of COMSATS, has increased its overall internet bandwidth capacity to 7 Gbps, enabling it to provide high-speed and reliable connectivity to government departments, educational institutions, research organizations and corporate customers across the country. The transformation gathered momentum following the appointment of Ambassador Dr. Muhammad Nafees Zakaria as the executive director of COMSATS in November 2022. Under the new leadership, CIS undertook a comprehensive restructuring focused on financial discipline, operational efficiency, technological upgrades and improved customer service. An official said the measures helped the organization overcome financial and operational difficulties, strengthen its relationship with international bandwidth providers, resolve outstanding liabilities and establish a more sustainable financial footing. A key component of CIS’s upgraded digital infrastructure is its state-of-the-art Data Centre, which provides hosting and digital infrastructure services to government, education and private-sector organizations. The facility is ISO/IEC 27001 certified, reflecting compliance with internationally recognized information security management standards, while its Tier III infrastructure provides redundancy and operational resilience designed to minimize service disruptions. The Data Centre offers a range of services, including dedicated and virtual server hosting, cloud computing, co-location, managed hosting, disaster recovery and secure data storage. The services are aimed at organisations seeking to reduce IT infrastructure costs while improving security, reliability and operational continuity. CIS has also moved to reduce its dependence on conventional electricity by installing a 167-kVA solar power system at its Data Centre. The solar installation is estimated to generate annual savings of around Rs15 million, helping reduce operating costs while supporting the organisation’s efforts towards environmentally sustainable operations. The initiative is particularly significant for a data centre, where uninterrupted electricity supply is critical, and energy represents a major component of operating expenditure. The savings generated through renewable energy can subsequently support further investment in technology, network expansion and service improvements. CIS has simultaneously strengthened its role in supporting Pakistan’s education and research ecosystem. As part of COMSATS’ broader mandate to promote science, technology and innovation, the organisation provides connectivity to institutions that depend on reliable internet access for online education, research, international collaboration and access to global knowledge networks. The organisation has also established more than 80 internet hubs at COMSATS University Islamabad, covering academic buildings and student hostels. The initiative has expanded access to digital services for students and faculty and strengthened the university’s digital learning environment. The revival comes at a time when reliable internet connectivity has become critical to almost every sector of the economy, from digital payments and e-commerce to education, healthcare, government services and technology-based businesses. Emerging technologies, including artificial intelligence, cloud computing, big-data analytics, the Internet of Things and telemedicine, are further increasing demand for secure, high-capacity and uninterrupted connectivity. CIS’s management argues that its renewed focus on infrastructure, cybersecurity, renewable energy and customer-oriented services has placed the organisation in a stronger position to respond to these requirements. The turnaround also offers an example of how a public-sector institution can recover from financial and operational pressures through improved governance, strategic planning and targeted investment. With its expanded 7 Gbps bandwidth capacity, ISO/IEC 27001-certified Tier III Data Centre, diversified hosting and cloud services, and growing renewable-energy footprint, CIS is seeking to consolidate its position in Pakistan’s increasingly competitive internet services market. As Pakistan accelerates its digital transformation, the availability of secure and dependable digital infrastructure will remain central to economic activity, public service delivery, education, and innovation, putting institutions such as CIS at the heart of the country’s digital ambitions. Copyright Business Recorder, 2026
WALL ST RECOVERS AS YIELDS EASE; MODERNA LIFTS HEALTHCARE STOCKS
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Reuters NEW YORK: The main US indexes rebounded on Wednesday after a steep tech selloff in the previous session as easing government bond yields boosted risk appetite, while markets assessed a flood of positive corporate updates including from vaccine-maker Moderna. Moderna’s shares more than doubled after its personalized mRNA cancer therapy developed with Merck cut the risk of melanoma recurrence and spread in a late-stage trial. Merck jumped 11.2 percent and was the biggest boost on the blue-chip Dow. Biotech peers also gained. Novavax was up 6 percent while US-listed shares of BioNTech rallied 21 percent. The S&P 500 healthcare sector rose 2.9 percent to hit a record high, providing the biggest support to the benchmark index. Information technology stocks on the S&P 500 were flat. Chipmaker Broadcom lost 4 percent after Marvell Technologies issued Alphabet’s Google a warrant to buy a stake worth about USD12.18 billion. Marvell surged 9.8 percent, bucking the decline in chipmakers. The broader semiconductor index shed 1.3 percent. “Most tech companies are priced mainly on forward earnings expectations, and when interest rates creep up, those expectations are worth less and the stocks are worth less,†said Robert Pavlik, senior portfolio manager at Dakota Wealth. At 12:18 p.m. ET, the Dow Jones Industrial Average rose 218.24 points, or 0.41 percent, to 53,564.38, the S&P 500 gained 45.89 points, or 0.60 percent, to 7,737.65, and the Nasdaq Composite was up 156.02 points, or 0.59 percent, to 26,445.73. The yield on the 30-year Treasury bond retreated from its highest level since 2007 after the US Treasury announced it would double the size of liquidity support buyback operations for longer-dated bonds. It was last at 5.203 percent. Concerns over ballooning government debt and rising inflation pushed global bond yields to multi-decade highs on Tuesday, hitting risk assets, especially high-flying chip stocks that have taken US markets to record highs this year. “Inflation does remain a concern and elevated oil prices are contributing to that. If the Federal Reserve is not going to do anything about it, the bond market will,†said Sam Stovall, chief investment strategist at CFRA Research.
CHINA STOCKS FALL AS CHIP, ROBOTICS SELL-OFF OVERSHADOWS UNITREE IPO
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Reuters HONG KONG: Chinese stocks fell on Wednesday as semiconductor and robotics shares sold off amid concerns about the broader economy and disappointing corporate earnings, while Hong Kong shares edged up. China’s blue-chip CSI300 Index fell 2.9 percent at close, the biggest single-day percentage loss in a month, while the Shanghai Composite Index dropped 2.4 percent. Hong Kong benchmark Hang Seng inched up 0.09 percent. Shares in Unitree, China’s best-known humanoid robot maker, soared 460 percent on its first trading day after its listing in Shanghai. Investors see the IPOas pivotal for the country’s robotics sector, which has become a key battleground in the Sino-US tech war. Still, the broader CSI Robot Index slumped 7.9 percent, while telecommunications and semiconductor stocks lost8 percent and 7.8 percent respectively, leading the decline and tracking a retreat in global tech stocks amid surging long-term borrowing costs. “China’s weakness today looks more like a combination of global yield pressure, some rotation out of crowded technology trades and company-specific earnings disappointments than simply a Unitree liquidity drain,†said Charu Chanana, chief investment strategist at Saxo Singapore.
ICCI CHIEF LAUDS QAISER FOR LONGSTANDING SERVICES
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Recorder Report ISLAMABAD: President of the Islamabad Chamber of Commerce and Industry (ICCI), Sardar Tahir Mahmood, has lauded Federal Minister for Investment Qaiser Ahmed Sheikh for his longstanding services to Pakistan’s business community, describing him as a credible, honest and dependable personality who has consistently worked to resolve the issues faced by the business sector. The ICCI president said that he had known Qaiser Ahmed Sheikh long before the latter assumed his current ministerial responsibilities. He recalled that during Qaiser Ahmed Sheikh’s association with the Standing Committee on Finance, he regularly engaged with representatives of the business community and actively supported their efforts to resolve business-related issues. He said that whenever the business community staged protests over genuine concerns, Qaiser Ahmed Sheikh would personally visit them, listen to their grievances and convince them to pursue their issues through dialogue and institutional forums. “Qaiser Ahmed Sheikh has always been accessible to the business community. He did not merely listen to our problems; he stood with us and accompanied us to the relevant authorities for their resolution,†Sardar Tahir Mahmood said. He particularly highlighted Qaiser Ahmed Sheikh’s efforts regarding issues related to the Federal Board of Revenue (FBR), saying that he personally accompanied business representatives to meetings with different FBR chairmen and other relevant officials and raised their concerns at the appropriate forums. Sardar Tahir Mahmood said that Qaiser Ahmed Sheikh is well known not only among the business communities of Islamabad and Rawalpindi but across Pakistan, where his services and contribution to the business sector are widely acknowledged. He further appreciated the ongoing policy reform initiatives of the Board of Investment (BOI), saying that these reforms have the potential to reduce unnecessary complexities in doing business and create a more conducive environment for investment and entrepreneurship. Copyright Business Recorder, 2026
Published August 20, 2026 Updated about 3 hours ago
Date: 2026-08-20
Details: By Recorder Report LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Faheem-ur-Rehman Saigol has welcomed the cabinet committee on energy’s approval of the high-level design of the National Integrated Energy Plan 2027-2060, terming it a positive and important step toward building a more efficient, affordable, reliable and sustainable energy system in Pakistan. In a statement, Faheem said a long-term, integrated energy strategy was essential for strengthening Pakistan’s economic competitiveness, particularly for the industrial and export sectors, which requires reliable energy supplies at internationally competitive prices. He stressed that the success of national integrated energy plan would ultimately depend on its effective implementation and its ability to translate into tangible benefits for businesses and consumers. “Pakistan needs an energy policy that ensures reliability, affordability and predictability. Industry cannot compete internationally when energy costs remain high or supplies are uncertain,†he added. The LCCI president said greater utilisation of indigenous energy resources, renewable energy and emerging technologies such as energy storage could help reduce Pakistan’s dependence on expensive imported energy, ease pressure on foreign exchange reserves and improve the country’s energy security. Faheem observed that lower and more predictable energy costs would have a direct impact on industrial production, exports, investment and employment. “Affordable energy is not merely an energy-sector issue; it is a fundamental requirement for economic growth, industrial expansion and export competitiveness,†he said. Faheem called for meaningful consultation with the business community, particularly chambers of commerce, industrial associations and major energy-consuming sectors, during the formulation of the detailed national integrated energy plan. He said the private sector should be given an effective role in identifying energy-sector bottlenecks and developing practical solutions as industry is among the major consumers of electricity and gas and is directly affected by energy pricing, availability and reliability. He further emphasized the need to address structural issues in the energy sector, including transmission and distribution inefficiencies, circular debt, capacity-related costs and governance challenges. Copyright Business Recorder, 2026
PAKISTAN, CHINA EXPLORING BABY DIAPER-MAKING INVESTMENT OPTIONS
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has initiated a business-to-business (B2B) meeting between Chinese and Pakistani business representatives to explore investment, technology transfer, and joint venture opportunities in Pakistan’s children’s diaper manufacturing sector. The meeting brought together Chinese manufacturers, technology providers, investors and Pakistani businessmen to discuss the growing demand for baby diapers in Pakistan and opportunities to develop modern, locally manufactured products through Pakistan-China industrial cooperation. Adeel Munawar, Commercial Ambassador PCJCCI, said the children’s diaper industry represents a promising area for investment and industrial collaboration, given Pakistan’s large population, expanding consumer market, and increasing awareness among parents regarding child hygiene, comfort and health. He highlighted that baby diapers have become an important household hygiene product, particularly among urban families, while the market continues to have considerable room for local manufacturing. The Commercial Ambassador PCJCCI said the B2B engagement was aimed at converting market potential into practical business partnerships. He noted that Chinese companies could bring advanced machinery, production expertise and efficient manufacturing systems, while Pakistani partners could provide market knowledge, distribution networks and local business linkages. He stressed that joint ventures in baby diaper production could create employment and strengthen Pakistan’s domestic manufacturing ecosystem. He emphasized the importance of developing a strong local supply chain for the diaper industry. He said that collaboration should not remain limited to finished-product manufacturing but should also cover packaging, absorbent materials, non-woven fabrics and other essential inputs. He added that an integrated supply chain could increase local value addition, improve cost competitiveness and provide sustainable opportunities for Pakistani manufacturers. Speaking on behalf of the Chinese business delegation, Ye Guan Quan, a Chinese business representative, expressed strong interest in exploring Pakistan’s growing baby-care market and developing long-term partnerships with Pakistani companies. He said that Chinese manufacturers could offer modern diaper production technology, machinery and technical expertise, while Pakistani partners could provide valuable knowledge of local consumer preferences and market distribution. He added that we see significant potential for cooperation in Pakistan’s children’s diaper sector. “Our objective is not only to supply products but to explore local manufacturing and joint investment with Pakistani partners. Through cooperation, we can introduce modern production technology, improve product quality and develop diapers that are comfortable, safe and affordable for Pakistani families.†The participants also discussed potential joint ventures for establishing modern baby diaper manufacturing plants, with particular focus on production capacity, machinery, raw material availability, product quality, packaging, pricing, distribution networks and investment models. The meeting also explored opportunities to manufacture different categories of children’s diapers, including newborn, infant and toddler diapers, catering to different age groups, sizes and consumer requirements. Copyright Business Recorder, 2026
KCA INCREASES SPOT RATE BY RS200 TO RS18,500 PER MAUND
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the spot rate by Rs 200 per maund and closed it at Rs 18,500 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local market remained tight and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs 18,500 to Rs 18,700 per maund, while Phutti in the province is trading between Rs 7,800 to Rs 8,500 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,800 to Rs 19,000 per maund, with Phutti fetching between Rs 8,800 to Rs 9,400 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,600 to Rs 18,700 per maund. The rate of Phutti is in between Rs 8,800 to Rs 9,100 per 40 kg. The rate of Balochi cotton is in between Rs 19, 800 per maund. The rate of Phutti is Rs 8,800. Copyright Business Recorder, 2026
HBL, PAKISTAN CABLES, BCEM AND ORIENT ENERGY SYSTEMS MARK SUCCESSFUL SIGNING OF 7.5MW WIND POWER PROJECT
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Press Release KARACHI: HBL, in partnership with Burj Clean Energy Modaraba (‘BCEM’) and Orient Energy Systems, has successfully completed the financing and signing of agreements for a 7.5 MW wind power project to supply green energy to Pakistan Cables’ factory in Nooriabad, Sindh. The Project represents a significant step towards accelerating renewable energy adoption within Pakistan’s industrial sector while delivering long-term economic and environmental benefits. Under an Ijarah agreement, BCEM will develop, own and operate the project as lessor, with Pakistan Cables as lessee. OES has been appointed EPC contractor, using GOLDWIND turbine technology, and BCEM has secured project financing from Habib Bank Limited (HBL). With this step, Pakistan Cables continues to accelerate its efforts to meets its climate action goals while at the same time reducing operational costs. With an energy mix that already includes solar, wind energy will further reduce dependency on non-renewable energy sources. This would make Pakistan Cables the most renewable energy centric company in the cable industry in Pakistan and will continue to support its efforts to enhance its domestic and international footprint. BCEM’s journey in the Wind Technology Space began with the commissioning of a 7.5 MW wind power plant at Power Cement Limited in Nooriabad, pioneering the use of wind power purchase under lease agreements for industrial clients in Pakistan. Building on this foundation, the Modaraba has continued to expand its clean energy portfolio, and its latest partnership with Pakistan Cables marks another step in bringing reliable, sustainable wind power to Pakistan’s industrial sector. As EPC contractor, OES will manage engineering, procurement and construction, drawing on its experience delivering wind and solar installations across Pakistan. Its partnership with GOLDWIND, the turbines’ manufacturer, underpins the project’s performance and after-sales support. Speaking on the occasion, Nadeem Lodhi, Chief Executive Officer of Burj Clean Energy Modaraba, said: “We are delighted to partner with Pakistan Cables Limited which is widely recognized as a bellwether name in Pakistan’s engineering and cable manufacturing sector. Established in 1953, it serves as a market leader and a key economic barometer for industrial growth, construction activity, and the broader energy infrastructure of the country. We applaud the leadership of Pakistan Cables for their forward-looking strategy of managing energy costs while addressing ESG goals on emissions with the signing of 7.5 MW of dedicated wind power which BCEM will set up at their factory in Nooriabad on a BOOT basis. Our role focus on technical and financial engineering whereby the asset resides on our books thereby allowing our valued client to focus on their core business. We are grateful to HBL for the confidence shown in financing this project, and to Orient Energy Systems, whose execution capability and partnership with GOLDWIND give us confidence in this journey†Fahd K. Chinoy, Chief Executive Officer of Pakistan Cables Limited, said: “This partnership is a significant step in our energy transition strategy. Securing 7.5 MW of dedicated wind power reduces our exposure to grid tariffs and fuel price volatility while ensuring a more stable, predictable power supply. It sets a strong precedent for how Pakistani industry can cut costs and emissions together, and we are proud to partner with BCEM and Orient Energy Systems to bring it to life.†HBL Corporate, Commercial & Investment Banking At HBL, we are committed to financing projects that strengthen Pakistan’s industrial competitiveness while advancing the transition towards sustainable energy. Our support for this 7.5 MW wind power project reflects our focus on enabling clients to achieve long term operational efficiency, energy security, and environmental sustainability. We are pleased to partner with Pakistan Cables, Burj Clean Energy Modaraba and Orient Energy Systems in delivering a solution that creates lasting value for the economy, industry and the environment Nasim Ahmed, Chief Executive Officer of Orient Energy Systems, said: “This project reflects the growing momentum toward renewable energy adoption in Pakistan’s industrial sector. Through our collaboration with Pakistan Cables, we are bringing together Orient Energy Systems’ experience in wind energy and GOLDWIND’s world-leading technology to deliver a reliable and sustainable energy solution. This partnership demonstrates the value of cross-sector collaboration in strengthening energy security, improving cost competitiveness, and supporting Pakistan’s transition toward a more sustainable energy future.†Executives from all four organisations attended the signing ceremony held today in Karachi. Copyright Business Recorder, 2026
SONERI BANK ANNOUNCES PAT OF RS2.396BN FOR 1H’26
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Press Release KARACHI: The Board of Directors of Soneri Bank Limited, in their 217th meeting held in Karachi on Wednesday, approved the Bank’s financial statements of the half year ended 30 June 2026. The Bank’s stable performance across all functional areas underscores its operational robustness and resilience that was achieved despite a challenging macroeconomic landscape driven by surging international energy prices, global supply chain disruptions, and domestic energy tariff adjustments. Against this backdrop and a shifting interest rate environment, the Bank successfully sustained its performance while executing planned capital expenditure to expand its branch footprint. The Bank posted a Profit Before Tax (PBT) of Rs 4.795 billion and a Profit After Tax (PAT) of Rs 2.396 billion for the period ended June 30, 2026, compared to Rs 6.685 billion and Rs 2.497 billion, respectively, in the prior period. Earnings Per Share (EPS) was recorded at Rs 2.1732 per share, as compared to Rs 2.2648 per share for the previous period. The stable bottom line demonstrates the Bank’s ability to maintain steady shareholder returns despite economic stress and geopolitical challenges. Despite a challenging interest rate environment, the Bank maintained a robust gross revenue base. While Net Interest Income (NII) declined by 19.80 percent period-on-period by Rs 2.823 billion due to margin compression, this was effectively cushioned by an exceptional 50.96 percent surge in non-interest income, which reached Rs. 5.368 billion up from Rs. 3.556 billion last year. This strong performance in non-funded streams was driven by increase in foreign exchange income of Rs 0.722 billion, capital gains of Rs 1.017 billion, and fee and commission income of Rs 0.064 billion, underscoring the Bank’s successful revenue diversification strategy. The Bank’s investment portfolio increased to Rs 509.110 billion by period-end, reflecting a 6.23 percent growth over the previous year’s position of Rs 479.247 billion. Average volume of investments for the period also showed an upward trend, rising to Rs 501.123 billion compared to prior period of Rs 462.446 billion. Investment income, however declined to Rs 27.843 billion compared to prior period of Rs 31.185 billion. This contraction was primarily driven by a compression in net investment yields, which averaged 11.20 percent for the current period compared to 13.60% in the prior year. In line with the State Bank of Pakistan’s downward policy rate revisions from last year, the Bank’s loan book underwent gradual repricing. This led to a contraction in net yields on advances to 10.89%, compared to 11.86% in the prior period. Despite this yield compression, the Bank successfully expanded its lending activity, with average net advances growing to Rs 221.092 billion from Rs 199.055 billion last year. This volume growth effectively mitigated the margin drop, allowing total income from advances to rise marginally by 1.9 percent to Rs 11.936 billion, up from Rs 11.708 billion in the corresponding period. The Bank’s deposit base stood at Rs 784.226 billion at period-end, reflecting a robust year-on-year growth of 13.8 percent as against the year-end 2025 position of Rs 689.106 billion. The portfolio demonstrated strong momentum in average volumes, which grew by Rs 84.934 billion as compared to the prior period. Notable improvements were achieved in the deposit mix, with the CASA ratio strengthening to 87.17 percent (December 2025: 81.86%) and the Current Account composition rising to 34.51 percent. This favourable shift, supported by a 13.35% growth in average current account volumes, successfully drove the cost of deposits down from 7.43 percent for the half year ended 30 June 2025 to 6.65 percent in the current period. The Bank remains committed to optimizing its funding mix and rationalizing costs while maintaining premium service standards. The Bank’s borrowings were reported at Rs 12.095 billion as at June 30, 2026 versus Rs 61.644 billion as of year-end 2025, while overall costs during the current half-year decreased to 10.51 percent as against 10.70 percent for the comparative half-year. The Bank’s period-end net IDR slightly decreased to 64.92 percent as against 69.55 percent as at year-end 2025. The Bank’s cost of funds decreased to 6.68 percent for the period ended June 30, 2026, down from 7.44 percent in the prior period. This reduction directly aligns with the downward policy rate revisions by the State Bank of Pakistan. Non-Markup expenses were reported at Rs 13.195 billion for the period ended June 30, 2026 as against Rs 11.280 billion in the comparative period of 2025, indicating an increase of 16.98 percent, which coincides with elevated inflation levels during the period. However, this was in line with our expectations considering the Bank’s branch expansion plan, under which we achieved the milestone of opening 110 branches since June 30, 2025 and as of June 30, 2026, the total number of our branches stands at 682 branches. The Board has given firm directions, and the management remains committed on practicing rigorous cost control measures to keep costs within strict budgets, and with the inflation now expected to be contained in the medium term, we expect good progress in this area as well. The Bank achieved a significant improvement in asset quality during the period ended June 30, 2026. Effective recovery initiatives resulted in the Non-Performing Loan (NPL) ratio declining to 2.48 percent, compared to 3.41 percent as of December 31, 2025. This favourable trend enabled a net reversal of Rs 1.186 billion in credit loss allowances, a significant increase from the Rs 0.151 billion net reversal recorded in the prior period. Despite this reversal, the Bank continued its prudent provisioning policy, strengthening the loan loss coverage ratio to 102.35 percent, compared to 96.77 percent as of December 31, 2025. Management remains vigilant in monitoring the portfolio to mitigate potential credit infection and maintain optimal coverage levels. The Bank’s Capital Adequacy Ratio as at June 30, 2026 stands at 14.10 percent, while the Leverage Ratio is at 3.18 percent. The Bank’s Liquidity Coverage Ratio and Net Stable Funding Ratios have been reported at 198.73 percent and 175.81 percent respectively, which are also comfortably above the regulatory requirements. Alhamdulillah, during the period under review, the Pakistan Credit Rating Agency (PACRA) has upgraded the Bank’s long-term entity rating to ‘AA’ (Double A). This upgrade represents a significant milestone, moving up from the previous long-term rating of ‘AA-’ (Double A minus). PACRA has also reaffirmed the short-term rating at the highest level of ‘A1+’ (A One Plus), with a Stable Outlook. Furthermore, PACRA has upgraded the credit ratings of the Bank’s unsecured, subordinated, and listed Term Finance Certificates (TFC–3) issue of Rs 4 billion at ‘AA’ (Double A) [2025: ‘A+’ (Single A plus)], and the unsecured, subordinated, rated, listed, perpetual and non-cumulative TFC issue of Rs 4 billion at ‘A+’ (Single A plus) [2025: ‘A’ (Single A)], both with a Stable Outlook. Copyright Business Recorder, 2026
NIKKEI SLUMPS SHARPLY AS TECH SELLOFF SPREADS
Date: 2026-08-20
Details: Published August 20, 2026 Updated about 3 hours ago By Reuters TOKYO: Japan’s Nikkei share gauge slumped by the most in three weeks on Wednesday, tracking a sharp selloff in technology shares on Wall Street overnight. The benchmark Nikkei 225 slid 3.16 percent to close at 65,326.42, the steepest drop since July 27. The broader Topix slipped 3.09 percent to 4,012.31. Major US share indexes closed lower as dimming expectations for a Middle East peace deal damped risk appetite. Oil prices rose while government bonds around the world fell, driving US yields sharply higher. The Philadelphia SE Semiconductor Index, which tracks US tech shares, plunged 5 percent. “Amidst ongoing caution over crude oil prices remaining high and concerns that interest rates might rise, high-growth companies are being sold off,†said Maki Sawada, an equities strategist at Nomura Securities. “A similar trend is being observed in the Japanese stock market.†There were 45 advancers on the Nikkei 225 against 179 decliners and one unchanged.
ABHI BANK POSTS RS1.502BN PAT FOR H1
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago KARACHI: ABHI Bank reported a profit after tax of PKR 1.502 billion for the six months ended June 30, 2026, compared to PKR 1.019 billion for the full year ended December 31, 2025, meaning the Bank has already surpassed its entire 2025 profit in just six months. The Bank’s profit after tax also increased significantly from PKR 200.2 million during the corresponding period last year. The improvement in profitability was supported by strong balance sheet expansion, higher earning assets, increased deposit mobilization, improved recoveries, and continued focus on risk management and operational discipline. The Bank’s total assets crossed the PKR 100 billion milestone, reaching PKR 101.55 billion as of June 30, 2026, representing approximately 32% growth from PKR 76.80 billion on December 31, 2025. Gross advances increased to PKR 50.07 billion, compared to PKR 38.16 billion at year-end 2025. The Bank’s funding base also recorded significant growth during the period, with deposits increasing to PKR 86.19 billion from PKR 69.09 billion on December 31, 2025, representing approximately 25% growth. The increase reflects continued deposit mobilization and strengthening of the Bank’s customer franchise. The Bank’s revenue profile strengthened significantly during the first half of 2026, with revenue increasing to PKR 10.52 billion from PKR 5.84 billion during the corresponding period of 2025, representing a robust 80.1% growth year-on-year. Notably, the revenue generated during the first six months of 2026 has already reached approximately 74% of the PKR 14.25 billion revenue recorded for the entire year of 2025, reflecting the strong momentum in the Bank’s financial performance. Asset quality and credit risk management remained key areas of focus during the period. The Bank’s capital position also improved materially during the first half of 2026. Shareholders’ equity increased to PKR 3.11 billion as of June 30, 2026, compared to a negative equity position of PKR 397 million at December 31, 2025. The improvement was driven by strong profitability together with the recognition of PKR 2.0 billion as Advance Against Issuance of Shares. With stronger profitability, a balance sheet exceeding PKR 100 billion, a growing deposit base, expanded lending portfolio, strengthened equity position, and continued investment in digital and operational capabilities, ABHI Microfinance Bank enters the second half of 2026 with a stronger foundation for sustainable growth. Copyright Business Recorder, 2026
NASSER ABDULLA HUSSAIN LOOTAH COMMITS ADDITIONAL RS10BN IN EQUITY TO BML
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago KARACHI: Bank Makramah Limited (BML) announced that its Board of Directors has approved a proposal for an additional Rs 10 billion equity investment by the Bank’s Sponsor, Nasser Abdulla Hussain Lootah. The investment, to be made as an advance against equity, remains subject to the requisite regulatory and corporate approvals. The further sponsor investment is being exclusively arranged by His Excellency, demonstrating his strong confidence in the Bank, its turnaround journey and long-term potential. This continued backing provides the Bank with a stronger financial foundation and allows management to remain focused on accelerating its transformation, strengthening the business and pursuing sustainable long-term growth. Upon completion, His Excellency’s aggregate investment in the Bank will reach Rs 51 billion, reflecting a sustained and decisive commitment to the Bank’s transformation and long-term growth. This journey began with the initial Rs 10 billion capital injection, which paved the way for the acquisition of a majority stake in April 2023. This was followed by a further Rs 5 billion investment, currently held as an advance against equity. The landmark merger with Global Haly Development Limited subsequently contributed Rs 26.467 billion to the Bank’s capital base, alongside the integration of the high-value Creekside Property. With the proposed additional investment of PKR 10 billion, His Excellency is once again reinforcing his confidence in the Bank and strengthening its capital base to support its continued growth and future potential. The latest capital commitment further reinforces the Sponsor’s sustained support for the Bank’s recapitalisation, financial strengthening and transformation. It will provide BML with a stronger financial foundation as management continues to strengthen the business and pursue sustainable, long-term growth. The Sponsor’s continued and increasing investment represents a strong vote of confidence in BML’s management, turnaround strategy and future development as a growing Islamic banking institution. Copyright Business Recorder, 2026
NAYA NAZIMABAD, KARACHI: BANK ALFALAH INTRODUCES FIRST ONE-STOP DIGITAL ICFC
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago KARACHI: Bank Alfalah has inaugurated Pakistan’s first Digital Islamic Consumer Finance Centre (ICFC) at Naya Nazimabad, Karachi. The inauguration ceremony was attended by the Bank’s senior management, along with Saleem Ullah, Deputy Governor of State Bank and Arif Habib, Founder Arif Habib Group, marking a significant milestone in expanding access to integrated Shariah-compliant financial services. The new centre introduces a first-of-its-kind banking model in Pakistan by integrating digital consumer financing, an Islamic banking branch and a self-service digital banking lobby within a single destination. People can select products, receive specialist advice by a qualified merchant, apply for financing digitally without paperwork and complete their banking needs instantly through one seamless experience. Furthermore, partnerships with leading property developers, solar providers, automotive companies, and consumer brands allow customers to compare products and receive expert guidance. Atif Bajwa, President and Chief Executive Officer, Bank Alfalah has said that this centre represents the future of consumer banking in Pakistan. Customers no longer need to visit multiple locations or complete lengthy paperwork to finance life’s important purchases. “By combining product discovery, expert advisory services, digital financing and Islamic banking under one roof, we are redefining how customers experience banking while expanding access to Shariah-compliant financial solutions,†he added. The inauguration also marks another important milestone for Bank Alfalah as it surpasses 1,200 branches nationwide. The new facility is the Bank’s 451st Islamic Banking branch. Copyright Business Recorder, 2026
INDIAN SHARES EXTEND LOSING RUN ON FADING MIDEAST PEACE DEAL
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago MUMBAI: Indian share benchmarks extended their losing streak on Tuesday, as fading hopes of an imminent end to the Iran war kept crude oil prices elevated, stoking inflation concerns globally and triggering a selloff in bonds. Iran threatened a “fully offensive†military posture as efforts to negotiate a permanent end to the war with the US have stalled, a senior Iranian official told Reuters on Monday, while Washington ruled out extending a temporary ceasefire agreement that has now expired. The Nifty 50 fell 0.55 percent to 24,154.9 and the BSE Sensex lost 0.63 percent to 77,235.46. This was Nifty’s sixth straight losing session, while the Sensex has fallen in five of the last six sessions. Twelve of the 16 major sectors fell. The broader and mostly domestic demand-driven small-caps ended flat, while mid-caps fell 0.4 percent.
CHINA, HK STOCKS END FLAT AS ENERGY GAINS OFFSET AI LOSSES
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago SHANGHAI: Chinese and Hong Kong stocks closed little changed on Tuesday, as a retreat in artificial intelligence and technology shares offset gains in energy stocks driven by concerns over escalating Middle East tensions. China’s blue-chip CSI300 Index closed 0.3 percent down and the Shanghai Composite Index edged 0.2 percent up. The Hong Kong benchmark Hang Seng was up 0.1 percent. The CSI Artificial Intelligence Index fell 1.5 percent and the 5G Communication Index was down 1.4 percent. Tech majors listed in Hong Kong were down 0.9 percent. Chinese memory chip maker Changxin Technology eased 4.2 percent, giving back some of Monday’s 12 percent surge that had lifted the stock to an all-time high. Analysts at Huaan Securities expect the AI supply chain to continue to gain momentum, with its strong performance likely to be validated during the mid-August earnings season. Against the broad declines, oil and coal stocks rose as stalled talks to end the US-Iran war and fears of an imminent escalation sent oil prices higher. PetroChina was up more than 2 percent. Onshore consumer staples shares rose 0.9 percent, despite data showing China’s economy lost momentum at the start of the second half, with industrial output and retail sales slowing as extreme weather disruptions and persistently weak domestic demand renew pressure on policy. With several major consumer-sector firms reporting earnings this week, the results bear close monitoring for further clues on demand trends, UBS analysts said in a note. The Robot Industry Index ended 2.5 percent up, with Leader Harmonious Drive Systems up 5.1 percent, ahead of humanoid-robot giant Unitree’s market debut on Wednesday.
STOXX 600 DROPS TO TWO-WEEK LOW ON HIGHER BOND YIELDS
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago FRANKFURT: Europe’s benchmark STOXX 600 fell to a more than two-week low on Tuesday, as investors grappled with higher bond yields and renewed inflation concerns, while US President Donald Trump’s denial of talks with Iran added to geopolitical uncertainty. The pan-European STOXX 600 closed 0.69 percent lower at 651.90 points, and had its worst day in nearly a month. Global bond yields surged and hit multi-year highs on Tuesday as a stalemate in the Middle East, renewed inflation worries, and concerns over fiscal health spooked investors. Germany’s 10-year Bund yield rose more than 1 basis point to 3.2610 percent, its highest since April 2011. “The selloff reflects more than just inflation expectations: real yields and term premia are rising as governments issue more debt, pension demand weakens, and private investors become more price-sensitive,†said Geoff Yu, senior EMEA market strategist at BNY. Higher government borrowing costs weighed on tech stocks, with elevated yields potentially lowering the present value of future profits. The sector led losses on the STOXX 600, falling 2.5 percent, as chipmaker Infineon and chip-equipment manufacturer Aixtron slid 7.6 percent and 8.8 percent, respectively. Meanwhile, the energy sector gained 0.4 percent as oil traded at a three-week high, with Iran signalling a more offensive stance and Trump denying talks with Tehran. Middle East uncertainty continues to cloud economic outlook for Europe, which relies heavily on imports to meet its energy needs. “Markets are focused on whether Europe can replenish its gas storage at reasonable prices ahead of winter, with current inventory levels and costs remaining a key source of uncertainty,†said Gordon Kerr, European macro strategist at KBRA. Markets are also awaiting minutes from the Federal Reserve’s July meeting, for clues on the central bank’s monetary policy path. Separately, German investor morale rose more than expected to 34.2 points in August, the ZEW economic research institute said on Tuesday. Among individual movers, optical connectivity products maker Huber+Suhner plunged 11.4 percent following weaker-than-expected core profit and communications unit orders, putting the stock on track for its worst day since March 2019. H&M topped the benchmark, climbing 4.1 percent after an executive disclosed the purchase of 8,000 shares in the company.
TECH SELLOFF PULLS WALL STREET TO TWO-WEEK LOWS
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago NEW YORK: Wall Street’s main indexes hit their lowest in two weeks on Tuesday, pressured by losses in heavyweight technology stocks, while fading hopes for a US-Iran peace deal sustained gains in oil prices and kept government bond yields at multi-year peaks. Chipmakers as well as other megacap and growth stocks declined as high government bond yields potentially lower the present value of future tech profits and increase corporate borrowing costs. The Philadelphia SE Semiconductor index fell 5.4 percent and is on pace to evaporate more than USD680 billion in market value, if losses hold. Data storage firms Sandisk and Western Digital, along with memory chipmaker Micron Technology were among the worst hit. The Roundhill Memory ETF slid 7.9 percent. Nvidia dropped 2.4 percent and Meta Platforms lost 3 percent. The S&P 500 Information Technology sector was the biggest drag, down 2.1 percent. The yield on the 30-year Treasury bond stood at its highest since 2007, while that on the benchmark 10-year maturity held near its highest since January 2025. Brent crude futures also gained 1.2 percent to around three-week highs, after Iran’s threat to shift to a “fully offensive†military posture and Washington ruling out extending a ceasefire deal heightened concerns over a prolonged conflict. The S&P 500 Energy sector rose 1.5 percent and was a whisker away from hitting an all-time high. “With geopolitical risks adding another layer of uncertainty, investors should brace for heightened volatility across equities, currencies, commodities and bonds,†said Lukman Otunuga, head of market research at FXTM. “Retail earnings and the Fed minutes could either reinforce the soft-landing story or expose cracks beneath the surface.†Minutes from the Federal Reserve’s July meeting, due on Wednesday, could offer more clues about how the central bank is assessing the current environment. At 11:36 a.m. ET, the Dow Jones Industrial Average fell 112.50 points, or 0.22 percent, to 53,344.77. The S&P 500 lost 48.15 points, or 0.62 percent, to 7,696.91, while the Nasdaq Composite dropped 345.93 points, or 1.30 percent, to 26,298.98. Wall Street’s “fear gauge†hit an about two-week high, prompting investors to flock to healthcare and consumer staples stocks, which are traditionally considered defensive. Software stocks recovered after a bruising selloff earlier this year. Microsoft, Salesforce and Intuit were some of the best performers on the day. Shares of home-improvement retailer Home Depot inched up 0.6 percent after beating second-quarter sales estimates. Strong earnings from several companies, including some AI hyperscalers, had pushed the S&P 500 and the Dow to all-time highs earlier this month. Investors now see Nvidia’s quarterly report, due in the upcoming week, as the next test for the AI-driven momentum.
MOST GULF MARKETS MUTED ON IRAN-US CONFLICT
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago BENGALURU: Most Gulf stock markets closed subdued on Tuesday as investors remained cautious after the US ruled out extending a temporary ceasefire agreement and an Iranian official said Tehran would shift to a “fully offensive†military posture. Qatar’s benchmark index fell 0.5 percent, extending losses for a second consecutive session to close at 9,848 points, its lowest level in more than a year. Qatar National Bank, the region’s largest lender, declined 0.7 percent, while telecommunications operator Ooredoo dropped 1.5 percent. Saudi Arabia’s benchmark index ended flat, as gains in materials, energy and healthcare stocks offset declines elsewhere. Saudi National Bank, the kingdom’s largest lender by assets, slipped 0.5 percent, while Jarir Marketing fell 4.3 percent.
DISNEY, ABC SUE US REGULATOR OVER THREAT TO BROADCAST LICENSES
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago WASHINGTON: Walt Disney-owned ABC sued the Federal Communications Commission (FCC) on Tuesday, accusing the US regulatory body of waging a retaliatory campaign against the television network on behalf of the Trump administration. The lawsuit, filed in a federal district court in Washington, comes after the FCC earlier this year asked ABC TV stations to renew their broadcast licenses earlier than scheduled. “Acting through the Federal Communications Commission, the Administration has waged a retaliatory campaign against ABC for a single reason: it disapproves of what ABC broadcasts,†the suit says. “Over time, those attacks have escalated into express demands that ABC be stripped of its broadcast licenses because of its speech.†President Donald Trump has personally lashed out at ABC — particularly the network’s late night host Jimmy Kimmel — on numerous occasions and suggested revoking the broadcast licenses of stations he claims are “almost 100% negative†towards him. The famously litigious Republican president has filed a number of defamation lawsuits against media outlets, including suing ABC over statements about a civil judgment in a sexual assault case.
8TH WORLD TAEKWONDO PRESIDENT’S CUP – ASIAN REGION: TREET CORPORATION NAMED TITLE SPONSOR
Date: 2026-08-19
Details: Published August 19, 2026 Updated about 3 hours ago LAHORE: Treet Corporation Limited has been named title sponsor of the 8th World Taekwondo President’s Cup – Asian Region (G3), being held at the Multipurpose Indoor Arena, Jinnah Sports Complex, Lahore, from 17 to 21 August 2026. Organised by the Pakistan Taekwondo Federation, the international championship brings athletes and delegations from 38 countries to Pakistan for competition across Kyorugi, Poomsae and Para Kyorugi. The event gives Pakistani athletes an important opportunity to compete internationally on home soil while strengthening the country’s credentials as a host of major sporting competitions. During the event, Kukkiwon—the World Taekwondo Headquarters in Seoul, South Korea—conferred an honorary 6th Dan on Syed Sheharyar Ali, Group Chief Executive Officer of Treet Corporation, in recognition of his contribution to the advancement of sport in Pakistan. “Supporting this championship goes far beyond putting our name behind an event,†said Syed Sheharyar Ali. “It is about giving Pakistani athletes greater opportunities, inspiring young people through sport and demonstrating Pakistan’s ability to host international competitions of the highest standard.†Copyright Business Recorder, 2026
OIL PRICES CLIMB, BOND YIELDS RISE AS US-IRAN CEASEFIRE EXPIRES
Date: 2026-08-18
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8% Published August 18, 2026 Updated less than a minute ago SINGAPORE: Oil prices crept higher and bond yields rose, blunting paltry gains for stocks at the start of Asian trading on Tuesday as a US-Iran truce expired and Tehran said it would shift to a “fully offensive†military posture. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8%, buoyed by South Korea’s KOSPI rising more than 3% as the Seoul market returned after a holiday. The Nikkei 225 fell 0.3%, while S&P 500 e-mini futures were flat. The yield on the US 10-year Treasury bond was up 0.8 basis point at 4.728%. Its 30-year counterpart traded up â 0.6 basis point at 5.3146%, its highest in more than two decades. “Typically, moves above 4.65% for the U.S. 10-year have been followed by some soothing words from the Trump administration, typically centred on an imminent resolution to the war with Iran,†ING analysts wrote. “This time, we’re not hearing the same,†they added. “In fact, the latest indications are for no imminent resolution as the shaky 60-day truce came to an end.†As the recent global selloff in bonds deepened, the yield on the 10-year Japanese government bond rose 2.5 basis points to 2.945%, a three-decade high. Overnight on Wall Street, â the S&P 500 slipped 0.5% while the Nasdaq Composite edged 0.3% lower as soft U.S. economic data, including an unexpected drop in retail sales, prompted markets to scale back bets on an imminent Federal Reserve interest rate move. “Markets adopted a generally risk-off tone as President Trump reaffirmed he was not interested in â extending the truce with Iran, with renewed tensions in the Middle East pushing oil prices higher and complicating sentiment,†Westpac analysts wrote in a research note. The U.S. dollar index , which measures the greenback’s strength against â a basket of six currencies, traded around a two-month low of 99.527. Oil prices rose more than $2 on Monday as the stalemate in Iran refocused oil traders on global supply worries. Brent â crude futures edged up 0.2% to $91.06 a barrel as trading resumed in Asia. Gold was up 0.1% at $4,420.07, extending recent gains into a third consecutive day. In cryptocurrencies, bitcoin was up 0.1% at $64,398.48, while ether gained 0.3% to $1,911.40.
JAPANESE SHARES TRADE MOSTLY LOWER ON WEAK GDP DATA
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago TOKYO: Most Japanese shares fell on Monday as investors weighed weaker-than-expected domestic growth data and the impact of the Middle East crisis on inflation and bond yields. The broad Topix share index slipped 0.31 percent to 4,184.11. The benchmark Nikkei 225 reversed earlier losses to close 0.74 percent higher at 69,220.25, with most of its constituents down on the day. Japan’s economy expanded at an annualised 1.1 percent in the three months through June, undershooting the 2.0 percent median forecast, according to data released on Monday. The weaker growth, driven by flat private consumption and a 1.2 percent drop in capital spending, added to concerns about the resilience of domestic demand. Geopolitical tensions in the Middle East, including disruptions to tanker traffic through the Strait of Hormuz, kept oil prices elevated, pushing yields on Japanese government bonds (JGBs) to multi-decade highs.
INDIA’S NIFTY 50 FALLS FOR FIFTH SESSION
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago MUMBAI: Indian shares fell on Monday as a lack of progress towards ending the Iran war kept crude oil prices elevated, while an end of quarterly earnings reporting season meant limited domestic triggers for investors. The Nifty 50 fell 0.32 percent to 24,287.65 and the BSE Sensex lost 0.36 percent to 77,728.16. They were down 0.1 percent and 0.2 percent, respectively, at 3:15 p.m. IST, ahead of the new closing auction session. This marks one of the first instances when the benchmark indexes have closed at lower levels after the closing auction session, as compared to 3:15 p.m. when the regular trading ends. This was Nifty 50’s fifth straight session of losses, while 30-stock Sensex has fallen in four of the last five trading days. US President Donald Trump told Americans over the weekend to prepare for continued high fuel prices as a result of the war. Brent crude futures rose nearly 1 percent to USD89 per barrel.
CHINA, HK SHARES RALLY ON TECH REBOUND
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago HONG KONG: China and Hong Kong stocks jumped on Monday, led by technology shares as chipmakers rallied on the back of strong earnings, while consumption and liquor shares weakened. At market close, the Shanghai Composite index was up 1.4 percent at 3,982.65 points, a five-week high. China’s blue-chip CSI 300 index was up 1.6 percent. Tech sector led gains, with the start-up board ChiNext Composite index higher by 3.1 percent and Shanghai’s tech-focused STAR 50 index up 4.1 percent. The CSI Semiconductor Index rallied 5 percent and the AI Index added 3.3 percent. Memory chip maker CXMT surged 12 percent, while Shenzhen China Micro Semiconductor surged 16.8 percent after the company reported a nearly 100 percent jump in profit for the first half. Limiting gains, the CSI Liquor Index fell 2.7 percent, with market heavyweight Kweichow Moutai down 3.6 percent after a profit drop. The consumer staples sector weakened 2.4 percent. A slew of data on Monday showed China’s economy lost momentum at the start of the second half, with industrial output and retail sales slowing. This follows July bank loans data late last week that showed a record contraction as credit demand faltered. “The prevailing market view is that the economy in July showed a structural pattern of resilient external demand but insufficient recovery in domestic demand, leaving broad-based market gains without fundamental support,†analysts at Nanhua Futures said in a note. The market’s pricing focus may shift to actual earnings performance, resulting in range-bound consolidation and rotation among individual sectors, they added. In Hong Kong, the benchmark Hang Seng Index was up 1.3 percent and the Hang Seng Tech Index added 1.6 percent. Around the region, shares drifted sideways as investors kept a wary eye on oil prices, which inched higher on Monday as US-Iran peace talks stalled. Iran called on the US to accept defeat on Saturday, while President Donald Trump blasted Tehran as “very evil†and told Americans to prepare for continued high fuel prices as a result of the war.
EUROPEAN SHARES EDGE LOWER AS LUXURY STOCKS WEIGH
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago FRANKFURT: European shares settled lower for a fourth straight session on Monday, as the earnings-fuelled rally cooled and the continuing stand-off between US and Iran dampened risk appetite. The pan-European STOXX 600 closed 0.22 percent lower at 656.41 points. With a strong European earnings season largely in the rear-view mirror and second-quarter profit expectations rising steadily, investors have shifted their focus back to macroeconomic and geopolitical developments for the next market catalyst. Friday’s soft US retail sales data reinforced expectations that the Federal Reserve will keep interest rates on hold next month, while money markets are pricing in roughly an 84 percent chance of a 25-basis-point European Central Bank rate hike in September, according to LSEG data. “With US data softening while European data remaining relatively strong … the focus is increasingly shifting to central bank decisions in September,†said Andrea Cicione, head of research at TS Lombard. Supporting the longer term outlook, Goldman Sachs raised its 12-month target for the STOXX 600, forecasting the pan-European benchmark to reach 695 points from 660 previously, implying about 5.5 percent upside from current levels, citing resilient economic growth and strong corporate earnings. “What you’re starting to see is a strong acceleration in earnings growth even beyond energy, which is no longer just a result of cost discipline, protecting margins, but increasingly the result of revenues picking up and operating leverage,†said Maximilian Kunkel, chief investment officer, global family and institutional wealth at UBS. Meanwhile, oil prices were firm with no signs of progress in talks between the United States and Iran. A senior Iranian official said that Tehran has decided to go on offensive due to the deadlock in efforts to end to the war. Among STOXX 600 sectors, personal and household goods slid 2.3 percent, while food and beverages also dropped 2.3 percent, with Diageo down 3.4 percent. The spirits maker has agreed to reformulate some of its drinks in India, two government sources told Reuters. The luxury stocks slipped 2 percent as Gucci parent Kering and LVMH Moët Hennessy Louis Vuitton lost 4.3 percent and 2.7 percent respectively.
WALL ST MIXED AS ME TENSIONS ECLIPSE TECH STRENGTH
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago NEW YORK: The S&P 500 and the Dow inched lower on Monday as US-Iran tensions dented sentiment, while some technology stocks rose after the report of a strong revenue forecast from AI lab Anthropic. Tehran will escalate tensions in the Strait of Hormuz and the wider region if diplomacy with the United States fails, a senior Iranian official told Reuters, pointing to an Iranian policy shift relying on offense rather than defense. Brent crude futures gained about 0.3 percent, with the S&P 500 energy index 0.2 percent higher. “(Investors) were telling themselves wars always come to an end. I don’t think anyone was pricing in the fact that this could still be going as we approach the end of the summer,†said David Morrison, senior market analyst at Trade Nation. Meanwhile, Reuters reported on Friday that Anthropic, which is preparing for its IPO, forecast 2028 revenue of roughly USD190 billion to USD200 billion, according to two people familiar with the company’s financials. Chipmakers led gains among technology stocks. Western Digital and Sandisk rose 6.3 percent and 10 percent, respectively, making them the top performers on the benchmark index. Tech shares on the S&P 500 rose 0.6 percent, limiting losses elsewhere and boosting the tech-heavy Nasdaq. Markets will keep a close eye next week on results from chipmaker Nvidia, the world’s most valuable company, for signs the tech-driven momentum can last. Nvidia’s shares rose 1 percent. Danni Hewson, head of financial analysis at AJ Bell, said greater clarity on AI investments and the source of returns was allaying immediate fears of a “potential AI boom then bustâ€. At 11:32 a.m. ET, the Dow Jones Industrial Average fell 198.47 points, or 0.37 percent, to 53,533.94, the S&P 500 lost 10.51 points, or 0.13 percent, to 7,775.25, and the Nasdaq Composite rose 32.38 points, or 0.12 percent, to 26,761.55. Declines in Microsoft and Sherwin-Williams weighed on the Dow. Concerns over the payoff from AI investments battered chip stocks recently, but robust quarterly results and forecasts signaling resilient demand have helped push the Nasdaq to within 1.5 percent of its all-time high. The S&P 500 closed at a record peak on Thursday after a batch of soft inflation data helped traders dial back the odds of an interest-rate hike by the US Federal Reserve at its September meeting.
MOST GULF MARKETS EASE AS IRAN TENSIONS WEIGH
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago DUBAI: Most Gulf stock markets fell on Monday as stalled US-Iran diplomacy revived fears of a prolonged conflict, while reduced traffic through the Strait of Hormuz added to concerns over energy supplies and trade flows. Tensions remained high after Iran on Saturday urged Washington to “accept defeat,†while US President Donald Trump called Tehran “very evil†and urged Americans to prepare for sustained high fuel prices. With no meaningful progress towards peace talks, shipping through the strategic waterway remained severely disrupted. Trump also said he would soon declare the Strait of Hormuz a US territory. Saudi Arabia’s benchmark stock index eased 0.1 percent, dragged down by a 0.5 percent fall in Al Rajhi Bank and a 0.8 percent decline in oil major Saudi Aramco. The kingdom’s Civil Defense said on Sunday that the danger in Jazan province had passed, according to a post on X. It had earlier issued an alert warning residents of a potential danger in the area. In Qatar, the benchmark stock index declined 1.5 percent, with almost all constituents trading in negative territory. Qatar Islamic Bank retreated 2.3 percent. Shipping activity through the strait slowed markedly over the weekend in the wake of last week’s tanker attacks. Kpler ship-tracking data showed that only five commodity vessels transited the waterway on Saturday, while none were recorded on Sunday, compared with 31 during the previous weekend. Dubai’s main share index fell 0.5 percent, with top lender Emirates NBD losing 1.7 percent. The lack of diplomatic progress and persistent regional uncertainty kept investors on edge. Continued shipping disruptions and security concerns are likely to pressure sentiment, though resilient domestic fundamentals and a solid earnings season are providing support, said Joseph Dahrieh, managing Director at Tickmill. Markets are likely to remain range-bound and sensitive to regional headlines. Progress on diplomacy or smoother shipping flows could lift sentiment, while strong local fundamentals should limit downside.
GOVT URGED TO REVIEW PETROLEUM PRICING MECHANISM
Date: 2026-08-18
Details: Published August 18, 2026 Updated about 3 hours ago KARACHI: President of the Korangi Association of Trade and Industry (KATI) Muhammad Ikram Rajput has urged the government to review petroleum pricing mechanism and introduce a transparent and predictable system under which prices are determined either on a monthly basis or every 15 days. Such a mechanism, he said, would enable industrialists, traders and transporters to better estimate their costs and make more effective business decisions. Welcoming the goods transporters decision to defer the nationwide strike for 40 days following successful negotiations between government representatives and transporters, describing it as an important and positive development for the national economy, industry, trade and continuity of the supply chain, Rajput extended special appreciation to the Prime Minister, saying the prime minister had played an effective role in addressing the longstanding issues of the transport sector and helping resolve the current crisis. The KATI president said the nine-day strike by goods transporters had severely disrupted industrial and commercial activities, exports, imports, supply chains and overall business operations across the country. “Goods transportation is a fundamental pillar of economic activity in Pakistan. When the wheels of transportation stop, the impact is felt across the entire economy. Therefore, efforts to end the disruption through negotiations are highly commendable,†he said. Rajput said the business and industrial community, along with transporters across the country, also had serious reservations about the existing mechanism for determining petroleum product prices. He said frequent and unpredictable changes in petroleum prices increased production, transportation and business costs while making long-term planning difficult for industry and trade. The KATI president said that the government must ensure timely implementation of all commitments and decisions agreed upon during the negotiations so that the transporters’ issues could be resolved on a permanent basis and similar nationwide strikes or supply chain disruptions could be avoided in the future. Rajput said Pakistan could not afford prolonged economic disruptions amid prevailing regional and global circumstances. He urged all stakeholders to fulfil their responsibilities while keeping the national interest above all other considerations. Copyright Business Recorder, 2026
‘CUSTOMS MOVES TO MODERNISE IMPORTED GOODS VALUATION SYSTEM’
Date: 2026-08-18
Details: Published August 18, 2026 Updated 28 minutes ago LAHORE: Director General Customs Valuation Irfan Wahid has said that ensuring fair valuation of imported goods is the responsibility of customs, and fairness, transparency and impartiality are the key principles in valuation rulings. The existing valuation system is being improved and modernized so that valuation rulings can be linked with international prices, discretionary elements can be minimized, and greater price stability can be provided to businesses, he added. He was speaking to the business community during his visit to the Lahore Chamber of Commerce and Industry (LCCI). LCCI President Faheem-ur-Rehman Saigol welcomed him. Senior Vice President Tanveer Ahmed Sheikh, Executive Committee members Karamat Ali Awan, Firdous Nisar and Amir Ali, Director Valuation Lahore Saima Aftab, Additional Director Customs Lahore Palwasha Syed, along with other LCCI office-bearers and members, were also present. Welcoming DG Customs Valuation, LCCI President Faheem-ur-Rehman Saigol said the Directorate General of Customs Valuation plays an important role in the country’s trade, imports and tax system. Accurate, fair and transparent customs valuation not only protects national revenue but also promotes legal trade. He, however, expressed concerns over Valuation Ruling No. 2105/2026 concerning mobile phone accessories. He said the customs value of some mobile phone accessories had increased by more than 100 percent compared with the previous Valuation Ruling No. 1887/2024. This has significantly increased customs duties and other taxes and has badly affected the business costs of importers. The LCCI president further said that some mobile accessory brands included in the new ruling are also being manufactured locally. He requested that locally manufactured products and brands should be properly identified and necessary changes should be made in the ruling. He also requested a fresh review of Valuation Ruling No. 2105/2026. Faheem also raised the issue of Valuation Ruling No. 2094/2026 concerning perfumes, cosmetics, deodorants and related products. He said that, according to the business community, customs values of a large number of well-known international brands have been fixed considerably higher than prevailing international market prices and actual import prices. Speaking about the valuation of perfumes and cosmetics, Irfan Wahid said that the matter had already been reviewed and a number of review applications had been filed. He said that many people had also participated in the hearings and presented their concerns. He said that local industry and importers may have their own interests and, at times, these interests may conflict. However, the basic principles in determining values should be fairness and impartiality. The Directorate General and officers issuing valuation rulings always try to ensure that the values determined are fair. He said if there is any issue or mistake in a valuation ruling, businesses have the right to raise the matter through the review process. A further appeal mechanism is also available. According to Irfan, around 50 items are currently being valued on the basis of international publications and global market prices, and efforts are being made to increase this number. He said this would help reduce discretion, uncertainty and unexpected changes in valuation. He said international prices are mostly available for raw materials and basic commodities, while direct international prices are not always available for finished products or products with different specifications. Therefore, research reports, market analysis and other studies are needed to ensure that valuations are not only fair but also reflect actual market conditions. Regarding mobile accessories, Irfan said the issue had also been discussed in the pre-meeting held before the main session. He said the values of some items had been reduced while the values of others remained unchanged. However, the main concern of the business community was the way different brands had been placed in different categories. Copyright Business Recorder, 2026
WEEKLY COTTON REVIEW: GOODS TRANSPORTERS’ STRIKE DISRUPTS TRADE ACROSS COUNTRY
Date: 2026-08-17
Details: Published August 17, 2026 Updated about 4 hours ago KARACHI: Business in the cotton and textile sectors has come to a near standstill as a prolonged strike by goods transporters continues to disrupt trade across the country. Traders report that while prices in the limited cotton transactions that did take place remained stable, overall trading volume has shrunk to almost nothing. The ginning and textile industries are said to be gripped by growing anxiety over the standoff, with trade and industrial bodies jointly appealing to the authorities to bring the strike to a swift end. Shamlal Manglani, Chairman of the Pakistan Cotton Ginners Association (PCGA), said the crisis has been compounded by what he described as excessive government taxation, which has forced ginning factories to shut down in large numbers. He noted that of the twelve hundred ginning factories once operating nationwide, only four hundred remain in business, with the sector continuing to contract by the day. Khurram Mukhtar, Chairman of the Pakistan Textile Exporters Association (PTEA), warned that the transporters’ extended wheel-jam strike has left export goods worth billions of dollars stranded in mills and factories, raising fears that buyers abroad may begin cancelling contracts if shipments are delayed much longer. In response to the disruption, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on authorities to waive demurrage charges on goods held up as a result of the strike. Separately, the dispute over the Karachi Cotton Association’s premises remains unresolved. The Sindh High Court had granted the association temporary relief in an order issued on June 17, permitting it to resume business activities inside the building. Yet, more than sixty days after that ruling, the association says it has still been denied access to the premises. The cotton business in the local market is suffering badly as a prolonged transport strike and nationwide blockade continues to disrupt supply chains, leaving both ginners and textile mills deeply concerned. While limited cotton deliveries are still being made in parts of Sindh, the rest of the country remains gripped by a severe transport shutdown. According to market sources, deals for nearly 60,000 bales of cotton have already been finalized in Sindh, but delivery of this cotton remains stalled because freight transport has come to a complete halt. Meanwhile, Khurram Mukhtar, Chairman of the Textile Exporters Association, revealed that goods worth 50,000 dollars meant for export have been stuck in transit for the past five days as a direct result of the strike. Talks between transporters and the government have repeatedly broken down. Federal Minister Haleem Khan has signalled that fresh negotiations are scheduled for Monday, August 17, suggesting the strike is likely to persist until at least that date. In terms of prices, cotton in Sindh traded between 18,200 and 18,300 rupees per maund, with phutti (seed cotton) selling at 7,000 to 8,000 rupees per 40 kilograms. In Punjab, cotton prices ranged from 18,500 to 19,000 rupees, while phutti sold between 8,400 and 9,400 rupees. In Balochistan, cotton prices stood at 18,300 to 18,500 rupees, with phutti trading between 8,400 and 9,200 rupees. Prices of cottonseed cake, cottonseed, and cottonseed oil remained stable throughout the week. The Spot Rate Committee of the Karachi Cotton Association maintained the spot rate steady at 18,300 rupees per maund. Chairman of the Karachi Cotton Brokers Forum, Naseem Usman, has said that international cotton prices are showing an upward trend, with New York cotton futures currently trading between 84 and 88 US cents per pound. According to the US Department of Agriculture’s (USDA) weekly export and sales report, a total of 905,000 bales were sold for the 2026-27 season. Vietnam emerged as the top buyer, purchasing 222,500 bales, followed by Pakistan in second place with 164,200 bales, while Bangladesh secured third position with 81,100 bales. On the export front, a total of 67,900 bales were shipped during the period. Vietnam once again led the way, importing 23,800 bales, followed by India, which imported 15,800 bales, while Pakistan came in third with 11,500 bales imported. Shamlal Manglani, Chairman of the Pakistan Cotton Ginners Association (PCGA), used a childhood memory from the film Sholay to describe the ginning industry’s relationship with the Federal Board of Revenue (FBR), while addressing a dinner held in honour of the FBR chairman. Recalling the iconic villain Gabbar from the film, Manglani said that in his village, mothers would warn disobedient children at bedtime that Gabbar would come if they did not sleep. He said the ginning industry today lives under a similar shadow of fear, constantly worried that the FBR’s enforcement measures could strike at any time. Manglani said that rather than fostering facilitation and confidence among the business community, the FBR’s policies and tax procedures have instead bred an atmosphere of apprehension and uncertainty. He called on the FBR chairman to reform the tax system along business-friendly lines and to design policies that support industrial growth, protect commercial activity, and strengthen the foundations of the national economy. The PCGA chairman also drew attention to the challenges confronting the cotton industry, stressing the need for urgent and effective government intervention to prevent the sector from slipping further into crisis. The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has voiced serious concern over the ongoing transporters’ strike, warning that disruptions to the movement of goods are creating severe difficulties for exporters and posing a grave threat to the country’s export supply chain. PHMA Southern Zone Chairman Faisal Irshad Sheikh said uninterrupted movement of export cargo is critical to Pakistan’s international trade, particularly for the textile and garment sector. He noted that export shipments are bound by fixed vessel schedules, terminal cut-off times, and strict delivery commitments to international buyers, and that any disruption to transportation results in significant financial losses while eroding Pakistan’s export competitiveness. Separately, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh called on the Ministry of Maritime Affairs — particularly port authorities and terminal operators — to immediately provide financial relief to the business community by granting a complete waiver of demurrage and detention charges, in order to offset the mounting losses already incurred. He expressed deep concern over the deepening crisis nationwide, pointing out that the wheel-jam strike by transporters, now in its tenth day, has yet to see a peaceful resolution of grievances. Sheikh stressed that the prolonged strike is inflicting severe damage on the national economy, with cargo handling operations at the ports having come to a near standstill. As a direct consequence, imported goods remain stranded at the ports, and the timely delivery of key export orders has become practically impossible. Copyright Business Recorder, 2026
INDIAN SHARES SET FOR MUTED START AS CRUDE REMAINS AT ELEVATED LEVELS
Date: 2026-08-17
Details: • GIFT Nifty futures were at 24,399 points as of 7:24 a.m. IST, indicating a muted start for the benchmark Nifty 50 index, which closed at 24,366 on Friday Published August 17, 2026 Updated about an hour ago Indian shares were expected to start the week on a muted note on Monday, extending the cautious sentiment seen last week, as a lack of progress towards ending the Iran war kept crude oil prices elevated. GIFT Nifty futures were at 24,399 points as of 7:24 a.m. IST, indicating a muted start for the benchmark Nifty 50 index, which closed at 24,366 on Friday. Iran called on the U.S. to accept defeat on Saturday, while President Donald Trump called Tehran “very evil†and told â Americans to prepare for continued high fuel prices as a result of the war. MSCI’s broader index for Asia-Pacific stocks outside Japan was little changed on Monday, while investors kept a wary eye on oil prices. Brent crude futures hovered around $89 per barrel, up 0.7% on the day. India’s benchmark Nifty 50 and the BSE Sensex fell 0.8% and 0.6%, respectively, last week, as lingering uncertainty in the Middle East and elevated crude oil prices tempered risk appetite. Higher crude prices pose a challenge â for India, the world’s third-largest oil importer, as they could worsen the country’s import bill, fuel inflation and pressure corporate margins. Foreign investors turned buyers of Indian equities on Friday, after three consecutive sessions of selling. They bought shares worth 5.08 billion rupees on â a net basis, while domestic institutional investors bought 3.56 billion rupees of shares on a net basis.
ASIAN SHARES MARK TIME AS GULF WAR KEEPS OIL PRICES UP
Date: 2026-08-17
Details: • On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan was flat Published August 17, 2026 Updated about an hour ago SYDNEY: Asian shares drifted sideways on Monday while investors kept a wary eye on oil prices, which notched sizeable gains last week as the lack of progress towards ending the Iran war kept inflation risks tilted to the upside. Progress towards peace talks and oil tanker traffic through the strategic Strait of Hormuz remained halted. Iran on Saturday called on the US to accept defeat, while President Donald Trump urged Americans to accept higher gasoline prices while the conflict continues. At least 11 people were killed in Israeli strikes in southern Lebanon on Saturday, the Lebanese health ministry said, some of the deadliest in the weeks since the country agreed to a US-mediated peace framework with neighbouring Israel. Brent crude was steady at $88.50 a barrel after rising 6% last week, while US crude slipped 0.3% to $82.12 a barrel, having gained 5.4% last week. “While there is still no resolution to the Iran/Hormuz impasse, our base case remains that oil prices â will stay in a $70-$100 range with Iran preventing it going lower and the US moving to try and calm things down whenever it gets above $100,†Shane Oliver, chief economist at AMP, said in a note. “The risk remains that there will be no sustainable peace deal, the flow of oil out of the Middle East remains down 10%-15% on normal levels and that we will have to face higher oil prices as reserves run down.†On Monday, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei edged 0.4% higher. Australia’s resources-heavy shares slipped 0.3%. South Korea’s stock markets are closed on Monday for a public holiday. Trump has instructed the Pentagon to substantially reduce joint military exercises with the country. All eyes are on the release of China’s activity data for July on Monday after its exports boomed on robust global AI demand to support the world’s second largest economy. Forecasts â are centered on a slowdown in industrial output growth to 4.8%, from 5.3% previously, while retail sales likely rose 1.5%. For Europe, EUROSTOXX 50 futures rose 0.2%. S&P 500 futures gained 0.1%, having hit a record last week, while Nasdaq futures firmed 0.2%. The bullish run in stocks has been driven by diminishing risk that the Federal Reserve will not raise interest rates next month, which is now seen as a 69% probability event after a slew of soft data. US retail sales posted the first â decline in nine months in July and consumer sentiment soured by more than expected, adding to soft inflation readings that took out the impetus for the Fed to hike immediately. The main data point this week is the August S&P Purchasing Managers’ Indices (PMIs) to see if the mid-year acceleration in U.S. business activity would be sustained. â Earnings are lighter this week but include Home Depot, Target, Walmart as investors scrutinise the strength of US consumers. In bond markets, U.S. Treasury yields slipped on Monday after finishing last week mixed. The two-year U.S. Treasury yield fell 2 basis points to 4.156%, having fallen 3 basis points last â week to touch a seven-week low of 4.0977%. Ten-year yields slipped 1 basis point to 4.684%, after rising 4 basis points last week. The soft run of data has weighed on the U.S. dollar, with the euro up 0.1% at $1.1578, just off a two-month peak of $1.1585. The dollar slipped 0.1% on the yen to 159.15 . In commodity markets, gold held at $4,381 an ounce , having climbed 0.8% last week.
WALL STREET WEEK AHEAD: WITH FED MUM ON NEXT MOVE, INVESTORS LOOK TO EARNINGS
Date: 2026-08-17
Details: Published August 17, 2026 Updated about 4 hours ago NEW YORK: Investors head into next week weighing familiar concerns over interest rates, inflation and geopolitical tensions against another robust earnings season that continues to keep stocks supported. With little fresh guidance from policymakers and uncertainty brewing over the US Federal Reserve’s next move, many investors are increasingly looking to corporate earnings — fueled in part by spending on AI infrastructure — to validate bullish assumptions and offset macroeconomic risks. “The primary thing is going to continue to be the Federal Reserve,†said Shawn Snyder, economic strategist at Potomac Fund Management. He sees the August 27 to 29 Jackson Hole symposium as the next major opportunity for policymakers to provide clarity on how they are interpreting inflation and growth. “If you can’t look to the Fed for guidance, then you have to increasingly look to earnings for guidance.†For investors like Snyder, the focus is less on a specific rate signal and more on whether policymakers can articulate a credible framework for navigating inflation and growth after bouts of mixed messaging. That uncertainty has kept markets closely focused on real Treasury yields — returns adjusted for inflation — a key driver of asset prices. Rising yields can pressure technology stocks and other long-duration assets by increasing financing costs. The dynamic is particularly important for AI-related companies and hyperscalers whose shares have been among the market’s biggest drivers this year. The S&P 500 hit a record high on Thursday as technology shares climbed and falling oil prices boosted risk appetite after a softer-than-expected US producer price report. Treasury yields also fell as markets pared back rate-hike expectations next month. Stocks and the S&P 500 information technology index have notched modest gains this week. Even so, investors remain alert to signs inflation could reaccelerate. Elevated energy prices and stalled US-Iran talks have raised concerns that oil markets could jolt higher, potentially adding pressure to consumer prices and bond yields. For now, however, strong corporate results have helped contain volatility. About 85 percent of S&P 500 companies reporting have beaten earnings estimates, with profits up 32.7 percent excluding mark-to-market gains at Alphabet and Amazon, according to LSEG data. Earnings results from Walmart and chipmaker Analog Devices will offer fresh clues into the health of the US consumer and broader economy. “Not only have we seen earnings beats and revenue beats so far, we’re also seeing a lot of upside guidance as well and limited downside guidance from companies. They’re the ones telling us, ‘hey, the party is still on’,†said Andy Pratt, director of investment strategy at Burney Company. “When you look at what are the things driving inflation right now, they’re … one-time shocks rather than something more persistent.†Earnings strength has been especially notable among companies tied to AI-related infrastructure spending, a theme investors expect to remain front and center in coming weeks. For Chris Grisanti, chief market strategist at MAI Capital Management, hyperscaler spending plans are among the most important developments to watch. Recent earnings reports, he said, have increasingly clarified which companies stand to benefit most from the AI boom. Big Tech’s AI spending is set to rise past USD700 billion this year from USD400 billion in 2025, and the scale of those investments has fueled questions about whether hyperscalers can generate sufficient returns to justify the massive capital outlay. Yet, Grisanti dismissed concerns that those companies are overextending themselves financially, arguing their balance sheets remain among the strongest in corporate America and that aggressive investment reflects strong demand. “If you were running that business, you would beg, borrow, and steal to get more money to put into that business,†he said, referring to some of the fast-growing cloud businesses. Still, investors acknowledge that oil prices and geopolitical developments could yet complicate the inflation and interest rate outlook. But after another earnings season marked by upbeat guidance and heavy AI investment, many see corporate America as the strongest current defense against those risks. “It’s a nice time to be an equity investor because earnings trump all the other problems,†said Grisanti. “I think that will become clear as the second half (unfolds).â€
MOST GULF BOURSES GAIN DESPITE STALLED IRAN TALKS
Date: 2026-08-17
Details: Published August 17, 2026 Updated about 4 hours ago DUBAI: Most Gulf stock markets rose on Sunday despite ongoing regional uncertainty, with peace talks showing no signs of progress and oil tanker traffic through the strategic Strait of Hormuz yet to fully resume. Iran urged the United States on Saturday to concede defeat, while President Donald Trump branded Tehran “very evil†and warned Americans to expect persistently high fuel prices because of the war. Saudi Arabia’s benchmark index advanced 0.9 percent, led by a 1.5 percent rise in Al Rajhi Bank and a 1 percent increase in oil major Saudi Aramco. On Friday, Brent futures settled at USD88.52 a barrel, up USD1.45, or 1.67 percent. Elsewhere, Tihama for Advertising, Public Relations and Marketing Co rose 7.3 percent after its board terminated Chief Executive Hussain Masoud Al-Dossari’s contract. The company named Shakir Ahmed Saleh Al-Saleh as the new CEO. In Qatar, the index added 0.2 percent, helped by a 1.5 percent rise in the Gulf’s biggest lender Qatar National Bank . Outside the Gulf, Egypt’s blue-chip index advanced 1.1 percent, with Telecom Egypt increasing 3.6 percent, extending gains from the previous session following a steep rise in quarterly profit.
FTSE 100 LOGS FIRST WEEKLY DROP IN FIVE AS MINERS RETREAT
Date: 2026-08-17
Details: Published August 17, 2026 Updated about 4 hours ago LONDON: London’s FTSE 100 closed lower on Friday as miners retreated alongside a dip in copper prices, though software and data companies rebounded after the report of a large deal in the sector. The blue-chip FTSE 100 dipped 0.2 percent to 10,750.11 points to register its first weekly decline since early July. The midcap FTSE 250 edged up 0.1 percent to 24,867.42 points, ending the week largely flat. Shares of miner Antofagasta dropped almost 4.6 percent, down sharply for the second consecutive day after its production outlook disappointed on Thursday and copper prices fell after a recent rally. The FTSE 350 industrial metal and mining index registered a 4.1 percent drop this week, marking its weakest weekly performance since late June. Among gainers, shares of Sage Group, Experian and RELX climbed 1.4 percent to 4.4 percent, respectively, after Reuters reported private equity firm Silver Lake was in talks to acquire US software firm Workday, lifting the sector. Global stocks traded just below record highs as benign US inflation data this week tempered expectations of Federal Reserve interest rate hikes this year. Still, a lack of progress towards a lasting peace deal between the United States and Iran has weighed on sentiment and kept crude prices on track for weekly gains. Transit through the Strait of Hormuz appeared to grind to a near standstill after two more ships were attacked there and the United States said it could maintain a naval blockade of Iran indefinitely. Bank of England Chief Economist Huw Pill told the Wall Street Journal that stronger-than-expected British economic growth figures reinforced the case for higher borrowing costs to bring inflation back to target, after data showed a surprise 0.3 percent rise in the UK’s gross domestic product in June. Traders expect at least one 25-basis-point rate hike from the BoE by the end of this year, according to LSEG-compiled data. Ladbrokes owner Entain rose 2.1 percent as it beat first-half profit expectations, while identity technology company GB Group sank nearly 31 percent, its steepest one-day fall ever,after cutting its annual revenue growth forecast.
OIL HANGS ONTO GAINS AS US-IRAN PEACE TALKS STALL, HORMUZ SHIPPING SLOWS
Date: 2026-08-17
Details: • Brent crude futures were unchanged at $88.55 Published August 17, 2026 Updated about an hour ago NEW DELHI/SINGAPORE: Oil prices were mostly steady on Monday, maintaining gains made last week, as prospects for a lasting US-Iran peace deal appear increasingly remote and fears of supply disruptions in the Strait of Hormuz are ever present. Brent crude futures were unchanged at $88.55 by 0128 GMT, while US West Texas Intermediate crude futures â slipped 14 cents to $82.26 a barrel. Both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery. Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US while US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues. Global gas demand to fall 0.5pc as tighter supply raises prices: IEA “Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the â US and Iran have faded and geopolitical risk premiums have returned to the market,†said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore. “However, I see limited upside from here unless we get clear evidence of renewed aggression in the Strait of Hormuz, particularly material damage â to tankers or oil infrastructure,†she said. Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers. Five commodity vessels transited the strait on Saturday, with none â registered for Sunday, shiptracking data from Kpler showed, versus 31 for the prior weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was â transiting the strait on Friday, the Emirati state news agency WAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday evening.
CUSTOMS PREVENTIVE OFFICER PENALISED FOR NEGLIGENCE IN GD CLEARANCE
Date: 2026-08-13
Details: Written by Faisal Shahnawaz in Taxation FBR withholds two increments from a Preventive Officer after undeclared goods were found in a consignment cleared following a detailed examination. KARACHI: The Federal Board of Revenue (FBR) has imposed a financial and career penalty on a Preventive Officer for negligence in examining a customs declaration after a subsequent inspection uncovered substantial quantities of undeclared goods. The disciplinary action was taken against Mubashir Ali, Preventive Officer (BS-16), Collectorate of Customs Appraisement (West), Karachi, who had been suspended in connection with disciplinary proceedings involving allegations of inefficiency, misconduct and corruption. The officer was suspended through an FBR notification dated December 17, 2025. According to the disciplinary order, an inquiry was initiated through an Order of Inquiry, Charge Sheet and Statement of Allegations issued on January 15, 2026. Asdaq Afzal Sensera, PCS/BS-20, was appointed as the Inquiry Officer. The Inquiry Officer submitted his report on April 14, 2026, concluding that the charge of inefficiency against the officer had been established and initially recommending the minor penalty of censure. Undeclared goods discovered in consignment The case centred on GD No. KAPW-HC-81856-05-11-2025, which had been assigned to the officer for examination through the WeBOC Risk Management System (RMS) under the red channel for detailed scrutiny. According to the FBR, the officer failed to detect concealment, misdeclaration of description and quantity, and undeclared high-value items while preparing his examination report. A subsequent detailed re-examination of the consignment uncovered 24,000 GMB-brand universal joints originating from Japan, along with refurbished laptops and auto parts that had not been declared in the Goods Declaration (GD). The FBR concluded that the officer had failed to carry out the required detailed scrutiny and thorough examination of the container. Officer cites heavy workload During the disciplinary proceedings, Mubashir Ali denied any malicious or wilful intent. He maintained that the consignment contained different types of bearings and argued that the importer had deliberately concealed the goods. The officer also cited a heavy backlog of containers awaiting examination, saying the concealment could not be detected under the circumstances. He maintained that he had conducted the examination to the best of his ability and without any mala fide intention. The FBR authority, however, rejected the explanation, observing that workload or a backlog of containers could not justify examining a consignment hastily without the required level of care and scrutiny. Misconduct and corruption charges not established After reviewing the inquiry report, show-cause notice, the officer’s reply, personal hearing proceedings and submissions from both sides, the Member (Admn/HR), FBR, found no evidence establishing wilful or malicious intent. Consequently, the charges of misconduct and corruption were not established during the inquiry. However, the authority found the charge of inefficiency and negligence to be proven, as the officer had failed to conduct a sufficiently detailed examination to detect the concealed goods. The authority also determined that the censure recommended by the Inquiry Officer was too lenient given the nature of the negligence. Two increments withheld for two years The FBR consequently imposed the minor penalty of withholding two increments for two years without cumulative effect on Mubashir Ali. The penalty was imposed with immediate effect under Rule 4(2)(b) read with Rule 16(7)(b) of the Civil Servants (Efficiency & Discipline) Rules, 2020. The officer was also reinstated into government service. His period of suspension from December 17, 2025 until the date of the order will be treated as leave, subject to the applicable provisions of the Revised Leave Rules, 1980. In addition, the FBR ordered that the officer’s performance allowance be stopped for six months from the date of the penalty. He will be required to appear afresh after completion of the six-month period. Mubashir Ali has the right to appeal against the order within 30 days of its communication under the Civil Servants (Appeals) Rules, 1977.
FBR REVISES WITHHOLDING TAX CARD FOR EXPORTS IN TY2027
Date: 2026-08-13
Details: Written by Hamza Shahnawaz in Taxation Export proceeds will face a 1.25% withholding tax, while PSEB-registered IT exporters will benefit from a lower 0.25% rate. ISLAMABAD: The Federal Board of Revenue (FBR) has issued the withholding tax card for exports for Tax Year (TY) 2027, prescribing tax deduction rates under Sections 154 and 154A of the Income Tax Ordinance, 2001. Under Section 154, the withholding tax rate on export proceeds has been set at 1.25%. The same rate applies to transactions covered under sub-sections (3), (3A), (3B) and (3C). The rates have been specified under Division-IV of Part-III of the First Schedule, read with Rule 10(c) of the Tenth Schedule of the Income Tax Ordinance, 2001. FBR sets rates for export of services The FBR has also prescribed withholding tax rates under Section 154A for the export of services. For tax years 2024 through 2029, export proceeds earned from computer software, IT services and IT-enabled services by persons registered with the Pakistan Software Export Board (PSEB) will attract withholding tax at 0.25%. For exports of services falling under any other category, the applicable withholding tax rate has been set at 1%. These rates fall under Division-IVA of Part-III of the First Schedule, read with Rule 10(ca) of the Tenth Schedule. TY2027 export withholding tax rates The updated withholding tax card sets out separate rates for exports of goods and services under the Income Tax Ordinance. • Exports under Section 154(1): 1.25% • Exports under Sections 154(3), 154(3A), 154(3B) and 154(3C): 1.25% • Computer software, IT and IT-enabled services by PSEB-registered persons: 0.25% • Other exports of services: 1% The updated tax card provides exporters and withholding agents with the applicable withholding tax rates for TY2027, while maintaining separate treatment for export proceeds from goods and services. The lower rate for PSEB-registered IT and IT-enabled service exporters provides a preferential tax treatment for a key segment of Pakistan’s services exports, while the standard rates continue to apply to other export transactions.
FBR UPDATES WITHHOLDING TAX RATES FOR GOODS AND SERVICES FOR TY2027
Date: 2026-08-13
Details: Written by Hamza Shahnawaz in Taxation New TY2027 rates under Section 153 impose substantially higher withholding tax on non-ATL taxpayers across goods, services, contracts and e-commerce. ISLAMABAD: The Federal Board of Revenue (FBR) has updated its withholding tax card for Tax Year (TY) 2027, setting out tax deduction rates applicable to payments for goods, services and contracts under Section 153 of the Income Tax Ordinance, 2001. The updated rates distinguish between taxpayers on the Active Taxpayers List (ATL) and non-ATL persons, with non-ATL taxpayers generally facing withholding tax rates twice as high as those applicable to ATL taxpayers. Withholding tax on goods Under the updated withholding tax card, the rate on the sale of rice, cotton seed and edible oils has been set at 1.5% for ATL taxpayers, compared with 3% for non-ATL taxpayers. For companies engaged in toll manufacturing, withholding tax on supplies will be deducted at 9% for ATL taxpayers and 18% for non-ATL taxpayers. For companies other than toll manufacturers, the applicable rates are 5% and 10%, respectively. For persons other than companies, supplies involving toll manufacturing will attract withholding tax at 11% for ATL taxpayers and 22% for non-ATL taxpayers. Supplies other than toll manufacturing will be subject to rates of 5.5% and 11%, respectively. Withholding tax on services The FBR has set the withholding tax rate for certain services at 7% for ATL taxpayers and 14% for non-ATL taxpayers. For IT and IT-enabled services as defined under Section 2 of the Income Tax Ordinance, the applicable rates are 4% for ATL taxpayers and 8% for non-ATL taxpayers. Independent professionals, including doctors, lawyers, architects, accountants and software engineers or developers working independently, will face withholding tax at 15% of the gross amount payable for ATL taxpayers and 30% for non-ATL taxpayers. Payments by persons to electronic and print media for advertising services will attract withholding tax at 1.5% for ATL taxpayers and 3% for non-ATL taxpayers. For companies providing terminal and port operating services, the rates have been prescribed at 12% for ATL taxpayers and 24% for non-ATL taxpayers. Other services not covered by the specified categories will be subject to withholding tax at 14% of the gross amount payable for ATL taxpayers and 28% for non-ATL taxpayers. Contract payments For payments to sportspersons, the withholding tax rate has been set at 15% for ATL taxpayers and 30% for non-ATL taxpayers. The rate applicable to contracts with companies is 7.5% for ATL taxpayers and 15% for non-ATL taxpayers. In other cases, contract payments will attract withholding tax at 8% for ATL taxpayers and 16% for non-ATL taxpayers. Export-related services The FBR has prescribed a relatively lower withholding tax rate of 1% for ATL taxpayers and 2% for non-ATL taxpayers on payments for rendering or providing specified services to exporters or export houses. The lower rates are intended to apply to qualifying export-related services under the relevant provisions of the withholding tax framework. E-commerce payments The updated TY2027 withholding tax card also covers payments for digitally ordered goods and services through e-commerce platforms, including websites. Where payments are made through digital means or banking channels by a payment intermediary, the withholding tax rate is 1% of the gross amount payable for ATL taxpayers and 2% for non-ATL taxpayers. For cash-on-delivery transactions handled by courier services, the applicable rates are 2% for ATL taxpayers and 4% for non-ATL taxpayers. Higher tax burden for non-ATL taxpayers The updated withholding tax card highlights a substantial difference between ATL and non-ATL taxpayers across goods, services and contract payments. The FBR has prescribed the rates under Section 153 of the Income Tax Ordinance, 2001, read with the relevant divisions of Part III of the First Schedule and Rule 1 of the Tenth Schedule. The TY2027 framework covers a wide range of commercial transactions, including supplies, professional services, IT services, contracts, export-related services and e-commerce payments, with non-ATL persons generally subject to significantly higher withholding tax deductions.
FBR ISSUES WITHHOLDING TAX CARD FOR PROFIT ON DEBT FOR TY2027
Date: 2026-08-13
Details: Written by Hamza Shahnawaz in Taxation Non-ATL taxpayers will face substantially higher withholding tax rates on bank deposits, government securities and Sukuk profit under the Tax Year 2027 framework. ISLAMABAD: The Federal Board of Revenue (FBR) has issued the withholding tax card for Tax Year 2027, prescribing different rates on profit on debt under Section 151 of the Income Tax Ordinance, 2001. According to the withholding tax card, profit or yield paid by a banking company or financial institution on an account or deposit maintained with the institution will attract withholding tax of 20% for taxpayers on the Active Taxpayers List (ATL) and 40% for non-ATL taxpayers. The same 20% ATL and 40% non-ATL rates will apply to yield or profit on government securities paid to any person other than an individual. For profit on debt falling outside the specified categories, the FBR has prescribed a withholding tax rate of 15% for ATL taxpayers and 30% for non-ATL taxpayers. Sukuk profit rates The FBR has also notified separate withholding tax rates on profit on debt from Sukuk issued by a Special Purpose Vehicle (SPV) or company under sub-section (1A). Where the Sukuk holder is a company, the withholding tax rate will be 25% for ATL taxpayers and 50% for non-ATL taxpayers. For an individual or association of persons (AOP) holding Sukuk with a return on investment exceeding Rs1 million, the applicable rates will be 12.5% for ATL taxpayers and 25% for non-ATL taxpayers. Where the return on investment is less than Rs1 million, the withholding tax rate will be 10% for ATL taxpayers and 20% for non-ATL taxpayers. Higher rates for non-ATL taxpayers The rates have been prescribed under Division-IA and Division-IB of Part-III of the First Schedule, read with Rule 1 of the Tenth Schedule of the Income Tax Ordinance. The withholding tax card creates a clear distinction between taxpayers appearing on the ATL and those who are non-ATL, with substantially higher rates applicable to non-ATL taxpayers across the specified categories. The rates will apply for Tax Year 2027 and cover profit or yield earned through bank deposits, government securities and specified Sukuk arrangements. The differentiated rates underline the financial impact of maintaining active taxpayer status, while the separate treatment of Sukuk reflects the tax framework applicable to different types of profit-on-debt income.
COTTON SPOT RATES
Date: 2026-08-13
Details: Published August 13, 2026 Updated about 6 hours ago KARACHI: official KCA spot rates for local dealings in Pakistan rupees on Wednesday, (August 12, 2026). =========================================================================== The kca official spot rate for local dealings in Pakistan rupees --------------------------------------------------------------------------- For base grade 3 staple length 1-1/16" Micronaire value between 3.8 to 4.9 NCL =========================================================================== Rate Ex-gin Upcountry Spot rate Spot rate Difference for price Ex-Karachi ex. Khi. as Ex-karachi on 11-08-2026 =========================================================================== 37.324 KG 18,300 280 18,580 18,580 NIL Equivalent 40 KGS 19,612 300 19,912 19,912 NIL =========================================================================== Copyright Business Recorder, 2026
INDIAN SHARES SET FOR MUTED START AS US RATE RELIEF MEETS MIDDLE EAST CAUTION
Date: 2026-08-13
Details: • GIFT Nifty futures were at 24,446 points Published August 13, 2026 Updated 7 minutes ago Indian shares were on track for a subdued start on Thursday, as easing concerns over a U.S. rate hike after the latest inflation reading were offset by stalled Middle East peace efforts. Stock-specific moves are likely to be in focus following MSCI’s index rebalancing announcement and amid the ongoing quarterly earnings season. GIFT Nifty futures were at 24,446 points as of 7:18 a.m. IST, indicating a muted start for the Nifty 50, which closed at 24,435.95 on Tuesday. U.S. consumer prices barely increased in July, further reducing the likelihood of a Federal Reserve interest rate hike next month after soft jobs data released last week. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%, led by â a 4.4% jump in South Korean shares following the inflation data. MKTS/DATA Lower interest rates in the U.S. can push Treasury yield and dollar lower, making emerging market equities such as India attractive for foreign investors. India’s retail inflation data, released after market hours on Wednesday, showed consumer prices accelerated in July to 4.45%, but is still unlikely to push the central bank to hike interest rates over the next few months. Oil prices fell 1% on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the U.S.-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market. Iran and the U.S. remained at loggerheads â over efforts to agree a permanent end to the war in the Gulf, Reuters reported on Thursday, citing a senior Iranian source, who said there had been no progress in talks to revive the interim deal agreed in June. ’Although Brent crude has eased modestly to below $89 per barrel, the unresolved situation in the Strait of Hormuz continues to keep â the geopolitical risk premium in energy markets elevated,“ said Hariselvan Radhakrishnan, founder and CEO of HST Wealth. Meanwhile, MSCI will add Laurus Labs, Lenskart, Adani Energy Solutions, and Groww to its flagship index, as part of a periodic review.
ASIAN STOCKS RISE AS US INFLATION DATA DENTS SEPTEMBER FED HIKE BETS
Date: 2026-08-13
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.97% Published August 13, 2026 Updated 10 minutes ago TOKYO: Asian stocks rose on Thursday after US inflation data came in as expected, dampening expectations of further near-term Federal Reserve rate hikes, while oil held near $80 a barrel as Washington and Tehran remained deadlocked over efforts to end the Gulf war. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.97%, led by South Korean shares jumping 4.4%. Japan’s Nikkei gained 1.86%, while S&P 500 E-minis were up 0.02%. U.S. consumer prices increased 0.1% in July, in line with expectations, data showed on Wednesday. The small increase could weaken the argument for an interest rate increase â from the Fed next month. Money markets are predicting a 40% chance of a rate hike, down from 54% a week ago, according to CME Group’s FedWatch. With August CPI data due before next month’s Federal Open Market Committee meeting and crude oil futures rising moderately since July, “both the Fed and markets will likely want to assess the data right up until just before the September FOMC,†said Den Miki, senior rate strategist at SMBC Nikko Securities, in a note. Wall Street ended mixed overnight, with the Nasdaq Composite and the S&P 500 eking out small gains while the Dow Jones Industrial Average slipped. Oil prices eased but remained elevated in Asia. US crude fell 0.83% to $82.58 a barrel and Brent fell to $88.35 per barrel, down 0.71% on the day. Iran and the U.S. remained at â loggerheads over efforts to agree a permanent end to the war in the Gulf, with talks to revive a June interim agreement making no headway and no timetable set for its implementation, a senior Iranian source said. President Donald Trump said the US has “total control†over the Strait of Hormuz, a claim swiftly rejected by Iran, which said the route remained blocked. Against the yen , the dollar softened 0.06% to 159.32, amid growing speculation that the Bank of Japan â would hike interest rates next month, earlier than the previously expected December timeline. Those expectations were reinforced by Japan’s wholesale prices, which rose 7.2% in July from a year earlier, highlighting broadening price pressures. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, â was steady at 99.93. The yield on benchmark US 10-year notes rose 0.62 basis points to 4.688%, from 4.682% late on Wednesday. Reserve Bank of Australia Assistant Governor Christopher Kent said the three cash rate increases earlier this year were having their intended effects and â would, over time, discourage spending. Speaking at a REUTERS NEXT Newsmaker event in Sydney, Kent said it would take “some time for tighter monetary policy to have its full effect on economic activity and inflation.†The Australian dollar held broadly versus the greenback at $0.7062. Spot gold rose 0.28% to $4,419.28 an ounce and spot silver gained 0.3% to $65.50 an ounce.
NIKKEI ENDS HIGHER ON CHIPMAKERS’ BOOST AHEAD OF US DATA
Date: 2026-08-13
Details: Published August 13, 2026 Updated about 6 hours ago TOKYO: Japan’s Nikkei share average rose on Wednesday ahead of key US inflation data, supported by chip stocks and gains in South Korean shares, while jitters persisted over fading prospects for a breakthrough in the Middle East conflict. The Nikkei climbed 0.83 percent to close at 67,524.06, after swinging between gains and losses earlier in the session. The broader Topix ended 0.94 percent higher at 4,139.00. All eyes are on the US Consumer Price Index, due later in the day, for clues to the direction of Federal Reserve interest rates. Semiconductor-related shares, which weigh heavily on Japan’s benchmark Nikkei index, turned positive after a mixed start. Memory chipmaker Kioxia gained 3.87 percent while chip manufacturing equipment maker Tokyo Electron added 2.61 percent. Tech-heavy South Korea’s index, which often moves in tandem with Nikkei, jumped 3.68 percent.
AI EARNINGS LIFT S&P 500, NASDAQ AS INFLATION DATA CALMS RATE-HIKE JITTERS
Date: 2026-08-13
Details: Published August 13, 2026 Updated about 6 hours ago NEW YORK: The S&P 500 and the Nasdaq rose on Wednesday as upbeat earnings from AI infrastructure firms boosted technology stocks, while largely in-line inflation data reinforced bets the US Federal Reserve will hold interest rates steady in September. The S&P 500 information technology sector jumped 1.2 percent, leading sector gains on the benchmark index as investors bet on AI-fueled demand sustaining momentum. CoreWeave surged 19 percent after the AI cloud company lifted its annual capital spending forecast and topped second-quarter earnings estimates. Other AI infrastructure providers also rose, including data-center operators IREN and Applied Digital, which gained 7 percent and 3.4 percent, respectively. Neocloud company Nebius Group jumped 25 percent, helped by second-quarter results. Super Micro Computer topped the S&P 500 with a 15 percent climb after the AI-server maker forecast fiscal 2027 revenue above Wall Street expectations. Chipmakers gained, with Nvidia rising 2.6 percent and Micron Technology adding 6.4 percent. The broader semiconductor index advanced about 3.1 percent and was on track for its biggest one-day jump in more than a week. “(AI trades) have more to run for good reason. There’s tremendous funding ahead and revenue scale for many… there’s further legs ahead. The demand for compute is at record highs,†said Eric Schiffer, chairman of The Patriarch Organization, a Los Angeles-based family office. “You’re going to see continued signs and signals and deals and funding related to AI and AI has been powering this market.†At 11:59 a.m. ET, the Dow Jones Industrial Average rose 9.21 points, or 0.02 percent, to 53,801.06, the S&P 500 gained 14.39 points, or 0.19 percent, to 7,742.59 and the Nasdaq Composite gained 102.48 points, or 0.39 percent, to 26,547.92. The gains brought the tech-heavy Nasdaq within 2.2 percent of a record high. The S&P 500 and the Dow have already scaled peaks last week as upbeat earnings lifted sentiment. Wall Street’s fear gauge, the CBOE Volatility Index, briefly touched a seven-month low and was last down 0.49 points at 14.79. Investors also assessed US consumer prices data, which increased slightly in July, weakening the argument for the central bank to hike interest rates next month. Traders are now pricing in a 62 percent chance of the Fed holding rates at its September meeting, according to CME’s FedWatch Tool. Before the data was released, they were split between a hike and no change. Economic data, especially inflation figures, have drawn increased scrutiny as elevated energy prices due to the Middle East conflict raised rate-hike bets and Fed Chair Kevin Warsh stayed firm on muted forward guidance. The situation in the Middle East remained volatile as a senior Iranian source said there had been no progress in talks to revive the interim deal agreed in June and define a timeframe to implement it, while shipping attacks continued. In other stocks, Cava Group advanced 13.3 percent after the restaurant chain beat Wall Street expectations for second-quarter sales and core profit. Lumentum Holdings added 15 percent after the photonic product maker forecast first-quarter revenue above analysts’ expectations and beat fourth-quarter estimates. Advancing issues outnumbered decliners by a 1.4-to-1 ratio on the NYSE and by a 1.25-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows, while the Nasdaq Composite recorded 79 new highs and 74 new lows.
CHINESE SHARES CLOSE HIGHER AS TECH LEADS
Date: 2026-08-13
Details: Published August 13, 2026 Updated about 6 hours ago HONG KONG: Chinese stocks edged higher on Wednesday, led by gains in technology and property shares, while investors awaited key US inflation data amid geopolitical tensions. At market close, the Shanghai Composite index was up 0.3 percent at 3,946.68 points. China’s blue-chip CSI300 index was up 0.6 percent. Tech sectors led gains, with the startup board ChiNext Composite index higher by 1.5 percent and Shanghai’s tech-focused STAR50 index gaining 1.6 percent. The CSI Semiconductor Index added 2 percent and the CSI AI Index climbed 1 percent. The CSI 5G Communications Index was up 3 percent, with heavyweight Zhongji Innolight up 3.8 percent. “Technology sentiment is stabilizing as much of the recent bearishness appears priced in,†UBS analysts said in a note. Property shares also surged, with the CSI 300 Real Estate Index closing up 3.6 percent. Around the region, shares edged higher on Wednesday as geopolitical tensions rose ahead of key US inflation data. The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping on Tuesday as prospects for ending the Iran war appeared to dim, with Tehran saying the Strait of Hormuz would remain closed unless Washington accepts its conditions. “Although uncertainties remain, including company-specific risks during the earnings season and occasional shifts in the geopolitical environment, negative factors weighing on the market have eased compared with July,†analysts at China Dragon Securities said in a note. The policy backdrop has also become clearer, which should help stabilise the market and support a rebound, they added. In Hong Kong, the benchmark Hang Seng Index was down 0.8 percent at 25,440.17, and the Hang Seng Tech Index was down 1 percent.
SOUTH KOREA LEADS ASIAN STOCKS HIGHER
Date: 2026-08-13
Details: Published August 13, 2026 Updated about 6 hours ago BENGALURU: Most Asian stocks gained on Wednesday, led by South Korean equities as solid results for AI-linked US stocks boosted risk plays, while regional currencies were subdued on higher oil prices ahead of key US data. The MSCI EM Asia equity index rose 1.1 percent as upbeat capital expenditure plans and forecasts from AI cloud firm CoreWeave and Super Micro Computer bolstered confidence that the AI investment boom still has room to run. Tech-heavy KOSPI closed 3.7 percent higher. Its recent declines into bear market territory marked a steep pullback from AI-related stocks on anxiety surrounding the sustainability of massive capital expenditures. Chipmaker Samsung Electronics closed up 6.7 percent, and SK Hynix ended 5.5 percent higher. Elsewhere, Jakarta’s benchmark led gains in Southeast Asia with a 1.2 percent rise. Stocks in the Philippines and Malaysia followed with gains of 0.6 percent and 0.3 percent, respectively. Singapore stocks eased 0.7 percent after scaling record high levels last session. Currencies, however, remained tepid with soaring oil costs continuing to drag import-reliant economies. The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early morning missile launch by North Korea. The Indonesian rupiah extended its weakness into another session, shedding as much as 0.3 percent to trade at 17,885 per US dollar.
FBR NOTIFIES DIVIDEND WITHHOLDING TAX RATES FOR TY2027
Date: 2026-08-12
Details: Written by Hamza Shahnawaz in Taxation New tax card sets different dividend withholding rates based on recipient status, investment vehicle and source of income. ISLAMABAD: The Federal Board of Revenue (FBR) has notified withholding tax rates on dividend payments for Tax Year 2027, with rates varying according to the nature of the recipient, type of dividend income and taxpayer status. According to the FBR’s withholding tax card for Tax Year 2027, dividends paid by Independent Power Producers (IPPs) will attract withholding tax at 7.5% for persons on the Active Taxpayers List (ATL), compared with 15% for non-ATL persons. For Real Estate Investment Trusts (REITs) and dividend payments other than those specifically covered under the relevant provisions of Division-I, Part-III of the First Schedule, the withholding tax rate has been set at 15% for ATL taxpayers and 30% for non-ATL taxpayers. Mutual fund dividend tax rates The FBR has prescribed separate withholding tax rates for dividends distributed by mutual funds, with the applicable rate depending on the source of the mutual fund’s income. For ATL taxpayers, the rate is 25% for income derived from debt securities and 15% for income derived from equities. Non-ATL taxpayers will face significantly higher rates of 50% on income derived from debt securities and 30% on income derived from equities. For mutual funds deriving 50% or more of their income from profit on debt, the withholding tax rate has been fixed at 25% for ATL taxpayers and 50% for non-ATL taxpayers. Zero tax on certain REIT dividends The tax card provides a zero withholding tax rate on dividends received by a REIT scheme from a Special Purpose Vehicle (SPV). The applicable rate in such cases is 0% for both ATL and non-ATL taxpayers. However, dividends received by other persons from an SPV, as defined under the Real Estate Investment Trust Regulations, 2015, will attract substantially higher withholding tax. The rate has been set at 35% for ATL taxpayers and 70% for non-ATL taxpayers. Higher rates for companies claiming exemptions or tax credits The FBR has also prescribed a withholding tax rate of 25% for ATL taxpayers and 50% for non-ATL taxpayers where a company receiving dividend income is not paying tax because of an income exemption, carry-forward of business losses or a claim of tax credits under the relevant provisions of the Income Tax Ordinance, 2001. The differentiated rates reflect the tax treatment applicable to various investment vehicles and sources of dividend income under the income tax framework. Tax rates applicable for Tax Year 2027 The rates have been notified under Division-I, Part-III of the First Schedule, read with Rule 1 of the Tenth Schedule, as part of the withholding tax framework applicable for Tax Year 2027. The tax card shows a substantial difference between the rates applicable to ATL and non-ATL taxpayers. In several categories, non-ATL recipients face double the withholding tax rate applicable to taxpayers maintaining active status. The latest notification therefore highlights the importance of maintaining ATL status for investors receiving dividend income, while also providing different tax treatment according to the nature and source of the dividend.
FBR ISSUES WITHHOLDING TAX CARD FOR IMPORTS FOR TY2027
Date: 2026-08-12
Details: Written by Hamza Shahnawaz in Taxation New tax card sets higher withholding rates for non-ATL importers, with separate rates for commercial imports, pharmaceuticals, EV kits and mobile phones. ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued the withholding tax card for Tax Year 2027, prescribing different tax rates on imports based on the category of goods, importer status and relevant provisions of the Income Tax Ordinance, 2001. Under the tax card, importers appearing on the Active Taxpayers List (ATL) will generally be subject to lower withholding tax rates than non-ATL importers. The rates vary significantly depending on the category and nature of imported goods. For goods covered under Part-I of the Twelfth Schedule, the withholding tax rate has been set at 1% for ATL importers and 2% for non-ATL importers. For goods falling under Part-II of the Twelfth Schedule, the applicable rate is 2% for ATL taxpayers and 4% for non-ATL taxpayers. Commercial importers of Part-II goods will face higher rates of 3.5% for ATL taxpayers and 7% for non-ATL taxpayers. Higher rates apply to Part-III goods The tax burden rises further for goods covered under Part-III of the Twelfth Schedule. For these imports, the withholding tax rate is 5.5% for ATL importers, compared with 11% for non-ATL importers. Commercial importers of Part-III goods will be subject to rates of 6% for ATL taxpayers and 12% for non-ATL taxpayers. The differential rates mean that non-ATL commercial importers of Part-III goods face a withholding tax rate twice that applicable to ATL commercial importers. Special rates for selected sectors The FBR tax card also provides specific withholding tax rates for certain products and sectors. Manufacturers covered under SRO 1125(I)/2011 dated December 31, 2011 will face a rate of 1% for ATL importers and 2% for non-ATL importers. For pharmaceutical products, the applicable withholding tax rates are 4% for ATL taxpayers and 8% for non-ATL taxpayers. Imports of completely knocked-down (CKD) kits for electric vehicles (EVs) will attract withholding tax at 1% for ATL importers and 2% for non-ATL importers. Separate withholding rates for mobile phones The FBR has prescribed separate withholding tax rates for mobile phones based on their Pakistan Customs Tariff (PCT) classifications. For mobile phones falling under PCT 8517.1219, the rates range from Rs70 to Rs11,500 for ATL taxpayers and from Rs140 to Rs23,000 for non-ATL taxpayers. For mobile phones classified under PCT 8517.1211, the applicable rates range from nil to Rs5,200 for ATL taxpayers and from nil to Rs10,400 for non-ATL taxpayers. The mobile phone rates are referenced to Part-II of the First Schedule, read with Rule 1 of the Tenth Schedule, as specified in the FBR’s withholding tax card. Non-ATL importers face higher tax burden The withholding tax card highlights a significant difference between the tax treatment of ATL and non-ATL importers. In most categories, taxpayers who are not included on the Active Taxpayers List face withholding tax rates that are twice those applicable to ATL importers. The difference is particularly pronounced for commercial imports and higher-rate categories under the Twelfth Schedule. The latest tax card therefore reinforces the financial incentive for importers to remain compliant with their tax filing obligations and maintain active taxpayer status. The prescribed rates will apply during Tax Year 2027 in accordance with the relevant provisions of the Income Tax Ordinance, 2001 and the schedules and rules referenced in the FBR’s withholding tax framework.
SELECTIVE BUYING SEEN ON COTTON MARKET
Date: 2026-08-12
Details: Published August 12, 2026 Updated August 12, 2026 06:04am LAHORE: The local cotton market on Tuesday remained steady and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,200 to Rs 18,300 per maund, while Phutti in the province is trading between Rs 7,000 to Rs 7,700 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,700 to Rs 18,900 per maund, with Phutti fetching between Rs 8,200 to Rs 8,800 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,400 to Rs 18,500 per maund. The rate of Phutti is in between Rs 8,600 to Rs 8,900 per 40 kg. The rate of Balochi cotton is in between Rs 19, 500 to Rs 19, 700 per maund. The Spot Rate remained unchanged at Rs 18,300 per maund. Copyright Business Recorder, 2026
OIL, GOLD PRICES RISE AS GEOPOLITICAL TENSIONS MOUNT BEFORE CPI
Date: 2026-08-12
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% Published August 12, 2026 Updated about a minute ago TOKYO: Oil and gold prices climbed while regional shares edged nervously higher on Wednesday as geopolitical tensions ratcheted up ahead of key US inflation data. The yen was mostly flat against the dollar, having unwound much of its gains following rare intervention in currency markets by Japan and the United States. The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early morning missile launch by North Korea. Markets remained focused on US consumer price index data later in the session for signals of timing for a potential Federal Reserve rate hike. “Market sentiment is lukewarm amidst lingering geopolitical risk and as market participants head into US CPI data,†Kyle Rodda. “The lack of substantial news or progress in talks, with Iran doubling down on its commitment to govern the Strait of Hormuz, is keeping the risk for oil prices skewed to the upside and U.S. indices on hold,†he added. US crude rose 0.89% to $83.94 a barrel, and â Brent advanced to $89.60 per barrel, up 0.78% on the day. Both benchmarks settled more than $1 higher on Tuesday, marking their highest closes since July 31 and extending gains after jumping about 5% on Monday. Spot gold gained 0.46% to $4,387.03 an ounce. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, while Japan’s benchmark Nikkei share gauge traded flat as the market reopened after a holiday. Four crew members of an Egyptian-owned ship were killed in an attack by Houthis on Tuesday, Yemen’s transport ministry said, while the US military said it struck a container ship attempting to sail toward an Iranian port. The fatalities would mark the first from a Houthi strike on shipping since the Iran war began on February 28. The war shows no signs of ending despite repeated claims from US President Donald Trump of an imminent deal. A North Korean ballistic missile fired off the Korean Peninsula’s east coast came days ahead of major joint military exercises by Seoul and Washington long denounced by â Pyongyang. Meanwhile, Taiwan condemned planned naval drills between China and an Indonesian warship off the island’s east coast. Wednesday’s CPI data will not capture the most recent rise in energy costs, but it could still prove instrumental in setting expectations for the Fed’s meeting next month, with money markets showing an even chance of a hike . Consumer prices are expected to edge up 0.1% in July after falling 0.4% in June, according to a Reuters poll. Annual CPI inflation is forecast to slow to 3.4% from 3.5% a month earlier. “Everyone’s got â their eyes on the CPI report,†Skye Masters, head of markets research at National Australia Bank, said on a podcast. “If you do see the print coming in at zero, I think you’ll obviously see a reasonable rally in Treasuries as the market unwinds expectations for the Fed tightening.†Markets are also increasingly pricing in an early rate hike in Japan, â putting pressure on the nation’s shorter-dated bonds. The yield on the 5-year Japanese government bonds rose to 2.1%, a record high, while the 2-year yield reached a 31-year peak of 1.63%. The dollar index , which measures the greenback against a basket of currencies, rose 0.04% to 99.85. The euro was down 0.02% at $1.1538. The Japanese yen â weakened 0.03% against the greenback to 159.31 per dollar, remaining off last week’s high of 155.20 after several suspected rounds of intervention. Sterling weakened 0.01% to $1.3501. In early European trades, the pan-region Euro Stoxx 50 futures were down 0.15% at 6,563, German DAX futures fell 0.12% at 26,444, and FTSE futures lost 0.25% to stand at 10,825. U.S. stock futures, the S&P 500 e-minis , were up 0.03% at 7,750.
INDIAN SHARES MAY OPEN HIGHER, ELEVATED CRUDE PRICES TO WEIGH
Date: 2026-08-12
Details: • GIFT Nifty futures were at 24,553 points Published August 12, 2026 Updated 9 minutes ago Indian shares may open marginally higher on Wednesday, supported by positive earnings and foreign buying, though high oil prices and caution ahead of US inflation data are likely to keep investor sentiment in check. GIFT Nifty futures were at 24,553 points, as of 8:03 a.m. IST, indicating a positive start for the Nifty 50, which closed at 24,471.7 on Tuesday. The Nifty 50 and the BSE Sensex dropped 0.5% each on Tuesday as investors worried over elevated crude oil prices. Oil extended gains and Wall Street finished lower on Tuesday as traders â grew more pessimistic about a potential deal to bring stability to the Middle East and reopen the Strait of Hormuz. The United States and Yemen’s Iran-aligned Houthis reported separate attacks on shipping on Tuesday as prospects for ending the Iran war appeared to dim. Investors were awaiting U.S. consumer and producer inflation data this week that could influence the Federal Reserve’s future rate actions. Weaker-than-expected jobs data last week had already led investors to pare bets for a near-term Fed rate hike. Lower US interest rates make emerging markets, such as India, â more attractive to foreign investors by weakening the dollar and lowering Treasury yields. Foreign investors bought shares worth 2.59 billion rupees ($27.14 million) on Tuesday, according to provisional data. This would be their ninth session of net purchase in the last 10 trading days, indicating the return of foreign investors â after a record selloff earlier this year.
CHINA, HK SHARES SLIP AS HORMUZ REOPENING HOPES FADE
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago SHANGHAI: Mainland China and Hong Kong stocks ended lower on Tuesday, as investors reassessed prospects for an end to the US-Iran conflict that has pushed up global oil prices. At the close, the benchmark Shanghai Composite index eased 0.8 percent, snapping a five-session winning streak, while the blue-chip CSI300 index also slipped 0.8 percent. The smaller Shenzhen index was down 0.5 percent, the start-up board ChiNext Composite index inched up 0.3 percent and Shanghai’s tech-focused STAR50 index lost 1.6 percent. US President Donald Trump on Monday responded to Iran’s conditions for a peace deal with his own demands that Iran pay compensation for people killed in wars, attacks and protests, in a rhetorical escalation likely to complicate efforts to reopen the Strait of Hormuz. Oil prices rose more than 2 percent on Tuesday to over one-week highs as hopes for a US-Iran deal to end the war and reopen the Strait of Hormuz faded. “Attacks on shipping and oil infrastructure in the Middle East over the weekend, together with Iran’s renewed demand for concessions and rejection of direct negotiation with the US, added further uncertainty to the prospect of reopening the Strait of Hormuz,†analysts at OCBC said in a note. In China, non-ferrous metal stocks led the declines, with a sub-index tracking the sector falling 4.7 percent. Chinese robot maker Unitree said on Monday its USD900 million Shanghai initial public offering was more than 8,000 times oversubscribed by retail investors, reflecting investor fever. In Hong Kong, the benchmark Hang Seng index lost 1.1 percent, and the city’s tech shares dropped 1.9 percent. Hong Kong’s material shares were the main dragger, with the Hang Seng material sub-index plunging 4.6 percent. Separately, investors awaited signals from US inflation data due later this week for more clues on how the Iran conflict has fanned price pressures, which could affect the Federal Reserve’s policy outlook after last week’s weak employment report tempered rate hike expectations.
EUROPEAN STOCKS PAUSE NEAR RECORD HIGHS
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago FRANKFURT: European shares ended little changed on Tuesday, hovering near record highs as optimism over a strong earnings season offset caution stemming from uncertainty around the supply of energy through the Strait of Hormuz. The pan-European STOXX 600 was flat at 660.51 points, holding near all-time highs after a recent rally driven by upbeat corporate results, as investors balanced earnings optimism against geopolitical risks in the Middle East. “The bigger question is can that earnings momentum be sustained? The market seems to think so,†said Steve Sosnick, chief market analyst at Interactive Brokers. “As long as the world’s energy supplies don’t get any worse, it’s reasonable to think that could occur.†LSEG estimates show that earnings are expected to increase 22 percent in the second quarter. Excluding the energy sector, however, earnings growth is projected to be 11.5 percent. Oil prices firmed 1.2 percent on Tuesday as traders weighed signs of progress in Iran-Oman talks against evidence of continued disruption to energy flows, with Kpler data showing traffic through the Strait of Hormuz at six vessels on Monday, compared with a 10-day average of roughly 11. Meanwhile, Bloomberg News reported, citing Pakistan’s defence minister, that the US and Iran are close to “some sort of agreementâ€. Rising energy prices supported oil and gas stocks, but concerns that a prolonged disruption around the Strait of Hormuz could stoke inflation and cloud the outlook for monetary easing kept broader risk appetite in check. “The pause this week reflects some caution around the Iran conflict and renewed pressure on oil prices. That is the key near-term risk for European markets,†said Gordon Kerr, European Macro Strategist, at KBRA. The energy sector jumped 1.7 percent, while tech shares rose 1.1 percent, providing further support. The sector remains among Europe’s top performers this year, up about 24 percent year to date. Investors are now awaiting euro zone employment and GDP data, as well as US consumer price figures later this week, for further clues on the path of interest rates. Among individual movers, Alcon gained 4.7 percent after the Swiss-American eye-care company raised its full-year earnings forecast.
WALL ST INCHES LOWER AS US-IRAN PEACE OPTIMISM FADES
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago NEW YORK: Wall Street’s main indexes slipped on Tuesday, as losses in tech stocks weighed on sentiment, while investors assessed reports of potential deals that could take the Middle East towards stability. Pakistani defence minister Khawaja Asif told Bloomberg News that recent signals indicated the United States and Iran were close to “some sort of an arrangement.†This was soon after Qatar’s foreign ministry said Iran and Oman were in advanced talks about shipping in the Strait of Hormuz. “Markets are grappling with the prospects of some form of detente, although they’re misguided in thinking that any form of resolution is the last chapter of this story,†said Ron Albahary, chief investment officer at LNW. Brent crude futures were held near one-week highs in choppy trading. The S&P 500 energy sector gained 1.1 percent — the most among peers. In the market, alternative asset managers rose, with Apollo Global, and Blackstone adding between 4 percent and 6 percent. Analysts linked the moves to an agreement these institutions signed with Nvidia on Monday to establish compute-financing platforms aimed at mobilizing more than USD500 billion. Nvidia ticked up 0.4 percent in afternoon trading. The S&P 500 financials index was up 0.2 percent. Industrials, regarded as traditionally cyclical, rose 0.7 percent. However, Alphabet’s 3 percent decline weighed on the S&P 500 communication services sector, also the biggest drag on the tech-heavy Nasdaq. At 12:12 p.m. ET, the Dow Jones Industrial Average fell 57.41 points, or 0.11 percent, to 53,918.57; the S&P 500 lost 8.70 points, or 0.11 percent, to 7,744.41 and the Nasdaq Composite declined 92.60 points, or 0.35 percent, to 26,512.75. The S&P 500 and the Dow hovered near all-time highs hit last week, while the Nasdaq is over 2 percent away from its record but well above its lows in July, when the tech-heavy index slid almost 10 percent from its peak. Consumer and producer price inflation readings, due over the next two days, will be crucial in shaping market expectations on the Federal Reserve’s policy path — given its focus on the inflation mandate and Chair Kevin Warsh’s stance on cutting back rates guidance. Markets were expected to trade directionless ahead of the prints, Albahary said. Whether the US central bank would increase interest rates in September or choose to pause has split traders almost evenly, according to the CME FedWatch Tool. Rising energy costs, stemming from the Iran conflict, have spurred inflation concerns and complicated the paths of central banks globally.
SINGAPORE STOCKS HIT RECORD HIGH
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago BENGALURU: Singapore stocks raced to an all-time high on Tuesday after the city-state hiked its annual growth forecast on an AI-powered boost, while the Indonesian rupiah and the Philippine peso led regional currencies lower on elevated oil prices. The FTSE Straits Times Index rose as much as 1.3 percent to a record high of 5,774.21 before paring some gains to trade 0.6 percent higher, heading for a third straight session of gains. Singapore raised its 2026 growth forecast to 4.5 percent-5.5 percent from 2.0 percent-4.0 percent on a stronger-than-expected global investment in AI and a smaller drag from geopolitical tensions in the Middle East. The revision comes alongside a GDP expansion of 5.9 percent in the second quarter, higher than advance estimates. Singapore’s dollar was little changed on the day, but remained among the region’s best-performing currencies this year, gaining about 0.4 percent against the US dollar. Elsewhere, most Southeast Asian currencies weakened as oil prices hovered near one-week highs after fading hopes of a US-Iran agreement stoked concerns over energy costs for the region’s net importers. The Philippine peso dropped as much as 0.9 percent to 61.243 a dollar, the Thai baht weakened 0.5 percent, and the Malaysian ringgit slipped 0.1 percent. The Indonesian rupiah lost as much as 0.6 percent to 17,850 per dollar, nearly wiping out the gains secured in the previous session after insider Destry Damayanti was nominated as the sole candidate for central bank chief, easing some concerns over Bank Indonesia’s independence. Jakarta stocks slipped 1.5 percent to a one-week low. Tech-heavy benchmarks gained on the day, with bellwether South Korea’s KOSPI adding 0.7 percent and Taiwan closing 0.4 percent higher.
BOTIM COLLABORATES WITH MASTERCARD
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago KARACHI: Botim, the UAE’s leading fintech platform, has collaborated with Mastercard to launch region’s first all-in-one card with Mastercard One Credential. This launch also marks the first rollout of the solution in the UAE and across Eastern Europe, the Middle East, and Africa (EEMEA), strengthening the companies’ commitment to product innovation. Mastercard One Credential links one payment product to multiple funding sources through a seamless digital interface. Eligible users can switch between prepaid balances and credit funding, giving them more ways to pay without needing a separate card. The launch responds to consumer demand for flexible payments. According to Mastercard’s global consumer research, 83 percent of UAE consumers surveyed said they would use card installments through One Credential. The research also highlighted the appeal of bringing multiple payment options together in one capability, giving consumers greater convenience, and control over everyday spending. For first-time credit users, the solution offers a simpler entry point by embedding credit access into an existing card experience. Botim cardholders can also access funds across multiple currencies and convert any purchase into simple, flexible installments, increasing purchasing power while providing clearer visibility over card transactions and financial management. This new prepaid and installment proposition marks the first milestone in the collaboration’s broader roadmap. It lays out the groundwork for future Botim card propositions and additional payment use cases designed to broaden the ways customers can pay. Copyright Business Recorder, 2026
JAZZWORLD TO OFFER DISCOUNT TO FPCCI MEMBER BODIES
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago KARACHI: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has signed a Memorandum of Understanding (MoU) with JazzWorld Pakistan Limited (JWPL) under which JazzWorld will offer a 30 percent discount on its digital and enterprise solutions to FPCCI member trade bodies and their individual members. This significant offer is aimed at making modern digital solutions more accessible and encouraging businesses to adopt technology at an affordable cost. He described the FPCCI–JWPL partnership as a positive and timely step towards bringing practical digital and enterprise solutions closer to Pakistan’s diverse business community, with a specific focus on facilitating small and medium enterprises (SMEs), small traders, and women-led businesses. He added that such collaborations are essential to enhance competitiveness, formalization, and operational efficiency across the private sector. Mian Zahid Hussain, Chairman of the Policy Advisory Board of FPCCI (PAB-FPCCI), who negotiated the terms and conditions with JazzWorld Pakistan on behalf of FPCCI, emphasized that Pakistan is passing through a period in which digital transformation is no longer a choice; it is an economic necessity. He noted that SMEs are a vital pillar of employment, entrepreneurship, and commercial activity, yet many businesses continue to face difficulties in accessing affordable connectivity, digital tools, and contemporary enterprise services. Mian Zahid Hussain acknowledged JWPL’s leadership in extending its enterprise solutions to FPCCI’s extensive membership base, which comprises a nationwide network of 307 trade bodies representing more than a million business houses across the country. Shahzad Rasheed, President Enterprise Solutions, JazzWorld Pakistan Limited, was warmly welcomed at FPCCI Head Office along with Naufal Zamir Sheikh, Head of SME Enterprise Solutions, and AsimIrshad, Regional SME Head South. Shahzad Rasheed appreciated FPCCI’s support and termed this MoU a highly encouraging and forward-looking development. He stated that JWPL is very excited to work closely with Pakistan’s business community, particularly SMEs, to provide them with reliable, secure, and cost-effective digital and enterprise solutions that can enhance their productivity and competitiveness in both domestic and international market. Atif Ikram Sheikh, Mian Zahid Hussain, and Shahzad Rasheed stated that this partnership of both giants is aligned with the vision of Prime Minister Mian Muhammad Shehbaz Sharif to transform Pakistan into a digital and paperless economy. Copyright Business Recorder, 2026
BYD FREEDOM FESTIVAL LAUNCHED
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago KARACHI: BYD Pakistan has launched the BYD Freedom Festival, a limited-time offer that gives customers a complimentary 7KW home charger and free installation on any BYD vehicle booking, offering savings of up to Rs. 250,000, along with the chance to win an exclusive trip to BYD Headquarters in China. According to the official details, the complimentary 7KW home charger adds greater convenience to the BYD ownership experience, enabling customers to charge their vehicles at home with a faster and more efficient charging solution. The offer also includes professional installation by BYD’s trusted charging partner, ensuring the charger is installed safely and in accordance with manufacturer’s standards. This gives customers added peace of mind through reliable performance, helps protect the charger’s warranty, and delivers a hassle-free charging experience from day one. In addition, every booking will automatically be entered into a lucky draw for the chance to win an exclusive trip to BYD Headquarters in China, giving lucky customers the opportunity to experience the innovation and technology behind the brand firsthand. The BYD Freedom Festival offer is applicable to all vehicles booked between August 1 and August 31, 2026. Copyright Business Recorder, 2026
10PEARLS ENTERS INTO STRATEGIC PARTNERSHIP WITH NOVACARE
Date: 2026-08-12
Details: Published August 12, 2026 Updated about 2 hours ago KARACHI: 10Pearls has entered into a strategic technology partnership with Novacare to support the development of digital infrastructure and technology-enabled healthcare services at the hospital. Under the agreement, 10Pearls will provide expertise in artificial intelligence, cloud technology, data and analytics, systems integration and digital transformation, while Novacare will identify clinical and operational priorities for the initiative. The partnership will initially cover key hospital technology programmes, including electronic health records, systems integration and interoperability, with a focus on connecting clinical and administrative functions. The companies said the collaboration will also involve data-driven applications and AI-based solutions aimed at improving hospital operations and patient services, subject to clinical, regulatory and data-privacy requirements. Novacare CEO Hans Kedzierski said the partnership would support the hospital’s plans to integrate technology into its clinical and operational processes. 10Pearls Co-founder Zeeshan Aftab said the company would work with Novacare on applying digital technologies to healthcare delivery while maintaining requirements around patient safety, privacy and compliance. The partnership also includes knowledge transfer and capability development for Novacare’s clinical and technology teams as the hospital expands its digital systems. Copyright Business Recorder, 2026
FBR DISMISSES CUSTOMS INSPECTOR OVER PROLONGED UNAUTHORISED ABSENCE
Date: 2026-08-11
Details: Written by Hamza Shahnawaz in Taxation Lamia Iqbal was removed from service after the FBR found her prolonged absence without sanctioned leave was established by official records. KARACHI: The Federal Board of Revenue (FBR) has dismissed a Customs inspector from service after disciplinary proceedings established that she remained absent from duty for an extended period without sanctioned leave. Ms Lamia Iqbal, Inspector Customs (BS-16), Directorate of Transit Trade (Headquarters), Karachi, was awarded the major penalty of dismissal from service under the Civil Servants (Efficiency & Discipline) Rules, 2020. Disciplinary proceedings were initiated against the officer on allegations of misconduct relating to unauthorised absence from duty. An Order of Inquiry, Charge Sheet and Statement of Allegations were served on her on February 12, 2026. Ms Noor-ul-Huda Mallick, Deputy Collector (PCS/BS-18), was appointed as the Inquiry Officer. In her inquiry report dated April 15, 2026, she established the charge of misconduct and recommended a major penalty of reduction to a lower post and pay scale for two years. FBR Finds Prolonged Absence Established Following the inquiry report, the FBR served a show-cause notice on the officer on May 14, 2026. She submitted her written defence on June 8 and requested a personal hearing. The hearing was subsequently conducted through video link on July 30, 2026, in the presence of the accused officer and the departmental representative. During the proceedings, the departmental representative said the officer had demonstrated a pattern of unauthorised absence and showed limited inclination towards performing her official responsibilities since joining Pakistan Customs in April 2023. The department stated that the officer had applied on September 3, 2025 for 365 days of extraordinary leave (EOL) without pay. However, she remained absent from duty from September 4, 2025 onwards without the leave having been sanctioned. The officer acknowledged during the hearing that she had not attended office since submitting the leave application. She explained that her husband, who was serving as a Preventive Officer in Pakistan Customs, had been transferred from Karachi to Quetta, making it difficult for her to remain in Karachi alone with their infant child. She requested that her application for 365 days of EOL, covering the period up to September 3, 2026, be considered favourably. Previous Warnings Also Cited The FBR authority observed that the charge of unauthorised absence from September 4, 2025 onwards was fully established through official records and had also been admitted by the officer. The authority further noted evidence of repeated unauthorised absences during 2023 and 2024. This included a formal warning issued on February 13, 2024, an explanation letter dated March 13, 2024, and several WhatsApp messages sent to the officer concerning her attendance. The authority rejected the officer’s explanation that she was unable to remain in Karachi following her husband’s transfer to Quetta. It observed that neither the officer nor her husband had applied for a transfer or posting at the same station under the wedlock policy during the preceding year. FBR Replaces Recommended Penalty with Dismissal The competent authority concluded that the penalty recommended by the Inquiry Officer was not commensurate with the seriousness of the established charges. It also noted that the recommended penalty of reduction to a lower post and pay scale could not legally be imposed on the officer, who had been directly recruited in BS-16, in light of a Supreme Court judgment reported as 2009 SCMR 412 and a recent Federal Service Tribunal judgment dated June 8, 2026. Consequently, the Member (Administration/HR) and competent authority decided to impose the major penalty of dismissal from service with immediate effect. The period of unauthorised absence up to the date of the order has been treated as extraordinary leave without pay under the applicable rules. Ms Lamia Iqbal has the right to appeal against the decision before the Appellate Authority under the Civil Servants (Appeals) Rules, 1977 within 30 days of communication of the order.
PM SHEHBAZ DIRECTS FBR TO COMPLETE FACELESS SYSTEM ROLLOUT BY 2027
Date: 2026-08-11
Details: Written by Mrs. Anjum Shahnawaz in Taxation, Top stories The first phase of the AI-based tax system is scheduled to begin on October 1, with random case allocation aimed at improving transparency. ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has directed the Federal Board of Revenue (FBR) to accelerate tax reforms and ensure the complete rollout of the Faceless Inland Revenue System by 2027, as the government seeks to improve tax administration, enforcement and transparency. Chairing a review meeting on FBR reforms on Monday, the prime minister called for stronger action against smuggling, tax evasion and illegal businesses while directing the tax authority to intensify efforts to achieve the prescribed revenue target. The prime minister also welcomed growing confidence among the business community in the government’s tax reform programme and directed the FBR chairman and senior officers to spend two days every month in Lahore, in addition to their monthly visits to Karachi. He appreciated recent FBR enforcement operations against illegal cigarette manufacturing factories in Chakwal and Swabi and instructed the tax authority to appoint officers with strong reputations and integrity to sensitive posts and departments. Faceless Tax System to Begin from October The meeting was informed that the first phase of the Faceless Inland Revenue System will become operational from October 1, 2026. Prime Minister Shehbaz directed the FBR to complete the system within the stipulated timeline and ensure its full implementation by 2027. The AI- and advanced technology-based system is a major component of the FBR’s ongoing digitisation and tax administration reforms. Under the new framework, a National Faceless Audit Wing will be established to conduct audits of tax returns, while a Faceless Assessment Unit will undertake tax assessments. Cases will be assigned randomly under the system, irrespective of geographical jurisdiction. The mechanism is intended to improve transparency, minimise direct interaction between taxpayers and tax officials and reduce opportunities for undue influence. FBR Steps Up Enforcement The FBR chairman briefed the meeting on his regular visits to Karachi during the first week of each month and his engagement with the business community. He said he had met representatives of seven major trade organisations in Karachi and discussed their concerns. According to the chairman, issues raised during these meetings were addressed promptly. The meeting was also informed that the FBR was issuing time-bound standard operating procedures (SOPs) for the payment of tax refunds to exporters. The measures are aimed at improving the efficiency of the refund process and providing greater certainty to exporters. Action Against Illegal Cigarette Factories The meeting reviewed intelligence-based enforcement operations against illegal cigarette manufacturing facilities in Chakwal and Swabi. The Chakwal facility was sealed following the operation, while stocks of illegal cigarettes and manufacturing machinery were seized. Prime Minister Shehbaz appreciated the enforcement actions and directed the FBR to maintain its focus on curbing tax evasion, smuggling and illegal businesses. Focus on Tax Enforcement and Integrity The prime minister stressed that effective tax enforcement must be accompanied by integrity within the tax machinery. He directed the FBR to sustain the momentum of its reform programme and strengthen measures to improve revenue collection while enhancing services for taxpayers. The government expects the Faceless Inland Revenue System to become a key element of its broader tax digitisation strategy. By removing geographical considerations from case assignments and limiting direct interaction between taxpayers and officials, the system is intended to create a more transparent and technology-driven tax administration. The meeting was attended by Federal Ministers Azam Nazeer Tarar, Dr Musadik Masood Malik, Ahad Khan Cheema, Muhammad Aurangzeb, Attaullah Tarar and Shaza Fatima Khawaja, Special Assistant Haroon Akhtar, State Bank Governor Jameel Ahmad and senior officials of relevant institutions.
PRICES FIRM AMID MODEST BUSINESS ACTIVITY
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago LAHORE: The local cotton market on Monday remained steady and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,200 to Rs 18,300 per maund, while Phutti in the province is trading between Rs 7,000 to Rs 7,700 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,700 to Rs 18,900 per maund, with Phutti fetching between Rs 8,200 to Rs 8,800 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,400 to Rs 18,500 per maund. The rate of Phutti is in between Rs 8,600 to Rs 8,900 per 40 kg. The rate of Balochi cotton is in between Rs 19, 500 to Rs 19, 700 per maund. The Spot Rate remained unchanged at Rs 18,300 per maund. Copyright Business Recorder, 2026
BOP BOARD APPROVES UP TO RS30BN EQUITY INJECTION BY PUNJAB GOVT
Date: 2026-08-11
Details: Published August 11, 2026 Updated about an hour ago LAHORE: The Board of Directors of The Bank of Punjab (BOP), at its meeting held on August 7, 2026, approved a proposal for an equity injection of up to Rs 30 billion by the Government of Punjab through the issuance of ordinary shares, otherwise than by way of a rights issue. The transaction remains subject to all applicable statutory, corporate, shareholder and regulatory approvals. The proposed capital injection marks an important milestone in BOP’s ongoing transformation and is designed to strengthen the Bank’s capital base in support of its future growth ambitions. The shares will be issued at Rs 38.20 per ordinary share; if, however, the prevailing market price of the Bank’s ordinary shares at the time of issuance is higher, the issue price will be the prevailing market price plus a premium of five percent Rs 38.20 per share therefore serves as the floor price for the issuance. Over the past several years, BOP has undergone a far-reaching transformation — substantially expanding its balance sheet, strengthening its financial performance and building leading market positions in segments most vital to Pakistan’s economy. The Bank today ranks as the country’s number one bank in SME, agriculture and affordable housing finance, women’s leadership, credit card issuance and digital lending, while steadily deepening its presence in export-oriented commercial and corporate banking. Together, these franchises place BOP at the heart of economic activity, employment generation and financial inclusion in Pakistan. The pace of this expansion has, however, placed growing demands on a capital base that has historically remained thin relative to the scale of the Bank’s operations and its growth potential. The proposed equity injection will strengthen and deepen BOP’s capital base, creating headroom for the Bank to keep growing in its core markets and expanding low-cost deposits without capital constraints, while ensuring financial resilience and prudent balance-sheet management. Importantly, this is growth capital. It comes at a time of strong underlying performance: during 2025, BOP recorded revenue growth of approximately 29 percent and earnings growth of more than 40 percent year on year, alongside significant appreciation in the Bank’s share price. The capital raise will support the next stage of BOP’s expansion, including the Bank’s international venture recently approved by the State Bank of Pakistan. Copyright Business Recorder, 2026
MEEZAN BANK SURPASSES RS3BN FINANCING UNDER GOVT’S GHTA PROGRAMME
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago KARACHI: Reinforcing its strategic focus on expanding affordable housing finance, particularly for salaried individuals, Meezan Bank has surpassed Rs 3.05 billion in cumulative disbursements under the Government of Pakistan’s flagship affordable housing initiative, Wazir-e-Azam Apna Ghar Programme-Ghar Ho Tu Apna (GHTA). Through its Easy Home financing solution, the Bank has helped 490 families realise their dream of home ownership through 100 percent Shariah-compliant financing, supporting the Government’s vision of promoting affordable housing and greater financial inclusion. The milestone reflects the growing preference for Meezan Bank’s Shariah-compliant housing finance solutions and the Bank’s continued commitment to making home ownership more accessible through ethical, transparent and customer-centric financing. Leveraging its nationwide branch network and dedicated housing finance teams, Meezan Bank continues to play a leading role in advancing affordable housing across Pakistan. Building on this momentum, the Bank has approved more than 3,000 housing finance applications under the GHTA Programme, representing a cumulative approved financing amount exceeding PKR 22.557 billion. This strong pipeline underscores the increasing demand for Shariah-compliant housing finance and positions the Bank for significant future disbursements as customers complete the property acquisition process. Commenting on the achievement, Ahmed Ali Siddiqui, Group Head – Consumer Finance & Digital Banking, Meezan Bank, said that surpassing PKR 3 billion in disbursements under the Ghar Ho Tu Apna Programme reflects the trust our customers place in us and our commitment to providing authentic Shariah-compliant housing finance. With more than 3,000 approved applications in the pipeline, we remain committed to supporting the Government’s affordable housing agenda and enabling thousands more Pakistani families to own a home through ethical Islamic financing, he added. Copyright Business Recorder, 2026
FAYSAL BANK POSTS STRONG RESULTS FOR H1
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago KARACHI: Faysal Bank Limited (FBL) reported Profit Before Tax of PKR 20.5 billion and net profit of PKR 10 billion, with Earnings Per Share of PKR 6.60 in the first half of this calendar year (CY26). The Bank has also declared a second-quarter cash dividend of PKR 1.5 per share. According to announcement, despite the downward rationalisation of market rates, FBL maintained its profitability through healthy balance-sheet growth, with total assets crossing PKR 1.8 trillion. The Bank continued to optimise its deposit mix, with increased emphasis on current accounts, supported by trade and transactional flows, an expanding customer base, and its wide and growing branch network. Deposits grew by 9.5 percent to PKR 1.56 trillion, while current accounts increased by 21 percent to PKR 646 billion. The current account mix improved to 41.4 percent from 37.5 percent in December 2025, while CASA strengthened to 86.8 percent from 81.9 percent. The Advance-to-Deposit Ratio moderated to 51.7 percent from 61.1 percent, while asset quality remained strong with an infection ratio of 2.3 percent. The successful issuance of a PKR 7 billion Tier II Sukuk further reinforced the Bank’s capital base. Overall, FBL’s results demonstrate the strength of its Islamic banking franchise, business fundamentals, disciplined risk management and focused growth strategy, increasingly supported by digital, technology-led, women-focused and customer-centric solutions. Mian Muhammad Younis, Chairman, Faysal Bank, said that these results reflect the growing maturity and strength of Faysal Bank’s Islamic banking and network-led growth journey. They demonstrate the effectiveness of the Board’s long-term strategic direction-expanding the Bank’s network and steadily building a low-cost core deposit base. “We remain sincerely grateful to our customers, whose enduring trust is central to our continued progressâ€, he added. Copyright Business Recorder, 2026
SBP PLANS NEW STRATEGY TO BOOST SME FINANCING
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago LAHORE: State Bank of Pakistan (SBP) Chief Manager Ansar Iftikhar Butt has said that a new strategy is being developed to increase financing for Small and Medium Enterprises (SMEs) under which value chain financing for SMEs will be promoted, and special focus will be given to financing and handholding of SMEs. He expressed these views during his visit to the Lahore Chamber of Commerce and Industry. He was accompanied by SBP Deputy Chief Manager Bilal Shafqat, Deputy Director Umar Makhdoom and other officials. LCCI Acting President Tanveer Ahmed Sheikh welcomed the delegation, while LCCI executive committee members Sheikh Fayyaz and Nadeem Ansari were also present during the meeting. Anser Iftikhar Butt further said that the Lahore Chamber should identify sectors and companies where SME financing was most needed so that effective financing mechanisms could be developed for these sectors. He said guarantees provided by large companies for SMEs could help resolve documentation and other financing-related issues to a significant extent. He also asked the Lahore Chamber to nominate a focal person to address issues faced by SMEs, while the State Bank would work jointly with the Lahore Chamber for the promotion and financing of SMEs. He emphasised that making SME financing more effective was essential for sustainable economic growth and employment generation. Acting President LCCI Tanveer Ahmed Sheikh said instead of relying solely on collateral-based financing, alternative financing models should be introduced for SMEs. He said SMEs could also be facilitated through local LC models and insurance-based financing mechanisms. He said the textile sector was facing serious difficulties in obtaining financing and opening Letters of Credit (LCs). “Banks are not ready to provide even a single rupee of financing to the textile sector,†he said, adding that this situation was affecting industrial production and export activities. He urged the State Bank to take practical measures for the immediate resolution of financing issues faced by the textile sector and other key industrial sectors. On this occasion, LCCI Acting President Tanveer Ahmed Sheikh proposed establishing a permanent State Bank desk at the Lahore Chamber so that financing-related cases and issues of the business community could be resolved directly. He said the initiative would facilitate businesses and help eliminate unnecessary delays in resolving banking-related matters. He also stressed the need to simplify the procedure of the Asaan Karobar Scheme further so that more small and medium-sized businesses could benefit from the facility. They also discussed in detail SME financing, value chain financing, issues faced by the textile sector, opening of LCs, alternative financing models and the provision of banking facilities to the business community. Copyright Business Recorder, 2026
‘OICCI MEMBERS INVESTED USD23BN OVER PAST DECADE’
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago KARACHI: Leading foreign investors continue to demonstrate strong confidence in Pakistan’s economic potential, with OICCI member companies alone investing over USD 23 billion in the country over the past decade, surpassing Pakistan’s cumulative net foreign direct investment (FDI) inflows of USD 21 billion during the same period. The findings, released in OICCI’s Members’ Contribution to the Economy 2025 report on Monday, reflect the sustained commitment of OICCI members to expanding their operations, reinvesting earnings and supporting Pakistan’s long-term economic development. The report highlights the significant contribution of OICCI member companies to Pakistan’s economy in FY2025. Collectively, they generated Rs13.1 trillion in gross revenue, maintained Rs42 trillion in total assets, invested Rs615 billion in capital expenditure, and contributed Rs3.2 trillion in government levies, underscoring their role as some of Pakistan’s largest investors, taxpayers and drivers of economic activity. The report also highlights the continued resilience of OICCI member companies listed on the Pakistan Stock Exchange (PSX). While the compound annual growth rate (CAGR) in Profit Before Tax (PBT) moderated to 26 percent in rupee terms during 2021–2025, compared to 35 percent in the previous reporting period, this was largely influenced by exchange rate movements and a higher base effect. In USD terms, PBT grew at a CAGR of 11 percent, while turnover recorded a CAGR of 21 percent in rupee terms and 6 percent in USD terms. Covering 51 listed OICCI member companies, the analysis reflects the sustained profitability and operational resilience of foreign-invested businesses despite a challenging macroeconomic environment. The report also illustrates the diverse sectoral composition of OICCI members’ economic contribution. Within the OICCI membership, the Oil, Gas and Energy sector accounted for 36 percent of total government levies paid, the Banking, Insurance, Finance and Leasing sector represented 75.6 percent of total assets and 25 percent of total turnover, while the Telecommunications sector contributed 33 percent of the total capital expenditure (CAPEX). Commenting on the report, M. Abdul Aleem, Secretary General, OICCI, said that the findings reaffirm the confidence that OICCI members continue to place in Pakistan’s long-term economic potential. Our members have consistently reinvested in the country, expanded their operations and continued contributing to national development despite challenging economic conditions. He said that their cumulative investment of over USD 23 billion during the past decade is a strong vote of confidence in Pakistan’s future. “With greater policy consistency, regulatory predictability and an enabling business environment, foreign investors can make an even larger contribution to economic growth, exports, innovation and employment,†he added. Copyright Business Recorder, 2026
KCCI CHIEF WARNS OF UNMITIGATED DAMAGE TO ECONOMY
Date: 2026-08-11
Details: Published August 11, 2026 Updated about 3 hours ago KARACHI: The President of the Karachi Chamber of Commerce & Industry (KCCI), Muhammad Rehan Hanif, while expressing grave concern over the ongoing nationwide strike by goods transporters and oil tankers, warned that continued suspension of cargo movement could cause serious disruption to industrial production, supply chains, exports and overall economic activity. Rehan Hanif urged the Federal Government as well as all Provincial Governments to immediately engage the representatives of the transport sector at the highest level, listen to their genuine and legitimate grievances and resolve the outstanding issues through meaningful negotiations without any further delay. “The situation requires immediate intervention. I strongly urge the federal government and all provincial governments to immediately contact and engage the representatives of the transport sector and address their legitimate issues so that this strike can be brought to an end without further damage to the national economy,†he said. The president of the KCCI pointed out that the transport sector is the backbone of Pakistan’s entire supply chain, connecting ports, industries, markets and consumers. Any prolonged disruption in the movement of goods and petroleum products could have a cascading impact on industrial production, availability of raw materials, delivery of finished products, fuel supplies, domestic commerce and export shipments. He recalled that a similar situation had emerged a few months ago, causing substantial losses to the economy, particularly to the export sector, as exporters faced difficulties in meeting their commitments and ensuring timely shipment of consignments. He cautioned that Pakistan’s export-oriented industries could not afford another disruption at a time when the country is already facing multiple economic and operational challenges. He said that the transporters’ concerns should not be ignored, and that genuine grievances must be addressed through dialogue rather than allowing the dispute to escalate into a prolonged confrontation. At the same time, he appealed to the transport community to demonstrate flexibility and consider the wider national interest. “I also appeal to my brothers in the transport sector to please consider the enormous damage being caused to the country by this strike.†The KCCI president said that the right to raise legitimate demands was fully acknowledged, but a prolonged wheel-jam at a time when industries, exporters and businesses were already under pressure would ultimately hurt the entire economy, including the transport sector itself. He therefore urged both sides to immediately return to the negotiating table and adopt a solution-oriented approach. Rehan Hanif further announced that the Karachi Chamber was ready to play the role of a mediator and facilitator between the government and the transport sector to help find an amicable and sustainable resolution. “KCCI is ready to play its role as a mediator. We are prepared to sit with the transport representatives and the government, and jointly work towards resolving their legitimate demands. Our objective is simple: the economy must continue moving, industries must continue operating, exports must continue, and the legitimate concerns of the transport sector must also be addressed,†he added. Copyright Business Recorder, 2026
SBI RETURNS TO DOLLAR DEBT MARKET, BANKERS SEE STRONG DEMAND
Date: 2026-08-11
Details: • The bonds will be issued through SBI’s London branch, with initial price guidance set at roughly 120 basis points over US Treasuries Published August 11, 2026 Updated about 13 hours ago MUMBAI: State Bank of India, the country’s largest lender, is returning to the public dollar bond market after nearly a year and is expected to see strong demand for its planned five-year issue, three merchant bankers said on Tuesday. The bonds will be issued through SBI’s London branch, with initial price guidance set at roughly 120 basis points over U.S. Treasuries. The issue comes at a time when Indian banks are making a beeline for dollar issues after the Reserve Bank of India in June a opened a swap facility, making overseas borrowing cheaper. SBI is expected to raise at least $500 million, although the final size will depend on investor demand. The lender has begun marketing the bonds and is expected to complete the sale by the end of the week, the bankers said, declining to be identified as they were not authorised to speak to the media. SBI did not immediately respond to a Reuters email seeking comment. One banker said SBI was offering a sizeable spread premium, although final pricing could tighten by as much as 30 basis points. The banker also expected the deal size to reach $1 billion or more. Fitch Ratings has assigned an expected BBB- rating to the proposed senior unsecured notes. India’s largest lender SBI beats quarterly profit view on healthy loan growth The notes will be direct, unsecured and unsubordinated obligations of SBI, ranking equally with its other unsecured and unsubordinated debt, the rating agency said. SBI had planned to raise $1 billion through a public dollar bond issue in June, but deferred the sale due to higher borrowing costs following heavy issuance by Indian lenders. The bank subsequently raised $600 million through a private placement of three-year dollar bonds at a spread of 100 basis points over the Secured Overnight Financing Rate (SOFR). Large private lenders, including HDFC Bank, Axis Bank and ICICI Bank, raised funds through dollar bonds in June and July.
TAXABLE INCOME ABOVE RS10 MILLION FACES 10% SURCHARGE IN TY2027
Date: 2026-08-10
Details: Written by Hamza Shahnawaz in Taxation The surcharge applies to individuals and associations of persons, while salaried individuals are specifically exempt under Section 4AB. ISLAMABAD: Individuals and associations of persons with taxable income exceeding Rs10 million will be subject to a 10 percent surcharge on income tax for Tax Year 2027 under the Income Tax Ordinance, 2001. The provision forms part of the legal framework governing the charge and collection of income tax and sets out an additional liability for taxpayers falling within the specified income threshold. 10% Surcharge Above Rs10 Million Under Section 4AB of the Income Tax Ordinance, 2001, a 10 percent surcharge is payable by every individual and association of persons whose taxable income exceeds Rs10 million. The surcharge is calculated on the income tax imposed under Division I of Part I of the First Schedule of the ordinance. This means the surcharge is applied to the income tax liability rather than directly to the taxpayer’s taxable income. For example, where the applicable income tax liability is Rs1 million, a 10 percent surcharge would amount to Rs100,000, subject to the provisions of the law. Salaried Individuals Exempt The law specifically provides an exemption from the surcharge for an individual deriving income chargeable under the head “Salaryâ€. Consequently, salaried individuals are excluded from the 10 percent surcharge under Section 4AB even where their taxable income exceeds Rs10 million. The distinction means that the surcharge primarily applies to qualifying individuals with taxable income from sources other than salary, as well as associations of persons meeting the specified income threshold. How Income Tax Is Calculated Under the provisions governing the charge of tax, income tax is imposed for each tax year on every person having taxable income at the rates specified in the First Schedule of the Income Tax Ordinance. The tax payable is determined by applying the applicable tax rate to taxable income and then deducting eligible tax credits. The ordinance establishes a specific sequence for applying multiple tax credits. A foreign tax credit under Section 103 is applied first, followed by tax credits available under Part X of Chapter III and then credits available under Sections 147 and 168. Separate and Final Tax Regimes Certain categories of income may be subject to separate taxation or final taxation through tax collection or deduction mechanisms provided under the ordinance. Where the relevant provisions apply, such income is not included in the computation of taxable income for the purposes specified by the law. The overall framework therefore distinguishes between income subject to the normal tax regime and income covered by separate or final taxation provisions. Tax Deduction and Advance Payment Requirements The ordinance also requires tax to be deducted at source, collected or paid in advance where applicable. Taxpayers and withholding agents must comply with the relevant provisions governing the timing and manner of tax deduction, collection and payment. The Section 4AB surcharge forms part of the broader income tax framework applicable for Tax Year 2027, with the specific exemption for salaried individuals clearly provided under the law.
FBR SETS MONETARY PENALTIES FOR LATE TY 2026 TAX RETURN FILING
Date: 2026-08-10
Details: Written by Hamza Shahnawaz in Taxation Taxpayers filing late returns may face daily penalties, although the applicable amount can be reduced for returns submitted within three months. ISLAMABAD: The Federal Board of Revenue (FBR) has prescribed monetary penalties for taxpayers who fail to file their income tax returns for Tax Year (TY) 2026 within the prescribed deadline. Under Section 182 of the Income Tax Ordinance, 2001, a person who fails to furnish an income tax return as required under Section 114 by the due date is liable to a penalty calculated on the basis of the tax payable for the relevant tax year. Daily Penalty for Late Filing The law provides that the penalty for late filing will be the higher of: • 0.1 percent of the tax payable for the relevant tax year for each day of default; or • Rs1,000 for each day of default. This means the penalty continues to accumulate for every day the taxpayer remains in default, subject to the minimum and maximum limits prescribed under the law. Minimum Penalties Prescribed The Income Tax Ordinance also sets minimum penalties for different categories of taxpayers. For an individual deriving 75 percent or more of income from salary, the minimum penalty is Rs10,000. In all other cases, the minimum penalty is Rs50,000. The minimum penalty provisions therefore apply even where the daily calculation would otherwise result in a lower amount. Maximum Penalty Limited to 200% of Tax Payable The law also places an upper limit on the penalty. The maximum penalty cannot exceed 200 percent of the tax payable by the taxpayer for the relevant tax year. This provision limits the overall financial exposure arising from prolonged delays in filing the income tax return. Penalty Reduced for Late Returns Filed Promptly Taxpayers who miss the original deadline can qualify for a reduction in the penalty if they subsequently file their returns within specified periods. The penalty is reduced by: • 75 percent if the return is filed within one month after the due date; • 50 percent if filed within two months; and • 25 percent if filed within three months. The reductions apply where the return is filed within the prescribed period following the due date or any extended due date allowed under the law. How Tax Payable Is Calculated For purposes of calculating the penalty, the term “tax payable†refers to the higher of two amounts. These include the tax chargeable on taxable income based on an assessment made or treated as made under Sections 120, 121, 122, 122D or 122E of the Income Tax Ordinance, or the tax payable for the immediately preceding tax year for which an income tax return was duly filed. The provision is intended to establish a basis for calculating the penalty even where the taxpayer’s liability for the current tax year has not yet been finally determined. Taxpayers Urged to Meet TY 2026 Deadlines The penalty provisions underline the financial consequences of failing to comply with statutory income tax return filing requirements. Taxpayers subject to the filing requirement for TY 2026 are therefore required to submit their returns within the prescribed deadlines to avoid daily penalties and other consequences under the Income Tax Ordinance, 2001. The rules also provide an incentive for taxpayers who miss the deadline to file their returns as soon as possible, as the applicable penalty can be substantially reduced when the return is submitted within the first three months of the delay.
EXCLUSIVE: FBR LAUNCHES LARGE-SCALE PROBE INTO FOREIGN TRANSACTIONS BY FUND MANAGERS, TRUSTS
Date: 2026-08-10
Details: Written by Mrs. Anjum Shahnawaz in Exclusive, Taxation, Top stories Tax authorities to scrutinise offshore investments, fund transfers, CRS compliance and financial reporting by identified taxpayers and institutions. ISLAMABAD: The Federal Board of Revenue (FBR) has launched a large-scale probe into foreign transactions involving fund managers and trusts established in Pakistan amid concerns over potential money laundering, tax evasion and non-compliance with financial reporting requirements. According to an FBR office order, tax authorities have identified a list of fund managers and trusts for detailed scrutiny of offshore investments and cross-border fund transfers under the Income Tax Ordinance, 2001. The list includes several fund managers already listed with the Pakistan Stock Exchange (PSX). Relevant tax officials have been directed to conduct a comprehensive examination of the accounts, transactions and tax compliance of the identified taxpayers. Probe to Examine Offshore Transactions The investigation will focus on compliance with various provisions of the Income Tax Ordinance, 2001, including Section 108, which deals with transactions between associates. Officials have also been instructed to examine compliance with Section 165B, relating to the furnishing of information by financial institutions, including banks. The tax authorities will scrutinise the nature of foreign transactions, offshore investments and fund transfers to determine whether the identified taxpayers have properly disclosed their income and assets and complied with applicable tax requirements. Withholding and Record-Keeping Compliance Under Review The FBR has also directed officials to investigate possible violations relating to withholding statements and record-keeping requirements under Section 182 of the Income Tax Ordinance. The relevant provisions provide for penalties in cases involving failure to furnish withholding statements containing details of persons undertaking transactions, failure to maintain prescribed records and other reporting violations. Tax officials will therefore examine whether the identified entities have maintained the required documentation and submitted complete and accurate information within the prescribed deadlines. CRS Compliance to Face Scrutiny The probe will also cover compliance by reporting financial institutions and other relevant entities with requirements governing the exchange of financial information. The FBR has specifically directed tax offices to examine compliance with Section 165B and the Common Reporting Standard (CRS) Rules contained in Chapter XIIA of the Income Tax Rules, 2002. Under the CRS framework, reporting financial institutions are required to collect and report specified information concerning financial accounts linked to reportable jurisdictions. The FBR will examine cases involving failure to submit required information or country-by-country reports within the prescribed period, as well as incomplete or inaccurate reporting. Self-Certification Requirements Examined The tax authority will also investigate whether reporting financial institutions obtained valid self-certifications for new accounts as required under the CRS framework. Officials have been directed to examine cases involving false self-certifications and instances where reportable jurisdiction persons failed to provide valid self-certifications. Such checks are intended to determine whether financial institutions and taxpayers have complied with international tax transparency and information-sharing requirements. Country-by-Country Reporting Under Review In addition, tax offices have been instructed to investigate taxpayers under Chapter VIA of the Income Tax Rules, 2002, which covers documentation and country-by-country reporting requirements. The review is expected to assess whether taxpayers subject to the relevant reporting framework have maintained adequate documentation and submitted the required information regarding their international business activities. FBR Intensifies Cross-Border Tax Scrutiny The latest initiative reflects the FBR’s increasing focus on cross-border financial transactions, offshore investments and international tax reporting. By examining fund managers, trusts and financial institutions under multiple provisions of the tax law and CRS framework, the revenue authority aims to identify potential tax evasion, undisclosed offshore transactions, reporting deficiencies and other financial irregularities. The investigation will also test the compliance of reporting institutions with their obligations to provide financial information to tax authorities and participate in Pakistan’s international exchange-of-information framework.
WEEKLY COTTON REVIEW: PRICES REMAIN LARGELY STABLE
Date: 2026-08-10
Details: Published August 10, 2026 Updated about 3 hours ago KARACHI: Cotton prices remained largely stable this week, with trading activity continuing at a reasonable pace across the market. New York cotton prices, meanwhile, showed an upward trend, reflecting positive sentiment in international markets. Despite prevailing uncertainty in the region, Pakistan’s textile exports have reached a new record high. Commenting on the development, Khurram Mukhtar said that a ten percent increase in exports during the first month of the new fiscal year was an encouraging sign for the industry. However, complaints regarding contamination and trash content in cotton have risen in recent weeks, raising concerns among stakeholders about quality control. On a more positive note, Pakistan is set to introduce fourteen standardized seed varieties of the finest cotton quality, a move expected to strengthen the sector’s long-term output. In another development, the All Pakistan Textile Mills Association (APTMA) welcomed the government’s announcement of a twenty billion rupee payment to the textile industry, calling it a much-needed relief for the sector. Despite these positive indicators, Pakistan’s agricultural sector, particularly the cotton industry, continues to face significant challenges. Concerns have been raised that key stakeholders, including the public, the government, and national institutions, remain largely disengaged from the administrative process, a gap that industry observers say could hinder sustained progress if left unaddressed. Cotton prices remained stable in the local cotton market during the past week, with textile mills showing keen interest in purchasing cotton while ginners are also selling at reasonable rates. Trading volume has improved as well. However, the supply of seed cotton (phutti) has been delayed following recent rains, prompting ginners to proceed cautiously with their business. Many ginners are still delaying the delivery of deals struck earlier at lower rates, and as a result, several mills that had booked deals at those lower prices are now pressing ginners for delivery, though many ginners continue to merely promise delivery without fulfilling it. It is hoped that the supply of phutti will increase within ten to twelve days after the rains, as only a limited quantity is currently arriving in the market. Meanwhile, complaints about contamination and trash in cotton are on the rise, and ginners are being urged to take this matter seriously. In addition, experts at the Central Cotton Research Institute (CCRI) are advising growers on protecting their crops from pest attacks following the rains. On a more positive note, it has been announced that Pakistan is set to introduce fourteen improved cotton seed varieties. The Karachi Cotton Association raised the spot rate by 100 rupees per maund, closing it at 18,300 rupees per maund. In Sindh province, cotton prices ranged between 17,900 and 18,300 rupees per maund depending on quality, while phutti was priced between 7,000 and 7,700 rupees per 40 kilograms. In Punjab province, cotton prices ranged between 18,500 and 18,800 rupees per maund, while phutti sold for between 8,400 and 9,200 rupees per 40 kilograms. In Balochistan province, cotton prices ranged between 18,400 and 18,500 rupees per maund, while phutti was priced between 8,300 and 8,800 rupees per 40 kilograms. Karachi Cotton Brokers Forum Chairman Naseem Usman reported that international cotton prices trended upward, with New York cotton futures ranging between 83 and 87 US cents per pound. According to the USDA’s weekly export and sales report, 55,900 bales were sold for the 2025-26 season, with China leading the purchases at 4,100 bales, followed by Pakistan in second place with 2,200 bales, and Nicaragua in third place with 900 bales. For the 2026-27 season, sales reached 242,100 bales, with Vietnam topping the list by purchasing 132,400 bales, followed by Turkey in second place with 41,600 bales, and Honduras in third place with 20,500 bales. Exports for the period totalled 222,800 bales, with Vietnam leading as the top importer at 88,900 bales, followed by Pakistan in second place, importing 35,500 bales, and Turkey in third place, importing 19,500 bales. Meanwhile, the government has announced payments of 20 billion rupees to the textile industry, a move welcomed by the All Pakistan Textile Mills Association (APTMA), which said the initiative would provide much-needed liquidity to exporters. According to details, APTMA welcomed the federal government’s decision to release 20 billion rupees in long-pending dues owed to the industry. The association said the move would provide exporters with badly needed cash flow and further strengthen confidence in Pakistan’s export-led growth strategy. Separately, Patron-in-Chief of the Pakistan Textile Exporters Association Khurram Mukhtar termed the ten percent increase in exports during the first month of fiscal year 2026-27 encouraging. He said the total value of exports in July 2026 rose to 2.96 billion dollars compared to 2.69 billion dollars in the same month of the previous fiscal year, while textile exports also grew by nine percent, rising from 1.68 billion dollars to 1.83 billion dollars. He added that whenever the export sector has been provided a conducive business environment, it has consistently performed well. Despite regional uncertainty, Pakistan’s textile exports have hit a new record. Textile exports reached a record 1.833 billion dollars in July 2026, marking a 43 percent increase on a monthly basis and a 9.11 percent rise on a yearly basis. The Central Cotton Research Institute (CCRI) has advised cotton growers to intensify pest surveillance and adopt crop management measures immediately, as recent rains and rising humidity have created favourable conditions for jassid, whitefly and pink bollworm attacks. According to Sajid Mahmood, Head of the Technology Transfer Department at CCRI Multan, these recommendations were issued following the 10th meeting of the Farmers Advisory Committee, which was chaired by CCRI Director Sabahat Hussain. Pakistan approved 14 cotton varieties during 2021-2025, featuring improved fibre quality, higher ginning out-turn (GOT), heat tolerance, resistance to drought and bollworms, strengthening the country’s cotton seed portfolio and supporting the textile industry. Official documents available with Wealth Pakistan show that two major cotton research institutions developed the approved varieties. The Central Cotton Research Institute (CCRI), Multan, developed 11 varieties, while the Central Cotton Research Institute (CCRI), Sakrand, produced three varieties. For quite some time, cotton purchasers and textile mills have continued to complain that contamination in cotton is rising instead of decreasing, a matter of concern for the entire cotton industry. If Pakistan genuinely wants to improve the quality of its cotton, contamination must be addressed as the foremost priority. This is an issue that can be tackled domestically and does not require waiting for any new government policy. Pakistan’s agricultural sector, particularly the cotton industry, faces significant challenges, with concerns that key stakeholders, including the public, the government and national institutions, remain largely absent from the administrative process. Critics say that the bureaucracy, which is expected to facilitate informed decision-making, has not always ensured adequate transparency and effective communication within the sector. A national institution, the Pakistan Central Cotton Committee (PCCC), is facing a host of challenges including an acute shortage of staff, 564 vacant posts out of a total of 752 posts (only 26% working staff), five positions of grade 20 officers lying vacant for over a decade, promotions and recruitment held in abeyance for around 15 years, an official source revealed on the condition of anonymity. Moreover, according to the official, the financial crisis persists due to suspension of salaries and pensions at the PCCC from July 2025 to April 2026, more than Rs2 billion outstanding dues of the textile sector stuck on account of weak recovery system by the Ministry of National Food Security and Research (MNFSR), cotton cess at Rs50 per bale since 2012 despite multiple increases in operational costs. When it comes to administrative imbalances, there is no permanent vice president of the PCCC, and non-payment of due ad hoc relief for several years, the official said. “The flaws in planning and policy are also procrastinating merger of the PCCC into the Pakistan Agriculture Research Council (PARC) despite the 18-month-old government’s approval,†they said. Pakistan’s textile sector demands 15 million bales annually. Last year, the country imported 7 million bales worth two and a half billion dollars from Brazil and the United States. This year, the country is targeting the import of another 7 million bales, as it is barely able to produce 6 million bales domestically. Pakistan has set a target of cultivating cotton on 5 million acres this year, with a production target of approximately 9.6 million bales. According to the latest report of the Pakistan Cotton Ginners Association (PCGA), 785,926 bales had reached ginning factories across the country by July 31, 2026. Pakistan has achieved a bumper cotton crop on three occasions in its history: 12.8 million bales in 1991-92, 14.8 million bales in 2004-05, and 14.0 million bales in 2014-15. According to the PCGA report, Pakistan produced approximately 5.6 million bales of cotton during the 2025-26 season. Based on the current condition of the crop, cotton production this year is also expected to remain in the range of 5.5 to 6.0 million bales. The legal process of merging the Pakistan Central Cotton Committee (PCCC) into the Pakistan Agricultural Research Council (PARC) is complete, as the Ministry of Law urged the Ministry of National Food Security and Research to have it examined by the National Assembly and the Senate. According to experts, the cotton sector cannot recover until a national cotton policy is formulated, since the adverse effects will continue, including a threat to the government’s credibility, negative impact on the national economy, and the failure of the PCCC. No cabinet meeting has been convened for several months regarding the PCCC’s merger The PCCC is the largest national institution for cotton, with an annual budget of 800 million rupees, while the Punjab Cotton Research Department has an annual budget of 7 to 8 billion rupees. Following the 18th Amendment, agriculture falls under provincial jurisdiction. Speaking to Business Recorder, Dr. Yousuf Zafar, former Vice President of the PCCC, said that the Cabinet’s Special Committee on federal government rights legislation and reorganization had decided in January 2025 to merge the PCCC with PARC. Meanwhile, a second committee on special crops, headed by Deputy Prime Minister (DPM) Ishaq Dar, gave verbal instructions to complete this process in parliament or to complete it through the President within a legally permissible period of three months. At a subsequent meeting on the cotton crop in October 2025, the DPM asked the All Pakistan Textile Mills Association (APTMA) to take charge of the PCCC. The former prime minister proposed the establishment of an autonomous cotton board. Even amended minutes were issued by the Ministry of National Food Security and Research (MNFSR). However, no such board was announced by the federal cabinet, as the summary was not forwarded by the concerned ministry. According to Zafar, the federal government’s indecisiveness and lack of clarity remain the obstacle to resolving the PCCC’s long-standing problems. Poor governance by the federal government and the absence of a clear roadmap are two major reasons behind the country’s declining cotton production. The Export Facilitation Scheme (EFS) allowed duty-free imports of raw cotton and yarn, which resulted in large-scale dumping by China and devastated local looms and spinning mills. Some textile houses, focused on short-term gains, are pressing decision-makers to liberalise cotton imports, which reached nearly three billion dollars last year. The seed mantra that our ruling elite recites at every cotton meeting is misplaced and overemphasised. It is not a single issue; rather, the entire cotton value chain needs to be transformed from farm to fashion, or F2F. Farmers, researchers, ginners, traders and textile houses must be engaged in a meaningful strategic implementation plan to urgently secure at least fifteen million bales of quality cotton. Strong political commitment is essential for the success of such a programme. Veteran progressive farmer Chaudhry Javed Riaz said the bureaucracy bears primary responsibility for this mess, as the research institution system is falling apart, with officers and staff being deprived of salaries, pensions and other facilities. Discussing possible solutions, he said cotton production in the country cannot be improved to meet the demand of the local textile sector unless a clear-cut cotton policy is formulated. He said immediate measures should be taken to protect the cotton sector right after wheat cultivation, cotton should be grown, and research should be conducted in line with climate change. He also called for crop zoning to protect “white gold,†noting that the cotton belt of southern Punjab has been converted into a sugarcane zone following the establishment of sugar mills there. He further called for the provision of quality cotton seed, following proper research, to boost production, along with reducing input costs by subsidising fertilisers and fixing a support price to benefit farmers so that they can earn a fair return and reinvest in future crops. Copyright Business Recorder, 2026
LATAM CURRENCIES ADVANCE AS WEAK US JOBS DATA WEIGHS ON DOLLAR
Date: 2026-08-10
Details: Published August 10, 2026 Updated about 3 hours ago BRASILIA: Most Latin American currencies strengthened on Friday as a weaker-than-expected US jobs report weighed on the dollar and cooled expectations for a Federal Reserve interest-rate hike next month, while equities were mixed. The US Labor Department’s report showed that the economy shed 23,000 jobs in July, defying expectations of 80,000 additions, according to economists polled by Reuters. As a result, the US dollar index fell 0.4 percent, hitting a seven-week low. Money markets scaled back bets for a September Fed rate hike, with traders pricing in a 44 percent chance of an increase, down from 55 percent before the employment data, according to CME Group’s FedWatch tool. “With not a solid belief in the Fed, terrible labor situation, and Yen intervention…it’s helping LatAm improve. The monetary policy divergence is what’s mattering right now,†said Juan Perez, director of trading at Monex. The US payrolls surprise capped a week of central bank decisions and inflation data across Latin America, offering fresh cues on the region’s monetary policy path. MSCI’s index tracking Latin American currencies rose 0.2 percent, heading for a sixth straight week of gains. The equities gauge, however, slipped 0.8 percent and was poised to mark its sixth consecutive session of losses, its longest such streak since late April. Most assets in the resource-laden region were on track to log weekly gains helped by firmer commodity prices that improved risk sentiment. Among currencies, the Mexican peso traded 0.5 percent higher, while its stocks gained 0.6 percent, led by a 1.6 percent advance in Grupo Mexico, tracking higher copper prices. Data showed annual inflation in Mexico slowed in July to its lowest level in more than six years, a day after the central bank kept rates unchanged and pushed back its timeline for inflation to return to target levels. “Softer food prices, weak domestic demand, restrictive financial conditions and the lagged effects of the MXN’s appreciation earlier this year continue to support lower headline inflation,†said Andres Abadia, chief LatAm economist at Pantheon Macroeconomics. In Chile, annual inflation also eased in July, while copper export revenue jumped 22.7 percent year-on-year. The equities benchmark declined 0.2 percent after hitting an over three-month high in the previous session, and the peso gained 0.4 percent. Brazilian stocks fell most among Latin American peers, down 1.9 percent, with a 3 percent loss in state-run oil firm Petrobras despite reporting strong second-quarter results, dragging the index lower. The real strengthened 0.5 percent. Copyright Business Recorder, 2026
HBL OPENS PRESTIGE LOUNGE IN SUKKUR
Date: 2026-08-10
Details: Published August 10, 2026 Updated about 3 hours ago KARACHI: HBL, Pakistan’s premier financial institution, has further strengthened its presence in Sindh with the inauguration of its first HBL Prestige Lounge in Sukkur, the Bank’s 60th HBL Prestige Lounge across its network. The new lounge takes HBL Prestige’s presence to 22 cities, including its international lounges in Jumeirah, Dubai, and London, UK. The expansion reinforces HBL’s commitment to providing a world-class banking experience to high-net-worth individuals (HNWIs) across the province. The lounge was inaugurated by Muhammad Nassir Salim, President & CEO – HBL. The ceremony was attended by distinguished clients, senior leadership and other valued guests. HBL Prestige offers personalized financial solutions, dedicated banking services, delivering an elevated banking experience to clients in Sukkur. HBL also inaugurated its first Trade Business Centre in Sindh in Hyderabad. The centre brings comprehensive trade services under one roof for Commercial and SME clients, offering greater convenience and a more seamless experience for businesses. Further expanding its reach, HBL inaugurated a new branch within the Liaquat University of Medical and Health Sciences (LUMHS) campus in Jamshoro. HBL now has 133 branches across Hyderabad region, extending banking services to individuals, businesses and institutions. Copyright Business Recorder, 2026
PAKISTAN ENVOY SEEKS GREATER US INVESTMENT IN MINERALS, SURGICAL SECTOR
Date: 2026-08-10
Details: Written by Faisal Shahnawaz in Pakistan, Trade & Industry Ambassador Rizwan Saeed Sheikh promotes B2B partnerships, value-added mineral projects and advanced manufacturing in Pakistan’s surgical sector. CHICAGO: Ambassador of Pakistan to the United States Rizwan Saeed Sheikh has engaged key business leaders across Chicagoland to promote bilateral trade, commercial partnerships and greater US investment in Pakistan, particularly in the mineral and surgical instrument sectors. The ambassador, accompanied by the Consul General of Pakistan in Chicago, held a series of high-level meetings with business representatives to highlight investment opportunities and strengthen business-to-business (B2B) linkages between Pakistan and the United States. Ambassador Calls for Stronger B2B Partnerships During a breakfast meeting hosted by the Pak American Chicagoland Chamber of Commerce (PACC), Ambassador Sheikh encouraged business representatives to strengthen B2B partnerships and explore opportunities to expand their businesses and investments in Pakistan. PACC President Naveed Anwar briefed the ambassador on his recent visit to Pakistan as part of a US business delegation and expressed confidence in the country’s economic prospects. The discussions focused on strengthening commercial ties and creating opportunities for US businesses to participate in Pakistan’s growing investment sectors. $200 Million Salt Joint Venture Highlighted In a separate meeting, Nadeem Ahmad, President of Miracle Salt Works Collective Inc. (MSCI), briefed Ambassador Sheikh on the company’s ongoing $200 million joint venture with the Pakistan Mineral Development Corporation (PMDC). The project involves the local crushing and packaging of high-quality Pakistani pink rock salt for export to international markets. Ambassador Sheikh welcomed the initiative, describing it as a potential benchmark for value-added foreign direct investment in Pakistan’s mineral sector. He highlighted the country’s substantial mineral resources and said greater investment in processing and value addition could help transform these resources into significant economic opportunities. Focus on Value Addition in Surgical Industry The ambassador also visited Phoenix Instruments in Naperville, a major finishing, packaging and distribution facility for Pakistani-manufactured surgical instruments serving the US healthcare market. During the visit, Sheikh toured the facility and held discussions with company executives on ways to expand operations and help Pakistan’s surgical manufacturing industry move towards higher-value segments. Pakistan is a major producer and exporter of surgical instruments, particularly from the Sialkot industrial cluster, with the industry supplying healthcare markets in several countries. Sheikh called for greater US investment in advanced manufacturing technologies, specialised workforce training and skills development to help Pakistan’s surgical instrument industry move towards more technologically sophisticated production. Push for Technology Transfer and Investment The ambassador reaffirmed Pakistan’s commitment to developing sustainable, investment-led economic partnerships with the United States. He emphasised the importance of technology transfer, value addition and skills development in expanding Pakistan’s export capacity and creating higher-value industrial opportunities. The engagements in Chicago form part of Pakistan’s broader efforts to attract US investment and strengthen commercial partnerships by connecting American businesses with opportunities in Pakistan’s mineral resources, manufacturing and export-oriented sectors.
BOJ’S ETF HOLDINGS MAY HELP FUND TAX CUT, LDP EXECUTIVE SAYS
Date: 2026-08-09
Details: Published August 9, 2026 Updated a day ago TOKYO: Tapping the Bank of Japan’s holdings of exchange-traded funds (ETF) may be an option to fund a planned sales tax cut, a ruling party executive said in a recent online programme, a sign its vast asset holdings could come under the political spotlight. The government on Wednesday signed off on Prime Minister Sanae Takaichi’s flagship plan to slash the sales tax on food items to 1percent from 8percent for two years, pressing ahead despite mounting concerns over the nation’s already strained finances. Takaichi has pledged not to rely on fresh debt issuance and instead look for non-tax revenues to fund the revenue shortfall, estimated around 5 trillion yen (USD31.71 billion) annually. Daishiro Yamagiwa, a senior lawmaker of the ruling Liberal Democratic Party’s (LDP) tax panel, said proceeds from selling the BOJ’s 37-trillion-yen ETF holdings could be considered as an idea to fill the shortfall. “Under the BOJ’s current plan, it would take a century to sell all of its ETF holdings. Stock prices are so high now that it won’t hurt to think about speeding up the pace of sales,†Yamagiwa, a senior lawmaker of the Liberal Democratic Party’s (LDP) tax panel, told an online programme aired on Tuesday. Under a plan set in September last year, the central bank is currently selling its ETF holdings in the market at an annual pace of around 330 billion yen as part of its efforts to dismantle remnants of its massive stimulus. The BOJ has said it opted to move slowly to avoid disrupting the stock market in unloading the 37-trillon-yen worth of ETFs left on its balance sheet during 13 years of purchases aimed at reflating a moribund economy. STANDARD CHARTERED TO OFFER WEALTH PRODUCTS IN INDIA’S GIFT CITY FINANCE HUB Published August 9, 2026 Updated a day ago MUMBAI: Standard Chartered has received in-principle approval to offer wealth management products to clients from India’s tax-neutral financial hub, Gujarat International Finance Tec-City (GIFT City), the bank said in a statement on Thursday. The International Financial Services Centres Authority (IFSCA), the regulator for the international financial services hub, granted the in-principle approval, and Standard Chartered expects to roll out its retail wealth management offerings over the next few months. “Building on our deep roots in the GIFT City ecosystem, this distribution approval enables us to bring Standard Chartered’s global wealth management capabilities, while supporting GIFT City’s ambition to become a leading international financial services centre,†P D Singh, CEO, India and South Asia, Standard Chartered, said in the statement. Standard Chartered, the first foreign bank to commence operations in GIFT in 2020, joins HSBC in offering wealth products via the hub. The lender was earlier tapped by policymakers to manage US dollar clearances for a foreign currency settlement system set up in the country’s tax-neutral zone. GIFT City is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the tax holiday for firms operating there to 20 years and regulations have also been eased. Earlier in the year, the finance hub also issued its first license to establish a family investment fund, marking a significant step in managing private wealth within the financial hub.
SENATE PANEL SEEKS FBR REPORT ON PTC, TOBACCO SECTOR AMID SEIZED CIGARETTE PROBE
Date: 2026-08-08
Details: Written by Faisal Shahnawaz in Taxation Senate subcommittee asks FBR and FIA for details on cigarette brands, tax payments and alleged theft of 2,828 seized cartons. ISLAMABAD, August 7, 2026: A subcommittee of the Senate Standing Committee on Interior has directed the Federal Board of Revenue (FBR) and other relevant institutions to submit detailed reports on the seizure and alleged theft of non-custom-paid cigarettes, while also seeking comprehensive information about Pakistan Tobacco Company (PTC) and the country’s tobacco industry. The subcommittee, chaired by Senator Saifullah Abro, met at Parliament House on Friday to review a report broadcast by private television channel ABN News concerning non-custom-paid cigarettes seized by Pakistan Customs and the Motorway Police near Chakri. FIA Submits Inquiry Report to FBR Officials of the Federal Investigation Agency (FIA) informed the committee that a comprehensive inquiry report into the alleged theft of seized cigarettes had already been forwarded to the FBR. The committee directed the FBR and other relevant agencies to provide detailed information about: • Pakistan Tobacco Company (PTC). • Tobacco manufacturers operating in Pakistan. • Registered cigarette brands. • Tax payments by tobacco companies. • Imported raw materials. • Revenue collected from the tobacco sector. Senator Abro said the committee’s objective was not to target journalists but to investigate allegations of large-scale tax evasion within the tobacco industry. The inquiry was prompted by the alleged theft of 2,828 cartons of cigarettes from an FBR warehouse. The matter is currently being investigated by the FIA. Committee Seeks Cigarette Brand and Tax Details The subcommittee also instructed the FIA to provide details of the cigarette brands involved in the case, along with additional information concerning imported tobacco materials and associated tax records. The requested information is expected to help the committee assess the broader tax and regulatory issues surrounding the tobacco sector, in addition to determining the circumstances surrounding the missing seized cigarettes. Information Ministry Explains Media Complaint Framework During the meeting, the committee also directed the Ministry of Information and Broadcasting and the Press Information Department (PID) to submit reports concerning the issue. Members discussed the legal framework governing complaints against television channels and newspapers. Federal Secretary for Information and Broadcasting Ashfaq Ahmed Khail briefed the committee on the regulatory framework for electronic and print media. He clarified that neither the ministry nor the PID has the authority to directly take action against television channels or newspapers. According to the secretary, complaints against television channels can be submitted to the relevant Council of Complaints, while complaints concerning newspapers may be referred to the Press Council of Pakistan. He said the government remained committed to protecting the rights, professional independence and welfare of journalists and media workers. Ashfaq Ahmed Khail also highlighted the role of the Commission for Protection of Journalists and Media Professionals, which was established under the relevant law to safeguard journalists’ rights. PFUJ Says Legal Forums Available Speaking before the committee, Pakistan Federal Union of Journalists (PFUJ) President Afzal Butt said journalists were not above the law and that complaints against media organisations or individual journalists could be taken to the appropriate legal forums. He specifically referred to bodies including the Pakistan Electronic Media Regulatory Authority (PEMRA) and the Press Council of Pakistan. The information secretary further said the Constitution guarantees citizens the right to freedom of expression within the limits prescribed by law, reaffirming the ministry’s commitment to promoting free, responsible and professional journalism. ABN News Report Referred for Review Concluding the meeting, Senator Abro said journalists were “our arms†and highly valued by the committee, while stressing that no individual should be permitted to defame another person or unjustifiably damage someone’s reputation. The committee referred the matter concerning the ABN News report to PFUJ President Afzal Butt for an independent review. It asked him to examine the issue and submit his findings to the committee, while the FBR, FIA and other relevant institutions were directed to provide the requested information on the seized cigarettes and the wider tobacco sector.
FBR’S IRIS TAX RETURN FILING PORTAL GOES OFFLINE FOR SCHEDULED MAINTENANCE
Date: 2026-08-08
Details: Written by Hamza Shahnawaz in Taxation Tax authority advises taxpayers to complete returns, payments and registrations before scheduled weekend system maintenance. ISLAMABAD, August 7, 2026: The Federal Board of Revenue (FBR) has announced that its online tax return filing portal, IRIS, along with several other digital tax services, will remain temporarily unavailable over the weekend due to scheduled system maintenance. In a public notice issued on Friday, the FBR said the maintenance will commence at 12:30 a.m. on Saturday, August 8, 2026, and continue until 5:00 a.m. on Monday, August 10, 2026. Key Digital Services to Remain Unavailable During the maintenance period, taxpayers and other stakeholders will be unable to access several important online platforms, including: • IRIS tax return filing portal • Digital Invoicing (DI) • Payment System • Synchronized Withholding Administration and Payment System (SWAPS) • POS Registration The FBR said all transactions linked to these services, including tax return filing, tax payments, registrations and other online activities, will remain unavailable throughout the scheduled maintenance window. Taxpayers Advised to Plan Ahead The tax authority has urged taxpayers, businesses and tax practitioners to complete any time-sensitive tax-related activities before the maintenance begins. The FBR advised users to finalise: • Income tax return filings. • Tax payments. • Registrations. • Other online transactions. Planning ahead, the authority said, will help taxpayers avoid inconvenience during the temporary suspension of services. Services to Resume After Maintenance According to the FBR, all affected digital platforms are expected to become operational immediately after the successful completion of the maintenance work. The revenue authority expressed regret for the temporary disruption and thanked taxpayers and stakeholders for their patience and cooperation. IRIS Central to Pakistan’s Tax System The IRIS portal serves as the FBR’s primary online platform for income tax return filing, sales tax registration, tax payments and a wide range of digital tax services. It is used extensively by individual taxpayers, companies, tax consultants and other stakeholders across Pakistan. The scheduled maintenance is aimed at ensuring the continued reliability, performance and security of the FBR’s digital tax infrastructure.
FBR ORDERS COMPULSORY RETIREMENT OF SENIOR AUDITOR OVER UNAUTHORISED FACTORY VISIT
Date: 2026-08-08
Details: Written by Hamza Shahnawaz in Taxation Disciplinary inquiry finds unauthorised factory visit proved, while corruption allegation remains unsubstantiated. ISLAMABAD, August 7, 2026: The Federal Board of Revenue (FBR) has imposed the major penalty of compulsory retirement on a senior auditor of the Inland Revenue Service after disciplinary proceedings found him guilty of participating in an unauthorised visit to a factory in Lahore. According to an official notification, disciplinary proceedings were initiated against Hafiz Muhammad Azam, Senior Auditor (Time Scale-17), Corporate Tax Office (CTO), Lahore, along with two other officials. The three officers were suspended and served charge sheets on December 10, 2025, over allegations of inefficiency, misconduct and corruption under the Civil Servants (Efficiency & Discipline) Rules, 2020. Inquiry Recommended Dismissal Ms Attiya Ali Khan, Commissioner Inland Revenue, was appointed as the Inquiry Officer and submitted her report on April 3, 2026. The inquiry concluded that all three charges had been established against the officials and recommended the major penalty of dismissal from service. Following the inquiry report, the FBR issued show-cause notices on April 29, 2026. The accused officials submitted written replies and requested personal hearings before the competent authority. Hearing Before Competent Authority The Member (Administration/HR), acting as the competent authority, heard the officials on July 16, 2026. During the proceedings, the departmental representative stated that the charge relating to an unauthorised and illegal visit to the premises of M/s Versal Industry (SMC-Private) Limited on October 29, 2025, had been established during the inquiry. Senior Auditor Denied Allegations In his defence, Hafiz Muhammad Azam denied the allegations and maintained that he had been travelling with a Havaldar to attend a funeral near Ferozepur Road after leaving the office. He stated that another employee requested a lift to the factory premises, where an authorised raid by the Directorate of Intelligence and Investigation (Inland Revenue) was already in progress. According to his explanation, he merely stopped outside the factory gate to drop the employee, did not enter the premises and played no role in the raid. He also argued that he had no jurisdiction over the factory because he was posted in Zone-II rather than Zone-III. FBR Rejects Defence The competent authority found the explanation unconvincing after reviewing reports submitted by the Deputy Director of the Directorate of Intelligence and Investigation (Inland Revenue), who led the authorised raid, and the Deputy Commissioner Inland Revenue having jurisdiction over the factory. The authority also examined a computerised death certificate produced by the official and concluded that his claim of attending a funeral during office hours was inconsistent with the record. Although the death occurred on October 29, 2025, the funeral and burial took place the following day. In addition, the Member (Administration/HR) contacted the Deputy Director of Intelligence and Investigation on August 5, 2026, who confirmed that Hafiz Muhammad Azam was present outside the factory’s main gate while the other two accused officials were found inside the premises during the raid. Compulsory Retirement Instead of Dismissal The FBR noted that the allegation of accepting illegal gratification, which formed the basis of the corruption charge, could not be substantiated. However, the authority held that the unauthorised visit to the factory and the submission of incorrect and misleading statements had been proved during the disciplinary proceedings. Taking these findings into account, the competent authority concluded that dismissal from service was not warranted because the senior auditor’s presence inside the factory premises could not be established. Instead, the FBR imposed the lesser major penalty of compulsory retirement under Rule 4(3)(c) of the Civil Servants (Efficiency & Discipline) Rules, 2020, with immediate effect. Right to Appeal The notification further provides that the suspension period from October 30, 2025, until the date of the order will be treated as leave admissible under the Revised Leave Rules, 1980. The FBR has also informed Hafiz Muhammad Azam that he may file an appeal before the competent appellate authority under the Civil Servants (Appeal) Rules, 1977 within 30 days of receiving the notification.
COTTON MARKET REMAINS STEADY
Date: 2026-08-08
Details: Published August 8, 2026 Updated about 3 hours ago LAHORE: The local cotton market on Friday remained steady and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,200 to Rs 18,400 per maund, while Phutti in the province is trading between Rs 7,200 to Rs 7,800 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,500 to Rs 18,800 per maund, with Phutti fetching between Rs 8,200 to Rs 9,200 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,300 to Rs 18,400 per maund. The rate of Phutti is in between Rs 8,200 to Rs 8,800 per 40 kg. The Spot Rate remained unchanged at Rs 18,300 per maund. Copyright Business Recorder, 2026
H1 2026: MEEZAN BANK ANNOUNCES FINANCIAL RESULTS
Date: 2026-08-08
Details: Published August 8, 2026 Updated 10 minutes ago KARACHI: Meezan Bank has reported a Profit After Tax (PAT) of Rs 48.88 billion, achieving an annualized Return on Equity of 34.7 percent, reflecting its ongoing commitment to enhancing shareholder value. The Board of Directors of Meezan Bank, in their meeting approved the financial statements of the Bank for the half year ended June 30, 2026. The meeting was chaired by Riyadh S A A Edrees Chairman of the Board. Concurrently, basic Earnings per Share were recorded at Rs 27.15 (H1 2025: Rs 25.72). The Board approved an interim cash dividend of 80 percent (Rs 8.00 per share) for the second quarter of 2026. The Bank continues to maintain a strong capital position, with a Capital Adequacy Ratio above 19 percent, well above the regulatory requirement. Additionally, Meezan Bank remains one of the most valuable Banks in Pakistan with market capitalization exceeding USD 3.3 billion. Total assets remained broadly stable, with the Bank closing the first half year of 2026 at Rs 5.14 trillion, compared with Rs 4.81 trillion as at December 2025. The Bank continues to demonstrate strong asset quality, with a non-performing financing ratio of 1.83 percent, among the lowest in the banking sector. It also maintains a prudent level of provisioning against non-performing financings, reflected in a coverage ratio of 152 percent. The Bank’s net spread stood at Rs 128.79 billion (H1 2025: Rs 125.76 billion), representing an increase of 2 percent. Non-funded income increased to Rs 21.63 billion from Rs 15.92 billion in the corresponding period last year, reflecting a growth of 36 percent. This increase was primarily driven by higher foreign exchange income, branch banking fees, and debit card-related fees. Overall, the Bank’s Profit After Tax (PAT) rose by 6 percent year-on-year compared with H1 2025. Copyright Business Recorder, 2026
ICICI BANK, AXIS BANK TAP DOLLAR DEBT AGAIN IN LESS THAN TWO MONTHS, BANKERS SAY
Date: 2026-08-08
Details: • Both the debt placements will close for subscription next week and will be placed privately Published August 7, 2026 Updated about 12 hours ago MUMBAI: Two Indian private sector lenders have tapped U.S. dollar denominated debt market for the second time in less than two months, to raise $300 million each, two merchant bankers said on Friday. ICICI Bank will issue five-year bonds at a coupon of 5.3520%, payable semi-annually. Axis Bank will raise these funds through reissue of its 5.3480% June 2031 bonds, which will take the outstanding issuance to $600 million. Both the debt placements will close for subscription next week and will be placed privately. ICICI Bank sets initial guidance for first dollar bond in nearly 9 years, bankers say Last month, ICICI Bank raised $1 billion through five-year bonds at a coupon of 5.46%, in what was the largest such issue by an Indian lender in nearly 14 years. In June, Axis Bank had raised $800 million through a dual-tranche debt issuance, which included the primary sale of the five-year papers and $500 million of perpetual notes at a 6.875% annual coupon, payable semi-annually. The notes will be listed on the India International Exchange IFSC and NSE IFSC. India’s Axis Bank misses profit forecast on lower trading income, approves $2bn equity fundraise The bonds are being issued under the Reserve Bank of India’s lower-cost hedging facility that allows eligible external commercial borrowings by banks and state-owned companies to be hedged at a fixed rate of 1.5% per annum, compounded semi-annually, and lowers overall cost of borrowing.
MARI ENERGIES REPORTS HIGHEST-EVER QUARTERLY EARNINGS
Date: 2026-08-08
Details: Published August 8, 2026 Updated about an hour ago KARACHI: Mari Energies Limited (MARI) reported its highest-ever quarterly earnings in the fourth quarter of FY26, with net profit after tax (NPAT) almost doubling year-on-year, largely driven by a significant reversal in super tax following a Federal Constitutional Court ruling. The company posted NPAT of Rs37.46 billion for the quarter ended June 30, 2026, translating into earnings per share (EPS) of Rs31.20, compared with Rs18.84 billion (EPS: Rs15.69) in the corresponding quarter last year, reflecting an increase of 99 percent year-on-year and 77 percent quarter-on-quarter. For the full fiscal year FY26, Mari Energies earned Rs87.07 billion, or Rs72.52 per share, up 34 percent from Rs65.14 billion (EPS: Rs54.25) recorded in FY25. The board announced a final cash dividend of Rs18.70 per share, taking the total FY26 payout to Rs27 per share, compared with Rs21.70 per share in the previous year. Net sales for the fourth quarter rose 19 percent year-on-year and 11 percent quarter-on-quarter to Rs53.36 billion, while full-year revenue increased 8 percent to Rs191.66 billion. Hydrocarbon sales reached a record 41.28 million barrels of oil equivalent (boe) during FY26, supported by the commencement of production from the Spinwam field in the Waziristan Block, contributing 50 million cubic feet per day (mmcfd), and the Shams discovery in the Mari Field, producing more than 35 mmcfd. The report noted that exploration expenditure climbed 58 percent year-on-year and 70 percent quarter-on-quarter to Rs8.28 billion during the quarter, while operating expenses increased 31 percent year-on-year to Rs12.29 billion. During the year, the company’s exploration portfolio expanded to 72 licences covering 155,276 square kilometres, while its reserve replacement ratio reached 375 percent following the addition of 157 million boe of 2P reserves. According to AKD Securities, the principal driver behind the record quarterly earnings was a Rs18.34 billion super tax reversal booked during the quarter pursuant to the Federal Constitutional Court’s judgment. As a result, the company’s effective tax rate for FY26 turned negative 5 percent, compared with 26 percent in FY25. Trade receivables remained broadly unchanged at Rs86 billion on an annual basis but declined 7 percent quarter-on-quarter, indicating an improvement in recoveries. The report also highlighted Mari Energies’ diversification initiatives during FY26. Mari Technologies commissioned its first 5MW Tier III data centre, Karakoram-01, in Islamabad, while Mari Minerals completed more than 45,000 metres of drilling during the year. Copyright Business Recorder, 2026
1LINK WELCOMES NEW BOARD OF DIRECTORS
Date: 2026-08-08
Details: Published August 8, 2026 Updated about 3 hours ago KARACHI: 1LINK (Private) Limited, Pakistan’s first fully licensed and designated Payment System Operator (PSO), welcomed its newly constituted Board of Directors to their first Board meeting on July 31, 2026. The meeting marked the commencement of the new Board’s tenure and reaffirmed 1LINK’s commitment to strong corporate governance, strategic leadership, and institutional excellence. The Board deliberated on setting the foundation for the Company’s next phase of growth and continued contribution to Pakistan’s evolving digital payments landscape. The new Board of Directors comprises: Atif Bajwa (President & CEO, Bank Alfalah Limited) – Chairman of the Board, Nassir Salim (President & CEO, Habib Bank Limited) – Nominee Director, Yousaf Hussain (President & CEO, Faysal Bank Limited) – Nominee Director, Mujahid Ali (Chief Technology and Digital Transformation, Allied Bank Limited) – Nominee Director, Abdul Wahid Sethi (Chief Financial Officer, National Bank of Pakistan) – Nominee Director, Ali Naqvi (Chief Digital Officer, Askari Bank Limited) – Nominee Director, Ammara Masood (Global Industry GM-Banking and Financial Services, Systems Limited) – Independent Director, Tania Aidrus (CEO, Waseela Global) – Independent Director, To be decided – Independent Director, Najeeb Agrawalla (CEO 1LINK). Following the Board meeting, 1LINK hosted a special Town Hall, providing 450+ employees with the opportunity to meet the new Board. During the session, Atif Bajwa, Chairman of the Board addressed the employees and shared the Board’s collective vision for 1LINK’s future, emphasizing leadership, collaboration, innovation, and the critical role of its people in driving the Company’s continued success. Welcoming the Board, Najeeb Agrawalla, CEO 1LINK, congratulated the Directors on the commencement of their tenure and expressed confidence in the Board’s strategic guidance, as 1LINK continues to strengthen Pakistan’s national payments infrastructure and deliver greater value to the financial ecosystem. Copyright Business Recorder, 2026
PETROL PRICE CUT BY RS2.20, HSD’S BY RS1.50
Date: 2026-08-08
Details: Published August 8, 2026 Updated about 2 hours ago ISLAMABAD: The federal government has decreased the price of petrol from Rs329.82 per litre to Rs327.62 per litre, reflecting a decline of Rs2.20. The Ministry of Energy (Petroleum Division) Friday also announced the decrease in price of high-speed diesel (HSD) by Rs1.50 per litre from Rs382.36 to Rs380.86 per litre. The new prices will remain applicable between August 8 and August 10. Copyright Business Recorder, 2026
FBR WARNS TAXPAYERS: TRADITIONAL PRACTICES, INFORMAL SHORTCUTS NO LONGER EFFECTIVE
Date: 2026-08-07
Details: Published August 7, 2026 Updated a day ago KARACHI: Rashid Mahmood Langrial, Chairman of the Federal Board of Revenue (FBR), has said that Pakistan’s tax system has been fundamentally transformed over the past two years through artificial intelligence (AI) and digital reforms, warning taxpayers that traditional practices and informal shortcuts are no longer effective. Addressing at a dinner hosted by the Businessman Panel Progressive (BMPP), Chairman FBR urged businesses community and individual taxpayers to hold detailed consultations with their tax consultants before filing their income tax returns as tax consultants play a vital role in helping clients understand complex tax laws and legally minimise their tax liabilities within the framework of the law. On the occasion, Saquib Fayyaz Magoon Senior Vice President FPCCI and Chairman BMPP, Khurram Ijaz General Secretary BMPP, Asif Sakhi Vice President FPCCI, Shabbir Mansha Member Supreme Council BMPP, Sham Lal Chairman Pakistan Ginners Association, Khushnood Afta Sheikh and others were also present. Chairman FBR said that in the past, some taxpayers relied on the assumption that underreporting income or making inaccurate declarations carried a low risk of detection because the FBR lacked the manpower and technological capacity to scrutinise every return. “However, that assumption is no longer valid as the FBR now has the capability to automatically review every tax return using advanced digital tools,†he informed. He said that the integration of third-party data has sharply reduced the scope for inaccurate declarations, while use of AI and reforms in the tax system has not only improved administrative processes, the induction of private-sector professionals has significantly strengthened the tax authority’s monitoring capabilities. Langrial said the transition towards a faceless tax administration has diminished the influence of personal contacts and recommendations that were previously perceived to affect tax matters. He advised the business community to seek only lawful and technically sound guidance from their tax consultants, cautioning against relying on outdated practices or advice that falls outside the legal framework. “If taxpayers continue to follow old methods during the current filing season, they may face significant and costly financial consequences,†Chairman FBR warned. Reaffirming the FBR’s commitment to a transparent and technology-driven tax system, he said that the ongoing digital reforms are aimed at strengthening revenue collection and improving the country’s economic stability. He urged taxpayers to complete their tax affairs transparently and file their returns well before the prescribed deadlines. Tax consultants and businesses in the past often assumed that the FBR’s limited technological capability and manpower meant there was little chance of being caught for underreporting income or understating tax liabilities. However, with the introduction of AI and the implementation of a faceless tax administration, the system has changed fundamentally, he mentioned. Chairman FBR said that documenting the economy requires businesses to purchase goods and services only from registered companies and individuals and this would improve transparency in the tax system and help broaden the country’s tax base. He informed that various proposals are under consideration to resolve the issues of tax refund delay aimed to strengthen businesses’ cash flows. On the occasion, Saquib Fayyaz Magoon said that most of the issues raised by trade bodies have received a positive response and several matters were resolved during the meeting with chairman FBR held on Tuesday in Karachi. Delays in refunds were a major issued and the chairman has already directed the FBR officials to improve the refund mechanism. He urged the tax authority to introduce a faster refund mechanism for the exporters, arguing that it creates shortage of cash flow and delays force small exporters to absorb refund amounts into their costs, making them less competitive in international markets. Copyright Business Recorder, 2026
DAEWOO EXPRESS RAISES RS4BN IN THIRD SUKUK
Date: 2026-08-07
Details: • The Sukuk issue was oversubscribed 2.24x Published August 7, 2026 Updated about 22 hours ago Daewoo Pakistan Express Bus Services Limited, one of the country’s leading inter-city transport service providers, has successfully raised Rs4 billion through the issuance of its third short-term Sukuk, with the Shariah-compliant offering drawing subscriptions worth 2.24 times the amount on offer. “We are proud to announce Pak Oman’s continued role in supporting Daewoo Pakistan Express Bus Services Limited with the successful issuance of its PKR 4 billion Short-Term Sukuk – Issue 3,†said Pak Oman Investment Company Ltd in a post on a social media platform on Thursday. Pak Oman Investment Company Limited, acting as mandated joint lead financial advisor, arranger and investment agent, said that the issue was oversubscribed 2.24x, “reflecting strong investor confidence in Daewoo and Pakistan’s capital marketsâ€. “We are committed to enabling Shariah-compliant solutions that advance clean, sustainable, and efficient transportation in Pakistan,†it added. Daewoo Pakistan Express Bus Service Limited had earlier issued two short-term Sukuk instruments. The first raised Rs2 billion in December 2025, and the second raised Rs4 billion in March 2026. The company, established in 1997, is a leading intercity transport and logistics operator in Pakistan, managing over 400 buses, 200 cargo trucks, and 200+ delivery centres. It has expanded into regulated public sector mass transit projects, including Lahore Feeder, Multan Metro, Orange Line Lahore, BRT Peshawar, and BRT Karachi. What’s a Sukuk? A Sukuk is basically the Islamic version of a government bond. Normally, when governments need money, they borrow it by selling bonds. Investors lend the government cash and earn interest in return. But under Islamic finance, charging or paying interest isn’t allowed. So instead, Sukuk are structured around real assets that generate income, such as rent, allowing investors to earn Shariah-compliant returns.
TRUMP SAYS CONGRESS WANTS TO REGULATE AI INDUSTRY 'OUT OF BUSINESS'
Date: 2026-08-07
Details: • Trump’s remarks underscore a widening debate in Washington over how aggressively to police a fast-moving AI industry Published August 7, 2026 Updated about 11 hours ago WASHINGTON: U.S. President Donald Trump said the U.S. Congress wants to regulate the AI industry “out of business,†according to a Punchbowl News interview published on Friday. Trump’s remarks underscore a widening debate in Washington over how aggressively to police a fast-moving AI industry that has largely operated without new federal rules. Lawmakers have released a range of proposals that have not yet moved forward, including a bill that would require developers of the most powerful AI models to submit them for independent security audits. The debate over AI regulation became more urgent in the last few weeks, after developers OpenAI and Anthropic said their AI systems escaped containment during security testing. The OpenAI agent triggered a hack that compromised the infrastructure of the AI startup Hugging Face, a platform where developers store and collaborate on code for AI models. Govt unveils National AI Initiative with seven innovation hubs The incident signaled that AI’s expanding capabilities are already fueling the security threat experts long feared and that even top developers can be caught off guard by flaws their models can exploit. The Commerce Department’s National Institute of Standards and Technology separately proposed guidelines on Friday for evaluating AI systems, and asked for public feedback. NIST’s job is to write standards for science and technology. The guidelines are for organizations that want to “measure the impact of their AI systems,†according to NIST. Nvidia in talks with OpenAI to guarantee $250 billion financing for data center, WSJ reports The guidelines are “the first step in standardizing the way the federal government evaluates AI systems both for itself and for its contractors,†said Ike Harris, executive director of the Washington, D.C.-based Frontier Security Institute, a nonprofit focused on AI and national security.
TAKE-TWO STICKS TO ANNUAL BOOKINGS OUTLOOK, SAYS ON TRACK FOR 'GTA VI' NOVEMBER LAUNCH
Date: 2026-08-07
Details: • Grand Theft Auto VI launches November 19, with 'exceptional' pre-orders and billions expected, following GTA V's 230 million units Published August 7, 2026 Updated about 14 hours ago Take-Two Interactive maintained its annual bookings forecast on Friday, but reiterated the November 19 launch date for its highly anticipated title “Grand Theft Auto VIâ€, bringing the blockbuster release one step closer to fans. Shares of the company were up marginally in volatile premarket trading. Take-Two projected current-quarter bookings below Wall Street estimates, signaling continued weakness from the lack of strong new titles ahead of the “GTA VI†release. The videogame publisher began taking pre-orders for “GTA VI†on June 25, but did not provide any material detail on demand trends. Take-Two CEO Strauss Zelnick only said that pre-orders have had an “exceptional start†in the post-earnings call. The game is expected to be a gold mine for the company this year, raking in billions of dollars within days of its launch, thanks to the franchise’s popularity. “GTA Vâ€, the predecessor, is one of the best-selling games ever, and has sold nearly 230 million units since its 2013 launch. Take-Two prices ‘Grand Theft Auto VI’ at $79.99, sticks to November 19 launch Investors have been closely watching for any announcement around an online multiplayer mode for “GTA VIâ€, hoping that Take-Two would replicate the success of “GTA V Onlineâ€, which has been a consistent source of revenue for the company. The online version helped the company keep players engaged long after the release of “GTA Vâ€. The live-service components of a title typically allow companies to generate more income through players’ purchases of in-game currency. “Some of the weakness (in shares) may be the lack of incremental detail about ‘GTA VI’,†said MoffettNathanson analyst Clay Griffin. “What’s really important for Take-Two is some notion of the plan for how ‘GTA Online’ will evolve. It’s pretty well understood that ‘GTA VI’ will do just fine, if not better than expectations. But it’s more about the longevity of opportunity.†Take-Two said it expects fiscal 2027 bookings of $8 billion to $8.20 billion. Analysts on average were expecting a 31.9% jump to $8.86 billion, according to data compiled by LSEG. The company forecast second-quarter bookings between $1.62 billion and $1.67 billion, below analysts’ average estimate of $1.85 billion. For the first fiscal quarter ended June 30, net bookings stood at $1.39 billion, a touch above market estimates of $1.38 billion.
FBR MAKES PHYSICAL INSPECTION UNDERTAKING MANDATORY FOR CUSTOMS AUCTION BIDDERS
Date: 2026-08-06
Details: Written by Faisal Shahnawaz in Auction, Taxation Draft amendments require bidders to confirm physical inspection of auctioned goods before participating in Customs auctions ISLAMABAD: The Federal Board of Revenue (FBR) has proposed making it compulsory for bidders participating in Pakistan Customs auctions to submit a written undertaking confirming that they have physically inspected the auctioned goods before placing a bid. The proposal has been introduced through SRO 1277(I)/2026, issued on Wednesday as draft amendments to the Customs Rules, 2001, with the objective of improving transparency, strengthening the auction process and reducing disputes after the sale of goods. Goods to Be Available for Inspection Under the proposed amendments, auctioneers will be required to make auctioned goods available for inspection by prospective bidders for at least three days before the scheduled auction. The FBR said the requirement is intended to provide bidders with sufficient opportunity to assess the quality, condition and nature of the goods before participating in the auction process. Mandatory Undertaking Before Bidding The draft rules require every bidder to submit a written undertaking on the official letterhead of the bidding firm or company before taking part in an auction or any subsequent re-bidding process. The undertaking must be duly signed and stamped by the authorised signatory of the firm or company. Declarations Required from Bidders Under the proposed format, bidders will be required to declare that: • They have personally, or through an authorised representative, physically inspected the goods before participating in the auction. • The inspection was carried out on a specified date and at the designated location. • They have examined the existing physical condition of the goods. • They will not raise any objection, claim, dispute or seek revision of the bid amount, compensation or cancellation of the auction on the basis of any alleged discrepancy in the goods after submitting the bid, its acceptance or taking possession of the goods. Details to Be Included in the Undertaking The proposed undertaking will require bidders to provide the following information: • Name of the bidder or authorised representative. • Name of the bidding firm or company. • Registered or business address. • Computerised National Identity Card (CNIC) number. • National Tax Number (NTN) or registration number. • Contact details. • Official stamp or seal. • Signatures of the bidder and authorised representative, where applicable. Where a representative participates on behalf of a bidder, the undertaking must include the CNIC numbers of both the bidder and the authorised representative. FBR Seeks Greater Transparency According to the FBR, the proposed amendments are aimed at ensuring bidders are fully aware of the condition of auctioned goods before submitting their bids. By making physical inspection mandatory and requiring a formal undertaking, the tax authority intends to minimise post-auction disputes, discourage requests for price revisions or auction cancellations, and enhance transparency and efficiency in the Customs auction process. The draft amendments issued through SRO 1277(I)/2026 will come into force after completion of the prescribed legal process under the Customs Rules, 2001.
FBR CLARIFIES PRINTING RULES FOR CONFECTIONERY
Date: 2026-08-06
Details: Written by Hamza Shahnawaz in Taxation Small chocolates, candies and toffees priced up to Rs5 per piece may display retail price and sales tax on packs of up to 100 pieces. ISLAMABAD: The Federal Board of Revenue (FBR) has issued Sales Tax General Order (STGO) No. 15 of 2026 to clarify the printing requirements prescribed under Sales Tax General Order No. 08 of 2026, providing relief to manufacturers and importers of confectionery products facing practical difficulties in complying with labeling requirements. According to the latest STGO, the FBR reiterated that all manufacturers and importers of goods listed in the Third Schedule to the Sales Tax Act, 1990 must ensure that the retail price and the amount of sales tax are printed or embossed on their products in accordance with the mandatory specifications outlined in Annex-B of STGO No. 08 of 2026. The Board said it had received several representations from industry stakeholders highlighting practical challenges in implementing these requirements for confectionery products, including chocolates, candies, toffees and similar items, due to the extremely small size of individual wrappers and the limited printable surface available on them. To address these concerns, the FBR has clarified that where it is not practically possible to print the retail price and sales tax amount on each individual confectionery item, manufacturers may instead print or emboss the required information on the outer package. The concession will apply only to packages containing not more than 100 individual pieces, provided that the maximum retail price of each piece does not exceed Rs5 and all other provisions of the Sales Tax Act, 1990, and Sales Tax General Order No. 08 of 2026 are fully complied with. The tax authority emphasized that the printed sales tax amount must remain clear, legible, conspicuous and indelible, while continuing to meet all mandatory printing specifications prescribed under the earlier general order. The clarification is expected to facilitate confectionery manufacturers by addressing operational difficulties without compromising tax documentation and consumer information requirements. It also supports the FBR’s broader objective of strengthening sales tax compliance while ensuring practical implementation of its regulatory framework.
PAKISTAN INCOME TAX FRAMEWORK: FBR DEFINES TAXATION YARDSTICK
Date: 2026-08-06
Details: Written by Faisal Shahnawaz in Taxation Benchmark framework distinguishes core features of Pakistan’s income tax system from tax expenditures and preferential concessions. ISLAMABAD: The Federal Board of Revenue (FBR) has outlined Pakistan’s benchmark income tax framework under the Income Tax Ordinance, 2001, setting out the fundamental principles used to assess the country’s tax system. The framework defines the unit of taxation, tax base, benchmark tax rates, constitutional exemptions and other structural features that form the basis for measuring tax expenditures. According to the FBR, the benchmark framework distinguishes the normal components of Pakistan’s income tax system from policy-driven tax expenditures, such as exemptions, concessions and preferential tax treatments. Unit of Taxation The FBR stated that the unit of taxation is the “personâ€, as defined under Section 2(42) of the Income Tax Ordinance, 2001. The definition covers: • Individuals • Companies • Associations of Persons (AOPs) Each person is assessed separately on their taxable income in accordance with the provisions of the Ordinance. Tax Year and Basis of Taxation According to the Board, Pakistan’s tax year runs from July 1 to June 30. Income is taxed on an accrual basis, meaning it becomes taxable when it is earned rather than when payment is received. Tax Base Under Section 9 of the Income Tax Ordinance, taxable income comprises earnings from all recognised sources, including: • Salary • Property • Business • Capital gains • Other sources The FBR further clarified that: • Resident taxpayers are liable to tax on their worldwide income. • Non-resident taxpayers are taxed only on income derived from sources within Pakistan. Benchmark Income Tax Rates The benchmark tax rates are the statutory rates prescribed in Schedule I of the Income Tax Ordinance, 2001. According to the FBR, the benchmark framework incorporates: • An average effective income tax rate of 24.5% for non-banking corporate entities. • An average effective income tax rate of 39% for banking companies. The Board noted that variations in tax rates contained within Schedule I are regarded as integral elements of the benchmark tax system rather than tax expenditures. Government Income Exemptions The FBR explained that Section 49 exempts the income of the Federal Government from income tax. Similarly, the income of provincial and local governments is exempt, except where it is generated through business activities conducted outside their respective jurisdictions. According to the Board, these exemptions arise from the constitutional framework and therefore form part of the benchmark tax system instead of being treated as tax expenditures. Double Taxation Relief The benchmark framework also includes provisions designed to prevent the same income from being taxed more than once. These structural measures include: • Foreign tax credits under Section 103. • Exemption for inter-corporate dividends. The FBR considers these provisions essential components of the income tax system rather than preferential tax concessions. Constitutional Exclusions The Board noted that certain exclusions from the federal tax base are mandated by the Constitution. These include: • Agricultural income, which falls outside the scope of federal income tax. • Transitional tax treatment applicable to territories incorporated into the federal tax regime following constitutional amendments. The FBR emphasised that these constitutional arrangements are not regarded as tax expenditures. International Commitments The benchmark framework also excludes tax exemptions arising from Pakistan’s international obligations, including those granted under: • Diplomatic conventions. • United Nations agreements. • International development assistance agreements. According to the FBR, these exemptions are required under international commitments and therefore do not constitute tax expenditures. Loss Carry-Forward Provisions The Board also treats the carry-forward and carry-back of tax losses as a normal feature of income measurement. Accordingly, provisions allowing taxpayers to offset eligible losses against taxable income in previous or subsequent tax years are regarded as structural elements of the benchmark tax system. Basis for Measuring Tax Expenditures The FBR stated that the benchmark income tax framework provides the foundation for identifying and measuring tax expenditures in Pakistan. By distinguishing the standard features of the Income Tax Ordinance from policy-based exemptions, concessions and preferential treatments, the framework enables a more transparent assessment of the fiscal cost of tax incentives and supports the evaluation of Pakistan’s overall tax policy.
TAXPAYERS FACE UTILITY, SIM AND TRAVEL RESTRICTIONS FOR FAILURE TO FILE TAX RETURNS
Date: 2026-08-06
Details: Written by Faisal Shahnawaz in Taxation Section 114B empowers the FBR to impose enforcement measures on eligible non-filers after due legal process. ISLAMABAD: Taxpayers who fail to file their income tax returns may face a range of enforcement measures under Section 114B of the Income Tax Ordinance, 2001, including the blocking of mobile SIMs, disconnection of utility services and restrictions on foreign travel. The Federal Board of Revenue (FBR) has been authorised to issue an Income Tax General Order against persons who are legally required to file income tax returns but fail to do so and do not appear on the Active Taxpayers List (ATL). FBR Empowered to Issue Income Tax General Orders Section 114B empowers the FBR to initiate enforcement action against non-filers through an Income Tax General Order. Under the law, the Board may impose one or more of the following restrictions: • Disable mobile phones or mobile SIMs. • Discontinue electricity connections. • Discontinue gas connections. • Restrict foreign travel for Pakistani citizens. The measures form part of the government’s efforts to improve tax compliance and encourage eligible persons to file their annual income tax returns. Exemptions from Foreign Travel Restrictions The law provides that certain categories of individuals are exempt from restrictions on foreign travel. These include: • Holders of a National Identity Card for Overseas Pakistanis (NICOP). • Minors. • Students. • Persons travelling abroad to perform Hajj or Umrah. • Any other class of persons notified by the FBR. Conditions Before Enforcement Action Section 114B also prescribes safeguards that must be fulfilled before a taxpayer can be included in an Income Tax General Order. The FBR may only proceed after: 1. Issuing a notice under Section 114(4) requiring the taxpayer to file an income tax return. 2. Allowing the prescribed time for compliance to expire. 3. Establishing that the taxpayer has failed to submit the required return. These conditions ensure that enforcement measures are taken only after the taxpayer has been given an opportunity to comply with the legal requirements. Restoration of SIMs and Utility Connections The FBR or the relevant Commissioner of Inland Revenue may order the restoration of mobile SIMs and utility connections where it is satisfied that: • The taxpayer has subsequently filed the required income tax return; or • The person was not legally required to file a return under the Income Tax Ordinance, 2001. Other Legal Action May Still Apply Section 114B makes it clear that enforcement through an Income Tax General Order does not prevent the FBR from taking any other action available under the Income Tax Ordinance. Accordingly, non-filers may also be subject to: • Penalties for non-compliance. • Default surcharges, where applicable. • Audit or enforcement proceedings. • Other legal measures prescribed under Pakistan’s tax laws. FBR Strengthens Compliance Measures The provisions of Section 114B form part of the FBR’s broader strategy to expand the tax base and improve documentation of the economy. By linking tax return filing with access to certain public services and overseas travel, the tax authority aims to encourage eligible taxpayers to remain compliant and ensure their inclusion on the Active Taxpayers List.
FBR SPECIFIES DOCUMENTS REQUIRED WITH TAX YEAR 2026 INCOME TAX RETURNS
Date: 2026-08-06
Details: Written by Faisal Shahnawaz in Taxation Electronic filing through the IRIS portal remains mandatory, while companies must submit financial statements in a machine-readable format. ISLAMABAD: The Federal Board of Revenue (FBR) has specified the documents and information that taxpayers must submit along with their annual income tax return for Tax Year (TY) 2026 under Section 114 of the Income Tax Ordinance, 2001. The tax authority has also reaffirmed that income tax returns must be filed electronically through the IRIS portal. In addition, companies filing returns from Tax Year 2026 onwards will be required to submit their financial statements in an electronically readable format. Documents Required with TY2026 Income Tax Return Under Section 114(2) of the Income Tax Ordinance, 2001, every income tax return must: • Be filed in the prescribed form. • Be accompanied by the prescribed annexures, statements and supporting documents notified by the FBR. • Contain all relevant particulars and information required in the return, including a declaration of the records maintained by the taxpayer. • Be signed by the taxpayer or an authorised representative, where permitted under Section 172 of the Income Tax Ordinance. • Be accompanied by evidence of payment of any tax due as calculated in the return. • Include a Wealth Statement as required under Section 116. • Include a Foreign Income and Assets Statement where required under Section 116A. Electronic Filing Remains Mandatory The FBR has made electronic filing through the IRIS portal compulsory for taxpayers required to submit returns under Section 114. The Board has also been authorised to prescribe rules governing: • Electronic filing procedures. • Verification of returns. • Digital signatures. • Submission of statements and supporting documents. • Other matters relating to online filing. Furthermore, companies filing returns for Tax Year 2026 and subsequent years must submit their financial statements in an electronically readable file format, replacing conventional document formats. Income Tax Return Deadlines The due dates for filing income tax returns for Tax Year 2026 are as follows: September 30, 2026 Applicable to: • Salaried individuals. • Business individuals. • Associations of Persons (AOPs). • Companies with a special tax year. December 31, 2026 Applicable to: • Companies following the normal financial year ending June 30. FBR Calls for Complete Documentation The FBR has advised taxpayers to ensure that all prescribed documents, declarations and supporting statements accompany their income tax returns to avoid deficiencies, delays in processing or potential penalties under the Income Tax Ordinance, 2001. According to the tax authority, the mandatory electronic filing system, together with the requirement to submit wealth statements, evidence of tax payment and, where applicable, foreign income and assets statements, is intended to strengthen tax documentation, improve transparency and enhance the efficiency of Pakistan’s tax administration system.
SECP CLEARS RS1.5BN CAPITAL INJECTION FOR HUGOBANK
Date: 2026-08-06
Details: Published August 6, 2026 Updated about 2 hours ago ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the issuance of shares to the sponsor shareholders of HugoBank Limited, enabling a fresh equity injection of Rs1.5 billion that marks a significant step toward the launch of one of Pakistan’s first digital retail banks. The capital injection will allow HugoBank to meet the State Bank of Pakistan’s (SBP) Minimum Capital Requirement (MCR), a key regulatory condition for commencing commercial banking operations. The HugoBank has secured the State Bank of Pakistan’s In-Principle Approval (IPA) to establish a digital retail bank in Pakistan. The bank is being established through Starlight Holdings (Private) Limited, with its sponsors committing approximately USD60 million in capital and technology support to develop a state-of-the-art digital banking platform. HugoBank is backed by a consortium of Pakistani and Singaporean investors, led by Singapore-based Atlas Consolidated in partnership with The Getz Group and Pakistan’s Muller and Phipps. Digital retail banks operate without traditional branch networks and rely on technology-driven platforms to offer banking services through mobile applications and online channels. Their business model is expected to lower operating costs, improve customer convenience, and expand access to formal financial services, particularly for underserved and unbanked segments of the population. The entry of HugoBank is expected to intensify competition in Pakistan’s rapidly evolving digital financial services market. Industry experts believe that digital banks can accelerate financial inclusion by offering faster account opening, low-cost digital payments, instant fund transfers, digital savings products, and technology-enabled lending solutions. Copyright Business Recorder, 2026
S&P 500, DOW AT RECORD HIGHS ON MIDEAST DEAL HOPES
Date: 2026-08-06
Details: Published August 6, 2026 Updated about 2 hours ago NEW YORK: The S&P 500 and the Dow traded at all-time highs on Wednesday on hopes of a Middle East peace breakthrough, while the tech-heavy Nasdaq struggled to stay afloat, limited by a slide in SpaceX and AMD after the upbeat forecasts issued by the companies failed to impress investors. Elon Musk-led SpaceX’s revenue nearly doubled and operating losses narrowed in its first earnings report since going public, fueled by its booming Starlink satellite communications and AI businesses. But the rocket company’s shares slid 7.3 percent after executives flagged the spending spree underpinning its lofty ambitions was far from over. Shares could face additional pressure from the expiry of the stock’s post-IPO lock-up period starting on Thursday. Musk’s other company, Tesla, slipped 1.3 percent. “This is the culmination of the story of this entire earnings season. SpaceX beat analysts’ expectations on revenue, but spending on AI is getting out of hand, with no signs of slowing down anytime soon,†said Nic Puckrin, cross-asset analyst and founder of Coin Bureau. Advanced Micro Devices forecast quarterly revenue above estimates, reflecting strong AI demand. However, shares slipped 6.5 percent, suggesting investors were looking for a stronger outlook to justify the stock’s 142 percent jump this year. Rival Nvidia’s shares, which have lagged AMD this year, rose 3.7 percent, also underpinned by SpaceX’s plans to use the company’s hardware exclusively to build its data centers. Five of the 11 S&P sectors were trading higher. Materials led the gains with a 1.5 percent rise, tracking a 4 percent jump in gold and silver prices. Energy stocks lagged with a near 2.1 percent fall. Wednesday’s moves built on Wall Street’s recent rally that took the benchmark S&P 500 and the blue-chip Dow to record highs following strong forecasts from AI-hyperscalers including Microsoft and Amazon in the previous week. At 11:38 a.m. ET, the Dow Jones Industrial Average rose 435.60 points, or 0.81 percent, to 54,521.48, the S&P 500 gained 8.34 points, or 0.11 percent, to 7,744.86 and the Nasdaq Composite lost 10.68 points, or 0.04 percent, to 26,574.32. Investors also weighed a slew of earnings from other sectors. Drugmaker Eli Lilly was up 2.8 percent after raising its full-year revenue forecast, while Disney rose 2.2 percent after beating third-quarter profit expectations. On the data front, US private payrolls growth slowed in July, as per the ADP national employment report. The bigger focus will be on the official non-farm payrolls figures on Friday. Data has broadly reflected robust economic performance, but with Middle East tensions keeping energy costs elevated and the Federal Reserve offering no forecasts on monetary policy, uncertainty persists. Minneapolis Fed President Neel Kashkariin an interview with CNBC said he believed now is the time to start slowly moving interest rates higher. At least two more top Fed officials are expected to speak later in the day.Among others, drug developer Charles River Laboratories jumped 11.8 percent after raising its annual profit forecast, while medical device maker Insulet tanked 20 percent after lowering its annual sales growth forecast. Declining issues outnumbered advancers by a 1.2-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq. The S&P 500 posted 33 new 52-week highs and two new lows, while the Nasdaq Composite recorded 86 new highs and 50 new lows.
DUTCH ENVOY SEEKS STRONGER TRADE TIES WITH PAKISTAN
Date: 2026-08-06
Details: Published August 6, 2026 Updated about 2 hours ago LAHORE: Chargé d’Affaires of the Embassy of the Kingdom of the Netherlands, Hajo Provo Kluit, has said that the Lahore Chamber of Commerce & Industry (LCCI) is a vital bridge between the business community and the public sector, making it an indispensable partner for strengthening Pakistan-Netherlands economic relations. He said with more than 48,000 members representing diverse sectors, the LCCI possesses valuable market knowledge that can help Dutch companies identify business opportunities and reliable local partners. He emphasized that regular dialogue between the Embassy and LCCI is essential to further expand bilateral trade and investment, adding that successful Dutch companies operating in Pakistan have largely been small and medium-sized family businesses that succeeded by establishing strong partnerships with local enterprises. He stressed that helping Dutch companies connect with trustworthy Pakistani partners would open new avenues of economic cooperation and joint ventures. He expressed these views during his visit to the LCCI where he was warmly received by Acting President LCCI Tanveer Ahmed Sheikh. Senior Economic Advisor at the Embassy of the Kingdom of the Netherlands, Ms. Maria Erfan, also accompanied him. Hajo Provo Kluit said the Netherlands and Pakistan enjoy a long-standing trade relationship that predates the formal diplomatic ties between the two countries. He pointed out that while several major Dutch multinational companies are operating in Pakistan, many of the most successful new entrants have been small and medium-sized family-owned businesses that developed strong relationships with reliable local partners. Welcoming the Dutch delegation, Acting President LCCI Tanveer Ahmed Sheikh said the visit reflected the growing importance of economic cooperation between Pakistan and the Netherlands. He said regular engagement between the public and private sectors is essential for promoting trade, encouraging investment and building long-term business partnerships. Tanveer said Pakistan greatly values its longstanding friendship with the Netherlands and appreciates cooperation in areas including agriculture, dairy, water management, logistics, renewable energy and sustainable development. He added according to the State Bank of Pakistan, bilateral trade between the two countries reached approximately USUSD1.9 billion during 2025-26, with Pakistan’s exports standing at USUSD1.44 billion and imports from the Netherlands at USUSD505 million. He said that the existing trade volume has the potential to increase to USUSD5 billion through enhanced cooperation and stronger business linkages. He said that Pakistan’s major exports to the Netherlands include home textiles, hosiery, woven fabrics and rice, while imports comprise petroleum products, malt extracts, iron and steel scrap, medical equipment and dairy products. He emphasized that Pakistan possesses significant export potential in value-added garments, knitwear, denim, leather products, sports goods, surgical instruments, furniture, processed food, halal meat, seafood, software and IT services. Copyright Business Recorder, 2026
OIL PRICES MIXED
Date: 2026-08-06
Details: Published August 6, 2026 Updated about 2 hours ago NEW YORK: Oil prices were mixed on Wednesday, with Brent settling up slightly but the US contract edging lower, as investors weighed revived expectations of a de-escalation in US-Iran hostilities that could restore shipping traffic in the Strait of Hormuz and oil flows in the Middle East. Brent crude futures settled up 9 cents, or 0.11 percent, at USD 79.45 a barrel. US West Texas Intermediate futures fell 55 cents, or 0.73 percent, to USD 75.22. US President Donald Trump said there was an “all-day negotiation†on Tuesday with Iran, characterizing the talks positively while also threatening to hit Tehran “really hard†if a deal were not reached. Iran denied that peace talks were under way. Its Foreign Ministry said on Wednesday that Iran and Oman have reached an understanding on how to manage the Strait of Hormuz, and a joint announcement is being finalized. Before the war started at the end of February, about 20 percent of the world’s oil and liquefied natural gas passed through the strait. The market remained optimistic but cautious, said Phil Flynn, senior analyst with Price Futures Group. “This agreement seems as tenuous as past agreements, and as we know, none of those have held up for very long.†Reports of progress in efforts to end the war drove prices down 5 percent on Tuesday, with Brent closing below USD 80 a barrel for the first time since July 13. “The main sticking point appears to be whether Iran will continue to insist on a degree of control over the waterway, and whether the US will stand its ground and refuse that outcome,†IG analysts said in a note. US crude inventories rise A build in US crude inventories, as refineries eased their processing, slightly pressured prices, as did a slight rise in imports. Crude stockpiles rose by 2.5 million barrels to 407 million barrels last week, data from the Energy Information Administration showed on Wednesday. Analysts had expected a draw of 1.5 million barrels. The US oil benchmark was under more pressure as oil inventories at the Cushing, Oklahoma, delivery hub rose more than the market expected last week, said Andrew Lipow, president of Lipow Oil Associates. The losses were limited by shipping risks in the Red Sea after Yemen’s Iran-aligned Houthi rebels said on Wednesday they had attacked a Saudi oil tanker off Yanbu, a port for Saudi crude oil exports. Apart from disruption in the Gulf, a surge in attacks on Russian and Ukrainian ships, ports and export terminals in the Black Sea is disrupting global commodity supplies. Disruption has spread to the Caspian Pipeline Consortium, the main export route for Kazakh crude oil, which has repeatedly suspended operations this week because of safety concerns and a lack of tankers, numerous trading sources said. Elsewhere, China further relaxed controls on fuel exports in August.
PETROL PRICE UP BY RS4.45, HSD’S DOWN BY RS2
Date: 2026-08-06
Details: Published August 6, 2026 Updated about 2 hours ago ISLAMABAD: The Ministry of Energy (Petroleum Division) has announced increase in the ex-depot price of petrol and decrease in the rate of High-Speed Diesel (HSD), effective from August 6. The daily fuel prices were revised on the recommendations of Oil and Gas Regulatory Authority (Ogra). As per the revised rates, petrol has been increased by Rs4.45 per litre from Rs328.56 to Rs333.01. However, HSD saw a decline of Rs2.00 per litre, moving from Rs385.86 to Rs383.86. Under the current pricing framework, Ogra updates fuel tariffs on the daily basis to reflect Singapore Platts trends in the last seven working days and currency exchange movements. The All Pakistan Goods Transporters Alliance announced a wheel jam strike on August 8. They demand reduction in taxes on diesel and restore fuel prices to July 1, 2024 level. Meanwhile, the petroleum levy remains unchanged at Rs80 per litre on petrol but increased on HSD from Rs70.82 to Rs72.26. Climate Support Levy (CSL) has been maintained at Rs5. Custom Duty is set at Rs21 on petrol and Rs15.68 on HSD. Copyright Business Recorder, 2026
FBR IMPOSES 10% WITHHOLDING TAX ON MARRIAGE FUNCTIONS FOR TY 2027
Date: 2026-08-05
Details: Written by Hamza Shahnawaz in Taxation Advance adjustable tax will apply to weddings, seminars, exhibitions and other events held at designated venues under the updated Income Tax Ordinance. ISLAMABAD: The Federal Board of Revenue (FBR) has imposed a 10% adjustable withholding tax on marriage functions and other social gatherings under the updated Income Tax Ordinance, 2001, applicable to Tax Year (TY) 2027, starting from July 1. 2026. The updated Income Tax Ordinance, incorporating amendments introduced through the Finance Act, 2026, provides that advance tax will be collected on the total bill of specified functions held at designated venues. Advance tax to be collected on event bills Under Section 236CB of the Income Tax Ordinance, every prescribed person is required to collect advance tax at the rate specified in the First Schedule from any person arranging or holding a function at: • Marriage halls • Marquees • Hotels • Restaurants • Commercial lawns • Clubs • Community centres • Any other venue used for such functions The tax will be collected on the total amount of the bill charged for the event and will be adjustable against the taxpayer’s final income tax liability. Catering and related services also covered The law also extends the withholding tax requirement to payments for food, catering, decoration and other services provided by third-party vendors. Where such services are supplied by another service provider, the prescribed person operating the venue must collect advance tax on the payments made for those services at the prescribed rate. The tax collected under these provisions will remain adjustable against the recipient’s final tax liability. Wide definition of ‘function’ Section 236CB adopts a broad definition of the term “functionâ€, extending the tax beyond wedding ceremonies to include a variety of social and commercial events. The definition covers: • Wedding-related events • Seminars • Workshops • Training sessions • Exhibitions • Concerts • Shows • Parties • Any other similar gathering This wider scope means the withholding tax applies to a broad range of organised events held at designated venues. Venue operators responsible for tax collection The Ordinance defines a “prescribed person†as the owner, leaseholder, operator or manager of a marriage hall, marquee, hotel, restaurant, commercial lawn, club, community centre or any other venue used for such functions. These persons will be responsible for collecting the advance tax from customers and depositing it with the FBR in accordance with the provisions of the Income Tax Ordinance. Tax rate for TY 2027 According to Division XI of Part IV of the First Schedule to the Income Tax Ordinance, 2001, the withholding tax rate under Section 236CB has been set at 10% for Tax Year 2027. The measure forms part of the Finance Act, 2026 amendments aimed at expanding the advance tax regime, improving documentation of high-value transactions and strengthening tax compliance relating to weddings, corporate events and other organised gatherings.
ISLAMABAD CUSTOMS SEIZES 24 SMUGGLED LUXURY VEHICLES IN JULY 2026
Date: 2026-08-05
Details: Written by Faisal Shahnawaz in Automotive, Taxation Intelligence-led operations during July 2026 recover luxury vehicles, foreign cigarettes and other contraband in a major anti-smuggling crackdown. ISLAMABAD: The Collectorate of Customs Enforcement Islamabad seized 24 smuggled vehicles and a large quantity of contraband worth more than Rs915.5 million during intelligence-based anti-smuggling operations carried out throughout July 2026. The operations form part of Pakistan Customs’ intensified campaign against organised smuggling networks aimed at protecting legitimate trade, safeguarding government revenue and supporting the national economy. Intelligence-led crackdown According to an official statement, the enforcement actions were conducted under the close supervision of the senior leadership of Customs Enforcement Islamabad. Acting on credible intelligence, anti-smuggling squads intercepted high-value smuggled vehicles along with foreign-origin cigarettes, cosmetics, tyres, cloth and other prohibited goods during coordinated operations across the Islamabad region. The department said the intelligence-led strategy enabled enforcement teams to target organised smuggling networks and disrupt the movement of illicit goods before they entered domestic markets. Twenty-four luxury vehicles confiscated Among the vehicles seized during the month were several high-end and premium models, including Toyota Land Cruiser variants, a Jeep Wrangler, Range Rover, Mercedes-Benz, Toyota Camry, Toyota Crown, Toyota FJ Cruiser, Honda Accord, Volkswagen, Toyota Prius, Toyota Wish, Toyota Surf, Toyota Passo, Toyota Vitz, Daihatsu Mira and Suzuki Alto vehicles of different model years. The seizure of these vehicles represents one of the largest anti-smuggling actions involving luxury automobiles undertaken by Customs Enforcement Islamabad in recent months. Contraband worth over Rs915.5 million recovered In addition to the vehicles, customs officials recovered 121,250 sleeves of foreign-brand cigarettes, 12 offending vehicles allegedly used to transport smuggled goods, substantial quantities of foreign-origin cosmetics, tyres, cloth and other miscellaneous contraband. The combined estimated value of the seized vehicles and goods exceeds Rs915.5 million, dealing what authorities described as a significant financial blow to organised smuggling syndicates. Customs vows to continue anti-smuggling campaign Pakistan Customs reaffirmed its commitment to maintaining a robust enforcement regime against smuggling and customs fraud. The department said Customs Enforcement Islamabad will continue to conduct intelligence-based operations in coordination with federal and provincial law enforcement agencies to curb illegal trade, protect domestic industries, promote fair market competition and safeguard government revenue. Officials added that the latest seizures demonstrate Pakistan Customs’ continued focus on strengthening border security, disrupting illicit supply chains and supporting economic stability through effective customs enforcement.
ONE YEAR ON, FBR YET TO ENFORCE SECTION 114C RESTRICTIONS
Date: 2026-08-05
Details: Written by Faisal Shahnawaz in Taxation, Top stories Absence of implementing rules and government notification keeps high-value transaction restrictions on ineligible persons inoperative. ISLAMABAD: More than a year after the introduction of Section 114C of the Income Tax Ordinance, 2001 through the Finance Act, 2025, the Federal Board of Revenue (FBR) has yet to notify the rules required for its implementation, leaving one of the government’s key tax enforcement measures dormant. The provision was introduced to restrict high-value economic transactions by persons who do not meet prescribed tax compliance requirements. However, despite becoming part of the law, the absence of implementing rules and a notification to bring the restrictions into force has prevented its practical application. Restrictions on high-value transactions Section 114C provides that an “ineligible person†cannot undertake certain high-value transactions above prescribed thresholds. Under the law, the restrictions apply to: • Purchase, booking or registration of a motor vehicle valued at more than Rs7 million. • Purchase or transfer of immovable property with a fair market value exceeding Rs100 million. • Investment in securities, debt securities, mutual funds or money market instruments exceeding Rs50 million in a financial year. • Annual cash withdrawals exceeding Rs100 million from all bank accounts held by an individual. The measure was introduced to encourage documentation of the economy by linking access to major financial transactions with tax compliance. Who qualifies as an eligible person? The law defines an eligible person as an individual who: • Has filed an income tax return for the immediately preceding tax year; and • Has sufficient financial resources declared in a wealth statement, financial statements or a statement of sources of investment and expenditure to support the proposed transaction. For individuals, eligibility may also extend to immediate family members, including parents, a spouse and dependent children. Anyone who does not satisfy these conditions is regarded as an ineligible person for the purposes of Section 114C. Rules and notification still awaited Although Section 114C was enacted through the Finance Act, 2025, sub-section (5) stipulates that the restrictions will only become effective from a date notified by the Federal Government through the official Gazette. The provision also allows the government to revise the monetary thresholds specified in the Fifteenth Schedule before enforcement. In addition, the law authorises the FBR to prescribe rules identifying cash-equivalent assets and establishing procedures for determining whether a taxpayer possesses sufficient declared resources to undertake the proposed transaction. More than a year after the provision was enacted, neither the government notification nor the supporting rules have been issued. As a result, manufacturers, provincial excise and taxation authorities, property registrars, banks, brokerage houses, mutual funds and other financial institutions currently lack the legal framework required to implement the restrictions. Compliance objective Section 114C was designed to strengthen tax compliance by linking participation in major economic transactions with income tax filing and documented financial capacity. Rather than relying solely on audits and post-transaction enforcement, the provision seeks to prevent non-compliant individuals from purchasing expensive assets or making large investments unless they become eligible taxpayers or are able to explain the legitimate source of their funds. Prescribed thresholds Transaction Threshold Purchase, booking or registration of a motor vehicle Above Rs7 million Purchase or transfer of immovable property Above Rs100 million Investment in securities, mutual funds or debt instruments Above Rs50 million Annual cash withdrawals from bank accounts Above Rs100 million Implementation remains pending Tax practitioners say Section 114C remains legally dormant until two key steps are completed: the Federal Government must notify the date on which the restrictions will take effect, and the FBR must issue the detailed operational rules needed for implementation. Until then, the provision remains part of the Income Tax Ordinance, 2001, but cannot be enforced in practice, delaying one of the government’s principal measures aimed at strengthening tax compliance and restricting high-value transactions by non-compliant persons.
FBR CHAIRMAN ASSURES BUSINESS COMMUNITY OF FASTER TAX REFORMS AND REFUNDS
Date: 2026-08-05
Details: Written by Faisal Shahnawaz in Taxation FPCCI and Pakistan Business Council discuss taxpayer concerns, transparency, and business-friendly reforms with FBR under Prime Minister’s directives. Acting on the special directives of the Prime Minister, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial held a high-level meeting with representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Pakistan Business Council (PBC) in Karachi to discuss major concerns affecting the country’s business sector. The meeting aimed to strengthen cooperation between tax authorities and the business community while addressing issues related to tax administration, compliance, and the overall business environment. Senior representatives from both organizations highlighted several challenges faced by businesses, including complaints regarding tax procedures and interactions with tax officials. During the discussion, the FBR chairman reaffirmed the tax authority’s commitment to creating a more business-friendly environment by simplifying tax compliance procedures and improving service delivery. He assured participants that pending tax refund cases would be processed more efficiently to ease financial pressures on businesses and support commercial activity. A key focus of the meeting was ensuring fair treatment of taxpayers. The chairman directed FBR officials to maintain the highest standards of professionalism and integrity while dealing with businesses. He emphasized that any unnecessary harassment of legitimate taxpayers would not be tolerated and instructed officials to address concerns in a transparent and respectful manner. Several issues raised by business representatives were discussed in detail during the session, with the FBR chairman issuing immediate directions to relevant officials for their resolution. This approach was welcomed as a step toward improving responsiveness and reducing delays in addressing taxpayer grievances. Both the FBR and business representatives also agreed to enhance transparency through regular engagement between senior officials and industry leaders. Continuous monitoring by FBR’s operational leadership in Karachi will help ensure timely follow-up on business-related concerns and improve communication between stakeholders. To strengthen long-term cooperation, both sides agreed to establish a collaborative framework for ongoing dialogue. Dedicated committees comprising senior FBR officials and representatives from the FPCCI and PBC will be formed to streamline tax-related processes, accelerate the resolution of pending matters, and ensure meaningful stakeholder consultation before implementing key reforms. The delegations from the FPCCI and Pakistan Business Council appreciated the Prime Minister’s initiative in facilitating direct engagement between the business community and the tax authority. They also welcomed the constructive and solution-focused approach adopted by the FBR chairman, expressing confidence that the agreed measures would improve business confidence, strengthen trust between taxpayers and the FBR, and contribute positively to Pakistan’s economic growth.
FBR ISSUES THREE STGOS TO EASE COMPLIANCE FOR IRON, STEEL SECTOR
Date: 2026-08-05
Details: Written by Hamza Shahnawaz in Taxation New sales tax orders support voluntary corporatization, correct registrations, and identify 99 eligible steel manufacturers. ISLAMABAD: The Federal Board of Revenue (FBR) has issued three Sales Tax General Orders (STGOs) to address implementation challenges in Pakistan’s iron and steel sector by facilitating voluntary corporatization, correcting registration records, and identifying manufacturers eligible for a special sales tax regime linked to electricity consumption. The latest notifications — STGO Nos. 12, 13, and 14 of 2026 — were issued between July 31 and August 4, 2026, as part of the implementation of reforms introduced through STGO No. 10/2026 and SRO 1245(I)/2026. Eight companies added under corporatization scheme Under STGO No. 12, the FBR expanded the list of manufacturers qualifying for the Removal of Difficulty for Voluntary Corporatization of Iron and Steel Manufacturers by adding eight newly incorporated companies after verifying compliance with the prescribed standard operating procedures (SOPs). The newly approved companies include Faizan Steel (Private) Limited, Aziz Re-Rolling Industries (Private) Limited, Rasheed Steel (Pvt) Limited, Pak Iron & Steel Casting (Private) Limited, A-One Re-Rolling, Union Steel Private Limited, and Ittehad Iron & Steel Industries (Pvt) Limited. The notification also provides details of each company’s new and previous tax registration numbers, manufacturing facilities, and electricity and gas connections for verification purposes. FBR issues corrigendum The tax authority subsequently issued STGO No. 13 to correct the name of one of the companies listed in the earlier notification. According to the corrigendum, the company appearing at serial number five should be read as A-One Re-Rolling Steel Mills (Pvt) Ltd, while all other registration, location and identification details remain unchanged. Special sales tax regime for 99 manufacturers The most significant measure came through STGO No. 14, under which the FBR identified 99 registered iron and steel manufacturers eligible for a special sales tax mechanism. Under the scheme, manufacturers meeting the prescribed import and scrap purchase thresholds and integrated with the FBR’s computerized monitoring system will pay sales tax at the rate of Rs5 per unit of electricity consumed, with the tax collected through electricity bills issued by their respective distribution companies (DISCOs). Major steel companies included The notified list covers a wide range of steel manufacturers operating across Karachi, Lahore, Faisalabad, Islamabad, Hub (Balochistan), Khyber Pakhtunkhwa, and other industrial hubs. Major companies included in the list are Amreli Steels Ltd, Fazal Steel (Private) Limited, Mughal Iron & Steel Industries Ltd, Ittefaq Iron Industries Ltd, Naveena Steel Mills (Private) Limited, Union Steel Industries, Faizan Steel, Pak Iron & Steel Casting, Karachi Steel Re-Rolling Mills, and A-One Re-Rolling Steel Mills, along with dozens of medium-sized manufacturers. The FBR clarified that the notified list is dynamic and may be revised periodically based on recommendations from the Commissioner Inland Revenue or verification of eligibility. Manufacturers may be added to or removed from the list to ensure that only compliant businesses continue to benefit from the special sales tax regime.
VOLUME OF BUSINESS SATISFACTORY ON COTTON MARKET
Date: 2026-08-05
Details: Published August 5, 2026 Updated about 2 hours ago LAHORE: The local cotton market on Tuesday remained steady and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,200 to Rs 18,300 per maund, while Phutti in the province is trading between Rs 8,300 to Rs 8,700 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,800 to Rs 19,000 per maund, with Phutti fetching between Rs 8,400 to Rs 9,000 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,200 to Rs 18,300 per maund. The rate of Phutti is in between Rs 8,500 to Rs 9,300 per 40 kg. The spot rate remained unchanged at Rs 18, 500 per maund. Copyright Business Recorder, 2026
HBL DECLARES H1’26 PROFIT BEFORE TAX OF RS73.1BN
Date: 2026-08-05
Details: Published August 5, 2026 Updated about 2 hours ago KARACHI: HBL declared a consolidated profit before tax of Rs 73.1 billion, and a profit after tax of Rs 34.5 billion for the half year ended June 30, 2026. EPS for H1’26 increased to Rs 23.51. Along with the results, the Bank declared an interim cash dividend for the second quarter ended June 30, 2026, at Rs 6.0 per share. This is in addition to the interim cash dividend already paid at Rs 6.0 per share. HBL’s balance sheet grew to Rs 8.0 trillion, with total deposits closing at Rs 5.9 trillion. Domestic deposits increased to a record high of Rs 5.1 trillion, purely driven by strong current account mobilization. Consequently, the domestic CA mix improved from 37.6 percent in December 2025 to 42.5 percent in June 2026. HBL’s total advances increased to Rs 2.1 trillion. The Bank’s industry leading Consumer portfolio continued its stellar growth trajectory, reaching Rs 187 billion, while the Group’s agriculture financing increased to over Rs 110 billion. HBL’s interest margins were effectively supported by volumetric expansion of Rs 700 billion in the average balance sheet, and a stronger funding mix driven by consistent growth in the average current accounts. As a result, HBL’s net interest income grew to Rs 140 billion in H1’26. Non-Fund Income rose to Rs 47 billion, driven by double-digit growth in fees and commissions and an outstanding treasury performance. Continued growth in the flagship Cards business, together with healthy contributions from Remittances and G2P income, supported revenue growth. HBL’s total revenue thus increased to Rs 187 billion. Effective cost management resulted in a subdued growth of 6 percent in the Bank’s administrative expenses. With sustained profitability, HBL’s Tier I CAR of 13.7 percent and total CAR of 17.2 percent remained well above required levels. Commenting on the Bank’s performance, Muhammad Nassir Salim, President & CEO – HBL, said: “HBL’s solid H1’26 results reflect our focus on core earnings, led by expansion in network, technology investments and a strong business momentum in each segment. While being well diversified on a market leading revenue base, we remain committed to our future growth with disciplined execution. We enter H2 focused on accelerating scale with profitability and creating sustainable value for our clients and stakeholders.†Delivering value for stakeholders HBL reinforced its market-leading reach during the first half of 2026 through a nationwide distribution network of over 140,000 touchpoints. With 2,000 branches, including HBL Microfinance Bank, the Bank serves 40 million customers across Pakistan. The network includes 56 HBL Prestige lounges, 17 SME Trade Centres, 609 Islamic Banking branches, and more than 500 branches focused on SME and agricultural sectors. The Bank continued to lead the banking sector’s digital transformation through its ongoing core banking upgrade with Temenos, one of the largest and most complex implementations in the region. 480+ branches have successfully migrated to the new platform, with the rollout continuing across the network. HBL also advanced the phased rollout of its brand refresh across Pakistan, with a more consistent customer experience across physical and digital touchpoints while reinforcing HBL’s position as Pakistan’s leading financial institution. Beyond its domestic market, HBL strengthened Pakistan’s access to regional and global debt markets by acting as Financial Advisor in the successful issuance of the inaugural Panda Bond of the Government of Pakistan, marking the country’s entry into the Chinese bond market. The Sustainable Development Bond is aimed at supporting transformative national priority projects with high economic, social and environmental impact. Building on its commitment to supporting Pakistan’s economy, the Bank further demonstrated its expertise in financial markets and advisory through landmark transactions, including an Interest Rate Swap Agreement with Engro subsidiaries, its role as exclusive buy-side financial advisor and arranger of Shariah-compliant financing for Maple Leaf Cement Factory Limited, and its appointment as Inter-Creditor Agent and Mandated Lead Arranger for Frontier Works Organization’s landmark project finance facility. The Bank also reinforced its leadership in digital payments with the launch of the HBL PayPak UnionPay Co-Badge Debit Card, developed in partnership with 1LINK-operated PayPak and UnionPay International. The card enables secure and seamless domestic and international transactions while supporting the State Bank of Pakistan’s vision of promoting PayPak as a secure, inclusive and interoperable domestic payment ecosystem. This year, the Bank celebrated the fifth anniversary of its Beijing Branch, reaffirming its commitment to strengthening financial connectivity between Pakistan and China. Established in 2021, HBL remains the only Pakistani bank with a branch in Beijing. Together with its Urumqi Branch, it reflects HBL’s growing strategic importance in one of the world’s most important economic corridors. Further reinforcing its regional leadership, HBL was nominated as Chair of the Council of the Interbank Consortium of the SCO (SCO IBC) for the forthcoming year 2026–2027. As a member bank of the SCO IBC, HBL has long promoted regional financial integration, facilitating trade and supporting investment among SCO member countries. Beyond its business achievements, HBL Foundation disbursed Rs 226 million during the first half of 2026 to support healthcare, education and community development through healthcare access, scholarships, skills development and community welfare initiatives, reinforcing HBL’s commitment to inclusive and sustainable development across Pakistan. The Bank also strengthened its connection with communities through sport as HBLPSL successfully concluded its 11th season, marking another milestone in its long-standing partnership with Pakistan’s premier sporting platform. In recognition of its continued leadership and innovation, HBL was named ‘Pakistan’s Best Bank’ by Euromoney this year, while also receiving awards for ‘Pakistan’s Best Retail Bank’, ‘Pakistan’s Best Bank for Sustainable Finance’, ‘Pakistan’s Best for Capital Markets Advisory’, and ‘Pakistan’s Best Investment Bank for M&A’. The Euromoney Awards are the most prestigious recognition in the banking industry, globally. This marks the eighth time in the last ten years that HBL has been named Pakistan’s Best Bank by Euromoney. Copyright Business Recorder, 2026
UBL BAGS SEVEN PRESTIGIOUS INTERNATIONAL AWARDS IN 2026
Date: 2026-08-05
Details: Published August 5, 2026 Updated about 2 hours ago KARACHI: United Bank Limited (UBL) has reinforced its position as a leading financial institution by securing seven prestigious international accolades since January 2026, underscoring its unwavering commitment to excellence, innovation, and client-centric solutions across Pakistan’s financial sector. The recognition spans some of the world’s most respected financial award platforms and highlights UBL’s leadership in investment banking, Islamic finance, sustainable financing, and syndicated lending. Among its most notable achievements are: • Pakistan’s Best Investment Bank for Debt Capital Markets (DCM) at the Euromoney Awards for Excellence 2026. • Pakistan’s Best Islamic Project Finance Deal at the Euromoney Islamic Finance Awards 2026. • Pakistan’s Best Local Currency Deal at the Euromoney Islamic Finance Awards 2026. UBL’s continued excellence in corporate and investment banking was also acknowledged at: • Best Lender – Pakistan at FinanceAsia Awards 2026. • Renewable Energy Deal of the Year (Waste to Energy) – Pakistan at The Asset Triple A Sustainable Infrastructure Awards 2026. • Best Acquisition Financing – Pakistan at The Asset Triple A Sustainable Finance Awards 2026. • Syndicated Loan of the Year – Pakistan award at the Asian Banking & Finance Corporate & Investment Banking Awards 2026. These accolades reflect UBL’s steadfast dedication to delivering innovative financing solutions, strengthening Pakistan’s capital markets, and creating sustainable value for its clients and stakeholders. The awards also reaffirm the Bank’s ability to execute landmark transactions that contribute meaningfully to the country’s economic growth while meeting the evolving needs of businesses and investors. Copyright Business Recorder, 2026
SBP RAISES BORROWING LIMIT TO RS10 BILLION FOR UNRATED LARGE COMPANIES
Date: 2026-08-05
Details: Written by Hamza Shahnawaz in Money & Banking, Top stories Central bank triples exposure threshold under Basel III framework to improve financing access for eligible private sector borrowers. KARACHI: The State Bank of Pakistan (SBP) has increased the aggregate borrowing limit for unrated large private sector companies from Rs3 billion to Rs10 billion, providing greater financing flexibility to businesses in response to evolving macroeconomic conditions. In a circular issued on August 4, 2026, the central bank informed all banks and Development Finance Institutions (DFIs) that the revised limit will come into effect from September 30, 2026. Exposure limit increased According to the SBP, the decision follows an assessment of the changing macroeconomic environment and feedback received from the banking industry. Under the revised instructions, the aggregate exposure limit for unrated large private sector borrowers across all banks and DFIs has been raised from Rs3 billion to Rs10 billion. The higher threshold will enable banks and DFIs to extend larger credit facilities to eligible unrated corporate borrowers without attracting a higher regulatory risk weight, thereby improving access to financing for businesses. Basel III framework updated The central bank said the revised exposure limit will be incorporated into the Revised Instructions for Credit Risk (Standardised Approach) under the Basel III framework, which were issued through BPRD Circular No. 3 dated September 24, 2025. These revised credit risk instructions are currently being implemented by banks and DFIs under a parallel-run arrangement before their full adoption. Existing prudential rules remain unchanged The SBP clarified that all other prudential and regulatory requirements relating to the risk weighting of unrated large corporate borrowers will remain unchanged. The latest circular makes reference to the following regulatory instruments: • BSD Circular No. 8 dated June 27, 2006 • BPRD Circular Letter No. 2 dated January 9, 2015 • BPRD Circular No. 3 dated September 24, 2025 Apart from the revised exposure threshold, the existing framework governing credit risk for unrated corporate borrowers will continue to apply. Boost for private sector financing The increase in the aggregate borrowing limit is expected to improve access to bank credit for large private sector companies that do not possess external credit ratings. By allowing banks to extend larger financing facilities while remaining compliant with Basel III capital requirements, the measure is expected to support business expansion, investment and private sector credit growth. The decision also reflects the SBP’s efforts to align prudential regulations with evolving economic conditions while maintaining the overall integrity of the country’s credit risk management framework.
FBR WARNS TAXPAYERS AGAINST INCORRECT TAX YEAR 2026 RETURNS
Date: 2026-08-04
Details: Written by Hamza Shahnawaz in Taxation Tax authority says inaccurate declarations may trigger scrutiny as IRIS portal opens for annual return filing. ISLAMABAD: The Federal Board of Revenue (FBR) has warned taxpayers against submitting incorrect income tax returns for Tax Year 2026, stressing that income, assets and expenditure leave a digital trail that is accessible to the tax authority through multiple sources. In a public awareness message, the FBR advised taxpayers to ensure complete and accurate disclosure of their financial information while filing returns through its online IRIS portal. “Income, assets, and expenditure leave a trail – and that trail reaches FBR through multiple sources. A correct return closes the matter; an incorrect one opens it,†the tax authority said. The warning comes as the FBR has opened the Income Tax Return filing portal for Tax Year 2026, allowing taxpayers across Pakistan to submit their annual income tax returns electronically through the IRIS system. In an earlier statement, the FBR urged individuals and businesses to file their returns accurately and honestly, emphasizing that timely compliance is essential for strengthening Pakistan’s tax system. “Income Tax Return filing for Tax Year 2026 is now open. All taxpayers are advised to file their returns accurately and honestly, ensuring that all declared information is true and correct. Timely and truthful compliance strengthens the tax system for everyone,†the FBR said. The opening of the filing portal follows the implementation of the Finance Act, 2026, which introduced a range of measures aimed at broadening the tax base, improving documentation and strengthening tax compliance. Earlier, the tax authority issued draft income tax return forms for Tax Year 2026 through SRO 835(I)/2026, inviting feedback from stakeholders before finalising the forms. Under the existing filing schedule, the deadline for submitting income tax returns for Tax Year 2026 is September 30, 2026. The due date applies to salaried individuals, business individuals, Associations of Persons (AOPs), and companies with a financial year ending on December 31. The FBR has advised taxpayers to organize their financial records, income statements and supporting documents well before the deadline to ensure smooth filing and avoid last-minute issues. The Finance Act, 2026 has also introduced stricter penalties for late filing, significantly strengthening the tax compliance framework. The FBR expects that tougher enforcement measures, combined with improvements to the digital filing system, will encourage greater voluntary compliance and increase the number of active taxpayers. The tax authority reiterated that accurate and timely submission of income tax returns remains essential for broadening Pakistan’s tax base, improving revenue collection and supporting the country’s fiscal sustainability.
SMALL SHOPKEEPER TAX SCHEME RAISES CONCERNS OVER HIDDEN TAX AMNESTY
Date: 2026-08-04
Details: Written by Faisal Shahnawaz in Taxation, Top stories Tax experts say the optional 1% turnover-based regime could create an uneven playing field by offering extensive compliance relief to eligible retailers. KARACHI: The Federal Board of Revenue (FBR) has introduced a simplified tax procedure for small shopkeepers through S.R.O. 1166(I)/2026, offering eligible retailers the option to pay income tax at a flat rate of 1% of annual turnover. While the initiative is designed to encourage tax compliance and broaden the tax base, tax professionals have questioned whether the scheme effectively amounts to a hidden tax amnesty. The notification, issued on July 27, 2026, establishes an optional taxation regime for individual retailers with annual turnover of up to Rs200 million for Tax Year 2026. Eligible taxpayers may either opt for the simplified scheme or continue to file income tax returns under the normal provisions of the Income Tax Ordinance, 2001. Eligibility criteria The scheme applies exclusively to individual retailers whose principal source of income is the operation of a retail shop and whose annual turnover does not exceed Rs200 million. However, several categories of taxpayers have been excluded, including: • Tier-1 retailers; • Jewellery retailers; • Professionals such as doctors, lawyers and consultants; • Owners of multiple retail outlets; and • Businesses whose annual turnover exceeded Rs200 million in any of the preceding three tax years. According to the FBR, the initiative is intended to simplify tax compliance for small retailers while encouraging undocumented businesses to enter the formal tax system. Experts question effective tax burden Despite its stated objective, tax experts argue that the scheme could significantly reduce the effective tax burden for qualifying retailers compared with businesses operating under the normal tax regime. Under the simplified procedure, participants will pay income tax at 1% of gross annual turnover, subject to a minimum payment of Rs25,000. Critics note that companies operating under the corporate tax regime are subject to 29% income tax, in addition to super tax and other applicable levies. They contend that retailers with sizeable turnover could discharge their tax liability at a comparatively low effective rate, creating disparities within the tax system. According to analysts, the difference in tax treatment may discourage business incorporation and encourage enterprises to remain outside the documented corporate framework. Extensive compliance relief Another feature attracting attention is the extensive compliance relief available to retailers opting into the scheme. Participants will generally not be selected for audit. Departmental proceedings may only be initiated following consultation with representatives of trade associations and where credible third-party information indicates significant undeclared transactions, ownership of high-value assets or misuse of the scheme for tax evasion. Retailers participating in the regime will also benefit from several exemptions, including: • Exemption from withholding tax obligations on purchases under Section 153 of the Income Tax Ordinance; • Exemption from minimum tax provisions; • No requirement to install Point-of-Sale (POS) systems; and • No obligation to implement digital invoicing infrastructure. These concessions are intended to reduce compliance costs and simplify tax administration for small businesses. Simplified return filing The FBR has also introduced a simplified income tax return for participants in the scheme. The return will require taxpayers to declare annual turnover, purchases, business expenses, net profit and legitimate assets. It will be made available through the IRIS portal as well as a dedicated mobile application in Urdu and regional languages to facilitate easier filing. Debate over tax equity Tax analysts acknowledge that the government is attempting to bring more retailers into the documented economy by reducing compliance complexities. However, they caution that the combination of a low turnover-based tax, broad exemptions from audits and relief from various compliance obligations closely resembles the characteristics of a tax amnesty, despite not being formally described as one. Experts argue that while simplifying taxation for small businesses is a positive objective, policymakers must ensure that the regime does not create an uneven competitive environment in which documented companies continue to shoulder substantially higher tax liabilities and compliance costs than retailers operating under the simplified framework. They maintain that broadening the tax base should be accompanied by measures that preserve fairness and neutrality across different categories of taxpayers, ensuring that tax reforms promote both compliance and equitable treatment within Pakistan’s tax system.
FBR NOTIFIES DATE FOR PUBLISHING ACTIVE TAXPAYERS LIST 2026
Date: 2026-08-04
Details: Written by Faisal Shahnawaz in Taxation New ATL will be issued immediately after the income tax return filing deadline under amended Income Tax Rules, 2002. ISLAMABAD: The Federal Board of Revenue (FBR) has notified the publication date for the new Active Taxpayers List (ATL) for Tax Year (TY) 2026, which will be issued on October 1, 2026, provided the income tax return filing deadline remains unchanged. The publication schedule is in line with amendments made to the Income Tax Rules, 2002, through SRO 1638(I)/2024, which require the FBR to issue the annual Active Taxpayers List immediately after the statutory deadline for filing income tax returns. ATL to be published after return filing deadline According to FBR officials, taxpayers are required to file their income tax returns for Tax Year 2026 by September 30, 2026. If the filing deadline is not extended, the FBR will publish the Active Taxpayers List 2026 on October 1, 2026. However, if the tax authority grants an extension for filing returns, the publication of the new ATL will also be postponed accordingly. The revised schedule is intended to ensure that taxpayers who file their returns within the prescribed or extended deadline are included in the Active Taxpayers List without unnecessary delay. Changes introduced through SRO 1638(I)/2024 The FBR amended the Income Tax Rules, 2002, through SRO 1638(I)/2024, issued on October 18, 2024, introducing significant changes to both the timing of the ATL’s publication and the frequency of updates. Under the amended rules, a taxpayer’s name will be included in the Active Taxpayers List if the income tax return for the latest tax year is filed: • By the due date specified under Section 118 of the Income Tax Ordinance, 2001; • By an extended due date granted by the Commissioner under Section 119; or • By an extended deadline notified by the FBR under Section 214A. The rules define the “latest tax year†as the most recently completed tax year before the return is filed. Where the filing deadline for that tax year has not yet expired, the immediately preceding tax year will be treated as the latest tax year for ATL purposes. Late filers can still qualify The amended framework also provides relief for taxpayers who submit their returns after the prescribed deadline. A taxpayer filing a return after the due date or any valid extension may still be included in the Active Taxpayers List upon payment of the surcharge prescribed under Section 182A of the Income Tax Ordinance, 2001. This provision allows late filers to regain active taxpayer status after fulfilling the applicable legal requirements. Shift from March to October publication Prior to the amendments introduced in 2024, the FBR used to publish the new Active Taxpayers List on March 1 each year, based on income tax returns filed up to the end of February. The revised rules have aligned the publication of the ATL with the statutory return filing deadline, enabling compliant taxpayers to be reflected in the updated list immediately after the filing period ends. Daily updates replace weekly revisions The amendments have also changed the frequency of updates to the Active Taxpayers List. Previously, the FBR updated the ATL on a weekly basis. Under the revised rules, the list is now updated daily, allowing taxpayers’ status to be reflected more quickly once they meet the filing requirements or complete other legal formalities. The FBR expects the revised system to improve administrative efficiency, enhance taxpayer facilitation and ensure more timely recognition of compliant taxpayers under Pakistan’s income tax regime.
KCA INCREASES SPOT RATE BY RS300 TO RS18,500 PER MAUND
Date: 2026-08-04
Details: Published August 4, 2026 Updated about 4 hours ago LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Monday increased the Spot rate by Rs 300 per maund and closed it at Rs 18,500 per maund. Cotton Analyst Naseem Usman told Business Recorder that the local cotton market remained tight and the trading volume remained low. He also told Business Recorder that the rate of cotton in Sindh is in between Rs 18,300 to Rs 18,400 per maund, while Phutti in the province is trading between Rs 8,000 to Rs 8,400 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,900 to Rs 19,000 per maund, with Phutti fetching between Rs 8,500 to Rs 9,000 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,300 to Rs 18,400 per maund. The rate of Phutti is in between Rs 8,400 to Rs 9,200 per 40 kg. Copyright Business Recorder, 2026
HBL PMI: DOMESTIC DEMAND DRIVES STRONGEST MANUFACTURING EXPANSION IN 4 MONTHS
Date: 2026-08-04
Details: Published August 4, 2026 Updated about 4 hours ago KARACHI: The HBL Pakistan Manufacturing PMI rose to 51.7 in July 2026 from 50.8 in June, marking the strongest improvement in manufacturing conditions in four months. The expansion was driven by a recovery in domestic demand alongside continued resilience in export orders. While manufacturing activity strengthened during the month, the pace of growth remained moderate, highlighting a gradual recovery amid elevated risks stemming from the renewed conflict in the Middle East. New orders picked up after contracting in June, supported by stronger customer sentiment and competitive pricing. The improvement drove the fastest expansion in manufacturing output in five months and prompted firms to increase purchasing activity and employment for the first time since March. Although export orders continued to underpin overall activity, their relative contribution softened as domestic demand emerged as the primary catalyst for the sector’s ongoing recovery. Encouragingly, the improvement in demand was accompanied by easing inflationary pressures, as both input cost and output price inflation moderated despite persistent increases in raw material and fuel costs. Commenting on the latest PMI data, Humaira Qamar, Head of Equities & Research – HBL, noted: “The softer cost environment aligns with our expectation of a gradual disinflationary trend through FY27, although elevated geopolitical risks continue to cloud the near-term outlook. Against this backdrop, the State Bank’s decision to keep the policy rate unchanged at 11.5 percent strikes an appropriate balance between supporting economic recovery and anchoring inflation expectations. Looking ahead, a sustained improvement in manufacturing activity will depend on policy consistency and a stable external environment that supports both domestic demand and export growth.†Copyright Business Recorder, 2026
INDIA'S NIFTY 50 SEEN OPENING LOWER AS NEW CLOSING AUCTION SPURS CAUTION
Date: 2026-08-04
Details: • GIFT Nifty futures were at 24,653.5 Published August 4, 2026 Updated 4 minutes ago India’s Nifty 50 was set to open lower on Tuesday after a sharp late-session rise in the previous session following the launch of a new Closing Auction Session (CAS) framework, leaving traders wary of higher volatility. GIFT Nifty futures were at 24,653.5 as of 8:13 a.m. IST, indicating the benchmark Nifty 50 could open below Monday’s close of 24,774.3. The Nifty and the Sensex rose 1.6% and 0.7% on Monday, showing a rare divergence after the launch of the new auction mechanism for stocks with traded futures and options contracts. “Both the exchanges have separate order books for CAS session similar to the continuous trading session and hence, the â prices of individual stocks are also different,†NSE said in a statement late on Monday. Under the CAS, continuous trading in eligible shares ends at 3:15 p.m. before the market moves into a 20-minute auction that sets the official close. The auction price is determined within a plus-or-minus 3% band around a volume-weighted average price, or VWAP, reference price, concentrating more end-of-day execution into a compressed window. On its first day, the auction drew strong participation, with 515 trading members placing orders for 56,773 unique PANs, surpassing the long-established pre-open session, and activity is expected to deepen over time, NSE said. The new structure â could amplify late-session swings by making closing prices more sensitive to large institutional flows, aggressive buying, short-covering and repositioning in heavyweight stocks, said Hariselvan Radhakrishnan, founder and chief executive of HST Wealth. It could also intensify weekly expiry volatility by concentrating institutional flows, short-covering and position adjustments into a narrow closing-auction window, two analysts said. Nifty’s weekly â options expire on Tuesday. Elsewhere, Asian shares edged higher after Wall Street closed higher overnight. Brent crude rose 0.8% after tumbling 7% on Monday to a three-week low.
PSMA SEEKS SUGAR EXPORT APPROVAL
Date: 2026-08-04
Details: Published August 4, 2026 Updated about 4 hours ago LAHORE: The Pakistan Sugar Mills Association (PSMA) has written letters to Deputy Prime Minister Senator Ishaq Dar and Federal Minister for National Food Security and Research Rana Tanveer Hussain, requesting the government to allow export of surplus sugar. As per the contents of the letters, there are 3.4 million metric tons of sugar stocks in the country as of July 15, 2026, reconciled and agreed upon by the FBR and the sugar industry, while the average monthly consumption is 567,426 metric tons. Hence, by the start of the new crushing season 2026-27 on November 15, the country will hold a massive surplus stock of 1.158 million metric tons of sugar. A bumper sugarcane crop is expected again in the upcoming crushing season, which will again result in the production of 8 million metric tons of sugar, an amount for exceeding domestic requirements. A PSMA spokesperson has expressed deep concern over the uncertainty facing sugarcane farmers as the September sowing season approaches; they are worried because large quantity of surplus sugar is still in mill warehouses, and until this stock is exported, mills will be unable to purchase more cane from them or offer better rates. Better and timely payments to sugarcane growers over the past two years have encouraged them to cultivate better varieties of sugarcane, resulting in a significant increase in per-acre yield and sugar content. A good sugarcane crop is expected in the upcoming crushing season, resulting in surplus sugar production. However, this will only be possible if the export of current surplus sugar provides farmers with the incentive to cultivate the new crop otherwise, sugarcane cultivation and sugar production will decline in the coming years, and sugar will have to be imported at the cost of valuable foreign exchange. The sugar industry is currently facing the challenge of holding large stocks of sugar while demand remains very low. Current sugar prices are far below production costs, whereas the costs of sugarcane and other inputs are rising every year. Due to unsold stocks, the sugar industry is facing severe shortage of funds for repaying bank loans. In the light of reconciled figures, it is requested the government to immediately grant permission to export 585,000 tonnes of surplus sugar and later authorize the export of stocks held in strategic reserves within one month of the commencement of the upcoming crushing season, the PSMA pleaded. Copyright Business Recorder, 2026
TASHKENT-KARACHI DIRECT FLIGHT OPERATIONS FROM SEPT 3
Date: 2026-08-04
Details: Published August 4, 2026 Updated about 5 hours ago KARACHI: Uzbekistan’s private airline Centrum Air will begin its direct flight operations between Tashkent and Karachi from September 3. According to the aviation officials, the new service will run twice weekly, on Thursdays and Sundays, following coordination between the Embassy of Uzbekistan in Pakistan and aviation and transport authorities on both sides. Officials said the Tashkent–Karachi–Tashkent route is expected to make travel faster and more convenient for business travellers, tourists, students, and pilgrims. They added that the route could eventually serve as a broader transport corridor linking Central Asia to Karachi, Pakistan’s principal port city. The launch adds to existing air connectivity between the two countries. Six scheduled flights currently operate each week between Uzbekistan and Pakistan. Four on the Tashkent–Lahore route and two on Islamabad–Tashkent routes, bringing the total to eight weekly flights once the Karachi service begins. Copyright Business Recorder, 2026
OIL TICKS UP AFTER SELLOFF AS TALKS TO END US-IRAN WAR REMAIN UNCERTAIN
Date: 2026-08-04
Details: • Front-month Brent futures rose $0.62, or 0.7%, to $84.39 a barrel Published August 4, 2026 Updated 41 minutes ago Oil prices rebounded slightly on Tuesday, after plunging in the previous session, on concerns Middle Eastern supply remains at risk as a diplomatic resolution to the US-Iran war that has disrupted shipments still seems unlikely. Front-month Brent futures rose $0.62, or 0.7%, to $84.39 a barrel as of 0055 GMT after dropping 7% in the previous session to a three-week low. US West Texas Intermediate (WTI) crude was $0.61, or 0.7% higher at $80.95 after falling over 5% in the previous session to its lowest in nearly a week. Prices dropped after US President Donald Trump said on Sunday he was holding off on new attacks on Iran pending ongoing talks to end their â war and settle claims over control of the key Strait of Hormuz. The waterway connects Gulf oil producers to global markets and before the conflict energy exports equal to about 20% of total consumption transited daily. However, on Monday, Iran’s Foreign Ministry spokesman Esmail Baghaei rejected Trump’s claim, saying no negotiations with the US were taking place and no meetings were scheduled. “Some of the sting has been taken out of oil prices … with Trump pausing strikes on Iran and touting a return to negotiations (though) the move lower remains fragile – oil could just as easily rebound higher if missiles start flying again or if tankers around the Strait of Hormuz come under fire once more,†said Tim Waterer, chief market analyst at KCM Trade. The dispute over the Strait of Hormuz remains a central â point of contention. Washington says the memorandum of understanding agreed in June required Iran to open the waterway, while Tehran argues the text explicitly preserved its authority. Analysts at Barclays said in the week ended July 31 crude oil and refined product net exports through the strait averaged 4.2 million barrels per day, compared with 3.2 million bpd the previous week. In the Red Sea, six Saudi-flagged supertankers changed course in the Gulf of â Aden recently and are heading to southern Africa, while two tankers laden with Saudi oil crossed the Bab el-Mandeb Strait, shipping data showed on Monday. Traffic in the Strait of Hormuz between Iran and Oman also slowed following reports of vessel attacks, the data showed. Hormuz remains dangerous for vessels. â The United Kingdom Maritime Trade Operations on Tuesday said it received a report of an incident 20 nautical miles (37 km) northeast of Oman’s Al Khasab, after a cargo vessel broadcast over VHF channel 16 that it had been hit by an unknown projectile. “While â the fighting between Saudi Arabia and the Houthis has not completely halted energy flows, it has forced longer voyage times, higher insurance costs and occasional diversions. With the Strait of Hormuz, it keeps a dual-chokepoint risk in the market that prevents oil from fully unwinding its geopolitical premium,†Waterer said.
OIL PRICES DROP 7PC TO THREE-WEEK LOW
Date: 2026-08-04
Details: • Brent fell $6.35 to $83.77, WTI dropped $4.33 to $80.34 amid market declines Published August 4, 2026 Updated 40 minutes ago NEW YORK: Oil prices fell about 7 percent to a three-week low on Monday after US President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick deal that could boost oil supplies from the Gulf. Front-month Brent futures fell USD6.35, or 7.0 percent, to settle at USD83.77 a barrel, while US West Texas Intermediate (WTI) crude fell USD4.33, or 5.1 percent, to settle at USD80.34. That was the lowest close for Brent since July 13, due in part to the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday. Brent prices for October were down 4.7 percent from where the October contract closed on Friday. Iran said on Monday there were no talks under way with the United States and no plans for any meetings, contradicting Trump who had cited talks he said would take place that afternoon as justification for calling off attacks. Oil prices drop after Trump cancels attack on Iran to seek nuclear deal Over the weekend, Trump repeated a pattern that has emerged throughout the past five months: announcing plans for “massive attacks†on Iran, only to cancel them at the last minute. Trump on Monday said talks with Iran “are going on right nowâ€, adding that Iran faced “decapitation†if Tehran did not agree to a pact to end the conflict. Iran’s Foreign Ministry spokesman Esmail Baghaei rejected the claim, saying no negotiations with the United States were taking place and no meetings were scheduled. Iran had no plans to host foreign delegations or send negotiators abroad in the coming days, he said. “Today’s sharp selloff … in crude futures looks like another overreaction to Trump’s comments that a deal with Iran is imminent following his weekend threats of massive attacks that were also suggested as imminent,†analysts at energy advisory firm Ritterbusch and Associates said in a note. “Trump is continuing a pattern of occasionally talking the oil market lower in precluding a sustained advance in gasoline prices,†the Ritterbusch analysts said. On Monday, Trump again called on oil companies to lower gasoline prices for US consumers, chiding Chevron and Exxon Mobil for making too much money. In addition to the drop in crude futures, prices for both US gasoline and diesel fell by around 5 percent during Monday’s session. Six Saudi-flagged supertankers have changed course in the Gulf of Aden in recent days and are heading to southern Africa following threats by the Iran-backed Houthi movement in Yemen to target Saudi shipping, tracking data showed on Monday. Over the weekend, however, two tankers laden with Saudi oil crossed the Bab el-Mandeb Strait between the Red Sea and the Gulf of Aden, while traffic in the Strait of Hormuz between Iran and Oman slowed following reports of vessel attacks, shipping data showed on Monday. About a fifth of the world’s oil passed through the Strait of Hormuz before the US and Israel started bombing Iran on February 28. A Panama-flagged tanker carrying Russian naphtha attempted to pass through the Bab-el-Mandeb in the last week of July before changing course to sail around Africa instead, trade sources said and shipping data from LSEG showed. Russia said on Monday it was stepping up protection of ships in the Azov-Black Sea basin while also developing alternative cargo routes, in a move that follows a sharp escalation of attacks at sea by both sides in the war in Ukraine. Russia was the world’s third-biggest crude oil producer behind the US and Saudi Arabia in 2025, according to US energy data, and is a member of the OPEC+ group of countries, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies. Export disruptions from the Gulf, Russia and Kazakhstan, caused by the Iran and Ukraine wars, have meant successive monthly OPEC+ hikes over most of this year have not translated into extra oil on the market. On Sunday, OPEC+ approved an oil production quota increase of around 188,000 barrels per day from September.
PAKISTAN CUSTOMS PUSHES AI-DRIVEN TRADE FACILITATION AT UNODC-WCO MEETING IN UZBEKISTAN
Date: 2026-08-03
Details: Written by Faisal Shahnawaz in Taxation Pakistan highlights AI-powered customs reforms, digital connectivity and regional cooperation to strengthen secure trade and border management. ISLAMABAD: Pakistan Customs has reaffirmed its commitment to strengthening regional customs cooperation and advancing secure, technology-driven trade facilitation by participating in the 11th Policy-Level Meeting of the United Nations Office on Drugs and Crime (UNODC)–World Customs Organization (WCO) Passenger and Cargo Control Programme (PCCP/IREN) held in Tashkent, Uzbekistan. The Pakistani delegation was led by Syed Shakeel Shah, Member Customs (Operations), Federal Board of Revenue (FBR), and included Muhammad Imran Khan Mohmand, Director General Reforms & Automation, Pakistan Customs. Focus on regional cooperation and digital customs The high-level meeting brought together senior customs officials from across the region to discuss measures aimed at strengthening customs cooperation through secure, seamless and technology-enabled trade. Delegates focused on several strategic priorities, including: • Mutual recognition of Authorised Economic Operator (AEO) programmes. • Recognition of regulatory documents among participating countries. • Wider adoption of artificial intelligence (AI)-enabled risk management and data analytics for customs clearance and enforcement. • Strengthening public-private partnerships to facilitate legitimate trade while combating illicit cross-border activities. Participating customs administrations agreed to establish dedicated technical working groups to develop draft protocols in these priority areas. The initiative is expected to promote greater digital integration, enhance regulatory cooperation and improve the efficiency of regional trade and transit. Pakistan and Uzbekistan deepen customs collaboration On the sidelines of the conference, the Pakistani delegation held a bilateral meeting with the First Deputy Chairman of the Customs Committee of the Republic of Uzbekistan to review progress under existing customs cooperation arrangements. The two sides discussed expanding collaboration in several strategic areas, including: • National Targeting Centres. • Transit cargo tracking. • AI and machine learning-based risk management. • Customs digitalisation. • Intelligence-led enforcement. • Enhanced exchange of customs information. During the meeting, Syed Shakeel Shah highlighted that Uzbekistan is the first country with which Pakistan has established advance customs information exchange through the Pakistan Single Window (PSW) for both imports and exports, describing the initiative as a significant milestone in digital customs cooperation. Building on this achievement, both countries agreed to explore extending the existing digital connectivity to include transit trade information. The proposed initiative is expected to improve the quality and timeliness of customs data exchange, strengthen border controls, reduce customs clearance times and facilitate faster, more secure and seamless regional trade and transit. Commitment to modern customs administration Pakistan and Uzbekistan reaffirmed their shared commitment to expanding bilateral customs cooperation through enhanced digital connectivity, coordinated border management, exchange of best practices and adoption of modern customs technologies. According to Pakistan Customs, these initiatives will strengthen supply chain security, facilitate legitimate trade and support broader regional economic integration. Pakistan Customs also reiterated its commitment to leveraging innovation, digital transformation and international cooperation to build a modern customs administration capable of enhancing trade competitiveness while maintaining effective enforcement and robust border security.
WITHHOLDING TAX RATES ON PHONE USAGE NOTIFIED FOR TY 2027
Date: 2026-08-03
Details: Written by Hamza Shahnawaz in IT & Telecom, Taxation Subtitle: Mobile, internet and prepaid services remain subject to 15% withholding tax, while specified non-filers face a 75% rate under Section 114B. ISLAMABAD: The Federal Board of Revenue (FBR) has notified the withholding tax rates applicable to telephone, mobile phone and internet usage for Tax Year (TY) 2027, which commenced on July 1, 2026, under the updated Income Tax Ordinance, 2001. The revised rates have been incorporated into the Income Tax Ordinance, 2001, updated through June 30, 2026, following amendments introduced by the Finance Act, 2026. The tax collection mechanism is governed by Section 236 of the Ordinance. Withholding tax on telephone bills Under the updated law, withholding tax will be collected from telephone subscribers, other than mobile phone subscribers, where the monthly bill exceeds Rs1,000. The applicable rate is: • Telephone subscribers (excluding mobile phone subscribers): 10% of the amount exceeding Rs1,000 in the monthly bill. Tax on mobile phone and internet services The FBR has retained a 15% withholding tax on payments made by subscribers of the following services: • Mobile telephone services • Internet services • Prepaid internet cards • Prepaid telephone cards • Sale of mobile or internet units through any electronic medium or any other form The applicable withholding tax rates are: Category Withholding tax rate Mobile phone subscribers 15% Internet subscribers 15% Prepaid internet cards 15% Prepaid telephone cards 15% Sale of units through electronic medium or any other form 15% Higher tax for specified non-filers The updated law prescribes a significantly higher withholding tax for persons specified in an Income Tax General Order issued under Section 114B of the Income Tax Ordinance, 2001. Such persons will be liable to pay 75% withholding tax on: • Mobile phone bills • Internet bills • Sale price of prepaid internet cards • Sale price of prepaid telephone cards • Sale of mobile or internet units through any electronic medium or any other form The enhanced rate is aimed at encouraging tax compliance by persons identified under Section 114B. Effective from July 1, 2026 The notified withholding tax rates form part of the Income Tax Ordinance, 2001, updated through June 30, 2026, incorporating amendments made under the Finance Act, 2026. The latest notification provides certainty to telecom operators, internet service providers, withholding agents and consumers regarding the tax collection mechanism applicable to telephone, mobile phone and internet usage during Tax Year 2027, ensuring compliance with the provisions of the Income Tax Ordinance, 2001.
INCOME TAX RATES ON ELECTRICITY CONSUMPTION NOTIFIED FOR TY 2027
Date: 2026-08-03
Details: Written by Hamza Shahnawaz in Taxation Commercial, industrial and domestic electricity consumers to pay advance income tax under updated Income Tax Ordinance from July 1, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has notified the advance income tax rates applicable to electricity consumption for Tax Year (TY) 2027, which commenced on July 1, 2026, under the updated Income Tax Ordinance, 2001. The revised rates have been incorporated into the Income Tax Ordinance, 2001, updated to June 30, 2026, following amendments introduced through the Finance Act, 2026. The advance tax is to be collected through electricity bills issued to commercial, industrial and domestic consumers. Advance tax rates for commercial and industrial consumers Under the updated law, advance income tax on electricity bills for commercial and industrial consumers will be collected based on the gross amount of the electricity bill. Commercial consumers • Up to Rs500: Nil • Exceeds Rs500 but does not exceed Rs20,000: 10% of the amount • Exceeds Rs20,000: Rs1,950 plus 12% of the amount exceeding Rs20,000 Industrial consumers • Up to Rs500: Nil • Exceeds Rs500 but does not exceed Rs20,000: 10% of the amount • Exceeds Rs20,000: Rs1,950 plus 5% of the amount exceeding Rs20,000 The updated schedule shows that commercial consumers with higher electricity bills will pay a higher rate of advance income tax than industrial consumers. Tax rates for domestic electricity consumers The FBR has also prescribed advance income tax rates for domestic electricity consumers based on the monthly electricity bill. • Monthly electricity bill below Rs25,000: No advance income tax • Monthly electricity bill of Rs25,000 or more: 7.5% advance income tax Accordingly, domestic consumers whose monthly electricity bill remains below Rs25,000 will not be subject to advance income tax, while those with bills of Rs25,000 or above will pay tax at the rate of 7.5%. Effective from July 1, 2026 The notified rates form part of the Income Tax Ordinance, 2001, updated through June 30, 2026, incorporating amendments made under the Finance Act, 2026. The latest notification provides clarity to electricity consumers, power distribution companies and withholding agents regarding the advance income tax regime applicable to electricity consumption during Tax Year 2027. The prescribed rates are intended to ensure uniform tax collection through electricity bills in accordance with the provisions of the Income Tax Ordinance, 2001.
FBR EXCEEDS JULY 2026 TARGET WITH OVER RS810 BILLION TAX COLLECTION
Date: 2026-08-03
Details: Written by Hamza Shahnawaz in Taxation Strong sales tax receipts help FBR beat its July revenue target despite lower-than-expected income tax collections, providing a solid start to FY2026-27. ISLAMABAD: The Federal Board of Revenue (FBR) collected more than Rs810 billion in taxes during July 2026, surpassing its monthly revenue target and providing a strong start to fiscal year 2026-27, although income tax receipts fell short of expectations. According to provisional figures, the FBR collected Rs810 billion during the first month of the fiscal year, exceeding the monthly target by Rs30 billion. The collection also represented a 7% increase compared with Rs757 billion collected in July 2025. The revenue performance was driven primarily by robust sales tax receipts, while customs duty and federal excise duty also met or slightly exceeded their respective targets. Annual target set at Rs15.263 trillion For FY2026-27, the federal government, in consultation with the International Monetary Fund (IMF), has set an annual tax collection target of Rs15.263 trillion. Achieving the target requires the FBR to increase tax revenues by around 17% over the previous fiscal year’s collection. Unlike previous years, meeting the revenue target has become a key benchmark under Pakistan’s IMF-supported economic reform programme. The release of the programme’s sixth loan tranche depends on the FBR meeting its revenue objectives during the first half of the fiscal year. Income tax falls short of target Despite exceeding the overall revenue target, income tax collection remained below expectations. The FBR collected more than Rs300 billion in income tax during July, missing the monthly target by Rs23 billion. The shortfall in direct tax collection was compensated by stronger-than-expected performance in sales tax and other indirect taxes. Sales tax leads revenue growth Sales tax remained the largest contributor to the FBR’s July revenue collection. The tax authority collected Rs358 billion in sales tax, exceeding the monthly target by Rs53 billion and recording an 18% year-on-year increase. However, import-stage taxation continued to account for the bulk of sales tax receipts. Around Rs275 billion, or 78% of total sales tax collection, was generated on imported goods. Customs duty and FED achieve targets The FBR collected Rs105 billion in customs duty during July, meeting its monthly target and exceeding the collection recorded in the corresponding month last year by Rs2 billion. Meanwhile, Federal Excise Duty (FED) collection reached Rs48 billion, marginally surpassing the target and remaining broadly in line with July 2025 levels. Import-stage taxes remain the backbone The provisional figures show that more than Rs440 billion, representing approximately 54% of total tax collection, was generated at the import stage, where compliance levels are generally higher and tax evasion is comparatively limited. The figures underscore the FBR’s continued reliance on import-related taxation despite ongoing efforts to broaden the domestic tax base and improve direct tax collection. Return filing gathers pace Following the upload of revised income tax return forms to its online portal, the FBR received approximately 227,000 income tax returns during July. The tax authority also accelerated the payment of tax refunds, disbursing Rs98 billion during the month—around Rs13 billion more than the amount refunded in July last year. The July revenue performance provides an encouraging start to FY2026-27, but sustaining the required pace of revenue growth throughout the year will be essential for achieving the Rs15.263 trillion annual target and fulfilling Pakistan’s commitments under the IMF-supported reform programme.
FTSE 100 RECORDS BIGGEST MONTHLY RISE SINCE FEB
Date: 2026-08-03
Details: Published August 3, 2026 Updated about 4 hours ago By Reuters LONDON: London’s FTSE 100 dipped from record highs on Friday, but registered weekly and monthly gains as robust earnings buoyed markets through a week of central bank decisions and Middle East hostilities. The blue-chip FTSE 100 index, which closed down 0.3 percent at 10,868.05 points, marked its biggest monthly jump since February. The midcap FTSE 250 dipped 0.4 percent on the day and notched a third week of gains in a row. Heavyweight energy stocks added 1.9 percent as Brent crude prices climbed above USD90 a barrel. The sector has gained over 15 percent in July, outperforming its peers, as US-Iran hostilities escalated, threatening fuel supplies. Meanwhile, British finance minister John Healey said he will hold his first budget on October 28 and pledged to stick to the borrowing rules he inherited from his predecessor Rachel Reeves. Economists say the government has only a small margin of error for hitting that target and some of Prime Minister Andy Burnham’s policy priorities — such as extra defence spending and better social care — will put more strain on the public finances. The Bank of England held interest rates on Thursday, but the number of dissenters was three compared with expectations of two, as the impact of the Iran conflict on the economy worried policymakers. Corporate earnings were in full swing, with investor attention split between reports and macro factors. NatWest gained 3.2 percent after the lender reported a better-than-expected first-half operating profit before tax of £4.3 billion (USD5.8 billion) and raised its outlook for the year. British Airways owner IAG dipped 1.5 percent after the company trimmed its 2026 capacity outlook to flat.
TSX ENDS LOWER AS GOLD FALLS
Date: 2026-08-03
Details: Published August 3, 2026 Updated about 4 hours ago TORONTO: Canada’s main stock index fell on Friday as a drop in gold prices weighed on metal mining shares, but the index still posted its fourth straight monthly gain. The Toronto Stock Exchange’s S&P/TSX Composite index ended down 279.70 points, or 0.8 percent, at 35,226.14. For July, the index was up 1.1 percent, led by energy shares. The materials group, which includes metal mining shares, fell 3 percent. The price of gold was down 1.3 percent as the US dollar rebounded from a more than one-month low hit in the previous session. Technology was also a drag, falling 2.6 percent. Shares of Telus tumbled 11.3 percent after the company reported a second-quarter loss and reset its quarterly dividend, cutting the annualized payout by 55 percent to focus on debt reduction. Four of the 10 major sectors ended higher, including energy. It added 0.6 percent, lifting its monthly gain to more than 16 percent. “Energy had a nice run,†said Michael Constantino, CEO of Webull Canada. “It is an opportunity as well for clients to take some money off the table and shift.†US crude oil futures settled 1.3 percent higher at USD84.67 a barrel as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway.
JAPAN BANK SMFG’S Q1 PROFIT JUMPS 3PC ON ROBUST LOAN DEMAND
Date: 2026-08-02
Details: Published August 2, 2026 Updated a day ago TOKYO: Sumitomo Mitsui Financial Group recorded a 33percent rise in first-quarter profit, marking the latest Japanese financial institution to weather huge swings in global markets and trade and stay on track for record profits. Strong loan demand from SMFG’s clients, which are primarily made of up of large, listed Japanese firms with a global footprint, persisted despite rocky energy markets and supply chain disruption brought about by war in the Middle East. “The anticipated negative impact of Middle East-related risks has not yet materialised,†SMFG said in an earnings presentation. Japan’s second largest lender by assets said on Friday net profit for the April-June quarter was 501.4 billion yen (USD3.13 billion) compared with 376.9 billion yen in the same year-ago period. SMFG has also benefited from rising interest rates as Japan exits deflation, lifting lending margins. SMFG’s domestic loan to deposit spread rose to 1.31percent from 1.08percent a year previously, while its loan balance grew 7percent to 113.4 trillion yen at the end of June. Earlier on Friday the Bank of Japan held rates at 1percent, although a majority of analysts polled by Reuters expect a hike to 1.25percent before the end of the year. SMFG estimates that each incremental rise of 0.25percent translates to an additional 150 billion yen of interest income over five years. The bank identified further upside in adjusting its Japanese government bond portfolio. Over the past quarter, it increased its exposure to longer-dated, higher-yielding JGBs, lifting the share of bonds maturing in five to 10 years to over 50percent of its 11.4 trillion yen portfolio. As with other global banks, volatile markets buoyed trading flows with quarterly gross profit in SMFG’s global markets unit rising sharply by 74percent year-on-year. SMFG maintained its annual profit forecast for the year ended March 2027 at 1.7 trillion yen.
HSBC TO SELL USD25BN AUSTRALIAN LOAN PORTFOLIO TO BLACKSTONE
Date: 2026-08-02
Details: Published August 2, 2026 Updated a day ago BENGALURU: HSBC said on Friday it would sell its AUSD36 billion (USD25.30 billion) Australian home and personal loan portfolio to investment giant Blackstone , marking its phased exit from retail banking in the country. The transaction is the latest move in CEO Georges Elhedery’s overhaul of the bank as he seeks to simplify operations, improve returns and redeploy capital toward higher-growth businesses. Since assuming the top job in September 2024, Elhedery has cut management ranks, reduced costs and shed non-core operations as he reshapes the bank’s global footprint. The bank last week agreed to sell its Singapore insurance unit to Germany’s Allianz SE and in May struck a deal to divest its retail and wealth operations in Indonesia to Singapore’s Oversea-Chinese Banking Corp. Since the global financial crisis, HSBC has been scaling back its worldwide footprint, exiting low-returning consumer banking activities in markets ranging from France and Greece to Canada. The Australian portfolio will be acquired by Virgo BidCo, a vehicle wholly owned by funds managed by Blackstone affiliates, in a transaction expected to close in the first half of 2027, subject to regulatory and competition approvals. Blackstone said separately that it has invested in Australia for nearly two decades and plans to continue deploying significant capital to support the country’s housing market. HSBC said it would continue investing in its corporate and institutional banking business across Australia and New Zealand, moving away from consumer lending as part of the restructuring.
FBR FORMS THREE ICSCS TO REDUCE TAX LITIGATIONS
Date: 2026-08-01
Details: Published August 1, 2026 Updated 12 minutes ago ISLAMABAD: The Federal Board of Revenue (FBR) Friday constituted three Independent Case Scrutiny Committees (ICSCs) with immediate effect to end frivolous litigation with taxpayers and ensure consistency in decisions relating to appeals and references before superior courts. According to an office order issued by the FBR’s Legal Wing on Friday, the committees have been constituted under Section 133A of the Income Tax Ordinance, 2001, Section 47AAA of the Sales Tax Act, 1990, and Section 34AA of the Federal Excise Act, 2005, along with the relevant rules framed thereunder. The FBR has established three regional committees covering Islamabad, Lahore and Karachi jurisdictions. The Islamabad Committee will be headed by former Justice Athar Saeed, with Barrister Saad Buttar and Dr Muhammad Iqbal, Former Member Inland Revenue Policy, FBR, serving as members. The committee will oversee litigation matters relating to Large Taxpayer Office (LTO) Islamabad, RTO Islamabad, RTO Peshawar, RTO Abbottabad and the Directorate General of Intelligence and Investigation (DG I&I), Islamabad. The Lahore Committee will be chaired by former Justice Khawaja Farooq Saeed, while Mirza Nasar, Advocate Supreme Court, and former FBR Member Shahid Hussain Asad have been appointed as members. Its jurisdiction extends over LTO Lahore, LTO Multan, CTO Lahore and Regional Tax Offices in Lahore-I, Lahore-II, Rawalpindi, Gujranwala, Faisalabad, Multan, Bahawalpur, Sialkot, Sargodha and Sahiwal. The Karachi Committee will be headed by former Justice Maqbool Baqir. Its members include Munawar Ali Memon and former FBR Member Seema Shakil,. The committee will deal with cases falling under LTO Karachi, CTO-I Karachi, CTO-II Karachi, RTO-I Karachi, RTO-II Karachi, RTO Sukkur, RTO Hyderabad and RTO Quetta. Under the office order, the committees will examine tax cases and recommend whether references should be filed before the High Courts or petitions and review petitions before the Supreme Court or the Federal Constitutional Court. They will also periodically review pending litigation to determine whether continuation of legal proceedings is warranted in the interest of revenue. In addition, the committees have been assigned the responsibility of maintaining a database of settled legal issues and judicial precedents to promote consistency in future litigation. They will also identify systemic legal and administrative issues requiring legislative or policy intervention and submit appropriate recommendations to the FBR. The FBR said that the terms and conditions governing the engagement of chairpersons and members, remuneration, meetings, decision-making and disposal of official assignments will be regulated under the relevant provisions of the Income Tax Ordinance, Sales Tax Act, Federal Excise Act and corresponding rules. The office order has been issued with the approval of the competent authority and has taken immediate effect. Copyright Business Recorder, 2026
INCOME TAX RATES ON GOODS, SERVICES AND CONTRACTS FOR TY 2027
Date: 2026-08-01
Details: Written by Hamza Shahnawaz in Taxation Updated withholding tax rates under Section 153 apply to payments for goods, services, contracts and e-commerce transactions from July 1, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax withholding rates applicable to payments for goods, services and contracts for Tax Year 2027, effective from July 1, 2026, following the issuance of the updated Income Tax Ordinance, 2001 incorporating amendments introduced through the Finance Act, 2026. The revised rates, prescribed under Section 153 of the Income Tax Ordinance, 2001, apply to a broad range of commercial transactions, including the sale of goods, provision of services, execution of contracts and payments made through e-commerce platforms. Withholding tax on payments for goods Under Section 153(1), the FBR has prescribed the following withholding tax rates on payments for goods: • Sale of rice, cotton seed oil and edible oils: 1.5% of the gross amount payable. • Sale of goods (other than toll manufacturing): o Companies: 5% of the gross amount payable. o Persons other than companies: 5.5% of the gross amount payable. • Toll manufacturing: o Companies: 9% of the gross amount payable. o Persons other than companies: 11% of the gross amount payable. Tax rates for services The updated law specifies different withholding tax rates depending on the nature of the service provided. A 7% withholding tax will apply to payments for a wide range of specified services, including transport, freight forwarding, air cargo, courier, manpower outsourcing, hotel, security guard, software development, engineering and architectural services, warehousing, telecommunication infrastructure (tower) services, car rental, building maintenance, oilfield services, telecommunication services, travel and tour services, REIT management services, inspection, certification, testing and training services, share registrar services, and data services licensed by the Pakistan Telecommunication Authority. The same rate also applies to services rendered by the Pakistan Stock Exchange Limited, the Pakistan Mercantile Exchange Limited and the National Clearing Company of Pakistan Limited. However, the FBR has retained a concessional withholding tax rate of 4% for information technology (IT) services and IT-enabled services. Independent professional services Payments made to independent professionals, including doctors, lawyers, architects, accountants, software engineers and software developers, will be subject to a 15% withholding tax. Advertising and port services Payments made to electronic and print media for advertising services will attract withholding tax at 1.5% of the gross amount payable. Meanwhile, payments to companies providing terminal and port operating services will be subject to a 12% withholding tax. For all other services not specifically covered under the prescribed categories, the applicable withholding tax rate has been fixed at 14% of the gross amount payable. Withholding tax on contracts The FBR has also notified withholding tax rates for payments made under contracts. Payments to sportspersons will continue to attract tax at 15%, while payments under contracts will be taxed at 7.5% where the recipient is a company and 8% where the recipient is a person other than a company. E-commerce transactions The updated provisions also prescribe withholding tax rates for digitally ordered goods and digitally delivered services conducted through e-commerce platforms. A 1% withholding tax will apply where payment is made through digital means or banking channels via a payment intermediary. For transactions settled through the Cash on Delivery (COD) method, courier companies will collect withholding tax at 2% of the gross amount paid or payable. Effective from Tax Year 2027 The notified withholding tax rates are effective from July 1, 2026 and will apply throughout Tax Year 2027. The revised rates form part of the updated Income Tax Ordinance, 2001, as amended through the Finance Act, 2026. The FBR has advised withholding agents, businesses and taxpayers to apply the prescribed rates under Section 153 when making payments for goods, services, contracts and eligible e-commerce transactions.
BOK’S PERFORMANCE UNDER NFLP-II RECOGNISED
Date: 2026-08-01
Details: Published August 1, 2026 Updated 37 minutes ago PESHAWAR: Bank of Khyber (BoK) has been recognised by the State Bank of Pakistan (SBP) for its outstanding performance under the National Financial Literacy Program (NFLP-II) FY 2025–26. The recognition was conferred during the NFLP-II Annual Target Review Meeting and Certificate Distribution Ceremony held in Lahore on July 27, 2026, where appreciation certificates were awarded to banks for their contributions toward advancing financial literacy and financial inclusion across Pakistan. BoK achieved 150 percent of its assigned NFLP-II target during FY 2025–26, reflecting the Bank’s strong commitment to promoting financial awareness in line with SBP’s vision and objectives. Through a segmented approach focusing on women, youth, and persons with disabilities (PWDs), the Bank conducted a series of financial literacy initiatives aimed at equipping underserved communities with the knowledge and confidence to make informed financial decisions. The Bank also continued to promote digital financial literacy, enabling individuals to safely access and benefit from digital banking services. This recognition reinforces Bank of Khyber’s commitment to supporting national efforts for greater financial inclusion and sustainable economic development. The Bank remains dedicated to expanding the reach of financial education through impactful awareness programs, empowering communities, and contributing to a more financially informed, inclusive, and resilient Pakistan. Copyright Business Recorder, 2026
WALL ST STRUGGLES FOR DIRECTION AS RATE UNCERTAINTY OFFSETS AMAZON JUMP
Date: 2026-08-01
Details: Published August 1, 2026 Updated 41 minutes ago NEW YORK: Wall Street’s main indexes traded between small gains and losses on Friday, as uncertainty over the path for interest rates and a slide in Apple’s shares offset a 13.7 percent jump in Amazon. Amazon.com reported its biggest revenue growth in over four years for the previous quarter, joining similar reports from Microsoft and Alphabet earlier this month, prompting investors to look past the companies’ big spending plans that rattled markets through this month. Apple, on the other hand, slid 9.2 percent after warning that supply constraints would hurt growth, adding to worries about the hit from iPhone price hikes. This week was what some analysts called ‘make-or-break’ for the tech sector that had been beaten down as traders took some profits through July following a strong end to the second quarter, as they awaited signs that investments made by AI leaders at the expense of free cash flow were paying off. Shares of Microsoft were up 1.5 percent after logging their biggest one-day gain on record for a company in the previous session, while Alphabet jumped 5 percent and Meta gained 1.5 percent. Among chip stocks, Nvidia climbed 0.8 percent and Monolithic Power Systems gained 11.1 percent after forecasting third-quarter revenue above estimates. At 11:43 a.m. ET, the Dow Jones Industrial Average rose 99.24 points, or 0.19 percent, to 52,306.20, the S&P 500 lost 1.49 points, or 0.02 percent, to 7,436.14 and the Nasdaq Composite lost 15.65 points, or 0.06 percent, to 25,106.53. The S&P 500’s consumer discretionary sector led the gains, up 5 percent, helped by Amazon’s surge, while tech lost over 1.6 percent. All three of Wall Street’s main indexes are on track for weekly gains, aided by the strong rebound late this week. But the S&P 500 and the Nasdaq were on track for monthly losses, reflecting the sharp selloff AI-linked stocks witnessed through July. The Philadelphia Semiconductor index was flat on Friday and is down 20 percent in July, which would mark its biggest monthly fall since 2008. Investors instead took notice of other sectors, as the S&P 500 equally weighted index is on track for its fourth straight month of gains. The week also brought uncertainty in terms of interest rates after the Federal Reserve left its benchmark rate on hold. Chairman Kevin Warsh’s commentary offered little on the outlook for interest rates; however, at least three officials voiced the need to hike interest rates on Friday. The yield on the 2-year Treasury note, a reflection of short-term interest rates, spiked 7 basis points to 4.29 percent, while investors priced in a 67 percent chance that rates could rise by at least 25 basis points in September, CME’s FedWatch tool showed. Domain registrar GoDaddy lost 20 percent after narrowing its annual revenue forecast. Declining issues outnumbered advancers by a 1.58-to-1 ratio on the NYSE and by a 1.89-to-1 ratio on the Nasdaq. The S&P 500 posted four new 52-week highs and three new lows, while the Nasdaq Composite recorded 35 new highs and 86 new lows.
CHINA TECH STOCKS RALLY ON AI REBOUND HOPES
Date: 2026-08-01
Details: Published August 1, 2026 Updated 41 minutes ago SHANGHAI: Chinese tech shares rallied on Friday, tracking gains on Wall Street and across Asia on hopes the global AI-driven sell-off was easing, though key indexes still posted hefty losses in July, with the tech-focused STAR 50 suffering its worst month on record. At the close, the STAR 50 index rose 3 percent, while the startup board CHINEXT composite index advanced 3.4 percent. But the STAR 50 plunged 25.9 percent in July. The benchmark Shanghai Composite index edged up 0.7 percent, while the blue-chip CSI 300 index rose 0.9 percent. A rebound in tech shares helped offset the monthly losses in benchmark indexes, though SSEC remained down 6.4 percent this month to notch the biggest monthly drop since March, while CSI300 declined 7.9 percent and looked set for its worst monthly performance since July 2021. The sharp turnaround on Friday came after China’s leaders pledged at a meeting on Thursday to make efforts to achieve breakthroughs in frontier technologies and promote the development of future industries. “While there was a lack of major surprises on stimulus measures for property and consumption, the July politburo meeting again highlighted ‘deepening the comprehensive reform of capital market financing and investment’ and a focus on ‘bolstering the market resilience and investor confidence,’†analysts at BNP Paribas said in a note. “Amid recent equity weakness, this appears to reflect policymakers’ commitment to supporting the market,†they said.
ASIAN STOCKS JUMP ON SEOUL, TAIPEI RALLY
Date: 2026-08-01
Details: Published August 1, 2026 Updated 41 minutes ago BENGALURU: Markets in emerging Asia surged in their largest single-day gain in more than 17 years on Friday, buoyed by a rally in South Korean and Taiwanese equities on hopes that a recent rout in the chip-heavy indexes may be nearing its end. The MSCI EM Asia index gained about 8 percent in its biggest single-day jump since late October 2008, while the EM Asia IT index advanced more than 15 percent, on track for its best day ever, after an otherwise downbeat month. Even accounting for the latest moves, the indexes have declined 4.5 percent and 13 percent so far in July, respectively. South Korea’s KOSPI closed its strongest trading session on record, rocketing 18 percent higher. Chipmakers SK Hynix and Samsung Electronics, which make up more than half the benchmark, marked 30 percent and 27 percent gains by the close, respectively, in their largest single-day rises to date. Despite a brutal six-week crash that erased more than half of its massive annual gains on thinning volume, the KOSPI remains up around 56.5 percent in 2026 so far, in a highly volatile run. “We believe the recent market pullback in the Asia tech sector has been driven more by sentiment than by any deterioration in fundamentals,†said Kieron Poon, investment director of Asian equities at Aberdeen Investments. “This healthy market adjustment broadens the opportunity set across Korea and the wider Asian technology sector.†Volatility on the KOSPI this week in particular was compounded by the outsized role single-stock leveraged ETFs play in the stock market. Local regulators have since pledged to rein in the impact through individual investment caps on the products. “The market is now waiting to see whether additional restrictions will be imposed on leveraged ETFs… Once the regulatory framework becomes clearer, the current round of deleveraging is likely to end,†Poon added. In Taiwan, the benchmark index advanced 8 percent, its strongest single-session gain since mid-April. Semiconductor major TSMC rose nearly 10 percent in its best day since October 2020. Elsewhere, stocks in Bangkok and Jakarta rose 1.9 percent and 0.6 percent, respectively. Among currencies, the South Korean won weakened as much as 1.2 percent to 1,440.58 per dollar, after appreciating to its strongest level since mid-October 2025 on Thursday.
US BUSINESS DELEGATION VISITS LCCI
Date: 2026-08-01
Details: Published August 1, 2026 Updated about an hour ago LAHORE: Lahore Chamber of Commerce & Industry (LCCI) President Faheem-ur-Rehman Saigol has said that Pakistan and the United States enjoy a strong and long-standing economic relationship based on trade, investment and people-to-people connections, and there is tremendous potential to further strengthen bilateral economic cooperation through enhanced business partnerships, greater investment and improved market access. He was speaking during the visit of a high-powered United States business delegation to the Lahore Chamber of Commerce & Industry. The delegation visited LCCI as part of its Pakistan tour facilitated by the Special Investment Facilitation Council (SIFC). Among those present on the occasion were LCCI Senior Vice President Tanveer Ahmad Sheikh, Vice President Khurram Lodhi, Chairman Rice Land Group, Tahir Javed, Director SIFC USA, Lt. Col. Jehanzeb President Chicagoland Chamber of Commerce Naveed Anwar, Hafeez Khan, Former LCCI President Tahir Javed Malik and executive committee members. The LCCI President termed the visit as a significant step towards strengthening economic relations between the two countries. He appreciated the SIFC for arranging and coordinating the visit, saying that SIFC has played a valuable role in showcasing Pakistan’s investment potential to the international community. He observed that the delegation’s visit to Islamabad, Karachi and Lahore had enabled its members to engage with Pakistan’s political leadership and business community, helping them gain a deeper understanding of the country’s economic strengths and investment prospects. Faheem said the United States remains Pakistan’s largest export destination, accounting for approximately 20 percent of the country’s total exports. Citing State Bank of Pakistan figures, he said, bilateral trade had increased from approximately US$8.4 billion in 2024-25 to US$9.4 billion in 2025-26, while Pakistan’s exports to the United States had reached nearly US$6.1 billion. He said stronger business partnerships and greater market access could significantly increase trade volumes in the coming years. Director SIFC USA Lt. Col. Jehanzeb said the visit was part of a broader initiative aimed at strengthening economic cooperation between Pakistan and the United States. He informed participants that the delegation was assessing Pakistan’s investment landscape, ease of doing business and opportunities available in different sectors. He stated the feedback gathered during the visit would help pave the way for future engagements with the US International Development Finance Corporation (DFC) and the Export-Import Bank of the United States (EXIM Bank), whose delegations are expected to visit Pakistan later this year to explore financing opportunities in collaboration with the private sector. He observed that the delegation represented a broad spectrum of sectors, including textiles, information technology, artificial intelligence, healthcare, real estate, critical minerals and mining, energy, defence technologies, business solutions, insurance and agriculture. He said the expertise and experience of the delegates created excellent opportunities for joint ventures, technology transfer, investment partnerships and knowledge sharing. Speaking on the occasion, Chairman Rice Land Group Tahir Javed said the delegation had held extensive meetings with Pakistan’s top leadership, including the Prime Minister, SIFC officials, ministers and provincial leadership, and had witnessed strong enthusiasm for investment and economic cooperation throughout the country. He said the delegation was leaving Pakistan with renewed confidence because, for the first time, investors had been presented with a substantial portfolio of ready-to-invest projects. Copyright Business Recorder, 2026
OIL PRICE RISES
Date: 2026-08-01
Details: Published August 1, 2026 Updated about an hour ago NEW YORK: Oil prices rose more than USD 1 on Friday and were on track for a big monthly gain as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway. Brent futures were up USD 1.01, or 1.1 percent, at USD 90.04 a barrel at 1:26 p.m. ET (1726 GMT). US West Texas Intermediate crude was up USD 1.28, or 1.5 percent, at USD 84.87 a barrel. For July, Brent and WTI were on track to finish up 24 percent, their highest one-month gain since March. The Iran war that began on February 28 has sharply reduced traffic through the Strait of Hormuz, which previously carried about a fifth of global crude oil and natural gas supplies, disrupting Middle East output running into millions of barrels a day. Back-and-forth attacks in recent days have ended a brief pause in the fighting between the United States and Iran. READ MORE: Oil climbs as traders assess shipping flows; big monthly gain in sight Additionally, Houthi militia forces in Yemen have disrupted shipping through the Bab el-Mandeb Strait linking the Red Sea to the Gulf of Aden, creating a second chokepoint for oil flows. “Fresh US strikes on Iranian military targets keep the geopolitical risk premium firmly in place near chokepoints like the Strait of Hormuz. Domestic supply is reinforcing the move as well, with US crude stockpiles … down to multi-year lows,†research firm Gelber & Associates wrote in a note. The note was referring to US Energy Information Administration (EIA) data showing that US commercial crude stocks last week fell to their lowest levels since 2018. Traffic through strait Iran’s Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, Fars News Agency reported. However, two very large crude carriers carrying oil loaded from the Gulf exited the strait on Friday, although traffic through the waterway remained sparse, according to Kpler ship-tracking data. Twenty-nine commodity vessels passed through the Bab el-Mandeb Strait on Thursday. “The market has stopped trading the war and started trading the shipping data,†said Ole Hvalbye, market analyst at SEB Research. Talks between Iran and Oman on managing the strait continue, according to the Iranian Labour News Agency, despite Iran rejecting Oman’s proposal for joint management of the waterway. Geopolitical risks remain A drone strike that sparked fires on two gas vessels in Egypt’s Mediterranean port of Damietta has raised a new threat to shipping through the Suez Canal, one of the last major export routes available to Saudi oil amid the expanding Iran war. Saudi Arabia this week said it is seeking to lead a coalition to boost defence cooperation in the Bab el-Mandeb Strait, the Red Sea and the Gulf of Aden. Elsewhere, Ukraine’s military said it hit Russia’s Volgograd oil refinery overnight on Friday, causing a fire at the facility. In Kazakhstan, Tengizchevroil, the operator of the giant Tengiz field, has resumed oil exports via the Georgian port of Batumi for the first time since March, two sources told REUTERS. In the United States, crude oil output fell about 2 percent in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the EIA on Friday. Higher oil prices, however, dented consumption, with demand for crude oil and petroleum products falling more than 3.5 percent in May to about 20.07 million barrels per day, the lowest since March 2025, the data showed. A report from Baker Hughes on Friday showed that US energy firms this week added rigs for a sixth time in seven weeks. The number of active rigs acts as an early indicator of future output. Separately, a REUTERS survey of 31 economists and analysts showed that oil prices are expected to rise further this year. Brent crude is estimated to average USD 85.22 a barrel in 2026, up from June’s forecast of USD 84.50, the survey showed.
PSX ENDS ON POSITIVE BUT SUBDUED NOTE
Date: 2026-08-01
Details: Published August 1, 2026 Updated about an hour ago KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a positive but subdued note on Friday, as early gains were trimmed by late-session profit-taking and position squaring ahead of the weekend. Despite strong buying at the opening, investors opted to book profits in select heavyweight stocks during the second half of the session, limiting the benchmark index’s advance. The benchmark KSE-100 Index gained 546.13 points, or 0.31 percent, to settle at 176,094.12 points, compared with the previous close of 175,547.98 points. The index climbed to an intraday high of 177,108.67 points before retreating to an intraday low of 175,934.99 points as traders pared positions before the weekend. Business Recorder indices also portrayed an overall positive performance across the market. The BRIndex100 advanced by 56.91 points, or 0.30 percent, to close at 19,346.81 points, with total traded volume improving to 642.81 million shares. Likewise, the BRIndex30 gained 174.88 points, or 0.25 percent, to settle at 69,567.15 points on a turnover of 288.61 million shares. Ali Najib, Deputy Head of Trading at Arif Habib Limited, said the market witnessed another mixed trading session with strong momentum at the opening that gradually faded later in the day. “PSX witnessed another mixed session today. The market opened on a strong note. However, gains were partially erased during the second half of the session as traders opted to square off positions ahead of the weekend, resulting in a modest positive close,†he said. Najib added that Engro Holdings (ENGROH), Habib Bank Limited (HBL), Lucky Cement (LUCK), Bank Al Habib Limited (BAHL), and Askari Bank Limited (AKBL) collectively contributed around 250 points to the benchmark index. On the other hand, Engro Fertilisers (EFERT), United Bank Limited (UBL), Habib Metropolitan Bank (HMB), Javedan Corporation (JVDC), and Maple Leaf Cement Factory (MLCF) jointly erased around 101 points due to selective profit-taking. Trading activity strengthened on the ready counter as overall market participation increased. Total Ready Market volume rose to 880.95 million shares from 711.20 million shares in the previous session. However, traded value slightly declined to Rs24.96 billion compared with Rs25.40 billion a day earlier. Ready Market capitalization increased by Rs38.14 billion to Rs19.756 trillion from Rs19.718 trillion recorded in the previous session. Market breadth remained positive. Of the 493 companies traded on the Ready Market, 273 advanced, 185 declined and 35 remained unchanged. Trust Brokerage remained the volume leader for the second consecutive session, with 178.80 million shares changing hands. The stock settled at Rs2.57, compared with its previous close of Rs2.53. It was followed by Dadabhoy Cement, which traded 81.74 million shares and closed at Rs20.40. Cnergyico PK ranked third with 50.46 million shares, ending at Rs10.74, while Wasl Mobility Modaraba processed 48.68 million shares and hit its upper circuit to close at Rs7.92. Among individual stocks, The Thal Industries Corporation Limited posted the highest gain in absolute terms, rising Rs104.68 to close at Rs1,151.46 per share, followed by Nestle Pakistan Limited, which added Rs91.49 to settle at Rs7,913.37 per share. On the losing side, PIA Holding Company Limited (B) shed Rs372.50 to close at Rs17,627.50 per share, while Khyber Textile Mills Limited declined Rs74.65 to end at Rs2,002.81 per share. Among the Business Recorder sectoral indices, the BR Cement Index emerged as the top performer, climbing 64.82 points, or 0.53 percent, to close at 12,309.14 points, while generating the highest sectoral turnover of 112.06 million shares. The BR Tech & Communication Index rose 11.98 points, or 0.33 percent, to settle at 3,647.94 points on a trading volume of 83.75 million shares. The BR Commercial Banks Index advanced by 183.32 points, or 0.30 percent, to end at 61,962.16 points, with 34.01 million shares changing hands, reflecting selective buying in banking stocks. The BR Oil and Gas Index also closed in positive territory, gaining 35.42 points, or 0.24 percent, to finish at 14,578.24 points on turnover of 37.33 million shares. Meanwhile, the BR Automobile Assembler Index edged up 8.25 points, or 0.03 percent, to settle at 23,774.85 points with a modest turnover of 1.70 million shares. The BR Power Generation and Distribution Index was the only laggard among the major BR sectoral indices, easing by 7.96 points, or 0.03 percent, to close at 27,523.66 points on a volume of 25.01 million shares. Market participants said the benchmark index managed to close the week in positive territory despite late-session profit-taking, indicating that underlying sentiment remains constructive. They noted that the ongoing corporate earnings season, improving macroeconomic indicators and expectations of further economic stability continue to support investor confidence. However, geopolitical developments, corporate financial results and dividend announcements are expected to remain the primary drivers of market direction in the sessions ahead. Copyright Business Recorder, 2026
FBR ANNOUNCES TRANSFER AND POSTING OF 80 IRS OFFICERS
Date: 2026-07-31
Details: Written by Hamza Shahnawaz in Taxation Large-scale reshuffle includes BS-18 to BS-20 IRS officers, with new appointments across FBR Headquarters, RTOs, LTOs, CTOs, and directorates nationwide. The Federal Board of Revenue (FBR) has carried out a significant reshuffle of officers belonging to the Inland Revenue Service (IRS), announcing the transfer and posting of 80 officers in BS-18 to BS-20 with immediate effect. The decision was issued through an official notification dated July 31, 2026, as part of the Board’s routine administrative restructuring aimed at strengthening tax administration across the country. The transfers cover officers serving at the FBR Headquarters, Regional Tax Offices (RTOs), Corporate Tax Offices (CTOs), Large Taxpayers Offices (LTOs), and various directorates operating in different cities. Among the most notable appointments, Ms. Farhat Qayum (BS-20) has been transferred from her position as Chief at FBR Headquarters, Islamabad, and posted as Director General (OPS), Anti Benami Initiatives, Islamabad. According to the notification, she has been directed to assume charge of her new assignment on August 6, 2026. The latest reshuffle also includes the transfer of several Chief Commissioners, Commissioners, Directors, Additional Commissioners, and Secretaries, with officers assigned to new roles across major tax formations throughout the country. The administrative changes span a wide range of FBR offices located in Islamabad, Karachi, Lahore, Faisalabad, Rawalpindi, Peshawar, Quetta, Multan, Hyderabad, Sukkur, Sialkot, Abbottabad, Bahawalpur, and several other stations. In addition to regular transfers, the Board has entrusted a number of officers with look-after responsibilities and additional charge of key positions under the applicable government rules to ensure continuity in tax administration. The notification clarifies that officers who were already receiving performance allowance before the issuance of the transfer orders will continue to receive the same allowance at their new places of posting. This measure ensures that eligible officers retain their existing benefits despite their change in assignment. Furthermore, all transferred officers have been instructed to submit charge relinquishment and assumption reports immediately after taking over their new responsibilities. These reports will be maintained as part of the official record and will facilitate the completion of administrative formalities. The transfer orders include several senior BS-20 officers, including Ms. Farhat Qayum, Mr. Adnan Inamullah Khan, Ms. Sumbal Agha, Ms. Fiza Batool, Dr. Muhammad Aslam Mari, Ms. Uzma Saqib, Ms. Fauzia Adil, Mr. Hammal Baloch, Mr. Shaheed Mehboob, Ms. Iram Shabbir, Mr. Sajjad Amjad, Ms. Uzma Munir, Ms. Yasmin Yusuf Khan, Mr. Shaukat Hayat, and Mr. Muhammad Asif, along with dozens of officers in BS-18 and BS-19. The large-scale reshuffle reflects the FBR’s ongoing efforts to streamline operations, strengthen institutional capacity, and improve tax administration through strategic deployment of experienced Inland Revenue officers across Pakistan.
FBR INTRODUCES FIXED SALES TAX ON STEEL MANUFACTURERS BASED ON ELECTRICITY CONSUMPTION
Date: 2026-07-31
Details: Written by Hamza Shahnawaz in Taxation New taxation mechanism links electricity usage with sales tax liability for steel melters, re-rollers, and composite units from July 1, 2026. The Federal Board of Revenue (FBR) has introduced a new fixed sales tax mechanism for Pakistan’s steel industry, making electricity consumption the basis for calculating sales tax liabilities of steel melters, re-rollers, and composite manufacturing units. The new procedure will come into force from July 1, 2026, and is aimed at improving tax compliance while ensuring a more transparent taxation system across the sector. Under the revised framework, the sales tax will be collected through electricity consumption, with different rates applicable depending on the source of raw materials and the mode of power generation used by manufacturers. Different Tax Rates Based on Raw Material Usage According to the notification, steel manufacturers using locally sourced remeltable iron and steel scrap will pay Rs30 per unit of electricity consumed in addition to the standard sales tax applicable under the Sales Tax Act. Manufacturers that have used more than 70 percent imported scrap during the preceding 12 months will be charged a reduced rate of Rs5 per electricity unit consumed. The same concessional rate will also apply to manufacturers using scrap supplied by Export Facilitation Scheme (EFS) licensees, provided such scrap exceeds 70 percent of their total raw material consumption during the specified period. Meanwhile, steel units operating on captive power plants or self-generated electricity, including those using bagasse or other energy sources, will be liable to pay Rs35 per electricity unit consumed. Reduced Rate Linked to Digital Integration The FBR has also offered an incentive for digitally compliant manufacturers. Steel melters and composite units integrated with the Board’s computerized real-time reporting system and meeting the prescribed imported scrap consumption threshold will qualify for the reduced Rs5 per unit sales tax rate. Additionally, manufacturers will be allowed to adjust the sales tax collected through electricity consumption against their output sales tax, reducing the risk of double taxation. New Categorization of Steel Units The notification classifies manufacturers consuming 500,000 or more electricity units per month on a single meter as steel melters or composite units. Businesses consuming less than this threshold will be categorized as steel re-rollers. Manufacturers must declare their production and supply according to their assigned category, while the FBR will review and update the list of eligible steel units every three months. Strict Enforcement from July 2026 The FBR has directed all electricity distribution companies (DISCOs) to implement the prescribed sales tax rates on all eligible steel manufacturers from July 1, 2026, without exception. In cases where manufacturers fail to pay the sales tax by the due date mentioned on their electricity bills, the concerned DISCOs will be authorized to disconnect electricity supply in addition to any legal action initiated by the relevant tax authorities.
FIRST DG OF TAX POLICY OFFICE NAJEEB AHMAD MEMON RETIRES AFTER DISTINGUISHED IRS CAREER
Date: 2026-07-31
Details: Written by Hamza Shahnawaz in Taxation Pioneer tax official concludes decades of public service after leading Pakistan’s first Tax Policy Office and contributing to major fiscal reforms. ISLAMABAD: Najeeb Ahmad Memon, the first Director General of Pakistan’s Tax Policy Office, has retired from government service upon attaining the age of superannuation, bringing to a close a distinguished career in the Inland Revenue Service (IRS) spanning several decades. According to an official notification, Memon, a BS-21 officer of the Inland Revenue Service serving as Director General (SPPS-I), Tax Policy Office, Finance Division, Islamabad, retired from government service with effect from September 27, 2026. The Government of Pakistan acknowledged his dedicated public service and extended its best wishes for his health and success in his future endeavours. First Director General of the Tax Policy Office Memon made history by becoming the inaugural Director General of the Tax Policy Office, an institution established under the Finance Division to strengthen tax policy formulation, improve revenue forecasting and support fiscal reforms. His appointment marked an important milestone in Pakistan’s efforts to separate tax policy from tax administration, with the office playing a central role in developing evidence-based taxation policies and supporting long-term fiscal planning. Key leadership roles at the FBR Before assuming charge of the Tax Policy Office, Memon served in senior positions at the Federal Board of Revenue (FBR). Following his promotion to BS-21, he relinquished the charge of Member (IR-Policy) (BS-20) at FBR Headquarters on May 13, 2025, in accordance with FBR Notification No. 1053-IR-I/2025. On the same day, he assumed charge as Member (BS-21) (IR-Policy) at the FBR Headquarters in Islamabad. Throughout his career, he held a range of important assignments in both field formations and at FBR Headquarters, where he contributed to tax administration, policy development and revenue reforms. Legacy of tax policy reforms Memon is widely regarded as one of the Inland Revenue Service’s accomplished officers, having played a significant role in strengthening Pakistan’s tax policy framework and institutional capacity. During his tenure in senior leadership positions, he worked on initiatives aimed at improving tax policy, enhancing revenue forecasting and supporting the government’s broader fiscal objectives. Officials and colleagues consider his appointment as the first Director General of the Tax Policy Office a landmark development in Pakistan’s ongoing efforts to modernise tax policy formulation and administration. With his retirement, the Tax Policy Office enters a new phase of leadership while building on the institutional foundation established during Memon’s tenure.
FBR NOTIFIES 5% WITHHOLDING TAX ON SOCIAL MEDIA INCOME FOR TAX YEAR 2027
Date: 2026-07-31
Details: Written by Hamza Shahnawaz in Taxation Banks and financial institutions to deduct tax on payments to digital content creators and social media influencers from July 1, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has notified a 5% withholding tax on revenues earned from social media platforms for Tax Year 2027, effective from July 1, 2026, under the updated Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2026. The tax has been prescribed under Section 154B of the Income Tax Ordinance, 2001, which establishes a dedicated withholding tax regime for income earned by digital content creators and social media influencers through online platforms. Five percent tax on social media earnings According to the updated law, the rate of tax to be deducted under Section 154B has been fixed at 5% of the revenue received from social media platforms. The measure is aimed at bringing income generated through digital content creation into Pakistan’s formal tax system by collecting tax at the point of payment. Banks to deduct tax at source Under the new provisions, every banking company and non-banking financial institution will be responsible for deducting the withholding tax whenever revenue from a social media platform is credited to or received in a person’s account. The deduction will be made at the earlier of: • The credit of funds into a bank account; or • The receipt of payment through banking channels. The law also extends to inward remittances, fund transfers and credits received through intermediaries, including online payment service providers and digital financial platforms. Digital creators and influencers covered The withholding tax applies to digital content creators and social media influencers who earn income from creating, publishing or monetising content on online platforms. The provisions cover earnings received from platforms such as: • YouTube • Facebook • Instagram • TikTok • Other similar digital platforms The tax applies irrespective of the platform through which the content is monetised, provided the payment represents revenue generated from social media activities. Tax treatment under Section 154B The FBR has clarified that the withholding tax deducted under Section 154B will have different tax treatments depending on the taxpayer’s status. For resident persons, the amount deducted will constitute minimum tax. For non-resident persons who do not have a permanent establishment in Pakistan, the tax deducted under the section will be treated as final tax, discharging their liability in respect of that income. FBR authorised to issue implementation rules The amended law also empowers the FBR to issue detailed rules governing the implementation of the new withholding tax regime. These rules may cover procedures for identifying taxable payments, reporting obligations, compliance requirements and the operational mechanism for tax deduction by banks, financial institutions and payment intermediaries. The introduction of Section 154B forms part of the government’s broader strategy to expand Pakistan’s tax base by incorporating the rapidly growing digital economy and creator ecosystem into the formal taxation framework through tax collection at the point of payment.
INCOME TAX RATES ON PAYMENTS TO NON-RESIDENTS FOR TAX YEAR 2027
Date: 2026-07-31
Details: Written by Hamza Shahnawaz in Taxation Updated withholding tax rates under Section 152 apply to contracts, services, capital gains and other payments to non-residents from July 1, 2026. ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax withholding rates applicable to payments made to non-residents for Tax Year 2027, effective from July 1, 2026, under the updated Income Tax Ordinance, 2001. The revised rates, incorporated through amendments introduced by the Finance Act, 2026, apply to a range of payments covered under Section 152 of the Income Tax Ordinance, including contracts, services, capital gains and other specified transactions involving non-resident individuals and entities. Withholding tax rates on payments to non-residents According to the updated provisions, the following withholding tax rates will apply: Nature of Payment Tax Rate Payments under Section 152(1A) 7% of the gross amount payable Payments under Section 152(1AA) 5% of the gross amount paid Payments under Section 152(2) 20% of the gross amount paid Payments under Section 152(1AAA) 10% of the gross amount paid Capital gains under Sections 152(1D) and 152(1DA) 10% of the amount of capital gain Tax rates for contracts with non-residents The FBR has also prescribed separate withholding tax rates for payments under Section 152(2A)(a) relating to contracts with non-residents. Companies making such payments will be required to deduct tax at 5% of the gross amount payable, while all other taxpayers will be subject to a withholding tax rate of 5.5%. IT services receive concessional tax rate The updated law prescribes an 8% withholding tax on payments made for a broad range of services provided by non-residents, including transport, freight forwarding, air cargo, courier, manpower outsourcing, hotel, security guard, tracking, advertising (excluding print and electronic media), share registrar, engineering, car rental, building maintenance, inspection, certification, testing, training and oilfield services. The same 8% rate also applies to services rendered by the Pakistan Stock Exchange Limited and the Pakistan Mercantile Exchange Limited. However, the Finance Act, 2026 has retained a concessional withholding tax rate of 4% for software development services, information technology (IT) services and IT-enabled services, recognising the strategic importance of the digital economy. For all other services not specifically covered under the prescribed categories, withholding tax will be deducted at 15% of the gross amount payable. Tax rates for sportspersons and other payments Under Section 152(2A)(c), payments made to non-resident sportspersons will continue to attract withholding tax at 15% of the gross amount payable. For other payments covered under the same provision, the applicable withholding tax rate has been fixed at 8% of the gross amount payable. Applicable from Tax Year 2027 The notified withholding tax rates are effective from July 1, 2026 and will apply throughout Tax Year 2027. The FBR has advised withholding agents, businesses and tax practitioners to apply the revised rates under Section 152 of the Income Tax Ordinance, 2001, when making payments to non-resident individuals and entities, in accordance with the amendments introduced through the Finance Act, 2026.
INDIAN CENTRAL BANK'S FX FORWARD BOOK SHRINKS SLIGHTLY TO $103.3 BILLION
Date: 2026-07-31
Details: • The RBI’s short-dollar forward book shrank $3.3 billion month-over-month by the end of June Published July 31, 2026 Updated about 10 hours ago MUMBAI: The Reserve Bank of India’s net foreign exchange forward book market shrank slightly to $103.3 billion in June, as a reduction of near-tenor dollar liabilities outweighed a rise in longer tenor ones likely reflecting absorption of dollar inflows. The RBI’s short-dollar forward book shrank $3.3 billion month-over-month by the end of June, driven by a nearly $13 billion reduction in forward dollar sales of up to three month maturities. The fall in near-tenor liabilities was offset by an over $6 billion dollar rise in liabilities beyond one year, which would reflect flows absorbed under discounted dollar-rupee buy/sell swap facilities introduced to encourage banks to mobilise foreign-currency deposits and overseas borrowings by lenders and state-run firms. Between June 8 and late-July, the crisis-era policy measures announced to strengthen India’s balance of payments position have drawn inflows worth nearly $40 billion, led largely by foreign currency deposits by overseas Indians. India’s RBI likely used dollar deposit surge to cut record FX forward book, economists say During June, the rupee rose 0.4%, its first monthly gain in four months, supported by the policy measures, the removal of taxes on foreign investment in government bonds and a temporary ceasefire in the Middle East that has since collapsed. Economists reckon that the central bank’s foreign exchange forward book was pared down in July, which would have eroded foreign exchange reserves but the impact was likely offset by inflows from its foreign-currency deposit drive. India’s foreign exchange reserves rose to a two-month peak of $682.35 billion as of July 24, according to data released earlier on Friday. As renewed hostilities in the Middle East lifted oil prices in late July, the central bank renewed its defense of the rupee. Traders say the RBI has complemented dollar sales in the spot and non-deliverable forwards markets with buy/sell dollar-rupee swaps of more than one year’s maturity. Those swaps are expected to reflect in the data in July, due to be released on August 31, alongside the impact of swaps related to ongoing inflows under policy measures.
PAKISTAN TAX RATES ON E-COMMERCE DIGITAL PAYMENTS FOR TAX YEAR 2027
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in Taxation FBR introduces 1% withholding tax on digital payments and 2% on Cash on Delivery transactions under the Finance Act, 2026 ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax rates applicable to payments for digitally ordered goods and services through e-commerce platforms for Tax Year 2027, effective from July 1, 2026. The new withholding tax rates have been prescribed under Section 6A of the updated Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2026. Tax rates linked to payment method According to the FBR, the applicable withholding tax will depend on the payment method used for purchases made through e-commerce platforms, including websites. The notified tax rates are as follows: Payment Method Tax Rate Digital payments or banking channels through a payment intermediary 1% of the gross amount paid or payable Cash on Delivery (COD) through courier services 2% of the gross amount paid or payable Lower tax rate for digital payments Under the updated provisions, a 1% withholding tax will apply where payment for digitally ordered goods or services is made through digital means or banking channels via a payment intermediary. The lower rate is intended to encourage the use of formal digital payment systems and support the growth of Pakistan’s digital economy. Higher tax on Cash on Delivery transactions The FBR has prescribed a 2% withholding tax on the gross amount paid or payable for purchases made through the Cash on Delivery (COD) option. The tax will be collected by the courier company responsible for delivering the goods and collecting payment from the customer. Effective from Tax Year 2027 The notified rates form part of the updated Income Tax Ordinance, 2001, as amended through the Finance Act, 2026, and are applicable from July 1, 2026, for Tax Year 2027. The FBR has advised payment intermediaries, courier companies and e-commerce platforms to implement the prescribed withholding tax rates for all eligible digital commerce transactions in accordance with Section 6A of the Income Tax Ordinance. The new tax framework establishes separate withholding tax rates based on the method of payment, with digital transactions attracting a lower rate than Cash on Delivery purchases.
FBR NOTIFIES TAX RATES ON SUKUK INVESTMENT RETURNS FOR TAX YEAR 2027
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in Taxation Companies to pay 25% tax, while individuals and AOPs will face rates of 10% or 12.5% depending on investment returns ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax rates applicable to returns on investments in Sukuk issued through Special Purpose Vehicles (SPVs) for Tax Year 2027, effective from July 1, 2026. The tax rates have been prescribed under Section 5AA of the updated Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2026. Tax rates on Sukuk investment returns Under the updated provisions, different tax rates will apply depending on the category of the Sukuk holder and the amount of return on investment received during the tax year. The notified rates are as follows: Sukuk Holder Tax Rate Company 25% Individual or Association of Persons (AOP) with return on investment exceeding Rs1 million 12.5% Individual or Association of Persons (AOP) with return on investment of less than Rs1 million 10% Companies subject to 25% tax The FBR has prescribed a 25% income tax on returns received by companies from Sukuk investments issued through a Special Purpose Vehicle. The rate will apply to corporate investors receiving income from eligible Sukuk structures under the provisions of Section 5AA of the Income Tax Ordinance. Lower tax rates for individuals and AOPs Individuals and Associations of Persons (AOPs) will benefit from lower tax rates based on the amount of investment return received during the tax year. Where annual returns on Sukuk investments exceed Rs1 million, the applicable tax rate will be 12.5%. However, if the annual return is less than Rs1 million, the income will be taxed at a concessional rate of 10%. Applicable from Tax Year 2027 The notified rates form part of the updated Income Tax Ordinance, 2001, as amended by the Finance Act, 2026, and are applicable from July 1, 2026, for Tax Year 2027. The FBR has advised withholding agents, financial institutions and taxpayers to apply the prescribed tax rates when calculating tax on returns from Sukuk investments received through Special Purpose Vehicles, in accordance with Section 5AA of the Income Tax Ordinance. The notification provides clarity for corporate and individual investors in Sukuk, ensuring consistent taxation of investment returns under Pakistan’s updated tax framework for Tax Year 2027.
PAKISTAN CUSTOMS REVISES IMPORT VALUES FOR MOBILE PHONE ACCESSORIES
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in IT & Telecom, Taxation New customs valuation ruling updates import values for around 70 mobile phone accessories to reflect prevailing international market prices. ISLAMABAD: Pakistan Customs has revised the customs values of imported mobile phone accessories after more than two years, updating the benchmark values used to calculate import duties and taxes in line with prevailing international market prices. The Directorate General of Customs Valuation issued Valuation Ruling No. 2015/2026, introducing revised customs values for around 70 categories of mobile phone accessories. The new ruling replaces Valuation Ruling No. 1887/2024, which was issued on May 31, 2024. Revision based on changing global prices According to the Directorate General of Customs Valuation, international prices of mobile phone accessories have changed considerably since the previous valuation was issued, making it necessary to reassess customs values. The Directorate undertook a fresh valuation exercise under Section 25A of the Customs Act, 1969, to ensure that customs assessments accurately reflect current market conditions and maintain consistency in import valuation. Stakeholders participated in valuation exercise The Directorate said a valuation meeting was held with importers and other industry stakeholders before finalising the revised values. Participants were invited to present their views and submit documentary evidence supporting their claims regarding prevailing international prices. As part of the review, officials analysed import data covering the previous 90 days and examined information provided by stakeholders. Market enquiries were also conducted under Section 25(7) of the Customs Act, 1969, together with the procedures laid down in Office Order No. 17/2014 dated March 19, 2014. Updated values to determine import duties The revised valuation ruling prescribes customs values for approximately 70 categories of mobile phone accessories, which will serve as the basis for determining customs duty and applicable taxes on imports. However, Pakistan Customs clarified that where the declared or invoice value of imported goods exceeds the customs value specified in the ruling, the higher declared value will be accepted for assessment in accordance with Section 25(1) of the Customs Act, 1969. Air cargo consignments to attract freight adjustment The ruling further provides that, for consignments imported by air, the difference between air freight and sea freight will be added to the customs value when calculating duties and taxes. The Directorate also noted that the valuation ruling applies only to the product descriptions and specifications listed in the accompanying valuation table. Any Harmonised System (HS) Codes mentioned are for reference purposes only and should not be treated as legally binding classifications. Customs collectorates instructed to implement ruling Pakistan Customs has directed all Collectorates of Customs to implement Valuation Ruling No. 2015/2026 with immediate effect. Field formations have also been instructed to promptly report any anomalies or implementation issues to the Directorate General of Customs Valuation so that corrective measures can be taken where necessary. The revised customs values are expected to improve uniformity in import assessments, align customs valuations with prevailing international prices and enhance transparency in the taxation of imported mobile phone accessories.
PM ORDERS STRICT ACTION AGAINST TAX EVADERS, INFORMAL ECONOMY OPERATORS
Date: 2026-07-30
Details: Written by Faisal Shahnawaz in Taxation Shehbaz Sharif directs FBR to enhance tracking systems, identify untaxed sectors, and take legal action against businesses involved in tax evasion. Prime Minister Muhammad Shehbaz Sharif on Wednesday directed authorities to identify individuals and businesses operating within the informal economy and initiate strict legal action against those involved in tax evasion as part of the government’s broader efforts to strengthen revenue collection and improve tax compliance. Chairing a weekly review meeting on reforms at the Federal Board of Revenue (FBR), the prime minister instructed officials to develop a comprehensive and scientific framework to assess tax potential across various sectors of the economy. He emphasized that broadening the tax base and ensuring fair taxation remained key priorities of the government. During the meeting, Shehbaz Sharif highlighted that, for the first time in Pakistan’s history, sugar production data had been successfully aligned with FBR records. He described this achievement as evidence that the production tracking system installed by the FBR was functioning effectively and delivering tangible results. The prime minister also commended the FBR chairman and his team for their efforts in improving tax administration. He stressed that taxpayers who consistently comply with tax laws are valuable national assets and deserve recognition. The prime minister noted that the government has provided significant facilitation to both export-oriented and domestic industries and intends to continue supporting the business community. To strengthen engagement with businesses, he directed the FBR chairman and senior officials to spend the first week of every month in Karachi to hear and resolve concerns raised by the business sector. He also instructed authorities to operationalize digital production monitoring systems by December in key sectors, including textiles, beverages, steel, poultry, edible oil and ghee, and tyres. The prime minister reiterated that all appointments and transfers within the FBR would be based strictly on merit. He praised the recently introduced performance evaluation system for FBR officers and ordered the preparation of a list of high-performing officials for recognition on Independence Day. Officials informed the meeting that the FBR’s production tracking system is fully operational in the sugar, cement, tobacco, tiles, and fertilizer sectors. Implementation is nearing completion in five additional sectors with an estimated tax potential exceeding Rs700 billion. Work is also underway in nine more manufacturing sectors, which could generate an additional Rs560 billion in tax revenue. Shehbaz Sharif directed authorities to complete the rollout of indirect tax collection tracking systems across the manufacturing sector by the end of the current year. He also ordered an immediate third-party audit of Customs bonded warehouses to identify and address any irregularities. The meeting was further briefed on ongoing human resource reforms, including international-standard training programs for newly recruited and existing officers, a performance-based accountability system, and measures to improve transparency. Officials reported that the faceless customs clearance system has reduced cargo processing times while improving revenue collection, supporting the government’s efforts to modernize Pakistan’s tax administration.
PRA WARNS OF STRICT ACTION AGAINST BUSINESSES VIOLATING EIMS RULES
Date: 2026-07-30
Details: Written by Faisal Shahnawaz in Taxation Punjab Revenue Authority intensifies enforcement of the Electronic Invoice Monitoring System to improve tax compliance and expand the provincial tax base. The Punjab Revenue Authority (PRA) has announced stricter enforcement measures against businesses that fail to comply with the mandatory Electronic Invoice Monitoring System (EIMS), reaffirming its commitment to improving tax compliance and strengthening revenue collection across the province. The directive was issued by PRA Chairman Moazzam Iqbal Sipra during a performance review meeting focused on business registration, EIMS implementation, and tax collection across various divisions. During the meeting, officials were instructed to accelerate the campaign aimed at ensuring mandatory adoption of the Electronic Invoice Monitoring System by all eligible businesses. The Chairman also directed field officers to intensify efforts to register new businesses and bring more commercial entities into the provincial tax network. According to the PRA, expanding the tax base remains one of its top priorities, alongside improving compliance with existing tax regulations. Sipra stressed that businesses found violating EIMS requirements would face strict legal action. He instructed officials to promptly investigate complaints related to fake, unauthorised, or QR code-less invoices and impose heavy penalties on those found responsible under the relevant tax laws. The PRA further warned that businesses involved in tax evasion or other violations would remain under continuous monitoring. The Authority believes that stronger enforcement will help discourage illegal practices while ensuring a level playing field for compliant taxpayers. Highlighting the importance of digital transformation, the Chairman said the Electronic Invoice Monitoring System plays a vital role in promoting transparency, improving taxpayer services, and enhancing the efficiency of tax administration. He noted that digital tax systems enable better monitoring of business transactions while reducing opportunities for tax fraud. The PRA maintained that the combination of effective enforcement and wider adoption of digital tax solutions is essential for sustainable growth in provincial tax revenues. Officials were also encouraged to continue awareness campaigns to educate businesses about the benefits and legal requirements of the EIMS platform. With stricter compliance measures now in focus, businesses operating in Punjab are being urged to ensure timely implementation of the Electronic Invoice Monitoring System and issue valid QR code-enabled invoices to avoid penalties and remain compliant with provincial tax regulations.
HONDA KEEPS CITY PRICE BELOW RS5 MILLION TO AVOID 25% SALES TAX
Date: 2026-07-30
Details: Written by Faisal Shahnawaz in Automotive, Taxation Honda Atlas says strategic pricing helps buyers benefit from 18% sales tax while supporting demand for its best-selling sedan KARACHI: Honda Atlas Cars (Pakistan) Limited (HCAR) has revealed that it is deliberately keeping the price of its best-selling Honda City below Rs5 million to enable customers to benefit from the lower 18% sales tax, rather than the 25% rate applicable to higher-priced vehicles. The disclosure was made during an analyst briefing in which the company’s management discussed its financial performance for MY26 and shared its outlook for Pakistan’s automobile industry. Honda City strategically priced below tax threshold Honda Atlas management said the Honda City continues to be priced at approximately Rs4.9 million, allowing it to remain below the Rs5 million threshold that attracts the standard 18% sales tax. Passenger vehicles priced above Rs5 million are subject to a 25% sales tax, making the pricing strategy a key factor in preserving affordability and sustaining demand for the company’s flagship model. The company acknowledged that maintaining the City’s price below the tax threshold has affected profitability, with Honda Atlas absorbing part of the increase in production costs instead of passing the full burden on to customers. As a result, gross margins have remained relatively lower than they might otherwise have been. Vehicle sales record strong growth Honda Atlas reported a sharp recovery in sales during MY26, with total vehicle sales increasing to 25,621 units, compared with 16,100 units in the previous year. Management expects the positive trend in Pakistan’s automotive sector to continue, forecasting industry sales growth of around 25% year-on-year during the next fiscal year. The company said it aims to expand at least in line with overall market growth while continuing to strengthen its market position. Honda City remains the company’s best-selling model The Honda City continues to dominate Honda Atlas’ sales portfolio, accounting for around 70% of total vehicle sales. Within the City range, the 1.2-litre variant contributes approximately 85% of City sales, while the 1.5-litre model represents the remaining 15%. Meanwhile, the Honda Civic and HR-V each contribute roughly 15% of total company sales. The company also confirmed that the BR-V has been discontinued from its product line-up. Hybrid vehicles remain the preferred strategy Discussing future product plans, Honda Atlas said hybrid electric vehicles (HEVs) are better suited to Pakistan’s current market conditions than battery electric vehicles (BEVs). Under the Automotive Industry Development and Export Policy (AIDEP) 2021–26, hybrid-specific components attract a 4% customs duty, which management expects could increase to 5% under the proposed Auto Policy 2026–31. The company is also advocating equal tax treatment for HEVs, plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) through uniform customs duty and sales tax policies. Although Honda Atlas has the technological capability and localisation expertise to manufacture electric vehicles, management said the company currently has no plans to enter the battery electric vehicle segment. New models and industry outlook Honda Atlas confirmed that it is developing new products for the Pakistani market but declined to reveal whether these would be facelifts of existing models or entirely new vehicle launches. The company expects its production utilisation, currently operating at around 52% of installed capacity, to improve over the medium term as production volumes increase and new models are introduced. Management also highlighted a significant decline in used vehicle imports over the past three to four months, attributing the trend to the discontinuation of the personal baggage scheme and stricter regulations, including restrictions on the transfer of ownership of imported vehicles during the first year after import. Regarding the government’s proposal to permit the commercial import of used vehicles, Honda Atlas said the policy remains under development and that further details are needed before assessing its potential impact on Pakistan’s domestic automobile industry.
TAX RATES ON PROFIT ON DEBT NOTIFIED FOR TAX YEAR 2027
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in Taxation Updated Income Tax Ordinance sets withholding tax rates on bank deposits, government securities and other debt income ISLAMABAD: The Federal Board of Revenue (FBR) has notified the tax rates applicable to profit on debt for Tax Year 2027, effective from 1 July 2026, through the updated Income Tax Ordinance, 2001, incorporating amendments introduced by the Finance Act, 2026. The revised provisions under Section 7B of the Income Tax Ordinance prescribe separate tax rates on income earned from bank deposits, government securities and other debt instruments. The updated rates will be used by banks, financial institutions and other withholding agents when deducting tax from payments of profit on debt during Tax Year 2027. Tax rates on profit on debt for Tax Year 2027 The notified tax rates are as follows: Source of profit on debt Tax rate Yield or profit paid by a banking company or financial institution on an account or deposit maintained with it 20% Yield or profit on government securities paid to any person other than an individual under clause (c) of sub-section (1) of Section 151 20% Profit on debt in all other cases 15% Bank deposits and government securities Under the updated law, a 20% tax will be deducted from the yield or profit paid by a banking company or financial institution on accounts or deposits maintained by customers. The same 20% rate will apply to the yield or profit earned on government securities where the payment is made to any person other than an individual in accordance with clause (c) of sub-section (1) of Section 151 of the Income Tax Ordinance, 2001. The revised provisions are intended to ensure consistent taxation of returns earned on deposits and government debt instruments by entities covered under the law. Other profit on debt For all other categories of profit on debt not specifically covered by the above provisions, the applicable tax rate has been fixed at 15%. This rate applies to debt-related income that falls outside the categories of bank deposits and specified government securities. Effective from 1 July 2026 The notified rates form part of the updated Income Tax Ordinance, 2001, as amended through the Finance Act, 2026, and are applicable for Tax Year 2027, beginning on 1 July 2026. Banks, financial institutions and other withholding agents are required to deduct tax at the prescribed rates when making payments of profit on debt. Taxpayers should also take the revised rates into account when calculating their tax liabilities and preparing their income tax returns for Tax Year 2027.
DIVIDEND TAX RATES NOTIFIED FOR TAX YEAR 2027
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in Taxation Updated Income Tax Ordinance sets revised withholding tax rates for dividends from IPPs, REITs, mutual funds and SPVs ISLAMABAD: The Federal Board of Revenue (FBR) has notified the dividend tax rates applicable for Tax Year 2027, effective from July 1, 2026, through the updated Income Tax Ordinance, 2001, incorporating amendments introduced by the Finance Act, 2026. The updated law prescribes different withholding tax rates on dividend income depending on the nature of the company distributing the dividend and the status of the recipient. The revised provisions retain concessional tax treatment for certain dividends paid by Independent Power Producers (IPPs), while specifying separate rates for Real Estate Investment Trusts (REITs), mutual funds, Special Purpose Vehicles (SPVs) and companies benefiting from tax exemptions. Dividend tax rates for Tax Year 2027 Under the updated Income Tax Ordinance, the following withholding tax rates will apply: • 7.5% on dividends paid by Independent Power Producers (IPPs), where the dividend is a pass-through item under an Implementation Agreement, Power Purchase Agreement or Energy Purchase Agreement and is reimbursed by the Central Power Purchasing Agency (CPPA-G) or its predecessor or successor. • 15% on dividends distributed by Real Estate Investment Trusts (REITs) and all other dividend payments not covered under specific provisions. • 15% on dividends received from the equity component of mutual funds. • 25% on dividends attributable to the debt securities component of mutual funds. • 29% where a corporate entity receives dividends from the debt securities component of a mutual fund. • 0% on dividends received by a REIT Scheme from a Special Purpose Vehicle (SPV) under the Real Estate Investment Trust Regulations, 2015. • 35% on dividends received by any other person from a Special Purpose Vehicle (SPV). • 25% on dividends paid by a company that has no income tax liability because of tax exemptions, carried-forward business losses or tax credits. Special provisions retained The updated law continues to provide preferential tax treatment for dividends distributed by Independent Power Producers (IPPs). The concessional 7.5% tax rate will apply only where the dividend qualifies as a pass-through item under an Implementation Agreement, Power Purchase Agreement or Energy Purchase Agreement and is reimbursed by CPPA-G or its predecessor or successor entity. The FBR has also retained the 15% withholding tax on dividends distributed by Real Estate Investment Trusts (REITs) and on dividend income that does not fall within any other specified category. Mutual fund dividend taxation The taxation of dividends received from mutual funds will continue to depend on the composition of the fund’s income. Dividends attributable to the equity component of a mutual fund will be taxed at 15%, while income arising from the debt securities component will be subject to 25% tax. However, where the recipient is a corporate entity, dividends attributable to the debt securities component will be taxed at the higher rate of 29%. Treatment of SPV and tax-exempt company dividends The updated provisions maintain the exemption for dividends received by a REIT Scheme from a Special Purpose Vehicle (SPV) established under the Real Estate Investment Trust Regulations, 2015. In contrast, dividends received from an SPV by any other person will attract a 35% withholding tax. The law also provides that a 25% tax will apply to dividends distributed by companies that have no income tax liability due to tax exemptions, carried-forward business losses under Part VIII of Chapter III, or tax credits claimed under Part X of Chapter III of the Income Tax Ordinance. The notified dividend tax rates form part of the updated Income Tax Ordinance, 2001, as amended through the Finance Act, 2026, and are applicable from July 1, 2026 for Tax Year 2027. Taxpayers and withholding agents are required to apply the relevant withholding tax rate based on the nature of the dividend, the distributing entity and the status of the recipient when determining tax liabilities and ensuring compliance with the law.
FBR NOTIFIES SUPER TAX RATES FOR TAX YEAR 2027
Date: 2026-07-30
Details: Written by Hamza Shahnawaz in Taxation Banking companies, fertiliser businesses and other high-income taxpayers remain subject to super tax under updated Income Tax Ordinance ISLAMABAD: The Federal Board of Revenue (FBR) has notified the super tax rates applicable for Tax Year 2027, effective from July 1, 2026, following the release of the updated Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2026. The revised provisions under Section 4C of the Income Tax Ordinance prescribe separate super tax rates for banking companies, certain specified sectors and other high-income taxpayers based on their taxable income. Under the updated law, banking companies with taxable income exceeding Rs150 million will continue to pay a 10 percent super tax on their income. The same 10 percent rate will also apply to taxpayers whose income is computed under Part I of the Fifth Schedule, up to the limit specified in Rule 4, as well as businesses deriving income from the sale of any kind of fertiliser, provided their taxable income exceeds Rs150 million. For all other persons, including companies and taxpayers not falling within the specified categories, a super tax of 8 percent will apply where taxable income exceeds Rs500 million. Super tax structure for Tax Year 2027 The notified super tax rates are as follows: • Banking companies: 10 percent where taxable income exceeds Rs150 million • Persons covered under Part I of the Fifth Schedule: 10 percent where taxable income exceeds Rs150 million • Persons deriving income from the sale of fertiliser: 10 percent where taxable income exceeds Rs150 million • All other persons: 8 percent where taxable income exceeds Rs500 million The FBR said these rates will apply in determining tax liabilities for Tax Year 2027, which commenced on July 1, 2026, for most taxpayers. Historical provisions retained The updated Income Tax Ordinance also retains historical provisions relating to super tax applicable in previous tax years. These include the 10 percent super tax imposed for Tax Year 2022 on specified sectors where taxable income exceeded Rs300 million. The sectors covered included airlines, automobiles, beverages, cement, chemicals, cigarettes and tobacco, fertiliser, iron and steel, LNG terminals, oil marketing, oil refining, petroleum and gas exploration and production, pharmaceuticals, sugar and textiles. Similarly, banking companies remained liable to pay a 10 percent super tax for Tax Year 2023 where taxable income exceeded Rs300 million. Finance Act 2026 amendments The notified rates form part of the updated Income Tax Ordinance, 2001, reflecting all amendments made up to June 30, 2026, through the Finance Act, 2026. The updated provisions provide clarity on the super tax obligations of banking companies, fertiliser businesses and other high-income taxpayers. Eligible taxpayers are required to incorporate the applicable super tax into the computation of their income tax liabilities for Tax Year 2027 and ensure compliance with the revised provisions while preparing their tax returns.
NIKKEI HITS TWO-MONTH LOW AFTER CHIP ROUT
Date: 2026-07-30
Details: Published July 30, 2026 Updated about 2 hours ago TOKYO: Japan’s Nikkei share average fell to close at a fresh two-month low on Wednesday, as investors sold off chip-linked shares ahead of major US tech earnings, while renewed fighting in the Middle East dampened risk appetite. Asian chipmakers have been highly volatile recently, as doubts over returns from AI companies’ heavy spending emerge amid intensifying Chinese competition. The tech-heavy Nikkei closed 1.49 percent lower at 61,434.19, after sinking as much as 3.07 percent earlier, extending the previous session’s more-than 4 percent plunge. The gauge is down about 15 percent from a record high close hit last month. The broader Topix rose 0.26 percent to 3,974.03. Semiconductor equipment maker Screen Holdings plunged 17.25 percent, its biggest percentage drop since January 2020. Memory chipmaker Kioxia plummeted 13.85 percent, extending its losing streak to a fifth session and bringing its losses over the period to about 40 percent. The Nikkei’s loss came after South Korea’s tech-heavy KOSPI ended 6 percent lower in volatile trade and the US Philadelphia semiconductor index fell nearly 4.5 percent overnight on Tuesday.
CHINA STOCKS RISE AS AI SELL-OFF EASES
Date: 2026-07-30
Details: Published July 30, 2026 Updated about 2 hours ago SHANGHAI: Chinese stocks ended higher on Wednesday, as the selloff in AI-linked names tapered and investors shifted into consumer-focused sectors. Hong Kong shares also rose, buoyed by gains in internet platform companies. China’s blue-chip CSI300 Index ended 0.7 percent higher, while the Shanghai Composite Index rose 0.4 percent. Hong Kong benchmark Hang Seng was up 2 percent. Leading gains onshore were so-called traditional sectors that have lagged their technology counterparts this year. Real estate stocks jumped 3.7 percent, while consumer staples added 1.3 percent, as investors rotated out of richly valued tech names and into underperforming corners of the market. Losses in semiconductor stocks narrowed in the afternoon session, helping lift sentiment in onshore markets. The CSI All Share Semiconductor Index fell 1.7 percent, paring earlier declines after shedding nearly 30 percent this month. The tech-focused STAR50 Index slipped 0.9 percent. The broad AI hardware selloff in Asia came amid a nearly 6 percent decline in South Korea’s chip-heavy KOSPI index after chipmaker SK Hynix’s bumper quarterly results fell short of lofty investor expectations. However, shares in China’s memory chip giant CXMT bucked the trend, rising 12.7 percent. Hong Kong-listed internet platform companies ended nearly 3 percent higher, with the Hang Seng Tech Index extending its monthly gain to 10 percent. Tencent and Alibaba shares rose 4.3 percent and 1.4 percent, respectively. Adding to the pressure, the US administration on Tuesday unveiled bans targeting imports of new Chinese robots and power inverters, seeking to protect the US AI buildout from national security threats and reshore key industries slated for explosive growth.
EUROPEAN SHARES FALL AS MIXED LUXURY COMPANY EARNINGS WEIGH
Date: 2026-07-30
Details: Published July 30, 2026 Updated about 2 hours ago FRANKFURT: European shares edged lower on Wednesday, as diverging results from French luxury groups weighed on the broader sector, while investors stayed on the sidelines ahead of the Federal Reserve’s monetary policy decision and earnings from US Big Tech. The pan-European STOXX 600 index closed down 0.3 percent at 645.01 points, snapping a three-session winning streak. The luxury sector gauge fell 2.4 percent, leading sectoral losses. Shares in Kering jumped nearly 17 percent to the top of the STOXX 600 index, and clocked their biggest one-day gain since 2002, after second-quarter sales at its flagship brand, Gucci, fell less than expected. “We believe the strong marketing effort planned for late August could help boost fourth-quarter sales and return Gucci to positive growth,†HSBC Global Research analysts said in a note. In contrast, Hermes shares tumbled 11 percent, logging their steepest one-day slide since 2010, after the Birkin bag maker posted second-quarter sales growth in line with expectations but said it had yet to see a fundamental rebound in China, its biggest market. Technology stocks dipped 0.4 percent, for a third straight day, led by a 4.8 percent drop in semiconductor equipment maker ASM International despite an upbeat forecast. Microsoft and Meta will report after US markets close, with investors laser-focussed on evidence of returns on their AI investments and whether the profits justify these companies’ lofty valuations. Energy stocks rose 2.2 percent, following a near 8 percent jump in Brent crude to over USD90 a barrel, as major airstrikes resumed in the Middle East and dashed hopes for an imminent end to the US-Israeli war with Iran. “The reporting season is driving markets, but has been overshadowed by developments in the Middle East. Then there is general market weakness as investors remain quite nervous about capex in data centres, particularly related to AI,†said Andrea Cicione, head of research at TS Lombard.
ERSTWHILE FATA/PATA: FBR ASKS BANKS TO DEDUCT WHT ON TRANSACTIONS, SPECIFIED PAYMENTS
Date: 2026-07-29
Details: Published July 29, 2026 Updated about an hour ago ISLAMABAD: The Federal Board of Revenue (FBR) has directed all commercial banks to start deducting withholding taxes on financial transactions/ specified payments in the erstwhile Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA) following the withdrawal of tax exemptions under the Finance Act, 2026. In a letter issued to the chief executives of banks, the FBR’s Regional Tax Office (RTO) Peshawar stated that the Finance Act, 2026 has amended the Income Tax Ordinance, 2001, abolishing the tax exemptions previously available to the erstwhile FATA/ PATA. As a result, income arising in these areas is now taxable in accordance with the applicable provisions of the Ordinance. The tax authority instructed banks to ensure deduction of withholding tax on profit on debt paid to residents of the erstwhile FATA/PATA under section 151, rent payments made to landlords of bank premises in these areas under section 155 and withholding tax deduction on salary payments under section 149 of the Income Tax Ordinance, 2001. The FBR urged banks to implement the statutory changes across their branch networks and ensure full compliance with the amended tax regime, adding that its offices would provide any necessary clarification regarding the implementation of the new provisions. Meanwhile, the FBR has formally notified local government offices in Ex-PATA that, following the Finance Act, 2026, the income tax exemptions have been withdrawn and withholding tax provisions under the Income Tax Ordinance, 2001 are now fully applicable. Authorities have been directed to immediately begin deducting, depositing, and reporting withholding taxes. The Office of the Inland Revenue Officer, Unit-03, Mardan Zone has been written to the Tehsil Municipal Officer (TMA), Samarbagh, Lower Dir on the implementation of Withholding Tax Provisions in ex-PATA. The letter informs the TMA that an FTN (Free Tax Number) has been issued to TMA Samarbagh. The FTN is to be used for the deduction, collection, deposit, and reporting of withholding taxes under the Income Tax Ordinance, 2001. Under the Finance Act, 2026, the income tax exemptions previously available to former-PATA areas have been withdrawn. Consequently, the withholding tax provisions now apply in Ex-PATA, and all withholding agents must deduct applicable withholding taxes; collect and deposit them into the government treasury and report the taxes in accordance with the law. The TMA is directed to deposit all applicable withholding taxes using its allocated FTN, submit copies of the relevant Computerized Payment Receipts (CPRs) to the Inland Revenue Office, and comply immediately, Mardan Tax Office added. Copyright Business Recorder, 2026
FBR ISSUES NOTIFICATIONS FOR ‘INDEPENDENT CASE SCRUTINY PANELS’
Date: 2026-07-29
Details: Published July 29, 2026 Updated about an hour ago ISLAMABAD: Federal Board of Revenue (FBR) has issued four notifications for creation of the “Independent Case Scrutiny Committees†in all federal taxes to end filing of frivolous appeals at the higher courts by the tax department. The FBR has issued four notifications; i.e., SRO.1138 (I)/2026 (income tax); S.R.O1168 (1)/2026 (Federal Excise); SRO.1169 (1)/2026 (Sales Tax) and SRO.1141 (I)/2026 (Customs). The Independent Case Scrutiny Committees will examine the legal merits of tax cases before references are filed before High Courts or petitions are instituted before the Supreme Court or the Federal Constitutional Court. According to the procedure, the proposed framework seeks to institutionalise an independent mechanism for scrutinising litigation under tax laws with the objective of ensuring that only legally sustainable cases involving substantial questions of law or significant revenue implications are pursued before superior courts. The initiative is also intended to improve the quality of tax litigation, minimise avoidable legal disputes, promote consistency in legal positions adopted by the tax department and strengthen overall litigation management within the FBR. The notification provides for the constitution of three Independent Case Scrutiny Committees with specified territorial jurisdictions. Each committee will comprise a retired judge of the Supreme Court, the Federal Constitutional Court or a High Court as Chairman, an advocate having at least 15 years’ experience in tax and commercial litigation before superior courts, and a senior serving or retired Inland Revenue Service officer in BS-20 or above as the third member. The committees will examine every case referred to them and determine whether the matter merits filing of a reference before a High Court or a petition before the Supreme Court or the Federal Constitutional Court. Besides recommending whether litigation should be initiated, the committees will periodically review pending references and petitions to assess whether continuation of litigation remains justified in the interest of revenue. They will also maintain a comprehensive database of settled legal questions and judicial precedents to ensure consistency in future litigation while identifying systemic legal and administrative issues requiring legislative intervention by the government. Copyright Business Recorder, 2026
FBR NOTIFIES CORPORATE TAX RATES FOR TAX YEAR 2027
Date: 2026-07-29
Details: Written by Hamza Shahnawaz in Taxation Banking tax rate reduced to 42% as FBR confirms corporate income tax rates effective from July 1, 2026 ISLAMABAD: The Federal Board of Revenue (FBR) has notified the corporate income tax rates applicable for Tax Year 2027, effective from July 1, 2026, following the release of the updated Income Tax Ordinance, 2001, incorporating amendments made up to June 30, 2026. For banking companies, however, Tax Year 2027 commenced on January 1, 2026, in accordance with the provisions of the Income Tax Ordinance. The updated law prescribes separate income tax rates for banking companies, small companies and other corporate entities. Corporate tax rates for Tax Year 2027 The applicable corporate income tax rates are as follows: Type of Company Tax Rate Banking companies 42% Small companies 20% Any other company 29% The FBR said these rates will be used to determine the corporate income tax liability of companies for the relevant tax year under the amended provisions of the Income Tax Ordinance, 2001. Banking sector tax rate reduced The updated law continues the phased reduction in the corporate income tax rate applicable to banking companies. The tax rates for banks over the past three tax years are: Tax Year Tax Rate 2025 44% 2026 43% 2027 and onwards 42% The reduction to 42% for Tax Year 2027 represents a one-percentage-point decrease from the 43% rate applicable in Tax Year 2026, in line with the phased tax policy introduced under the Finance Act. Concession for small companies Small companies will continue to benefit from a concessional corporate income tax rate of 20%, aimed at supporting smaller businesses and encouraging investment and growth. Meanwhile, all other corporate entities will remain subject to a 29% corporate income tax rate for Tax Year 2027. Effective for Tax Year 2027 The notified rates form part of the updated Income Tax Ordinance, 2001, as amended through the Finance Act, 2026, and will govern the computation of corporate income tax liabilities for the relevant tax year. The FBR has advised corporate taxpayers to apply the revised tax rates when estimating advance tax liabilities, preparing financial statements and filing income tax returns for Tax Year 2027.
FBR ISSUES SALARY TAX RATES FOR TAX YEAR 2027
Date: 2026-07-29
Details: Written by Hamza Shahnawaz in Taxation New income tax slabs effective from July 1, 2026, include lower rates for salaried individuals and tax relief for pensioners ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax rates applicable to salaried individuals for Tax Year 2027, effective from July 1, 2026, following the release of the updated Income Tax Ordinance, 2001, incorporating amendments made up to June 30, 2026. The revised tax rates apply to individuals whose income chargeable under the head “Salary†constitutes more than 75% of their total taxable income. The updated tax slabs reflect the amendments introduced through the Finance Act, 2026, and will be used to determine the annual income tax liability of salaried taxpayers during Tax Year 2027. Salary tax rates for Tax Year 2027 The applicable income tax rates are as follows: Annual Taxable Income Tax Payable Up to Rs600,000 Nil Exceeds Rs600,000 but does not exceed Rs1,200,000 1% of the amount exceeding Rs600,000 Exceeds Rs1,200,000 but does not exceed Rs2,200,000 Rs6,000 + 11% of the amount exceeding Rs1,200,000 Exceeds Rs2,200,000 but does not exceed Rs3,200,000 Rs116,000 + 20% of the amount exceeding Rs2,200,000 Exceeds Rs3,200,000 but does not exceed Rs4,100,000 Rs316,000 + 25% of the amount exceeding Rs3,200,000 Exceeds Rs4,100,000 but does not exceed Rs5,600,000 Rs541,000 + 29% of the amount exceeding Rs4,100,000 Exceeds Rs5,600,000 but does not exceed Rs7,000,000 Rs976,000 + 32% of the amount exceeding Rs5,600,000 Exceeds Rs7,000,000 Rs1,424,000 + 35% of the amount exceeding Rs7,000,000 The FBR said employers are required to apply these revised tax slabs while deducting income tax from employees’ salaries during Tax Year 2027. Tax relief for pensioners The updated law also provides significant tax relief for pensioners by exempting pension income up to a specified threshold. Under the revised provisions: Annual Pension Income Tax Rate Up to Rs10 million Nil Exceeds Rs10 million 5% of the amount exceeding Rs10 million Accordingly, pension income of up to Rs10 million received from a former employer during a tax year will remain fully exempt from income tax. Any amount exceeding Rs10 million will be taxed at 5% on the excess. The revised pension taxation framework is intended to provide greater financial relief to retired individuals while maintaining a modest tax on exceptionally high pension incomes. Effective from July 1, 2026 The updated salary tax rates and pension provisions form part of the FBR’s revised Income Tax Ordinance, 2001, incorporating all amendments introduced through the Finance Act, 2026 up to June 30, 2026. Salaried individuals, employers and payroll administrators are expected to implement the revised tax slabs for salary withholding and annual tax computation from July 1, 2026, in accordance with the provisions applicable to Tax Year 2027.
FBR NOTIFIES TAX RATES FOR BUSINESS INDIVIDUALS, AOPS FOR TAX YEAR 2027
Date: 2026-07-29
Details: Written by Hamza Shahnawaz in Taxation Revised income tax slabs effective from July 1, 2026, include up to 45% tax rate and concession for eligible professional firms ISLAMABAD: The Federal Board of Revenue (FBR) has notified the income tax rates applicable to business individuals and Associations of Persons (AOPs) for Tax Year 2027, effective from July 1, 2026, following the enactment of the Finance Act, 2026. The FBR has released the updated Income Tax Ordinance, 2001, incorporating all amendments made up to June 30, 2026, including revised tax slabs for non-salaried individuals and AOPs. Under the updated provisions, the prescribed rates will apply to every business individual and association of persons, except salaried individuals, based on their annual taxable income. Revised tax slabs for business individuals and AOPs The updated tax rates for Tax Year 2027 are as follows: Annual Taxable Income Tax Payable Up to Rs600,000 Nil Exceeds Rs600,000 but does not exceed Rs1,200,000 15% of the amount exceeding Rs600,000 Exceeds Rs1,200,000 but does not exceed Rs1,600,000 Rs90,000 + 20% of the amount exceeding Rs1,200,000 Exceeds Rs1,600,000 but does not exceed Rs3,200,000 Rs170,000 + 30% of the amount exceeding Rs1,600,000 Exceeds Rs3,200,000 but does not exceed Rs5,600,000 Rs650,000 + 40% of the amount exceeding Rs3,200,000 Exceeds Rs5,600,000 Rs1,610,000 + 45% of the amount exceeding Rs5,600,000 The revised tax structure maintains a progressive taxation system, with higher income brackets attracting higher marginal tax rates. Relief for professional firms The updated law also provides a concession for certain professional firms operating as Associations of Persons. Under the amended provisions, where an AOP is a professional firm that is legally prohibited from incorporating under the laws or regulations governing its profession, the highest applicable tax rate will be 40% instead of 45%. The concession is intended to benefit professional partnerships regulated by statutory professional bodies that do not permit incorporation, ensuring they are not subject to the highest marginal tax rate applicable to other business entities. Effective from July 1, 2026 The notification forms part of the FBR’s updated Income Tax Ordinance, 2001, reflecting amendments introduced through the Finance Act, 2026, and provides clarity on the tax liabilities of business individuals and AOPs for the tax year commencing on July 1, 2026. The FBR has advised taxpayers falling within these categories to review the revised tax slabs carefully to ensure accurate calculation of their income tax liability and timely compliance with return filing requirements for Tax Year 2027.
FBR EXPLAINS PENALTIES FOR ISSUING TAX INVOICES FOR FAKE TRANSACTIONS FOR FY2027
Date: 2026-07-29
Details: Written by Faisal Shahnawaz in Taxation Fake or simulated tax invoices may attract penalties equal to invoice value, public listing, and automatic reversal of input tax credits under amended Sales Tax Act. The Federal Board of Revenue (FBR) has explained the penalties and enforcement measures applicable to registered taxpayers involved in issuing fake or simulated tax invoices during fiscal year 2026-27. The explanation has been provided under the amended Sales Tax Act, 1990, updated through June 30, 2026, as part of the government’s efforts to strengthen tax compliance and curb fraudulent practices. According to the amended provisions, strict action will be taken against any registered person who issues a tax invoice for a transaction that is found to be simulated, fictitious, or unsupported by an actual supply of goods or services. Such violations will be determined through a formal process involving notice and adjudication by the relevant tax authorities. The FBR stated that taxpayers found guilty of issuing fake invoices will face a financial penalty equal to the total face value of the simulated or fictitious invoice or invoices. This measure is intended to discourage the use of fraudulent documentation and ensure greater transparency in commercial transactions. In addition to the monetary penalty, the tax authority will place the name and sales tax registration number of the offending taxpayer on a publicly accessible register of simulated invoice issuers. The listing will be made after the issuance of a show-cause notice and after providing the taxpayer with an opportunity to present a defense. The register will be maintained on the FBR’s computerized system and will be available for public access. The consequences of being listed on the register extend beyond the offending taxpayer. Any input tax credit claimed by another taxpayer on the basis of invoices issued by a person included in the simulated invoice issuers register will be automatically reversed. Such input tax credits will be treated as inadmissible from the date the issuer’s name is placed on the register. The FBR further explained that removal from the register will only be possible after full payment of the imposed penalty and any applicable default surcharge. Additionally, the taxpayer must satisfactorily demonstrate compliance with tax laws and regulations before being removed from the list. The latest clarification highlights the FBR’s commitment to combating tax fraud and ensuring the integrity of Pakistan’s sales tax system during FY2027.
FBR SETS PENALTIES OF UP TO RS1 MILLION FOR FAILURE TO INTEGRATE BUSINESSES FOR FY2026-27
Date: 2026-07-29
Details: Written by Faisal Shahnawaz in Taxation Businesses failing to comply with FBR integration requirements under the Sales Tax Act may face hefty fines and possible sealing of premises. The Federal Board of Revenue (FBR) has introduced strict penalties for businesses that fail to integrate their operations with the tax authority’s computerized monitoring and reporting system under the amended Sales Tax Act, 1990, updated through June 30, 2026. According to Section 40C of the law, businesses required to connect their operations with the FBR for monitoring, tracking, reporting, recording of sales, production, and other commercial transactions must ensure compliance within the timeframe specified by the tax authority. The provision applies to both businesses that have yet to register under the Act and those already registered but have not completed the required integration process. Under the revised legal framework, any person or business entity that fails to register and integrate its business systems with the FBR as mandated by law can face a penalty of up to Rs1 million. The move is aimed at improving tax compliance, enhancing transparency, and enabling real-time monitoring of business activities through digital systems. The law further states that if a business continues to violate the integration requirements for more than one month after the first penalty is imposed, it may be subjected to a second penalty of up to Rs5 million. This significantly increases the financial consequences for continued non-compliance. In addition to monetary fines, the FBR has been granted the authority to take enforcement action against defaulting businesses. Under the amended provisions, business premises may be sealed by an Inland Revenue officer, either alongside the imposition of penalties or independently, in accordance with procedures prescribed by the Board. Tax experts believe the stricter enforcement measures reflect the government’s broader strategy to strengthen tax administration and expand the use of digital monitoring tools across various sectors of the economy. Businesses falling within the scope of the integration requirements are therefore advised to complete registration and system integration promptly to avoid financial penalties and operational disruptions. The latest amendment underscores the FBR’s commitment to ensuring greater compliance with tax laws and improving documentation of economic activities through technology-driven oversight mechanisms.
BMP PROVIDES RELIEF OF RS762.76M
Date: 2026-07-29
Details: Published July 29, 2026 Updated about an hour ago KARACHI: The Banking Mohtasib Pakistan (BMP) has granted monetary relief amounting to Rs 762.76 million to the banking customers by disposing of over eighteen thousand (18,482) complaints against commercial banks during the first half (January to June) of the current calendar year (CY26). The number of complaints being lodged against commercial banks is on the increase. The Banking Mohtasib Office received 21,392 new complaints from 1st January to 30th June, 2026, including 4,005 from the Prime Minister’s Portal as against 16,915 complaints received during the same period last year. With a view to protecting the banking customers from fraud and forgeries, the Banking Mohtasib Pakistan, Sirajuddin Aziz has stressed upon the banking customers not to disclose their personal and financial credentials to any third person. He has also advised that on receipt of suspicious calls, they should immediately approach the nearest branch of their bank or contact the Helpline of the bank. He emphasised that customers must know that ‘Call Centres’ of the banks cannot make outbound calls from their respective Helplines hence calls showing UAN numbers of banks should not be attended. Copyright Business Recorder, 2026 ASKARI BANK SECURES LONG-TERM ENTITY RATING ‘AAA’ FROM PACRA Published July 29, 2026 Updated about an hour ago ISLAMABAD: Askari Bank has secured the Long-Term Entity Rating of Triple-A (AAA) by Pakistan Credit Rating Agency Limited (PACRA). During 2025, the Bank delivered strong financial performance, with continued growth in profitability, total assets, deposits, and shareholders’ equity while maintaining a Capital Adequacy Ratio significantly above regulatory requirements. The Bank’s digital transformation journey also continues to strengthen its market position through innovative banking solutions, an expanding digital ecosystem, and enhanced customer experience, thereby reinforcing its commitment to delivering secure, convenient, and future-ready financial services. Commenting on the achievement, Zia Ijaz, President & CEO, Askari Bank, said: “Securing PACRA’s highest Long-Term Entity Rating of Triple-A (AAA) is a significant milestone that reflects Askari Bank’s institutional strength, financial resilience, and the trust placed in us by our customers, regulators, and stakeholders. This achievement is a testament to the dedication of our employees and reinforces our ambition to build the bank of first choice by delivering long-term value with excellence and integrity.†Copyright Business Recorder, 2026
S&P 500 INCHES HIGHER IN CHOPPY TRADING
Date: 2026-07-29
Details: Published July 29, 2026 Updated about an hour ago NEW YORK: The benchmark S&P 500 edged higher in a choppy session on Tuesday, as gains in other sectors offset a decline in chip stocks ahead of key earnings reports from some of Wall Street’s “Magnificent Seven†companies. Global markets have become increasingly volatile this month as investors scrutinize the need for more corporate spending on AI infrastructure such as semiconductors that underpinned strong gains in chip stocks in the previous quarter. Reflecting the volatility on Tuesday, the tech-heavy Nasdaq was trading off session lows after hitting levels last seen in late April earlier in the session. Chip majors such as Micron slid 8.8 percent, Intel shed 4.6 percent, while Nvidia wobbled and was last up 1 percent. SanDisk fell 13 percent, while Dell and Seagate lost over 10 percent each. The Philadelphia SE Semiconductor Index was down 3.5 percent, while Roundhill’s Memory Exchange Traded Fund fell 7.2 percent to an over two-month low. Signs that Wall Street’s biggest companies such as Alphabet and Tesla are running out of cash to fund their ambitions have also made markets nervous, while China showcases cheaper AI models and deepens its presence in the competitive semiconductor industry. “Investors are becoming less willing to reward higher AI spending on its own and are increasingly looking for progress in earning a return on that investment,†Brian Therien, a senior analyst at Edward Jones, said. When AI hyperscalers Amazon.com, Meta, Apple and Microsoft report earnings later this week, investors will be keen to see if their investments, worth over several hundred billion dollars, are yielding returns. Investors instead favored more cash-laden tech companies. Apple rose 0.8 percent, sending its market capitalization briefly above USD5 trillion for the first time and making it only the second company ever to achieve that milestone after Nvidia. At 12:10 p.m. ET, the Dow Jones Industrial Average rose 648.32 points, or 1.24 percent, to 52,858.40, the S&P 500 gained 26.61 points, or 0.36 percent, to 7,439.79 and the Nasdaq Composite lost 3.47 points, or 0.01 percent, to 24,928.61.
MERCEDES-BENZ WRITES OFF OVER 700M EUROS ON CHINA WOES
Date: 2026-07-29
Details: Published July 29, 2026 Updated 9 minutes ago FRANKFURT, (Germany): Premium German carmaker Mercedes-Benz on Tuesday reported falling profit at its car business as it wrote off over 700 million euros due to fierce competition in China. Though overall net profit for the quarter rose 13.5 percent to 1.09 billion euros (USD1.24 billion), boosted by its vans and financial services businesses, core earnings at the key cars division fell 26 percent to 909 million euros, Mercedes said, hit by competition in China. The figure does not include a non-cash write-down of 704 million euros Mercedes booked in the value of its Chinese investments, indicating it sees lasting trouble ahead in the world’s largest car market. Including the write-down, profit at Mercedes-Benz’s car business plummeted almost 94 percent. “The Chinese market and customers in China remain of high strategic importance to Mercedes-Benz,†the firm said in a statement. “Intense competition, subdued demand and the portfolio-wide model changeover continued to affect sales,†it added. Premium German carmakers have not been spared the cutthroat Chinese competition that has also hit volume manufacturer Volkswagen. Porsche on Monday said another 5,000 jobs would go by 2035, bringing total announced job cuts to 9,000, and BMW last month said it would prepare cost-cutting measures after slashing its core profit margin forecast for the year to as low as one percent. Mercedes-Benz’s vehicle deliveries in China — last year already at their lowest level since 2016 — meanwhile fell a further thirty percent in the quarter, the company said. Citing weakness in China, the carmaker said it now expected sales for the year to shrink up to 7.5 percent on the 2025 level of 132.2 billion euros, down from a previous forecast of roughly unchanged sales growth.
PAKISTAN ENFORCES SPECIAL TAX PROCEDURE FOR SHOPKEEPERS
Date: 2026-07-28
Details: Written by Hamza Shahnawaz in Taxation, Top stories New FBR scheme offers 1% turnover tax, simplified returns, audit relief and Green Plate recognition for eligible retailers ISLAMABAD: Pakistan has formally enforced a special income tax procedure for small shopkeepers with an annual turnover of up to Rs200 million, introducing a simplified tax regime that offers a 1% turnover tax, exemption from routine audits and relief from several withholding tax obligations. The Federal Board of Revenue (FBR) issued SRO 1166(I)/2026 on July 27, 2026, notifying the Special Procedure for Small Shopkeepers under Section 99B, read with Section 237 of the Income Tax Ordinance, 2001. The scheme will apply to Tax Year 2026. Eligibility criteria According to the notification, the scheme is available to individuals deriving income primarily from retail shops with an annual turnover of up to Rs200 million. However, the following categories are excluded: • Retailers whose turnover exceeded Rs200 million in any of the preceding three tax years. • Owners of more than one retail shop. • Tier-1 retailers. • Jewellers. • Professionals, including doctors, engineers and lawyers. The special procedure applies only to income earned from the retail shop, while any other sources of income will remain subject to the normal provisions of the Income Tax Ordinance. Optional tax regime The FBR clarified that participation in the scheme is voluntary. Eligible shopkeepers may register through: • The IRIS web portal. • The Shopkeepers’ Mobile Application. • The nearest FBR tax office. Participants may either opt for the simplified procedure or continue filing a regular income tax return under the existing tax regime. Under the new procedure, tax will be charged at 1% of gross annual turnover. Shopkeepers will be allowed to adjust withholding taxes already deducted against their tax liability. However, no refund will be available if the withholding tax exceeds the amount payable under the scheme. To qualify, taxpayers must pay a minimum cash tax of Rs25,000 with their annual income tax return, or the tax payable after adjustment of withholding taxes, whichever is higher. Simplified returns and audit relief The notification provides significant compliance relief for participants. Shopkeepers opting for the special procedure will generally not be selected for audit. Departmental proceedings may only be initiated, in consultation with representatives of recognised trade associations, where third-party information indicates: • Significant or unusual financial transactions. • Acquisition of expensive assets inconsistent with declared income. • Gross misuse or abuse of the special tax scheme. Eligible retailers will file a simplified income tax return through the IRIS portal or the mobile application. The return will require disclosure of: • Annual sales. • Purchases. • Business expenses. • Net profit. • Legitimate business assets. To improve accessibility, the simplified return form will also be available in Urdu and regional languages. Exemptions under the scheme The FBR has granted several tax concessions to participants. Retailers registered under the special procedure will be: • Exempt from withholding tax obligations under Section 153 of the Income Tax Ordinance. • Excluded from the application of minimum tax under Section 113. • Exempt from the 1.25% tax otherwise applicable under the Ordinance. These concessions are intended to simplify tax compliance for small retailers while encouraging greater voluntary registration. Penalties for non-compliance The notification prescribes escalating penalties for eligible shopkeepers who neither file a regular income tax return nor opt into the special procedure by the prescribed due date. The penalties are: • Rs10,000 for the first default. • Rs25,000 for the second default. • Rs50,000 for the third default. The FBR has specified that at least one month must elapse between each default proceeding before a subsequent penalty may be imposed. Green Plate for compliant retailers A notable feature of the scheme is the introduction of the “Green Plate†for compliant shopkeepers. Each eligible retailer will receive a Green Plate displaying: • An FBR-issued QR code. • The shopkeeper’s National Tax Number (NTN). • The shopkeeper’s name. • The business address. The Green Plate must be displayed prominently outside the business premises. According to the notification, the QR code will contain information relating to the shop’s ownership and location. It further provides that no FBR officer or official shall enter the premises of a bona fide shopkeeper displaying the Green Plate in relation to tax matters, providing an additional safeguard for compliant retailers. The special procedure forms part of the FBR’s broader strategy to expand the tax base, encourage voluntary compliance among small retailers and simplify tax administration through a more business-friendly framework.
FBR ROLLS OUT RULES FOR INDEPENDENT CASE SCRUTINY COMMITTEES
Date: 2026-07-28
Details: Written by Hamza Shahnawaz in Taxation New committees led by retired judges will review tax litigation before references are filed in higher courts ISLAMABAD: The Federal Board of Revenue (FBR) has formally notified rules for the establishment and functioning of Independent Case Scrutiny Committees, introducing a new mechanism to review tax litigation before references are filed in higher courts. The FBR issued SRO 1165(I)/2026 on July 27, 2026, inserting Rule 231CB into the Income Tax Rules, 2002. The notification has been issued under Section 133A, read with Section 237 of the Income Tax Ordinance, 2001. Under the newly notified rules, the committees will independently examine tax cases before recommendations are made to file references before the High Courts or petitions before the Supreme Court or the Federal Constitutional Court. The initiative is aimed at strengthening litigation management, ensuring consistency in legal positions and reducing unnecessary tax disputes. Three independent scrutiny committees established The FBR has constituted three Independent Case Scrutiny Committees, each comprising: • A retired judge of the Supreme Court, Federal Constitutional Court or a High Court as Chairman. • An advocate with at least 15 years’ experience in tax and commercial litigation. • A serving or retired Inland Revenue Service (IRS) officer of BS-20 or above. Each committee has been assigned jurisdiction over designated Inland Revenue offices and territorial areas across Pakistan. Committees assigned key litigation functions Under the new rules, the committees will: • Examine every eligible case before recommending whether a reference or petition should be filed. • Periodically review pending references and petitions to determine whether litigation should continue. • Maintain a database of settled legal issues and judicial precedents to promote consistency in future litigation. • Identify systemic issues requiring legislative or administrative intervention and submit recommendations to the FBR. The FBR expects the committees to improve the quality of litigation decisions while reducing avoidable appeals. Strict timelines for case review The rules require Commissioners to refer eligible cases to the relevant committee within 10 days of receiving an order from the Appellate Tribunal Inland Revenue (ATIR) or the High Court. Each referral must include: • Relevant case documents. • Revenue implications. • Questions of law involved. • Applicable judicial precedents. • Appellate orders. • The Commissioner’s recommendations. The committees will meet daily, either physically or through online sessions, and must finalise their recommendations within 15 days of receiving a case. This period may only be extended where justified in writing and within the applicable statutory limitation period. In urgent cases where limitation periods are close to expiring or significant revenue loss is anticipated, the Chairman may authorise the immediate filing of a reference or petition, subject to a post-facto review by the full committee within 30 days. Transparency and governance measures The notification also introduces governance and transparency requirements for the committees. They will be required to publish anonymised annual summaries of their recommendations, excluding confidential taxpayer information, and maintain a searchable database of legal decisions to encourage consistency in future litigation. Committee members will serve one-year terms, which may be extended based on satisfactory performance. In addition, each committee must submit an annual report to the FBR by 31 March every year, detailing litigation outcomes, revenue implications and recurring legal issues identified during the review process. The notification also prescribes remuneration for committee members, including monthly retainers and case-based payments. However, serving FBR Board members and the committee Secretary will not be entitled to additional remuneration except where permitted under the government’s existing reward and honorarium rules. The introduction of the Independent Case Scrutiny Committees marks a significant reform in Pakistan’s tax litigation framework, with the FBR seeking to improve the quality of legal decision-making, reduce unnecessary court cases and promote greater consistency in the interpretation and application of tax laws.
FBR EXPLAINS TAXPAYER REGISTRATION AS INCOME TAX RETURN FILING 2026 BEGINS
Date: 2026-07-28
Details: Written by Hamza Shahnawaz in Taxation Tax authority urges individuals, companies and AOPs to complete IRIS e-enrolment before filing annual income tax returns ISLAMABAD: The Federal Board of Revenue (FBR) on Monday issued fresh guidelines on taxpayer registration as the filing of Income Tax Returns for Tax Year 2026 officially commenced across Pakistan. The FBR urged individuals, companies, associations of persons (AOPs) and foreign nationals to complete their registration through its online system before submitting their annual income tax returns. E-enrolment mandatory for taxpayer registration According to the FBR, an individual, company, association of persons (AOP) or foreign national becomes a registered taxpayer after successfully completing e-enrolment on the IRIS portal. The tax authority said the e-enrolment process provides taxpayers with a National Tax Number (NTN) or Registration Number, along with login credentials required to access the online tax filing system. For individual taxpayers, the 13-digit Computerised National Identity Card (CNIC) serves as the National Tax Number (NTN) or Registration Number. For companies and associations of persons, the seven-digit NTN issued after successful e-enrolment functions as their official Registration Number. IRIS portal for tax filing The FBR said the registration credentials enable taxpayers to log in to the IRIS portal, the authority’s online income tax management system. The IRIS portal is the only platform through which taxpayers can electronically: • File their Income Tax Return for Tax Year 2026 • Submit wealth statements • Fulfil other statutory tax obligations The tax authority advised all eligible taxpayers to complete their registration well before the filing deadline and keep their login credentials secure to ensure a smooth and uninterrupted return filing process. Filing season officially begins The launch of the annual return filing season marks the start of the FBR’s nationwide exercise to collect Income Tax Returns for Tax Year 2026 from salaried individuals, businesses, companies, associations of persons and other eligible taxpayers. The FBR is expected to issue additional guidelines, reminders and facilitation measures throughout the filing season to help taxpayers comply with their legal obligations and improve voluntary tax compliance.
FBR EXPLAINS TAX REPAYMENT RULES FOR FY2026-27
Date: 2026-07-28
Details: Written by Hamza Shahnawaz in Taxation Updated law outlines repayment of sales tax on production inputs and zero-rated supplies in Azad Jammu and Kashmir ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the provisions governing the repayment of sales tax in certain cases for the fiscal year 2026-27 (FY27) under the Sales Tax Act, 1990, updated up to June 30, 2026. According to the updated law, the FBR has the authority to authorise the repayment of sales tax paid on specified goods used in manufacturing, processing, repair or refitting activities in Pakistan, subject to prescribed conditions, limitations and restrictions. Repayment of tax on production inputs Under the provision titled “Repayment of tax in certain cases,†the Board may authorise the repayment, either in full or in part, of sales tax paid on goods of a class or description specified by the FBR. The law provides that the goods must have been used in the production, manufacture, processing, repair or refitting of other goods in Pakistan that are also specified by the Board. However, such repayments remain subject to conditions, limitations and restrictions imposed by the FBR to ensure compliance with the applicable sales tax framework. Repayment for zero-rated supplies in AJK The updated legislation also includes a separate provision for taxpayers registered in Azad Jammu and Kashmir (AJK). Under the law, the FBR may authorise the repayment, wholly or partly, of input tax paid on goods acquired within Pakistan or imported into the country by persons registered in AJK. The repayment facility is available to registered persons engaged in making zero-rated supplies, provided they satisfy all conditions, limitations and restrictions prescribed by the Board. Legal framework for FY27 The FBR said these provisions form part of the Sales Tax Act, 1990, as amended up to June 30, 2026, and establish the legal framework governing the repayment of sales tax to eligible businesses and taxpayers during FY27. The clarification is intended to provide certainty to manufacturers, processors and exporters regarding the circumstances under which sales tax paid on eligible goods may be repaid, while ensuring that repayments are made in accordance with the requirements laid down under the updated law.
KP INTRODUCES 5% SALES TAX ON CRYPTOCURRENCY TRADING SERVICES
Date: 2026-07-28
Details: Written by Faisal Shahnawaz in Budget 2026-27, Taxation Finance Act 2026 brings cryptocurrency exchanges, wallet providers and digital asset intermediaries into the provincial tax net PESHAWAR: The Government of Khyber Pakhtunkhwa (KP) has introduced a 5% sales tax on cryptocurrency and digital asset trading services, marking a significant step towards bringing the province’s rapidly growing virtual asset ecosystem into the tax net. The measure has been introduced through the Khyber Pakhtunkhwa Finance Act, 2026, which inserts a new taxable service under Serial No. 45 of Part II of the Second Schedule to the Khyber Pakhtunkhwa Sales Tax on Services Act. Under the new provision, services provided through any digital, electronic or online platform, exchange, application or interface that enables, facilitates, intermediates or executes the buying, selling, exchange, forecasting, transfer or trading of virtual assets and other financial instruments will be subject to sales tax at the rate of 5% without input tax adjustment. Broad range of digital trading services covered The amendment applies to services involving transactions between two or more persons relating to: • Virtual assets • Digital assets • Financial instruments • Commodities • Securities • Derivatives • Other tradable instruments The taxable consideration includes fees, commissions, spreads, mark-ups and any other similar charges collected by service providers for facilitating these transactions. Cryptocurrency exchanges and wallet providers included The Finance Act further clarifies that the terms “virtual asset†and “virtual asset services†will carry the meanings assigned under the Virtual Assets Act, 2026, or as defined by the relevant management committee. The legislation also states that the taxability of these services will be determined by their economic substance and functional nature, irrespective of their nomenclature, legal form or designation. As a result, the new tax regime extends to a wide range of digital asset service providers, including: • Cryptocurrency exchanges • Digital asset brokers • Wallet service providers • Custodial platforms • Other intermediaries facilitating virtual asset transactions Major policy shift towards digital economy taxation The introduction of the reduced 5% sales tax represents a significant policy shift by the Khyber Pakhtunkhwa government towards formalising the taxation of the digital economy. By adopting broad legislative language, the province aims to capture a wide spectrum of intermediaries operating in cryptocurrency and digital trading markets while applying a lower tax rate than the standard provincial sales tax on services. Tax experts believe the measure reflects the government’s recognition of the growing role of virtual assets in Pakistan’s digital economy and its intention to establish a formal taxation framework for cryptocurrency-related services. They also expect the move to encourage greater regulatory compliance and improve documentation within the emerging digital asset sector while expanding the provincial tax base.
CUSTOMER DATA FROM INDIA'S BANK OF BARODA LEAKED ONLINE, SOURCE AND RESEARCHER SAY
Date: 2026-07-28
Details: • The leaked data includes customer details, identification documents, loan papers and internal audit records Published July 27, 2026 Updated about 16 hours ago MUMBAI: Customer data from India’s state-run Bank of Baroda, along with internal documents, has been leaked on the dark web, according to a source familiar with the matter and a cybersecurity researcher. The leaked data includes customer details, identification documents, loan papers and internal audit records, said cybersecurity researcher Srikanth L, founder of Cashless Consumer. A source familiar with the matter confirmed the leak and said the bank was conducting a forensic audit. It was not immediately clear how many customers were affected. Bank of Baroda has not notified stock exchanges of any breach. Bank of Baroda, the Reserve Bank of India and India’s cybersecurity regulator CERT-In did not immediately respond to requests for comment. The leak comes amid growing concerns over cybersecurity risks facing large companies and financial institutions that store vast amounts of customer and business data. India to roll out common customer ID for banks, insurers; mutual funds to follow, sources say Preliminary indications suggest the incident stemmed from a compromised email system, the source said. The data appeared on a dark web site on Saturday night and was advertised as a cache containing more than 700 gigabytes of information, based on metadata analysis of the site, Srikanth said. In June, a cyberattack on Apple supplier Tata Electronics led to component design and specification documents linked to Apple and Tesla being leaked on the dark web. Earlier this month, ransomware group World Leaks posted files on the dark web related to India’s largest nuclear plant.
INDIAN SHARES SEEN FLAT AS INVESTORS ASSESS IRAN-US PAUSE, EARNINGS AHEAD OF FED
Date: 2026-07-28
Details: • GIFT Nifty futures were at 23,962 Published July 28, 2026 Updated 4 minutes ago Indian shares are set to open flat on Tuesday, after snapping a five-session losing run in the previous session on a slide in crude oil prices, as investors weigh a pause in the Middle East strikes ahead of the crucial U.S. Federal Reserve rate decision. GIFT Nifty futures were at 23,962 as of 8:04 a.m. IST, indicating the benchmark Nifty 50 could open near Monday’s close of 23,995.95. Brent crude fell 0.9% to about $87.6 a barrel, after dropping 8.7% in the previous session. â U.S. President Donald Trump said on Monday that Washington was having “good talks†with Iran and that there was a chance of resolution. Trump, however, said U.S. strikes would resume if negotiations failed, while Iran issued similar comments about retaliation, keeping geopolitical risks intact. The volatility in crude prices could influence the Fed’s inflation assessment in its rate decision and commentary due on Wednesday. The Fed is expected to keep rates unchanged, but expectations of a 25-basis-point hike have increased to 37.9% from 16% â a week ago, according to theCME FedWatch tool. Domestic benchmark indexes rose about 1% each on Monday, paring back some of last week’s losses of 2.3% and 2.7% in the Nifty 50 and Sensex, respectively. Domestic institutional investors purchased stocks worth 23.29 billion rupees ($242.86 million), while foreign institutional investor â outflows stood at 16.88 billion rupees, according to provisional NSE data. Quarterly earnings have also driven stock-specific moves over the past two weeks. Bharat Electronics reported a rise in June quarter profit, with â brokerages saying that strong execution offset its margin miss. Tata Power posted a rise in first-quarter profit, aided by higher operating earnings and growth in transmission and distribution. Coal India â its first-quarter profit view on weak volumes and higher costs, while airline operator IndiGo will also be in focus after appointing insider Kiran Thadimarri as chief financial officer, effective Tuesday.
FPCCI, UBG ORGANISING FIRST PAKISTAN ECONOMIC SUMMIT FROM 29TH
Date: 2026-07-28
Details: Published July 28, 2026 Updated about 3 hours ago KARACHI: United Business Group (UBG) Patron-in-Chief S.M. Tanveer has announced that the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the United Business Group (UBG) are jointly organizing the first Pakistan Economic Summit 2026. He said the historic national summit will be held on July 29–30, 2026, at the Jinnah Convention Centre, Islamabad, where business leaders, chambers of commerce, trade associations, industrialists, economists, policymakers, and representatives of the business community from all provinces, districts, and sectors of Pakistan’s economy will come together on a single platform. S.M. Tanveer said the summit aims to initiate a national dialogue on the challenges and opportunities facing Pakistan’s economy, formulate a collective strategy, and develop practical recommendations to promote investment, industrial growth, exports, employment, and regional development. He invited the entire business community, chambers of commerce, trade associations, industrialists, traders, and stakeholders from all relevant sectors to participate in this national initiative and work together to build a strong, stable, and prosperous Pakistan through the development of every province, every district, and every sector of the economy. Copyright Business Recorder, 2026
INTEREST RATE STATUS QUO DISAPPOINTS BUSINESS COMMUNITY
Date: 2026-07-28
Details: Published July 28, 2026 Updated about 3 hours ago KARACHI: Business and industrial community has termed maintaining the interest rate at 11.5 percent as harmful to the industry and exports. Saquib Fayyaz Magoon, Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), expressed his profound disappointment over the State Bank of Pakistan’s (SBP) decision to maintain status quo on its key policy rate following the Monetary Policy Committee (MPC) meeting on Monday. The apex trade body termed the decision as “contractionaryâ€, warning that holding the benchmark interest rate at an elevated level would continue to stifle economic activity, hamper access to finance, and severely undermine industrial revival efforts across the country. Saquib Fayyaz Magoon categorically denounced the central bank’s cautious approach, emphasizing that the business community had anticipated some reduction to help bring down the exorbitant cost of doing business — and facilitate trade and industry to cope with the economic challenges. The acting FPCCI chief said that maintaining status quo on the policy rate in the current economic scenario was a setback to the business community’s expectations as Pakistani industry and exporters had already been battling an existential crisis due to elevated energy tariffs and sky-high financing costs. Magoonsaid, “We cannot run our industries or compete in global markets under such punishing financial burdens. A single-digit interest rate is absolutely critical right now to lower production costs, make goods and services more affordable, and effectively kick start the economy.†Abdul Mohamin Khan, VP and Regional Chairman (Sindh) of the FPCCI, said that with core inflation stabilizing, keeping the interest rate persistently high reflected an unjustified premium that made no economic sense. The continued high cost of capital remained the primary driver of industrial closures and the inability of Pakistani exporters to remain globally competitive. Abdul Mohamin Khan warned the government of the immediate negative impact the MPC’s decision would have on commercial hubs and overall economic stability. Keeping the interest rate unchanged would undermine the business environment, discourage essential investment, and hinder any hopes of a swift economic recovery, he added. The FPCCI maintained that the business community was the backbone of Pakistan’s economy, and a conducive monetary policy with a reduced, single-digit interest rate was essential to boost industrial output, create jobs, and stabilize prices. The FPCCI urged the SBP to urgently reconsider its stance and adopt measures that genuinely supported business continuity and growth. The President of the Korangi Association of Trade and Industry (KATI), Ikram Rajput, termed the State Bank of Pakistan’s decision to maintain the benchmark policy rate at 11.5 per cent as detrimental to the country’s industrial sector, warning that it could further slow the recovery of industrial activity, investment and exports. Rajput said that while the growing geopolitical tension in the Middle East, concerns over rising global crude oil prices and external economic uncertainties could not be ignored, Pakistan’s domestic economic indicators present an equally challenging picture. He said that escalating production costs, higher electricity and gas tariffs, and the recent trend of daily increases in petroleum prices have placed severe pressure on the industrial sector. He said the central bank should have adopted a more accommodative monetary policy by initiating a gradual reduction in the policy rate to encourage investment and ease the financial burden on industries. He urged the State Bank to announce a clear roadmap for bringing the policy rate down to a single-digit as soon as global economic conditions stabilize. The KATI president observed that persistently high interest rates are discouraging fresh industrial investment, delaying capacity expansion and constraining production, while export-oriented industries are steadily losing their competitiveness in international markets. He warned that if the cost of financing remains elevated, the country could face slower industrial growth, declining investment and rising unemployment, with serious consequences for the broader economy. Rajput said that small and medium-size enterprises (SMEs), which form the backbone of Pakistan’s economy, employment and exports, are under significant financial stress due to expensive borrowing. He said high financing costs have adversely affected their expansion plans, production capacity and competitiveness, ultimately weighing on overall industrial growth. He called on the State Bank of Pakistan to ensure the availability of concessionary financing for SMEs, export-oriented industries and the manufacturing sector. He emphasized that monetary policy should not focus solely on controlling inflation but should also give equal priority to industrial development, investment, exports and strengthening the private sector. “Business-friendly interest rates are essential to restoring investor confidence and laying the foundation for sustainable economic growth,†Rajput concluded. Copyright Business Recorder, 2026
BANK OFFICIALS TO FACE PENALTIES IN KP FOR OBSTRUCTING TAX RECOVERY
Date: 2026-07-27
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Finance Act 2026 strengthens KPRA’s recovery powers and makes bank-wide compliance with recovery notices mandatory` PESHAWAR: The Government of Khyber Pakhtunkhwa (KP) has strengthened its tax recovery framework by introducing tougher penalties for bank officials who obstruct the recovery of provincial sales tax under the Khyber Pakhtunkhwa Finance Act, 2026. The new legislation amends Section 74 of the Khyber Pakhtunkhwa Sales Tax on Services Act, enhancing the recovery powers of the Khyber Pakhtunkhwa Revenue Authority (KPRA), particularly in relation to the attachment of taxpayers’ bank accounts. Bank-wide compliance made mandatory Under the amended provisions, any recovery notice issued by the KPRA to a bank operating in Khyber Pakhtunkhwa will be binding on the entire banking institution. Banks will no longer be permitted to refuse or delay compliance on the grounds that the relevant taxpayer’s account is maintained at a branch located outside the province. The amendment is intended to eliminate administrative hurdles that previously slowed tax recovery when taxpayers maintained accounts in branches beyond Khyber Pakhtunkhwa. Stricter penalties for non-compliance The Finance Act, 2026 also introduces tougher sanctions for bank officials who fail to comply with valid recovery notices or deliberately obstruct the recovery process. Under the revised law, any bank official who refuses to comply with a lawful recovery notice or is found to have manipulated its execution may face a personal penalty of up to Rs500,000 or five per cent of the amount of tax involved, whichever is higher. The government expects the enhanced penalties to ensure timely compliance with recovery orders and discourage attempts to delay or frustrate the collection of provincial taxes. KPRA’s enforcement powers strengthened The amendment forms part of the Khyber Pakhtunkhwa government’s broader strategy to modernise tax administration, strengthen enforcement mechanisms and improve provincial revenue collection. By making recovery notices enforceable across an entire banking institution rather than a single branch, the government aims to accelerate the recovery of outstanding tax liabilities and prevent tax defaulters from exploiting branch-specific technicalities to avoid enforcement. Tax experts believe the revised provisions will enhance the KPRA’s ability to recover unpaid provincial sales tax while increasing accountability within the banking sector for complying with lawful tax recovery orders. The latest measures are expected to support stronger tax administration in the province by improving enforcement efficiency, reducing procedural delays and reinforcing compliance with provincial tax laws.
PROVINCES TO RECEIVE RECORD RS8.63 TRILLION FROM DIVISIBLE TAX POOL IN FY2026-27
Date: 2026-07-27
Details: Written by Mrs. Anjum Shahnawaz in Budget 2026-27, Taxation, Top stories Punjab to receive the largest allocation as higher federal tax revenues boost NFC transfers to all four provinces ISLAMABAD: Pakistan’s four provinces are set to receive a record Rs8.63 trillion from the federal divisible tax pool during FY2026-27, reflecting higher revenue projections and increased fiscal transfers under the National Finance Commission (NFC) Award. According to the Federal Budget 2026-27 documents, the provincial share in divisible taxes has increased from Rs7.40 trillion in the previous fiscal year, representing a substantial rise in transfers to provincial governments. The divisible pool comprises collections from major federal taxes, including income tax, sales tax (excluding General Sales Tax on services), customs duties, federal excise duty (FED) and capital value tax (CVT). Provincial share by tax category The estimated provincial allocation from each tax category during FY2026-27 is: • Income tax: Rs4.25 trillion • Sales tax (excluding GST on services): Rs2.82 trillion • Customs duties: Rs946.78 billion • Federal Excise Duty (net of gas): Rs611.70 billion • Capital Value Tax: Rs15.24 billion The higher allocations reflect the federal government’s ambitious tax collection targets for the fiscal year, which are expected to generate greater resources for distribution under the NFC formula. Punjab to receive the largest allocation Punjab will remain the largest beneficiary of the divisible tax pool, with an estimated allocation of Rs4.39 trillion during FY2026-27. The province’s share includes: • Income tax: Rs2.16 trillion • Sales tax: Rs1.43 trillion • Customs duties: Rs481.41 billion • Federal Excise Duty: Rs311.00 billion • Capital Value Tax: Rs7.75 billion Sindh’s share exceeds Rs2 trillion Sindh is projected to receive Rs2.08 trillion from the divisible tax pool. Its allocation comprises: • Income tax: Rs1.02 trillion • Sales tax: Rs679.00 billion • Customs duties: Rs228.42 billion • Federal Excise Duty: Rs147.58 billion • Capital Value Tax: Rs3.68 billion Khyber Pakhtunkhwa allocated Rs1.39 trillion Khyber Pakhtunkhwa has been allocated approximately Rs1.39 trillion under the NFC framework. The provincial distribution includes: • Income tax: Rs683.42 billion • Sales tax: Rs453.06 billion • Customs duties: Rs152.37 billion • Federal Excise Duty: Rs98.45 billion • Capital Value Tax: Rs2.45 billion Balochistan to receive Rs771 billion Balochistan is expected to receive Rs771.39 billion from the divisible tax pool during FY2026-27. The allocation comprises: • Income tax: Rs379.34 billion • Sales tax: Rs251.47 billion • Customs duties: Rs84.58 billion • Federal Excise Duty: Rs54.64 billion • Capital Value Tax: Rs1.36 billion Higher transfers to strengthen provincial finances The record transfers are expected to strengthen the fiscal position of provincial governments and provide additional resources for spending on key sectors, including healthcare, education, infrastructure and public services. The increased allocations also underscore the federal government’s expectation of stronger tax revenues in FY2026-27, enabling larger fiscal transfers under the NFC Award and supporting greater development spending across Pakistan’s four provinces.
FINANCE ADVISOR UNVEILS NEW TAX OPERATING MODEL TO MODERNISE TAX SYSTEM
Date: 2026-07-27
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Advisor says NTOM will transform FBR into a data-driven, technology-enabled and transparent tax administration MURREE: The Advisor to the Federal Minister for Finance and Revenue has unveiled the New Tax Operating Model (NTOM), describing it as a landmark reform that will modernise Pakistan’s tax administration through digitalisation, data analytics and risk-based compliance. Addressing the four-day National Tax Seminar, jointly organised by the Pakistan Tax Bar Association (PTBA) and the Lahore Tax Bar Association (LTBA) in Murree, the advisor outlined Pakistan’s improving macroeconomic outlook, the government’s structural reform agenda, priorities of the FY2026-27 Budget, and the implementation of the NTOM. He said Pakistan has made significant progress in restoring macroeconomic stability through prudent fiscal management and the implementation of key structural reforms. According to the advisor, stronger fiscal discipline, improved debt management, rebuilding external financial buffers and renewed investor confidence have enabled the country to move beyond economic stabilisation towards sustainable, private sector-led growth. Government highlights economic reforms The advisor said the government’s reform programme has received international recognition through improved sovereign credit ratings, successful reviews under the International Monetary Fund (IMF) programme, renewed access to international capital markets, growing investor confidence and favourable assessments from global financial institutions. He added that these developments reflect the government’s commitment to strengthening Pakistan’s economic fundamentals while creating a stable environment for investment and long-term growth. FY2026-27 Budget focuses on growth Highlighting the federal budget for FY2026-27, the advisor described it as a balanced, responsible and growth-oriented financial plan aimed at encouraging investment, boosting exports, supporting industrial development and creating employment opportunities while maintaining fiscal discipline. He said the budget provides meaningful tax relief for the salaried class and introduces measures to improve business competitiveness and support exporters. The budget also advances tariff reforms, promotes documentation of the economy and reinforces the government’s commitment to broadening the tax base instead of placing additional burdens on compliant taxpayers. The advisor noted that the wider reform agenda also includes public debt management, privatisation, restructuring of state-owned enterprises (SOEs), pension reforms, energy sector reforms, Digital Pakistan initiatives, capital market development and improved access to finance. He said these reforms are strengthening public institutions, improving governance, enhancing productivity and creating a more competitive and investment-friendly business environment. NTOM to transform FBR operations A central focus of the seminar was the introduction of the New Tax Operating Model (NTOM), which the advisor described as a major structural transformation of the Federal Board of Revenue (FBR). He explained that the NTOM will shift the FBR from a traditional officer-driven system to a data-led, technology-enabled, faceless and accountable tax administration. Under the new framework, audit, assessment and field operations will be separated into specialised functions, supported by centralised data analytics, digital technologies and risk-based compliance systems. The advisor said the reforms are designed to reduce administrative discretion, minimise direct interaction between taxpayers and tax officials, strengthen taxpayer rights and improve transparency, consistency and operational efficiency across the tax administration. Experts discuss tax reforms The seminar also featured discussions on tax policy and digital transformation by leading experts. Economist Dr Nadeem Ul Haque delivered the keynote address on tax policy reforms, while FCA Muhammad Rehan Siddiqui presented a session on faceless jurisdiction and the digitalisation of tax administration. Speaking at the event, Pakistan Tax Bar Association President Ehsan-ul-Haq Sheikh, Lahore Tax Bar Association President Rana Saqib Munir, and Patron of the Pakistan Tax Bar Association and Chairman of the Pakistan Tax Bar Academy Abdul Qadir Memon welcomed the government’s continued engagement with the tax community. They reaffirmed their commitment to constructive dialogue with policymakers to help develop a simpler, more transparent, technology-driven and business-friendly tax system that supports sustainable economic growth and encourages voluntary tax compliance.
FBR NOTIFIES NATIONAL FACELESS JURISDICTION TO STREAMLINE TAX ADMINISTRATION
Date: 2026-07-27
Details: Written by Faisal Shahnawaz in Taxation New framework enables Inland Revenue authorities to perform assigned functions through algorithm-based systems while maintaining confidentiality. The Federal Board of Revenue (FBR) has officially notified the implementation of the National Faceless Jurisdiction framework under the amended provisions of the Sales Tax Act, 1990, updated through June 30, 2026. The move is aimed at modernizing tax administration by allowing designated Inland Revenue authorities to perform assigned functions through a centralized and technology-driven system. According to the notification, Inland Revenue officers appointed at the National Faceless Centre will be authorized to exercise powers and perform functions assigned to them for specific taxpayers, categories of taxpayers, or designated tax periods. These assignments will be made through algorithms developed by the FBR, introducing a more automated and data-driven approach to tax administration. The notified framework states that the jurisdiction allocated to officers at the National Faceless Centre may either be exclusive or concurrent. This means tax-related proceedings can be handled solely by the designated authorities or shared with other relevant Inland Revenue officers, depending on the nature of the case and administrative requirements. The FBR has also retained the authority to transfer jurisdiction from the National Faceless Centre to an Inland Revenue officer who otherwise has territorial jurisdiction over a taxpayer. Such transfers may be made either on the recommendation of the Chief Commissioner or on the Board’s own initiative for a specific tax period. Under the new arrangement, the Chief Commissioner at the National Faceless Centre may seek assistance from field formations for physical verification when required. These verifications may include assessment of business operations, assets, investments, expenditures, and other relevant information needed for ongoing proceedings. The Board may also allocate verification assignments through an algorithm-based mechanism. A key feature of the framework is the confidentiality of officers handling cases. The law provides that the identity of authorities exercising jurisdiction at the National Faceless Centre will remain confidential from registered persons, their authorized representatives, and any unauthorized individuals. This provision is intended to strengthen impartiality and reduce direct interaction during proceedings. Furthermore, the notification clarifies that notices, orders, or communications issued by authorities at the National Faceless Centre cannot be challenged solely on the grounds of jurisdictional issues, delegation concerns, or the confidentiality of the officer’s identity. The measure is expected to support greater efficiency, transparency, and consistency in tax administration across Pakistan.
AURANGZEB UNVEILS FRESH REFORMS TO MODERNISE FBR TAX ADMINISTRATION
Date: 2026-07-27
Details: Written by Hamza Shahnawaz in Taxation, Top stories Muhammad Aurangzeb urges FBR officers to leverage artificial intelligence as government accelerates tax reforms LAHORE: Federal Minister for Finance Muhammad Aurangzeb on Saturday announced fresh initiatives to modernise the Federal Board of Revenue (FBR) and strengthen Pakistan’s tax administration as part of the government’s broader economic reform agenda. Addressing the graduation ceremony of FBR officers in Lahore, the finance minister said the government is working collectively to improve tax policy and make the country’s tax system more efficient, transparent and technology-driven. He said providing relief and convenience to taxpayers remains one of the government’s top priorities, adding that comprehensive reforms are being implemented to promote a cashless economy and improve the overall efficiency of tax administration. Aurangzeb said the positive impact of these reforms has already started to emerge within the FBR, reflecting the government’s commitment to building a modern and digitally enabled tax system. AI to play key role in tax administration Highlighting the growing importance of technology, the finance minister said the world has entered the era of artificial intelligence (AI) and urged FBR officers to fully utilise AI-powered tools to improve operational efficiency, strengthen tax administration and enhance public service delivery. He said adopting advanced digital technologies would enable the tax authority to deliver better services to taxpayers while improving compliance, transparency and governance. Aurangzeb encouraged newly graduated FBR officers to continuously enhance their professional skills and embrace innovation to meet the evolving challenges of tax administration. Government committed to economic reforms The finance minister reiterated that improving market conditions and strengthening Pakistan’s economic stability remain among the government’s key priorities. He said the ongoing tax reforms are designed to create a more efficient and transparent taxation system, support sustainable economic growth and facilitate businesses and taxpayers through modern administrative practices. Aurangzeb added that the government’s reform agenda aims to strengthen revenue collection while making tax compliance simpler and more convenient for individuals and businesses across the country.
FBR EXPLAINS TAX RECOVERY FROM DECEASED PERSON’S ESTATE AND BANKRUPT
Date: 2026-07-27
Details: BUSINESSES Written by Hamza Shahnawaz in Taxation Sales Tax Act clarifies tax liability on inherited estates and businesses operating under bankruptcy ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the legal procedure for recovering outstanding sales tax liabilities from the estate of a deceased registered person and businesses operating under bankruptcy, according to the Sales Tax Act, 1990, updated up to June 30, 2026. The updated law outlines how tax liabilities are to be treated in both circumstances, ensuring that government tax claims remain enforceable even after the death or bankruptcy of a registered taxpayer. Tax liability on estate of a deceased person Under the Sales Tax Act, the outstanding sales tax liability of a deceased registered person becomes the first charge on the deceased’s estate in the hands of the legal heirs or successors. This means any unpaid sales tax must be recovered from the estate before the remaining assets can be distributed among the heirs or beneficiaries. The provision gives the FBR priority in recovering outstanding sales tax from the assets left by the deceased taxpayer. Tax recovery from bankrupt businesses The updated law also prescribes the procedure for recovering sales tax from businesses declared bankrupt. According to the Act: If a registered person is declared bankrupt, the sales tax liability passes to the estate in bankruptcy, provided the estate continues to operate the business. Any sales tax liability incurred during the administration of the bankrupt estate is treated as a current operating expense. Such tax must be paid before the claims of other creditors are settled, giving sales tax obligations priority over most other financial liabilities. Revenue protection measures The FBR said these provisions are designed to safeguard government revenue by ensuring that outstanding sales tax obligations do not lapse because of the death or bankruptcy of a registered taxpayer. The updated provisions form part of the Sales Tax Act, 1990, as amended up to June 30, 2026, and provide the legal framework for recovering unpaid sales tax from deceased estates and bankrupt businesses while protecting the government’s tax claims.
TAX FILERS CAN CLAIM 7.5% ADVANCE TAX EXEMPTION ON K ELECTRIC BILLS
Date: 2026-07-27
Details: Written by Faisal Shahnawaz in Taxation Karachi electricity consumers listed on the FBR Active Taxpayer List can continue to avail exemption by updating their CNIC with their KE account. Karachi electricity consumers who are registered tax filers can continue to benefit from the 7.5 percent Advance Income Tax exemption on their K-Electric (KE) electricity bills in 2026, provided their customer records are properly updated. K-Electric has once again reminded its customers that eligible tax filers can avoid the deduction of the 7.5 percent Advance Income Tax by ensuring their Computerised National Identity Card (CNIC) is linked with their current KE account number. While the company recently highlighted the facility through a customer awareness campaign, it is important to note that this is not a new policy and has been in effect since the implementation of the Finance Act 2021. Under the provisions of the Finance Act 2021, residential electricity consumers who are not included in the Federal Board of Revenue’s (FBR) Active Taxpayer List (ATL) are subject to a 7.5 percent Advance Income Tax on monthly electricity bills of Rs25,000 or more. The measure came into force on July 1, 2021, and continues to apply under the existing tax framework unless revised by the government. Customers who are active tax filers are exempt from this advance tax. However, to receive the exemption automatically, they must ensure that their CNIC is correctly registered against their existing KE electricity account. If the CNIC is missing or outdated, the system may not identify the customer as an eligible tax filer, resulting in the advance tax being charged on the monthly bill. K-Electric has advised customers to verify and update their account information whenever necessary to avoid unnecessary tax deductions. Once the CNIC is linked with the correct electricity connection and the customer appears on the FBR’s Active Taxpayer List, the applicable exemption can be availed in accordance with government tax regulations. Consumers are also encouraged to regularly check their taxpayer status and keep their personal details updated with both the FBR and K-Electric. Doing so can help ensure that eligible customers continue to receive the available tax relief without delays or billing discrepancies.
COTTON REVIEW: MARKET SEES SHARP WEEKLY PRICE SWINGS
Date: 2026-07-27
Details: Published July 27, 2026 Updated about 3 hours ago By Naseem Usman KARACHI: Cotton market witnessed a volatile week as prices swung sharply downward, reversing last week’s gains, even as fresh rains in key growing regions raised fresh concerns for the crop and industry leaders warned of a looming import bill running into billions of dollars. Cotton prices fell by a significant 300 to 400 rupees per maund this week, as last week’s upward trend gave way to a sharp downturn. The spot rate also declined by 100 rupees per maund. Over the past two weeks, cotton prices have swung by a notable 800 to 1000 rupees overall, though trading activity is reported to have improved despite the volatility. Meanwhile, the Overseas Investors Chamber of Commerce and Industry (OICCI) has voiced deep concern over the continuing decline in domestic cotton production. The chamber warned that if the trend continues, Pakistan may be forced to import cotton worth 2 to 3 billion dollars, placing a heavy burden on the national economy. On a more positive note, the “Cotton Mela 2026†held in Khanpur emerged as a notable success story, with delegations from the Pakistan Cotton Brokers Association (PCBA) and the Pakistan Cotton Ginners Association (PCGA) holding productive discussions on the cotton trade, a development seen as encouraging for the sector. On the legal front, the Sindh High Court has granted temporary relief to the Karachi Cotton Association (KCA), permitting it to continue business operations in its building. However, the association says that despite the court order, it has still not been allowed to return to the premises, a matter over which it has expressed strong reservations. Adding to the industry’s concerns, rains have begun in the cotton growing areas of Sindh and Punjab, raising fears of a possible impact on the standing crop. Cotton prices in the local market witnessed a volatile week, with a bearish trend ultimately prevailing even as sharp swings pushed rates to fresh highs before pulling back sharply, industry sources reported. The week began on an upward note as a shortage in the supply of phutti (seed cotton) drove prices higher. Market sources attributed this partly to the actions of several ginners who had earlier sold large quantities of cotton at lower rates. In a bid to delay deliveries on those low-priced deals, these ginners shut down their factories entirely or ran them only partially, triggering panic across the market. As a result, cotton prices surged abruptly by 500 to 600 rupees per maund within a short span. The situation shifted, however, once the supply of phutti registered a marginal improvement. Ginners, gripped by the same panic that had earlier driven prices up, began offloading their cotton stocks. This selling pressure sent prices tumbling from their peak. In Sindh province, cotton had climbed to a high of 18,500 to 18,600 rupees per maund before retreating to 17,800 to 18,000 rupees per maund. Punjab province saw a similar pattern, with prices rising to 19,200 to 19,500 rupees per maund before easing back to 18,600 to 18,700 rupees per maund. The spot rate mirrored this volatility, fluctuating up and down through the week in line with the broader market movement. Market sources further disclosed that deliveries of nearly 25,000 bales of the lower-priced cotton remain outstanding, a backlog that continues to weigh on trading sentiment as buyers and sellers await resolution. Cotton prices across Pakistan continued to see fluctuations this week, with both lint and seed cotton (phutti) rates moving unevenly as rainfall in key growing regions disrupted the pace of arrivals and a fresh production report pointed to a significant shortfall compared to last year. According to the Pakistan Cotton Ginners Association’s (PCGA) production report up to the 15th of the month, one of the key factors behind the decline in cotton prices, output stood at approximately 528,000 bales, marking a drop of nearly 77 percent compared to production recorded during the same period last year. Meanwhile, rains have been reported across almost all cotton-growing districts of Punjab, delaying the arrival of seed cotton in the market. Sindh province also received light showers in several areas, though market observers say the region still urgently needs more substantial rainfall. Industry sources note that if adequate rains occur in the coming days, the overall crop outlook could improve. In terms of pricing, cotton lint in Sindh settled between Rs 17,800 and Rs 18,000 per maund after fluctuations, while seed cotton traded between Rs 8,200 and Rs 8,600 per 40 kilograms. In Punjab, lint prices fell from an earlier range of Rs 19,300 to Rs 19,500 per maund to Rs 18,600 to Rs 18,700 per maund. Seed cotton in the province ranged between Rs 8,300 and Rs 8,800, while rain-affected seed cotton fetched a lower price of around Rs 7,000. In Balochistan, cotton prices settled between Rs 17,900 and Rs 18,000 per maund following fluctuations, with seed cotton trading between Rs 8,400 and Rs 8,800. Meanwhile, the Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 100 per maund, closing it at Rs 18,200 per maund. Karachi Cotton Brokers Forum Chairman Naseem Usman stated that international cotton prices showed an overall mixed trend. The New York cotton futures rate remained between 78 to 80 American cents per pound. According to the USDA weekly export and sales report, 51,300 bales were sold for the year 2025-26, with China topping the list by purchasing 15,500 bales, followed by Vietnam in second place with 12,300 bales, and India in third place with 7,100 bales. For the year 2026-27, 16,100 bales were sold, with Vietnam topping the list by purchasing 7,100 bales, followed by India in second place with 4,700 bales, and Pakistan in third place with 2,200 bales. Exports stood at 276,300 bales, with Vietnam topping the list by importing 96,300 bales, followed by Pakistan in second place by importing 42,700 bales, and Turkey in third place by importing 31,800 bales. Pakistan’s cotton production has collapsed to less than half its peak level, falling from 14 million bales to just 6.85 million bales in fiscal year 2025-26, a decline that is costing the country an estimated two to three billion dollars annually in additional imports and lost export earnings, according to a new report by the Overseas Investors Chamber of Commerce and Industry (OICCI). The report, titled “Seeds of Growth,†is based on the views and observations of OICCI member companies linked to the agricultural sector. It notes that while cotton has suffered a severe downturn, other areas of agriculture have shown mixed results: the use of hybrid seeds has tripled maize yield per acre, even as nearly 20 percent of the country’s milk output continues to go to waste because of inadequate cold chain infrastructure. The report underscores the broader importance of agriculture to Pakistan’s economy, noting that the sector contributes around 23 percent to the country’s Gross Domestic Product (GDP) and employs 37 percent of the national workforce. Meanwhile, in a development that could offer some relief to cotton growers, light to moderate rainfall has been reported in the districts of Sanghar, Mirpurkhas, Hyderabad and Nawabshah. Agricultural sources say the rain is expected to benefit the cotton crop significantly, aiding its growth and health while improving the future quality of the harvest. Meanwhile, the “Cotton Mela 2026,†held at the Cotton Research Institute in Khanpur, emerged as a shining example of success, proving true the well-known saying that one should start from where one is, with what one has, and do what one can. Despite its limited resources, the institute has demonstrated that the genuine revival of cotton does not depend on large-scale projects but on true passion and firm resolve. More than 100 distinguished guests from across Punjab, including Lahore, Faisalabad, Multan and Wahari, attended this historic event. The program saw enthusiastic participation from the Agriculture Extension Department, the Plant Protection Department, various seed companies, researchers, students, and particularly the dedicated farmers of the Khanpur belt, all of whom lent strength to this national mission. The organizers expressed heartfelt gratitude to all participants and stakeholders whose constructive suggestions and presence lent dignity to the event, adding that this journey, which began from the soil of Khanpur, would, God willing, serve as a precursor to the revival of cotton across the entire country. In a separate development, the Chairman and Executive Committee members of the Pakistan Cotton Brokers Association met with the Chairman of the Pakistan Cotton Ginners Association. During the meeting, detailed discussions were held regarding the challenges faced by cotton brokers in the cotton trade. The Chairman of the PCGA assured the delegation of his full cooperation and commitment to resolving these issues. Karachi’s Cotton Exchange building, a red-brick structure located on I I Chundrigar Road, served as the hub of Pakistan’s cotton trade for more than a century, where cotton deals were struck daily, prices were determined, and brokers and individuals associated with the textile industry from across the country would gather. However, the building was sealed last year, after which all activities came to a halt, and cotton traders have since relocated to various parts of the city. Although the Sindh High Court granted temporary relief to the Karachi Cotton Association (KCA), allowing it to continue business activities within the building, the association says that despite the court order, it has not yet been permitted to return to the premises. Copyright Business Recorder, 2026
SHARES, BONDS MAKE GUARDED GAINS AS OIL SLIPS
Date: 2026-07-27
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan held steady Published July 27, 2026 Updated 32 minutes ago SYDNEY: Share markets gave a guarded response on Monday as a pause in fighting in the Gulf dragged oil prices lower, easing inflation risks and boosting bonds ahead of a packed week of central bank meetings and earnings reports. Iran said on Sunday it would halt its own attacks as long as the United States did the same, with the U.S. military reportedly concerned about dwindling supplies of ammunition. Yet, Yemen’s Iran-aligned Houthis had still attacked Saudi oil installations along the Red Sea coast, threatening another waterway vital to the global oil trade. “Net, it looks as if developments in the Middle East have moved in a positive direction over the weekend, adding some credibility to the notion that oil above $100 a barrel seems to induce de-escalatory behaviour from both sides,†said Sally Auld, group chief economist at NAB. The lull in fighting over the Strait of Hormuz saw Brent crude slide 5.2% to $91.73 a barrel, while U.S. crude â dropped 5.4% to $84.45. The pullback in oil provided some relief from inflation fears and led markets to slightly pare the probability of rate hikes from the Federal Reserve. The central bank meets on Wednesday and markets imply around a one-in-three chance of a rate rise, though most analysts doubt Chair Kevin Warsh would be in favour of a move. “Investors see the outcome of the July meeting as unusually uncertain, likely because the Fed has been split recently, Warsh’s own position remains unclear, and some of the re-escalation with Iran occurred during the blackout period,†noted analysts at Goldman Sachs. “There will likely be at least one dissent in favour of a hike, but most voters appear unlikely to push for a move this week after the softer June inflation data.†The Bank of England holds its meeting on Thursday and the Bank of Japan on Friday, and both are expected to hold steady while remaining cautious about inflation risks ahead. Tech earnings to test bulls Equities took comfort in the drop in oil and yields, sending S&P 500 futures up 0.7%, while Nasdaq futures jumped 1.1%. In Europe, EUROSTOXX â 50 futures gained 0.4%, while DAX futures rose 0.6% and FTSE futures went flat. Japan’s Nikkei edged up 0.1%, while South Korea’s chip-heavy index eased 1.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan held steady. Chinese blue chips firmed 0.4% as chipmaker surged 470% in its Shanghai trading debut after raising $8.6 billion in Asia’s biggest initial public offering this year. About one-third of S&P 500 companies are due to report this week with earnings on track to boast a 26.5% increase on last year, according to LSEG IBES data. With expectations so high and mounting unease over the vast cost â of AI capex, even blockbuster results may not be enough to please investors on the day. The massive sums involved were underlined by a WSJ report that Nvidia was in talks to provide a roughly $250 billion backstop for OpenAI as part of a data center project. Companies reporting include tech darlings Microsoft, Meta Platforms, Amazon, Apple and Qualcomm , along with a host of industrial, defence and healthcare stocks. Data â highlights include U.S. advance Q2 GDP where growth is seen picking up to an annualised 1.5% after a soft start to the year. The June PCE price index, personal income and consumption, weekly jobless claims, Q2 employment cost index and July Michigan consumer sentiment round out the diary. The euro zone’s schedule includes flash Q2 GDP, July economic sentiment, consumer â confidence, flash inflation and June unemployment. The pullback in oil helped 10-year Treasury yields fall 4 basis points to 4.63%, and nudged the dollar broadly lower. The euro added 0.3% to $1.1408 , while the dollar dipped 0.2% on the yen to 163.54 . The Singapore dollar nudged up after the country’s central bank unexpectedly tightened monetary policy by allowing a slightly faster appreciation in the currency. In commodity markets, the drop in yields helped non-interest-paying gold climb 1.3% to $4,103 an ounce.
THESE FBR OFFICES TO REMAIN OPEN ON SATURDAY AND SUNDAY AMID RESTRUCTURING
Date: 2026-07-24
Details: Six Inland Revenue field formations to operate over the weekend to complete record transfers and support organisational restructuring ISLAMABAD: The Federal Board of Revenue (FBR) has announced that several of its key Inland Revenue field formations will remain open on Saturday, July 25, and Sunday, July 26, 2026, to facilitate the transfer of official records and complete activities related to the ongoing restructuring of its field offices. According to an official notification, the designated offices will operate over the weekend exclusively to ensure the timely transfer of records, case files and other official documents under the organisational restructuring exercise. The FBR said the temporary weekend operation is intended to ensure a smooth transition and prevent delays in administrative work. FBR offices to remain open The following Inland Revenue field formations will remain operational on July 25 and 26: Corporate Tax Office-I, Karachi Corporate Tax Office-II, Karachi Regional Tax Office-I, Lahore Regional Tax Office-II, Lahore Regional Tax Office, Islamabad Regional Tax Office, Rawalpindi The tax authority said the offices will focus on completing the transfer of physical records and official business associated with the restructuring process. PRAL to provide technical support To facilitate the electronic transfer of records and data, the Pakistan Revenue Automation Limited (PRAL) will provide technical assistance throughout the two-day exercise. According to the notification, PRAL resource persons will remain available to assist Inland Revenue officers with data migration and resolve any technical issues that arise during the transfer process. Officers directed to ensure attendance The FBR has instructed all concerned officers and officials to remain present on both days and actively participate in completing the transfer of records. The Board directed that the entire process be finalised by Sunday, July 26, 2026, enabling the newly restructured Inland Revenue formations to begin functioning without administrative disruptions. Part of broader tax reforms The restructuring of Inland Revenue field formations forms part of the FBR’s broader reform agenda aimed at improving organisational efficiency, strengthening tax administration and streamlining operational processes. The FBR said completing the transfer of records and digital data without interruption will help maintain continuity in taxpayer services while supporting the implementation of the new organisational structure. Officials have been directed to ensure full compliance with the notification and complete all assigned tasks within the prescribed timeframe to facilitate a seamless transition.
FBR TO DISCONTINUE GAS AND ELECTRICITY CONNECTIONS FOR THESE TIER-1 RETAILERS
Date: 2026-07-24
Details: Sales Tax Act empowers FBR to suspend utility connections for unregistered or non-integrated Tier-1 retailers ISLAMABAD: The Federal Board of Revenue (FBR) has the legal authority to order the disconnection of gas and electricity connections of certain Tier-1 retailers that fail to comply with mandatory sales tax registration and point-of-sale (POS) integration requirements under the Sales Tax Act, 1990, updated up to June 30, 2026. Under the amended law, the FBR may issue a Sales Tax General Order (STGO) directing gas and electricity distribution companies to disconnect utility services of specified businesses, notwithstanding any other provision of the Sales Tax Act or any other law. Which businesses are affected? The provision applies to two categories of businesses: Persons, including Tier-1 retailers, that fail to register for sales tax. Notified Tier-1 retailers that are registered for sales tax but fail to integrate their outlets with the FBR’s Computerised Point-of-Sale (POS) System. According to the law, the measure is designed to strengthen tax compliance by ensuring that retailers fulfil mandatory registration obligations and report sales transactions to the FBR in real time. Utility connections can be restored The updated legislation also provides a mechanism for restoring utility services once businesses become compliant. If an unregistered retailer completes sales tax registration or a notified Tier-1 retailer successfully integrates its outlet with the FBR’s Computerised System, the Board may issue another Sales Tax General Order instructing the relevant utility companies to restore the gas or electricity connection. Digital enforcement to improve compliance The mandatory POS integration programme enables the FBR to receive real-time sales data from large retailers, helping improve documentation of the economy, reduce tax evasion and strengthen sales tax collection. The FBR has increasingly expanded the use of digital monitoring and enforcement tools in recent years, with utility disconnections forming part of its legal framework to ensure compliance among large retailers. Tax experts say the latest provisions reinforce the government’s efforts to improve transparency in the retail sector while encouraging businesses to comply with registration and digital reporting requirements under the Sales Tax Act.
FTO ASKS FBR TO ADOPT SPECIAL PROTOCOL FOR ACTIONS DISRUPTING BUSINESSES
Date: 2026-07-24
Details: Tax Ombudsman proposes stricter safeguards and supervisory oversight before enforcement actions that interrupt lawful business operations ISLAMABAD: The Federal Tax Ombudsman (FTO) has recommended that the Federal Board of Revenue (FBR) formulate and notify a special administrative protocol for tax enforcement actions that could disrupt the continuity of lawful businesses, stressing that such measures should be exercised only as a last resort. The recommendation was made in an order issued while deciding a review petition concerning the suspension of a taxpayer’s sales tax registration. The Ombudsman observed that actions such as suspending sales tax registration, sealing business premises or taking other enforcement measures capable of bringing legitimate commercial activities to a standstill require stronger procedural safeguards and greater supervisory oversight. FTO calls for comprehensive enforcement protocol The FTO recommended that the Chairman FBR ensure the introduction of a Special Administrative Protocol governing all administrative actions that may interrupt lawful business operations. According to the Ombudsman, the proposed protocol should require: • Strict verification that all statutory preconditions have been fulfilled before enforcement action is initiated; • Proper and legally verifiable service of all mandatory notices in accordance with applicable laws; • A meaningful opportunity to be heard unless immediate action is expressly authorised by law; • Recording of reasons demonstrating the legality, necessity and proportionality of the proposed action; • Prior approval from an appropriately senior supervisory officer before implementing measures capable of disrupting business operations; • Expeditious internal review where business disruption is alleged to have resulted from factual errors, procedural irregularities or maladministration; and • Periodic supervisory reviews to ensure extraordinary measures remain in force only for as long as legally necessary. The Ombudsman further recommended that the protocol should expressly recognise that administrative actions capable of bringing lawful businesses to a halt should ordinarily be treated as measures of last resort. Where multiple lawful enforcement options are available, preference should be given to the approach that secures compliance while causing the least disruption to business continuity. New category for ‘Business Continuity Cases’ In a significant institutional recommendation, the FTO proposed that complaints involving the suspension of sales tax registration, sealing or locking of business premises, or similar actions that substantially interrupt lawful commercial activities should be treated as a separate category titled “Business Continuity Cases.†The Ombudsman directed the FTO Secretariat to prepare a dedicated Business Continuity Cases Protocol within 30 days to ensure: • Immediate identification of such complaints; • Priority processing; • Continuous monitoring; • Expeditious investigation and adjudication; and • Timely relief, wherever legally permissible, before commercial losses become irreversible. Constitutional right to conduct business The FTO observed that Article 18 of the Constitution guarantees every citizen the right to carry on any lawful trade, business or profession, subject to regulation by the state. While acknowledging that tax authorities possess legal powers to suspend registrations or seal premises, the Ombudsman noted that such actions may have consequences extending well beyond tax disputes, affecting: • Commercial viability; • Employment; • Contractual obligations; and • Business reputation. The order emphasised that the more severe the consequences of an administrative action, the greater the need for procedural discipline, fairness and supervisory care before such powers are exercised. Case highlights concerns over legal remedies The review petition arose after a taxpayer’s sales tax registration was suspended, disrupting its normal business operations. Although the taxpayer later sought to withdraw the petition after securing restoration of the registration by making payment under protest, the FTO decided to examine the broader institutional issues raised by the case. According to the order, the taxpayer maintained that the payment was made solely to preserve business continuity and without prejudice to its legal rights. The Ombudsman observed that the case highlighted an important concern: businesses facing immediate operational disruption may be compelled to comply with disputed tax demands simply to avoid irreversible commercial losses, thereby reducing the practical effectiveness of available legal remedies. The FTO concluded that complaints involving interruptions to lawful business activities deserve the highest institutional priority to ensure that meaningful relief can be provided before commercial necessity overtakes the legal process.
KARACHI CONSUMERS PAY OVER RS26BN INCOME TAX THROUGH ELECTRICITY BILLS IN FY26
Date: 2026-07-24
Details: Advance income tax collection falls 23% as growing rooftop solar adoption reduces grid electricity consumption KARACHI: Consumers in Karachi paid more than Rs26 billion in advance income tax through their electricity bills during fiscal year 2025-26 (FY26), according to provisional data available with PkRevenue. (Note: The revenue figures have been rounded off to prevent direct reproduction by other websites and media outlets.) Despite the substantial collection, the Federal Board of Revenue (FBR) recorded a 23 percent decline compared with the previous fiscal year, reflecting lower electricity consumption from the national grid as more consumers switched to rooftop solar systems. K-Electric, the sole electricity distribution company serving Karachi, collects advance income tax from consumers through monthly electricity bills on behalf of the FBR. The tax is administered by the Large Taxpayers Office (LTO) Karachi. Rooftop solar reduces tax receipts FBR officials attributed the decline in tax collection mainly to the rapid adoption of rooftop solar installations by industrial, commercial and residential consumers. “The consumers, including industrial, commercial and domestic users, have increasingly shifted to rooftop solar, significantly reducing electricity consumption from the national grid and, consequently, the amount of advance income tax collected through electricity bills,†a senior FBR official said. Officials also noted that changes in electricity tariffs during the fiscal year influenced the overall collection of advance income tax under this category. Lower electricity costs may boost economic activity According to FBR officials, lower electricity costs could support industrial production and economic activity over the longer term, potentially leading to stronger tax revenues from business expansion and higher output. They added that improving industrial activity during the latter part of FY26, coupled with higher international oil prices, contributed to better monthly tax collections towards the end of the fiscal year. June collections post year-on-year growth Despite the overall annual decline, advance income tax collection through Karachi’s electricity bills increased during the final month of the fiscal year. The FBR collected Rs2.81 billion under this head in June 2026, compared with Rs2.51 billion in June 2025, representing a 12 percent year-on-year increase. The latest figures highlight the evolving energy consumption pattern in Karachi, where rising investment in rooftop solar energy is reducing dependence on the national electricity grid while also affecting government revenues linked to electricity consumption.
DECLINING TREND CONTINUES ON COTTON MARKET
Date: 2026-07-24
Details: Published July 24, 2026 Updated about 3 hours ago LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Thursday decreased the spot rate by Rs 1,00 per maund and closed it at Rs 18,400 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained easy and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs18,100 to Rs 18,200 per maund, while Phutti in the province is trading between Rs 8,600 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs18,400 to Rs 18,700 per maund, with Phutti fetching between Rs 8,600to Rs 9,200 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,000 to Rs 18,200 per maund. The rate of Phutti is in between Rs 8,800 to Rs 9,300 per 40 kg. Copyright Business Recorder, 2026
CHINA STOCKS REVERSE LOSSES AS TECH SELLOFF EASES
Date: 2026-07-24
Details: Published July 24, 2026 Updated about 3 hours ago HONG KONG: Chinese stocks reversed earlier losses to close higher on Thursday as sentiment recovered from the recent AI-led correction, while investors continued to rotate into defensive plays. The Shanghai Composite Index closed up 0.3 percent at 3,876.78 points. The blue-chip CSI300 index was up 0.2 percent. The banking sector added 0.6 percent, leading gains. The defence sector strengthened 2 percent and rare earth stocks added nearly 3 percent. Among other gainers, the CSI Shanghai-Shenzhen-Hong Kong Gold Industry Equity Index jumped 1.6 percent as gold rallied. The new energy vehicle sector climbed 3.6 percent despite new US restrictions, while new energy stocks jumped 3.7 percent. The correction in the tech sectors also eased, with the tech-focused STAR 50 Index narrowing losses to 3.8 percent. The AI sector declined 2.5 percent. “The recent drop in A-shares is mostly a ‘passive’ reaction to external risks,†analysts at Datong Securities said in a note. “Looking at market conditions, the pullback has already released a lot of pressure from leveraged trading and negative sentiment, and technical indicators suggest stocks may be oversold.†Meanwhile, regulators have been holding frequent meetings to signal stability, and listed companies are actively buying back shares and increasing their holdings. With support building on multiple fronts, market confidence should get a boost, they added. In Hong Kong, the Hang Seng Index was up 1.3 percent at 25,210.81. The Hang Seng Tech Index added 0.7 percent. Market heavyweight Tencent bounced 1 percent after shedding more than 7 percent in the previous session. Around the region, stocks rose on Thursday after US technology firms outlined significant capital spending plans that are likely to benefit chipmakers in the region, while the escalating war in the Middle East sent oil prices to six-week highs.
WALL ST FALLS AS TECH EARNINGS SPARK AI SPENDING WORRIES
Date: 2026-07-24
Details: Published July 24, 2026 Updated about 3 hours ago NEW YORK: US stocks fell to multi-week lows on Thursday, as disappointing early Big Tech earnings revived concerns about heavy AI spending, while another jump in oil prices added to inflation worries. The tech-heavy Nasdaq led losses, briefly hitting its lowest level in over two months and falling more than 7 percent below its early-June record high. The S&P 500 and the Dow also touched about one-month lows. Second-quarter results from Alphabet and Tesla, the first of the so-called “Magnificent Seven†megacap companies to report this season, failed to impress investors. “The concern about spending among these larger technology companies has been brewing for a while,†said Chris O’Keefe, managing director and lead portfolio manager at Logan Capital Management. “Google’s capex plans were one of those data points that really freaked people out, and the fact that cash flow has gone negative is something investors are circling.†Shares of Google’s parent fell 7.3 percent after the results did little to reassure investors as attention shifted to its higher spending plans and its first ever cash burn. The stock’s fall dragged the communication services sector 5.6 percent lower, leading sector-wise losses on the benchmark S&P 500. Tesla dropped 12.2 percent after reporting negative free cash flow for the second quarter for the first time in more than two years. Other megacap stocks also weakened. Investors will closely watch capital spending plans from major technology companies reporting next week, as questions grow over whether massive AI investments can deliver returns strong enough to justify elevated valuations. Geopolitical concerns added to the pressure. After months of investor focus on the Strait of Hormuz, attention has shifted to the Red Sea, where Iranian-aligned Houthis, who control areas near the Bab el-Mandeb strait, have opened a new front in the Middle East crisis. US President Donald Trump vowed “major military punishment†for Iran and Houthis, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea. Brent crude futures rose past USD100 a barrel, their highest level since late May. Wall Street’s fear gauge, the CBOE Volatility Index, rose 3.21 points to 19.83, its highest in nearly a month. The surge in oil prices revived inflation worries, pushing interest-rate-sensitive 2-year Treasury yields to a 17-month high as traders increased bets on a Federal Reserve rate hike as early as next week. Markets are now pricing in about a 36 percent chance of a 25-basis-point increase at the Fed’s July meeting, up from 12 percent a week ago, according to CME’s FedWatch tool. The number of Americans seeking unemployment benefits for the first time fell sharply last week, leaving Fed officials to keep their focus on containing inflation. At 11:55 a.m. ET, the Dow Jones Industrial Average fell 534.25 points, or 1.02 percent, to 51,684.33, the S&P 500 lost 101.77 points, or 1.36 percent, to 7,397.19 and the Nasdaq Composite lost 620.61 points, or 2.42 percent, to 25,070.29. Chip stocks, which have recently hit a volatile patch, were also lower mostly. Texas Instruments fell 3.1 percent despite forecasting quarterly revenue above estimates. Defense giant Lockheed Martin rose 10.3 percent after lifting 2026 sales and profit forecasts. Thermo Fisher Scientific jumped 9.8 percent, as the medical equipment maker raised its annual profit forecast after beating estimates for second-quarter results. Declining issues outnumbered advancers by a 3.18-to-1 ratio on the NYSE and by a 3.16-to-1 ratio on the Nasdaq. The S&P 500 posted 17 new 52-week highs and 12 new lows, while the Nasdaq Composite recorded 35 new highs and 118 new lows.
MOU SIGNED ON ‘DUKAN HIFAZAT’ SCHEME
Date: 2026-07-24
Details: Published July 24, 2026 Updated 5 minutes ago PESHAWAR: The Sarhad Chamber of Commerce and Industry and Jubilee General Insurance Company Limited have entered into a partnership to facilitate members under the “Dukan Hifazat†initiative. In this regard, a Memorandum of Understanding (MoU) signing ceremony was held during a meeting chaired by SCCI President Junaid Altaf here at the Chamber House on Thursday. Senior vice president of the chamber Muhammad Nadeem and CEO of Jubilee General Insurance Asfar Arshad signed the MoU, aiming to offer insurance facilities of business premises for Small and Medium Enterprises (SMEs). Farwa Aqeel, an official of the jubilee insurance, briefed the audience on the “Dukan Hifazat†programme, its benefits, procedures and registration methods. President Junaid Altaf welcomed collaboration with Jubilee Insurance and highlighted the significance of the strategic partnership under the “Dukan Hifazat†initiative. The SCCI chief urged Jubilee Insurance to simplify procedures, enhance the value of the premium and extend the initiative from small-scale businesses to large-scale manufacturing units. Earlier, the CEO of Jubilee Insurance, Asfar Arshad, told the audience that the product would have minimum cost, and it would provide decent protection. He urged the KP business community to derive full benefit from the new product. The CEO said the initiative would be expanded to large-scale businesses in the light of the Sarhad Chamber recommendations. Copyright Business Recorder, 2026
NESTLÉ PAKISTAN CONTINUES GROWTH MOMENTUM IN H12026
Date: 2026-07-24
Details: Published July 24, 2026 Updated 8 minutes ago LAHORE: Nestlé Pakistan net sales for the six-month period ended June 30, 2026, amounted to PKR 107 billion, representing a growth of 5.7 percent, sustaining business momentum through increased investment behind its brands, consumer centric innovations and renovations, focused marketplace executions, and strengthening export route-to-market. According to the management of the company, an improved topline, disciplined overhead management, and continuous focus on value chain optimization initiatives have resulted in an increase of 5.7 percent in gross profit as compared to the same period last year. However, this improvement in gross profit reduced to 2.8 percent at operating profit level mainly due to increased investment behind brands and higher distribution costs, driven by fuel prices. Net profit after tax declined by 4.3 percent mainly impacted due to higher incidence of taxation. Due to on-going geopolitical instability, continued volatility in energy and other input costs and elevated double digit inflation level, the company maintains a cautious outlook for the rest of the year. Despite the fact that inflationary pressures continue to influence consumer spending and operating costs, the company is well positioned to navigate these challenges by ensuring appropriate investment behind brands, focusing on achieving operational savings, developing future ready high performing teams and advancing on its sustainability agenda to serve as a force for good, the management claimed. Copyright Business Recorder, 2026
COTTON MARKET REMAIN EASY WITH SATISFACTORY VOLUME
Date: 2026-07-22
Details: Published July 22, 2026 Updated about an hour ago LAHORE: The local cotton market on Tuesday remained easy and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs 18,200 to Rs 18,300 per maund, while Phutti in the province is trading between Rs 8,700 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs 19,000 to Rs 19,200 per maund, with Phutti fetching between Rs 8,800 to Rs 9,500 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 18,100 to Rs 18,200 per maund. The rate of Phutti is in between Rs 8,800 to Rs 9,500 per 40 kg. 1600 bales of Tando Adam, 1800 bales of Sanghar were sold in between Rs 18,500 to Rs 18,700 per maund, 600 bales of Shahdad Pur, 400 bales Nawab Shah were sold in between Rs 18,500 to Rs 18,600 per maund, 200 bales of Hala were sold at Rs 18,600 per maund, 400 bales of Hyderanad were sold at Rs 18,500 per maund, 1600 bales of Khanewal were sold at Rs 19,500 per maund, 800 bales of Vehari, 100 bales of Hasil Pur, 800 bales of Taunsa Shareef were sold at Rs 19,300 per maund. The Spot Rate remained unchanged at Rs 18,600 per maund. Copyright Business Recorder, 2026
NIKKEI RALLIES AFTER STEEP DECLINE
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago TOKYO: Japan’s Nikkei share average rose on Tuesday as markets reopened after a holiday and investors seized on bargains following the gauge’s steepest weekly selloff in more than a year. The benchmark Nikkei 225 advanced 3.26 percent to close at 66,232.19, recovering part of its 6.4 percent plunge last week. The broader Topix climbed 2.44 percent to 4,014.95. While Japanese markets were closed on Monday, Wall Street indexes edged lower as an escalation in the US-Iran conflict put upward pressure on oil prices. The Nikkei accelerated gains in the afternoon on Tuesday, taking cues from the tech-heavy Kospi share gauge in South Korea. Investor attention is now turning to second-quarter results due later this week from AI bellwethers including Alphabet, Tesla and Intel. Earnings for S&P 500 companies in the semiconductor and related sectors are forecast to rise 133 percent for the second quarter from a year ago, according to LSEG.
CHINA SHARES REBOUND ON CHIPS, STAR50 INDEX SOARS MOST
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago SHANGHAI: Chinese technology shares rose following a roller-coaster ride on Tuesday, helping lift key benchmark indexes as semiconductor stocks rebounded sharply from earlier losses. The benchmark Shanghai Composite index closed up 1.8 percent, while the blue-chip CSI 300 index jumped 3.1 percent. The tech-focused STAR50 index leapt 10.8 percent, after falling more than 3 percent in early deals, booking the biggest daily jump since October 18, 2024. The wild swing came after the index logged a more than 30 percent gain over the last three months, tracking its regional peers. Start-up board CHINEXT composite index gained 5.7 percent following early volatility. Semiconductor shares were the best-performing sector, with the CSI 300 sub-index surging 12.2 percent. “We believe the tech sector and AI trades will remain the main investment themes in the second half of 2026, despite crowded tech trades unwinding somewhat,†said Lei Meng, China equity strategist at UBS Securities. The sector was expected to remain robust on the back of earnings growth due to rapid AI advances globally, and China’s strong policy support, Meng said. China’s securities regulator chief chaired a meeting with investors on Monday and vowed to make “all efforts†to maintain stable market operations, after a rout over the past two weeks roiled the stock market. China’s five largest insurers, including China Life Insurance Co, pledged to support the capital market developments firmly and boosted their investments, the state-owned Securities Times reported. Hong Kong-listed tech shares ended 1.3 percent higher, while the benchmark Hang Seng index closed largely flat. Investors are shifting their attention to an upcoming meeting of the Communist Party’s Politburo, the country’s top decision-making body, expected around the end of July. Policymakers are expected to set the economic policy agenda for the second half of the year. “The current setup resembles mid-2024 in some respects, before a major easing package, with slowing growth momentum, weaker consumption and investment, equity market underperformance, and local government financing strains leading to more aggressive tax collections,†said Hui Shan, chief China economist at Goldman Sachs. “We expect the July Politburo meeting to deliver stronger easing rhetoric.â€
ASIAN STOCKS REBOUND AS AI EARNINGS LOOM, OIL EASES
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago BENGALURU: Taiwanese and South Kore an benchmarks snapped a days-long losing streak, while Thai shares hit a more-than-three-year high, as softer oil prices steadied sentiment ahead of key chip and AI-linked earnings. The MSCI EM Asia equities index rose nearly 3 percent, driven by gains in tech-heavy South Korea and Taiwan, which constitute about 60 percent of the index. The MSCI index has been swinging in recent days, tracking volatility in AI-linked stocks and the pressure on the region’s import-oil-dependent economies from a rise in crude prices following fresh strikes between the US and Iran. Seoul’s benchmark KOSPI closed up 3.6 percent, snapping a two-session loss after having been closed on Friday for a local holiday. Meanwhile, shares in Taipei closed up 4.2 percent, the first rise in three sessions. SK Hynix, the world’s leading AI memory chipmaker, closed up 4.1 percent, while rival Samsung Electronics added 6.2 percent. “Every name in the AI space is now being priced for near perfection, as if the current pace of growth is guaranteed to continue indefinitely,†said Zavier Wong, a market analyst at eToro, adding that even a hint of a temporary ceiling gets treated as bad news. Bangkok equities climbed as much as 0.7 percent, hitting their highest level since February 23, 2023 and logging a fifth consecutive session of gains, led by a 1.7 percent jump in Delta Electronics. Jakarta shares climbed as much as 1.5 percent, extending gains to a ninth straight session, while the rupiah firmed to 17,870 per dollar after weakening towards 18,000 earlier this week. The currency remains vulnerable to fresh external shocks, including any escalation in Middle East tensions. “The shift in external conditions has arguably strengthened the case for a precautionary policy hike to anchor investor confidence,†DBS analysts wrote. Elsewhere, Manila stocks rose as much as 1.1 percent, while Singapore added around 0.6 percent. Currencies across emerging Asia were mostly tepid, with Taiwan’s dollar weakening to as much as 32.431 per dollar in the session. South Korea’s won strengthened to 1,471.1 per dollar.
EUROPEAN SHARES GAIN AS TECH STRENGTH OFFSETS OIL JUMP
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago FRANKFURT: European shares rose on Tuesday as gains in technology and mining shares took the focus away from fresh strikes in the Middle East, which pushed oil prices higher, while investors sifted through a fresh round of earnings reports. Brent crude jumped more than 2.5 percent after US forces bombed targets in the south and west of Iran overnight. The pan-European STOXX 600 index climbed 0.6 percent to 643.19 points at close, breaking a two-day losing streak. Technology stocks rose 2.1 percent, the most on the index, with ASMI and ASML, gaining 5.4 percent and 4.7 percent, respectively. Earnings from major technology companies such as Alphabet in the US will be on watch this week for clues on the sustainability of AI-related demand and whether their lofty valuations can be justified. “We have seen these ebbs and flows in sentiment… that highlights the sort of the nervousness that there is surrounding tech, particularly the AI and chip trade,†said Fiona Cincotta, senior market analyst at City Index. “But if we do see another solid season, that could actually be a catalyst for the next leg higher in tech stocks.†Markets will also be on the lookout for earnings from major banks such as Banco Santander and BNP Paribas later in the week. “Improving returns on equity are not yet reflected in valuations for European banks, which still trade at close to a 30 percent discount to US peers,†said analysts at Lombard Odier Investment Managers. Miners climbed 1.7 percent, tracking higher copper and gold prices, although Swedish miner Boliden fell 5.7 percent, after a weaker-than-expected quarterly adjusted operating profit. On the flip side, the media sector was the biggest laggard, down 1.4 percent. Wienerberger shares fell 4.1 percent to their lowest since 2022, after the building materials maker issued a full-year profit warning, citing deterioration in new-build activity. Copyright Business Recorder, 2026
WALL ST GAINS ON CHIP STOCKS RECOVERY
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago NEW YORK: Wall Street’s main indexes rose on Tuesday, as a recovery in semiconductor shares helped shift the focus away from the latest developments in the Middle East, while investors awaited major tech earnings for clues on the future of the AI trade. Gains in recently battered semiconductor stocks lifted broader markets. The Philadelphia SE Semiconductor Index climbed 4.6 percent, rising for a second consecutive day. The index gained some ground after ending Friday more than 20 percent below its late-June record high, confirming a bear-market decline. The chip gauge also remains up nearly 72 percent year to date. SanDisk, Western Digital and Micron Technology were up between 8.3 percent and 10.8 percent. Chip stocks have recently come under heavy pressure as investors question whether this year’s powerful rally in the sector has gone too far and scrutinize the lack of tangible returns on hefty investments by hyperscalers. On the benchmark S&P 500, information technology led the gains with a 2 percent rise. “We expect further volatility in semiconductors as overbought conditions reset, profit-taking pressure emerges, and crowded positioning gets worked out,†said Adam Turnquist, chief technical strategist at LPL Financial. “Fundamentally, we don’t think anything has really changed.†Meanwhile, two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea after threats from Yemen’s Iran-aligned Houthis, as a widening Middle East conflict disrupted shipping through two of the world’s most critical energy chokepoints. Brent crude futures jumped above USD90 a barrel, but signs that Tehran and Washington wanted to resume diplomacy helped limit price gains. A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim deal. At 11:46 a.m. ET, the Dow Jones Industrial Average rose 358.11 points, or 0.69 percent, to 52,197.37, the S&P 500 gained 58.11 points, or 0.78 percent, to 7,501.39 and the Nasdaq Composite gained 316.86 points, or 1.24 percent, to 25,824.93. The gains came after three consecutive sessions of losses for the main indexes. Investor focus this week will turn to results from Alphabet and Intel, which could help determine whether the AI trade has further room to run amid elevated profit expectations. “It’s not just about aggregate capEx numbers now. The next focus point is going to be return on investment and quality of spending, and we think that comes to the forefront in the second half,†Turnquist said. Adding to the uncertainty, President Donald Trump on Monday unveiled 50 percent tariffs on a wide range of imports from Canada.
GULF STOCKS GAIN AS INVESTORS WEIGH US-IRAN MEDIATION HOPES
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago DUBAI: Most Gulf stock markets ended higher on Tuesday, as investors weighed reports of US-Iran mediation against fresh attacks and Houthi threats to impose a naval blockade on Saudi Arabia. A senior Iranian official said on Monday that Tehran had received a mediators’ proposal for a 10-day ceasefire, aimed at creating a path toward a permanent agreement to end the war that started on February 28 following US-Israeli attacks on Iran. Dubai’s main share index rose 0.3 percent, with blue-chip developer Emaar Properties gaining 0.9 percent and toll operator Salik rising 1.6 percent. In Abu Dhabi, the index was up 0.4 percent. Tensions in the region continue to weigh on investor sentiment, with military operations and disruptions in the Strait of Hormuz driving concerns, said George Pavel, general manager at Naga.com Middle East. Saudi Arabia’s benchmark index fell 0.4 percent, hit by a 1.8 percent slide in Al Rajhi Bank, while Alinma Bank tumbled 4.4 percent, after posting lackluster second-quarter earnings and slashing its dividend. The Qatari index closed 0.2 percent higher, with Qatar Islamic Bank gaining 0.6 percent. Outside the Gulf, Egypt’s blue-chip index advanced 1.6 percent. UTILITIES AND ENERGY STOCKS DRAG SRI LANKAN SHARES • CSE All-Share index settled down 0.29% at 21,145.73 Published July 21, 2026 Updated about 12 hours ago Sri Lankan shares closed lower for the third straight session on Tuesday, dragged by losses in utilities and energy stocks. The CSE All-Share index settled down 0.29% at 21,145.73 Paragon Ceylon PLC and Autodrome PLC were the top percentage losers on the CSE All-Share index, falling 13.2% and 9.4%, respectively. Trading volume on the index fell to 38.5 million shares from 66.5 million shares in the previous session. The equity market’s turnover rose to 3.28 billion Sri Lankan rupees ($9.8 million) from 2.64 billion rupees in the previous session, according to exchange data. Foreign investors were net buyers, purchasing stocks worth 142.5 million rupees, while domestic investors were net sellers, offloading shares worth 3.21 billion rupees, the data showed.
KATI CONCERNED OVER DAILY FUEL PRICE CHANGE DECISION
Date: 2026-07-22
Details: Published July 22, 2026 Updated about 2 hours ago KARACHI: The Korangi Association of Trade and Industry (KATI) has said that daily fuel price changes will create uncertainty instead of economic stability and make business planning impossible. He warned that small and medium-sized enterprises (SMEs) would face increased administrative and financial pressures, while the transport and logistics sectors would be among the hardest hit. He said freight charges for goods transport, container services, and the movement of raw materials and finished products would fluctuate daily, disrupting supply chains and eventually driving up the prices of essential commodities. He further cautioned that Pakistan’s export sector could lose competitiveness because businesses would no longer be able to accurately estimate production costs while investor confidence could weaken, slowing the pace of new investment. He expressed serious reservations over the government’s decision to revise petroleum product and energy prices on a daily basis, warning that the move would create uncertainty for industry, trade, transport, and consumers instead of strengthening economic stability. KATI President Muhammad Ikram Rajput said that daily fluctuations in petroleum prices would make effective business planning virtually impossible for industrialists, traders, and investors. He noted that manufacturing operations, procurement of raw materials, production schedules, supply chains, sales, and export commitments are all based on predetermined cost estimates, and frequent changes in fuel prices would make accurate cost forecasting extremely difficult. Rajput said the resulting uncertainty would disrupt production activities, weaken business confidence, and undermine industrial competitiveness. He also criticised the government for introducing the proposal without consulting the business and industrial community, warning that such a policy could have adverse consequences for the national economy. He argued that a daily fuel pricing mechanism may be suitable for developed economies with stronger purchasing power and greater resilience to inflationary pressures. However, he said, in a developing country like Pakistan where inflation and poverty are directly linked to fuel prices, the policy could place an additional burden on businesses and consumers alike. “Every new fuel price would mean new production costs, revised transport fares, and fresh pricing of goods on a daily basis,†Rajput said. “In such an uncertain environment, manufacturers will struggle to determine product prices, traders will find it difficult to manage inventories, and consumers will ultimately bear the cost through higher prices.†Rajput acknowledged that many countries adjust petroleum prices in line with global market trends but pointed out that they also adopt mechanisms designed to maintain market stability and avoid unnecessary uncertainty for businesses. He urged Prime Minister, the Federal Minister for Petroleum, and the Federal Minister for Energy to reconsider the proposal, stressing that Pakistan’s economy requires policy consistency, stability, and predictability rather than daily uncertainty. “The government should avoid decisions that increase business costs and fuel inflation,†he said, adding that any pricing mechanism should be introduced only after meaningful consultation with representatives of the industrial, commercial, and transport sectors to ensure it safeguards the interests of the economy, the business community, and the public alike. Copyright Business Recorder, 2026
PAKISTAN ISSUES NEW FED RATES ON AIR TRAVEL TICKETS FOR FY2026-27
Date: 2026-07-21
Details: Written by Faisal Shahnawaz in Taxation FBR updates Federal Excise Duty structure for first-class, business-class, and club-class air tickets under the amended Federal Excise Act, 2005. Pakistan has introduced revised Federal Excise Duty (FED) rates on air travel tickets for the fiscal year 2026-27, with the updated structure now formally incorporated into the Federal Excise Act, 2005, as amended up to June 30, 2026. The Federal Board of Revenue (FBR) issued a notification outlining the new duty rates applicable to club-class, business-class, and first-class air tickets issued on or after July 1, 2026. The revised rates are based on the destination’s classification under the International Air Transport Association (IATA) Traffic Conference Areas. According to the updated schedule, passengers traveling to destinations falling under IATA Traffic Conference Area 1—which includes North America, Central America, South America, and surrounding regions—will be required to pay a Federal Excise Duty of Rs50,000 per eligible ticket. The government has maintained a higher duty rate for these long-haul destinations due to their premium travel nature. For destinations covered under IATA Traffic Conference Area 2, the FED structure has been divided into two categories. Travelers heading to the Middle East and Africa will be charged a duty of Rs25,000 on club, business, and first-class tickets. Meanwhile, passengers flying to European destinations will be subject to a higher FED of Rs40,000 per ticket. The revised schedule also covers IATA Traffic Conference Area 3, which includes Far East countries, Australia, and New Zealand. Under the new framework, passengers purchasing premium-class tickets for these destinations will pay a Federal Excise Duty of Rs40,000. The changes are aimed at enhancing revenue collection from premium international air travel while ensuring alignment with the latest fiscal policies. Tax experts noted that the updated rates will primarily affect travelers opting for business, club, and first-class services on international routes. Airlines and travel operators have also been directed to implement the revised duty structure on all eligible tickets issued from July 1, 2026, onward. The FBR shared that the updated provisions are now part of the Federal Excise Act and will remain applicable unless revised through future budgetary measures or statutory notifications.
FBR ANNOUNCES FED RATES ON ADVERTISEMENTS FOR FY2026-27
Date: 2026-07-21
Details: Written by Faisal Shahnawaz in Taxation Federal Excise Duty remains applicable on TV, cable TV, newspaper, billboard, and signboard advertisements under the updated Federal Excise Act. The Federal Board of Revenue (FBR) has officially notified the Federal Excise Duty (FED) rates applicable to various advertisement services for the fiscal year 2026-27, maintaining the taxation framework under the Federal Excise Act, 2005. According to the updated provisions of the Federal Excise Act, 2005, amended up to June 30, 2026, advertisements broadcast through television channels, cable TV networks, newspapers, periodicals, billboards, poles, signboards, and similar outdoor media platforms will continue to be subject to FED. The notification outlines a uniform duty structure across major advertising categories. Advertisements aired on closed-circuit television (TV) channels fall under heading/sub-heading number 9802.3000 and are subject to a Federal Excise Duty at the rate of 16 percent of the charges collected for such services. Similarly, advertisements transmitted through cable TV networks, classified under heading number 9802.5000, will also attract a 16 percent FED on the total charges. The tax applies to advertising services provided through cable operators and related broadcasting platforms. The FBR has also retained the same duty rate for advertisements published in newspapers and periodicals. These advertisements, excluding classified advertisements, are categorized under heading numbers 9802.4000 and 9802.9000. Outdoor advertising media, including hoarding boards, poles, signs, and signboards, are covered under the same provisions and remain liable to a 16 percent Federal Excise Duty. Tax experts believe the continuation of the existing FED structure provides clarity for media houses, advertising agencies, broadcasters, and businesses planning promotional campaigns during the fiscal year. The standardized duty rate across multiple advertising channels is expected to simplify compliance and tax calculations for stakeholders operating in the advertising industry. The latest notification confirms that no major changes have been introduced to the Federal Excise Duty rates on advertisement services for FY2026-27. Businesses utilizing television, print, cable, and outdoor advertising platforms will continue to pay FED at the prescribed rate of 16 percent of the charges, in accordance with the Federal Excise Act, 2005.
FBR IMPOSES FED OF RS16,500 PER KG ON E-CIGARETTE LIQUIDS
Date: 2026-07-21
Details: Written by Hamza Shahnawaz in Taxation Updated Federal Excise Act 2005 introduces new duty on E-liquids used in electric cigarette kits from June 30, 2026 The Federal Board of Revenue (FBR) has imposed a new Federal Excise Duty (FED) on E-liquids used in electric cigarette kits under the updated Federal Excise Act, 2005, amended up to June 30, 2026. According to the revised law, a federal excise duty of Rs16,500 per kilogram has been imposed on E-liquids, by whatever name called, used for electric cigarette kits. The updated FED rates form part of amendments made to the Federal Excise Act, 2005, aimed at revising the taxation structure on various products subject to excise duty. New FED rate on E-liquids Under the amended Federal Excise Act, E-liquids used in electric cigarette kits will now attract a duty rate of Rs16,500 per kg. The move places E-liquid products within the federal excise duty framework, with manufacturers, importers and suppliers required to comply with the updated taxation provisions. FBR updates excise duty framework The FBR regularly updates the Federal Excise Act to revise duty structures on different categories of goods and services. The latest amendments include changes applicable from the updated version of the law issued up to June 30, 2026. The introduction of FED on E-liquids is expected to impact the pricing and supply chain of electric cigarette products in Pakistan. Impact on electric cigarette market Industry stakeholders are likely to assess the impact of the new excise duty on import costs, retail prices and consumer demand for electric cigarette products. The revised tax measure comes as the government continues to broaden the scope of revenue collection through adjustments in federal taxation policies.
FBR EXPANDS POWERS TO CONDUCT ELECTRONIC AUDITS UNDER UPDATED FEDERAL EXCISE ACT
Date: 2026-07-21
Details: Written by Hamza Shahnawaz in Taxation Amended law introduces virtual audit proceedings, voluntary tax settlement incentives and stronger enforcement powers ISLAMABAD: The Federal Board of Revenue (FBR) has expanded its authority to conduct electronic audits and strengthen enforcement against federal excise duty evasion under the updated Federal Excise Act, 2005, amended up to June 30, 2026. The revised legislation authorises Inland Revenue officers to audit registered persons after issuing advance written notice, while also allowing the Commissioner to initiate audits at any time during the year if there is credible information or evidence suggesting fraud or evasion of federal excise duty. FBR authorised to conduct electronic audits A key amendment empowers the Commissioner to conduct electronic audit proceedings through video links or any other digital facility prescribed by the FBR. Following the completion of an audit, the Inland Revenue officer must obtain the taxpayer’s explanation for all audit observations before issuing a formal audit report containing the findings. Where necessary, the officer may subsequently determine the amount of federal excise duty payable, along with any applicable default surcharge, penalties and recovery of refunds that were wrongly claimed or issued, after providing the taxpayer with an opportunity to present their case. Incentives for voluntary tax compliance The updated law also introduces relief measures for taxpayers who voluntarily disclose unpaid or short-paid federal excise duty. Under the revised provisions: Before an audit begins: Taxpayers who voluntarily pay the outstanding duty along with the applicable default surcharge will not face any penalty. During or after an audit but before a show-cause notice: Taxpayers may settle their liability by paying the outstanding duty, default surcharge and 25% of the prescribed penalty. After a show-cause notice is issued: The liability can be settled by paying the outstanding duty, default surcharge and 50% of the prescribed penalty, after which further proceedings will be discontinued. The amendments are intended to encourage voluntary compliance while reducing lengthy litigation. Commissioner empowered to order re-audits The amended Federal Excise Act also authorises the Commissioner, with prior approval of the Chief Commissioner, to require a registered person to undergo a re-audit of accounts or a revaluation of inventory where additional scrutiny is considered necessary. Such directions may be issued where authorities believe: The accounts are unusually complex. The volume of transactions is exceptionally high. There are doubts regarding the accuracy of financial records. The business involves specialised operations. The interests of revenue require further examination. In such cases, taxpayers may be directed to obtain: A re-audit conducted by a qualified accountant. An inventory revaluation carried out by a qualified cost accountant. The reports must address specific issues raised by Inland Revenue authorities and be duly signed and verified by the appointed professionals. Strengthening digital tax administration The latest amendments form part of the FBR’s broader efforts to modernise tax administration through digital procedures, improve audit transparency and strengthen enforcement under the Federal Excise Act. Officials expect the introduction of FBR electronic audits, combined with incentives for voluntary compliance and enhanced audit powers, to improve revenue collection, reduce tax evasion and make the audit process more efficient for both taxpayers and tax authorities.
KCA INCREASES SPOT RATE BY RS300 TO RS18,600/MAUND
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Monday increased the spot rate by Rs 300 per maund and closed it at Rs 18,600 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the rate of cotton in Sindh is in between Rs 18,500 to Rs 18,600 per maund, while Phutti in the province is trading between Rs 8,800 to Rs 9,500 per 40 kilograms. In Punjab, cotton rates stand between Rs 19,000 to Rs 19,500 per maund, with Phutti fetching between Rs 9,000to Rs 9,800 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 15,400 to Rs 15,500 per maund. The rate of Phutti is in between Rs 9,200 to Rs 10,000 per 40 kg. Copyright Business Recorder, 2026
CHINA STOCKS REBOUND ON STATE SUPPORT
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 3 hours ago SHANGHAI: China stocks rose on Monday, following a tumble in the week prior, as signs of state support lifted sentiment in the so-called traditional sectors, while richly valued tech shares and small-caps continued to slide. The large-cap CSI300 Index gained 1.5 percent, while the Shanghai Composite Index advanced 0.9 percent. Both indexes slumped more than 5 percent last week, part of a global selloff that saw renewed conflict in the Middle East hit sentiment and chip shares plunge. Meanwhile, Chinese investors rushed to unwind leveraged bets, slashing outstanding margin loans by more than 160 billion yuan (USD23.65 billion) last week. In Hong Kong, the Hang Seng Index climbed 2.4 percent. China’s top securities regulator Wu Qing chaired a meeting with investors in Beijing on Monday, vowing to make “all efforts†to maintain market stability. In another signal of Beijing’s intention to stem the recent market rout, two state-owned firms said over the weekend they had spent roughly 60 billion yuan (USD8.86 billion) recently buying stocks. In addition, a slew of listed state firms, including Aluminum Corp of China, CRRC Corp and SDIC Power said their state parents plan to increase share holdings to help bolster investor confidence. Sectors such as consumer, property and utility that have lagged far behind tech shares this year supported the rebound. Investors took advantage of an early rebound to cut positions in tech shares amid growing concerns over their stretched valuations. The tech-focused STAR Composite Index fell 2.3 percent to a near three-month low by the close. Smaller STAR-listed companies slumped more than 6 percent. An index tracking chip-making material and equipment companies plunged 7 percent, recording a seven-day losing streak. “Any extremely overcrowded sectors face huge volatility risks,†said Wang Zhuo, partner at Shanghai Zhuozhu Investment, referring to China’s AI and chip stocks. When their uptrend loses steam, “money will definitely hunt for assets able to offer earnings certainty and stable cash flows.†Institutional demand for chipmaker CXMT Corp’s USD8.6 billion IPO was less feverish than in China’s previous initial public offerings this year. In Hong Kong, biotech, energy and consumer stocks led the gains.
S&P 500, NASDAQ EDGE HIGHER AS CHIPS RECOVER
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 3 hours ago NEW YORK: The S&P 500 and the Nasdaq rose on Monday as chip stocks recovered from last week’s sharp selloff, while investors looked ahead to earnings from major technology companies that have driven Wall Street’s AI-fueled rally. Alphabet added to the gains, rising 2.9 percent after a report said its Google unit is developing a Gemini-integrated server chip aimed at improving AI efficiency and easing computing-capacity constraints. The second-quarter earnings season will pick up pace this week, with results due from Alphabet, Tesla, Intel and IBM. Investors will focus closely on Intel and Texas Instruments for any encouraging signs after a recent slide in semiconductor shares. A surge in AI capital spending by hyperscalers has been a major driver behind this year’s market gains, lifting chip stocks and other companies that are seen as the beneficiaries of the buildout, and helping Wall Street climb to record levels. But last week’s selloff raised concerns that valuations had run too far, too fast. The Philadelphia SE Semiconductor Index ended Friday more than 20 percent below its late-June record high, confirming a bear-market decline. The gauge was up 1.9 percent on Monday. “Our expectation is that earnings will continue to be good. It’s just a little bit harder to tell if they will be better than expected because there’s such a high bar at this point,†said Chris Zaccarelli, chief investment officer for Northlight Asset Management. Markets are expecting S&P 500 earnings growth of 26 percent for the second quarter, year-on-year, up from an earlier estimate of 23.7 percent, according to data compiled by LSEG. At 11:49 a.m. ET, the Dow Jones Industrial Average fell 123.88 points, or 0.24 percent, to 52,022.54, the S&P 500 gained 20.88 points, or 0.28 percent, to 7,478.57 and the Nasdaq Composite gained 147.22 points, or 0.58 percent, to 25,667.46. Memory chipmakers were leading the gains among semiconductor stocks. Micron Technology and SanDisk were up 4.8 percent and 6 percent, respectively.
PETROLEUM PRODUCTS: WAVE OF PROTESTS PUTS GOVT’S DAILY PRICING POLICY IN JEOPARDY
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 2 hours ago KARACHI: Business and industrial community has urged the Prime Minister Shehbaz Sharif and Minister for Petroleum Ali Pervaiz Malik to withdraw the government’s decision to introduce daily pricing of petroleum products, warning that the policy could prove disastrous for industry, trade and the broader economy. They said that fuel pricing mechanisms were to be formulated through broad based consultation with all the stakeholders. Expressing serious reservations over the government’s decision to introduce daily pricing of petroleum products, SITE Association of Industry President Abdul Rehman Fudda urged Prime Minister Shehbaz Sharif to immediately review and withdraw the policy, warning that it could trigger a fresh crisis for Pakistan’s industrial and export sectors. He said the country’s manufacturing sector was already under immense pressure due to high electricity and gas tariffs, excessive taxation and steadily rising production costs. Introducing daily revisions in petroleum prices, he said, would further deepen uncertainty for businesses, making long-term planning and cost management increasingly difficult. “The two biggest challenges confronting Pakistan’s industrial sector are expensive energy and policy uncertainty,†he said. “If manufacturers wake up every morning unsure of fuel prices and production costs, they cannot effectively price their products, manage inventories or make investment decisions.†SAI chief noted that export-oriented industries were particularly vulnerable because export contracts were typically finalized several months before delivery. Continuous fluctuations in fuel prices during the production cycle, he said, would significantly increase manufacturing and logistics costs, making it difficult for Pakistani exporters to remain competitive in international markets. He said domestic manufacturers also faced practical constraints, as they could not revise product prices on a daily basis to absorb rising input costs. Appealing directly to Prime Minister Shehbaz Sharif, Fudda proposed that petroleum prices should be fixed at least on a monthly basis to provide businesses with a predictable operating environment. If international oil price volatility created fiscal pressure, he suggested that the government temporarily adjust the petroleum levy rather than passing daily price fluctuations on to industry. He expressed hope that the prime minister and relevant policymakers would take the concerns of the business community seriously and adopt a stable and predictable pricing mechanism to protect industrial activity, safeguard exports and preserve employment. The Salt Manufacturers Association of Pakistan (SMAP) has appealed to Prime Minister Shehbaz Sharif to immediately reconsider the government’s decision to introduce daily pricing of petroleum products, warning that the policy could prove disastrous for industry, trade and the broader economy. SMAP founder Chairman Ismail Suttar said the manufacturing sector was already struggling under the burden of high electricity and gas tariffs, elevated taxation and rising operational costs. Introducing daily fluctuations in petroleum prices, he cautioned, would further escalate production costs, disrupt business planning and make it increasingly difficult for industries to remain operational. “The industrial sector is already operating under severe financial pressure. If fuel prices continue to change every day, production costs will become unpredictable, business confidence will erode and many industries may find it impossible to continue operations,†he said. Ismail Suttar urged Prime Minister Shehbaz Sharif to withdraw the decision, arguing that while the government frequently spoke of promoting industrial growth and investment, policies that created uncertainty for businesses undermined those objectives. He maintained that a thriving industrial sector was essential for economic stability and government revenue generation. “If industries are forced to shut down due to unsustainable costs, the government’s own tax revenues will suffer. Sustainable economic growth can only be achieved when businesses are allowed to operate in a stable and predictable environment,†he added. Expressing concern over the wider economic implications, Suttar said daily revisions in petroleum prices would not only increase costs for manufacturers but would also trigger another wave of inflation, placing an additional burden on consumers who were already struggling with the rising cost of living. Referring specifically to the salt industry, he noted that salt was a low-value but high-volume commodity, making transportation costs a significant component of its overall price. Daily fluctuations in fuel prices, he said, would create uncertainty in freight charges, disrupt supply chain planning and make it extremely difficult for manufacturers and traders to determine competitive market prices. Appealing directly to the prime minister, Ismail Suttar proposed that the government adopted a weekly petroleum pricing mechanism instead of a daily one. He also urged the government not to implement the new system without prior consultation with industry representatives, trade bodies and other stakeholders. “Any policy that has far-reaching consequences for businesses and the national economy should be formulated through meaningful consultation. A predictable pricing framework will help protect industry, safeguard employment and support sustainable economic growth,†he said. President of the Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance as well as Chairman ofthe National Business Group,Mian Zahid Hussain has said that shifting petroleum prices from weekly to daily determination is an important economic reform, but it should not be implemented without complete transparency, a clearly defined mechanism and meaningful consultation with oil marketing companies and petrol-pump owners. He said that according to the government, daily price determination would reduce political intervention, limit opportunities for extraordinary profits and allow changes in international oil markets to be reflected more quickly in domestic prices. OGRA has indicated that it will publish daily price data, while the new system is also expected to cover the Inland Freight Equalization Margin, refinery adjustments, stock management and a mechanism for subsequently adjusting price differences. Mian Zahid Hussain said that the proposed measures and rules must be finalised before full implementation because petroleum prices directly affected transport, agriculture, industry and household expenditure. The latest increase demonstrated the risks associated with the new system. From July 18, the price of petrol increased by Rs5.44 per litre to Rs316.15, while high-speed diesel rose by Rs31.05 to Rs354.35 per litre. He said diesel was widely used in trucks, public transport, tractors, harvesting machinery, construction equipment and electricity-generating units. Therefore, an increase of more than Rs31 per litrewould immediately raise freight charges, food-distribution costs, agricultural expenditure and industrial production costs. Mian Zahid Hussain said that the Sensitive Price Indicator had already increased by 1.40 percent during the week ending July 16 and reached 357.61. Since the latest diesel-price increase took effect after that reporting period, its full impact might become visible in the coming weeks through higher transport fares and increases in the prices of vegetables, flour, construction material and other essential goods. He said that the Oil Companies Advisory Council had described daily pricing as an important step towards deregulation, competition and market-based price determination. However, oil marketing companies, refineries and industry representatives had also raised serious concerns regarding supply-chain operations, timely availability of data, valuation of existing stocks and the sale of fuel purchased at one price after a new price became effective. Rapid changes in prices might create major transparency and reconciliation issues if those matters were not resolved in advance. Mian Zahid Hussain said that petrol-pump owners had strongly opposed the policy in its present form, warning the government of nationwide protests and a possible strike. They maintained that daily price revisions could cause losses on existing stocks, disrupt oil-tanker movements and create administrative complications at approximately 15,000 retail outlets. He said that the credibility of the daily pricing system would depend on whether every change in international oil prices was passed on to consumers promptly in exact consequence. Increases must not be transferred immediately while reductions were delayed. OGRA should publish a complete daily price calculation online showing the international benchmark, exchange rate, import premium, ex-refinery price, freight margin, petroleum levy, carbon levy, OMC margin and dealer commission. Mian Zahid Hussain proposed the establishment of a broad-based committee comprising the government, OGRA, State Bank, economic experts, FPCCI, relevant stakeholders and consumers to oversee the daily pricing framework. He further said that a uniform implementation time across the country and a transparent mechanism for adjusting differences in the value of existing stocks were essential. Daily pricing might improve transparency, but it must not become a source of daily uncertainty for businesses and consumers. The government should implement the system only after securing stakeholder consensus, ensuring uninterrupted supplies and guaranteeing that every reduction in international prices was passed on to consumers with the same speed as an increase. Copyright Business Recorder, 2026
LCCI URGES BUSINESS-FRIENDLY FUEL CONSERVATION MEASURES
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 2 hours ago LAHORE: Lahore Chamber of Commerce and Industry President Faheem-ur-Rehman Saigol has urged the government to ensure that any fuel conservation or austerity measures being considered in response to rising international oil prices and foreign exchange pressures should not adversely affect business, trade and industrial activity. Commenting on reports that the government is weighing the reintroduction of fuel-saving and austerity measures, the LCCI President said that while the business community fully understands the need for prudent resource management during challenging economic circumstances, measures that restrict commercial operations could have serious consequences for economic growth, employment and revenue generation. According to him, the business community is still adjusting to the reduced business hours that remain in place in many sectors. Further reductions in market and business operating hours would negatively impact trade volumes, retail activity, supply chains and industrial productivity at a time when the economy requires greater momentum rather than additional constraints, Faheem observed. He said previous restrictions on business timings had resulted in lower customer footfall, disruptions in commercial transactions and increased operational difficulties for traders and industrialists. Any further curtailment of business hours could undermine efforts to stimulate economic activity, reduce tax collection and weaken the confidence of investors and entrepreneurs. Faheem said alternative conservation measures that do not disrupt productive economic activity should be given priority. Greater emphasis can be placed on energy efficiency, digitization of government operations, reduction in non-development expenditures and improved public sector resource management instead of imposing additional restrictions on businesses. He further observed that Pakistan’s economic recovery remains fragile and requires sustained support for trade, industry and exports. Policies that inadvertently reduce business activity could slow economic growth, affect employment opportunities and diminish the competitiveness of Pakistani enterprises. “The business community stands ready to cooperate with the government in addressing national economic challenges, but austerity measures must not come at the cost of trade, industry and economic growth.†Protecting business activity is essential for sustaining jobs, investment, exports and government revenues,†Faheem concluded. Copyright Business Recorder, 2026
SCCI, UBG OPPOSE IMPOSITION OF TAXES ON EX-FATA, PATA REGION
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 2 hours ago PESHAWAR: Sarhad Chamber of Commerce and Industry and United Business Group (UBG) fully backed the stance and reservations of business community belonging from erstwhile of the Federally Administered Tribal Area (FATA) and Provincial Administered Tribal Area (PATA) regarding the imposition of taxes and called upon the government to revisit its decision while keeping the prevailing scenario in the region. The UBG meeting was held with senior office bearers and members of all chambers of commerce and industry of Khyber Pakhtunkhwa at the Sarhad Chamber of Commerce and Industry here. Besides, Patron in Chief UBG S.M Tanveer, Secretary General UBG Zafar Bakhtawari FPCCI President Atif Ikram Sheikh, UBG leader and former president FPCCI Ghazanfar Bilour, UBG Provincial General Secretary Haji Muhammad Afzal, President SCCI Junaid Altaf, chambers office bearers and others were present during the meeting. The meeting thoroughly deliberated on key-challenges being faced by the business community and took a firm stance against the imposition of taxes on the ex-Fata and PATA region. The UBG leaders highlighted the border’s closure issues, stating that business and industry have completely closed down since the closure of the Torkham Border. They called the Torkham border as a lifeline for the business community of KP, urging them to reconsider the decision in the best interest of economic, trade and industry. UGB leaders assured the government to support economic growth. They, however, called for making proper consultation before framing economic policies to make them business-investment friendly. In his opening remarks, President SCCI underlined several issues of the business community of Khyber Pakhtunkhwa, especially imposition of taxes on ex-FATA and PATA region. He stressed unity and close coordination/liaison to jointly address the increasing challenges being faced by the business community. S.M Tanveer, Patron in chief during his keynote speech shed light on the growing economic challenges and stressed long-term economic reforms rather than short-term measures. He called for a comprehensive and effective strategy that is urgently needed to cope with the issues being faced by the business community. Zafar Bakhtawari emphasized the need for collective efforts to stabilize Pakistan’s economy and promote local industries. FPCCI President Atif Ikram Sheikh assured the business community that their voices are being raised at every administrative level to find sustainable, long term solutions. He emphasized that Khyber Pakhtunkhwa is a province rich in natural resources. With the right infrastructure, better facilities, and proper government attention, it has the potential to transform into a highly sustainable economy, he remarked. However, he pointed out that security challenges have dealt a severe blow to the province’s industrial sector. He strongly urged the government to compensate for these hardships by ensuring significant tax relief for local businesses. Other prominent leaders, including Ghazanfar Bilour, Haji Muhammad Afzal and Junaid Altaf also addressed the gathering, reiterating the need for collective action to revive the provincial economy. Copyright Business Recorder, 2026
OIL PRICES DIP AS MEDIATION EFFORTS OFFSET US-IRAN STRIKES
Date: 2026-07-21
Details: • Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel Published July 21, 2026 Updated about an hour ago Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis. Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel by 0052 GMT, while US West Texas Intermediate crude for September delivery was steady at $82.47 a barrel. Both contracts were trading below their highest levels in more than a month hit in â the previous session. Yemen’s Iran-aligned Houthis said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front against the U.S. in its war on Iran and raising the threat to global energy supplies and trade beyond the Gulf. “The threats of a naval blockade on Saudi Arabia by the Houthis are significant because they raise the risk of disruption to another major oil exporter,†said Tim Waterer, chief market analyst at KCM Trade. Separately, a senior Iranian official told Reuters that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts â to salvage an interim deal signed on June 17, intended to pave the way for a lasting agreement to end the war that began on February 28 with US-Israeli attacks on Iran. The diplomatic push followed another night of U.S. strikes on Iranian cities and attacks by Iran’s Revolutionary Guards on U.S. military â assets across the region. Later on Monday, US Central Command said it had begun another round of strikes on Iran. “(Oil) has come a long way already and it certainly has the potential to go higher again. However, â in the short term the overnight talk of de-escalation and peace talks appears to be capping the upside for the time being. Whether anything comes from those peace talks remains to â be seen,†IG market analyst Tony Sycamore said in a note. US crude oil stockpiles were expected to have fallen last week alongside gasoline, while distillate stocks likely rose, a preliminary Reuters poll showed on Monday.
ACTIVITIES OF KARACHI PORT TRUST, PORT QASIM
Date: 2026-07-21
Details: Published July 21, 2026 Updated about 4 hours ago KARACHI: The Karachi Port Trust handled 134,710 tonnes of Cargo Comprising 94,261 tonnes of Import Cargo and 40,449 tonnes of Export Cargo during last 24 hours, ending at 0700 hours. The Total Import Cargo of 94,261 tonnes Comprised of 52,018 tonnes of Containerized Cargo, 19,702 tonnes of B Bulk Cargo, 4,967 tonnes of Canola, 1,015 tonnes of Lentils, & 16,559 tonnes of Liquid Cargo. The Total Export Cargo of 40,449 tonnes Comprised of 31,478 tonnes of Containerized Cargo, 345 tonnes of B Bulk Cargo, 298 tonnes of Cement, 3,415 tonnes of Clinkers, 1,856 tonnes of Loose Bulk Cement,& 3,057 tonnes of rice. Approximately, 06 ships namely Nani K, Sidra, Fourace, Newvoyager, Feng Hai 66, & Gsl Rossi berthed at the Karachi Port Trust. Around, 07 ships namely Dm Condor, Fu Rong Song, Gala Leader, Hong Da Xin 768, Rui Ning 9, CulHo chiminh, Union Odyssey, & Lisbon Express sailed from the Karachi Port Trust. PORT QASIM A total of eleven ships were engaged at PQA berths during the last 24 hours, out of them a gas carrier ‘Nave Cassiopia’ left the port on Monday morning, while six more ships, Akij Pearl, Firando, ACE, Mookda Naree, Photon and MSC Charleston are expected to sail on Monday afternoon. Cargo volume of 184,094 tones comprising 125,258 tones imports cargo and 58,836 export cargo carried in 5,900 Containers (2,500 TEUs Imports & 3,400 TEUs Export)was handled at the port during last 24 hours. There are 16 ships at Outer Anchorage of the Port Qasim, out of them three ships, Torm Alice, Anastasia and Evanthia& another ship ‘MSC Lome-V’ carrying Palm oil, Soya Bean Seed, Coal and Container are expected to take berths LCT, FAP, MW-4 and QICT respectively on Monday 20th July, 2026. Copyright Business Recorder, 2026
UPDATED TAX LAWS OMIT FOOTNOTES ON REPLACED LEGAL PROVISIONS
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 2 hours ago ISLAMABAD: The updated Sales Tax Act, 1990 and Federal Excise Act, 2005 has not mentioned brief explanatory footnotes and references of the old/replaced sections of the law which are necessary to be highlighted at the footnote of the Acts. The Federal Board of Revenue (FBR) has issued updated Sales Tax Act, 1990 and Federal Excise Act, 2005, incorporating amendments made through Finance Act 2026. Sales tax experts and practitioners told Business Recorder that the updated laws have specified the sections replaced with the new section, but the old provisions have not been reproduced in the foot note. Certain provisions of sub-sections have not been mentioned in the foot notes which need to be corrected. Similarly, certain spelling mistakes have also been observed in the main contents of the Sales Tax Act, 1990. Furthermore, while preparing the footnotes, the clauses of the Finance Act, 2026 have been pasted instead of providing brief explanatory footnotes. The FBR appeared to be deviated from its previous practice, and it appears that someone prepared the law in haste. It seems that revised law has not been thoroughly review before uploading the same on the FBR’s official website. A well-respected tax lawyer stated that this unprecedented action by the Board may misguide taxpayers and requested that the Chairman, FBR, personally look into the matter and make the necessary corrections. It appears that the updated laws have been issued in hurry which needs further review before uploading on the FBR website. The Sales Tax Act, 1990 and Federal Excise Act, 2005as amended up to June 30, 2026 has been placed on the FBR website on Friday. The amendments made through Finance Act, 2026 have been shown in Red. Copyright Business Recorder, 2026
TRIBUNAL PROCEEDINGS: LTBA BODY FLAGS TAX MATTER
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 2 hours ago ISLAMABAD: The Public Interest Litigation Committee (PILC) of the Lahore Tax Bar Association (LTBA) has formally flagged a tax matter on tribunal proceedings that strikes at the root of public confidence in the appellate taxation system of Pakistan. In a communication addressed to the Chairman of the Appellate Tribunal Inland Revenue (ATIR) and marked in advance copy to the Prime Minister’s Performance Delivery Unit, the Federal Minister for Law and Justice, and the Secretary, Law and Justice Division, the Committee has requested an urgent and independent investigation into the conduct of proceedings before Appellate Tribunal, Islamabad. The representation, moved by Chairman of the LTBA-PILC, is founded on a written complaint received from Muhammad Zulqarnain Awan, Advocate dated 13 July 2026. An order rejecting the condonation application, though dated 19.05.2026 on its face, is alleged to have actually been issued on 24.06.2026, over a month later, without any explanation for the delay. Despite the condonation application having purportedly been rejected on 19.05.2026, the main appeal was nonetheless fixed and heard on 03.06.2026, a sequence the complainant describes as irreconcilable with an innocent reading of the record, the applicant alleged. The ATIR order sheet dated 19.05.2026, as available with the applicant, is stated to be missing the signature of one of the Members of the Bench, notwithstanding representations that the file was still lying in the issuance branch as late as 23.06.2026. The LTBA-PILC has been careful to note that these remain, at this stage, allegations and that no finding of guilt against any individual Member of the Bench is intended or implied. The Committee has explicitly stated that such a determination is properly reserved for a competent and independent inquiry. Nevertheless, it has termed the allegations “grave,†warning that if true even in part, they would strike at the integrity of the judicial record of an appellate forum entrusted with tax adjudication in Pakistan. LTBA-PILC has requested the Chairman, ATIR, to cause a detailed and independent investigation, on a priority basis, into the circumstances surrounding the alleged backdating, delayed issuance, and unsigned status of the order sheet dated 19.05.2026, along with the related contradictions in the record. It has further requested that the outcome of the investigation be shared with the Committee for its information and record. Copyright Business Recorder, 2026
PUNJAB INCREASES SALES TAX ON CONSULTANCY SERVICES TO 8%
Date: 2026-07-20
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Punjab Finance Act, 2026 increases the concessionary sales tax rate for consultants and rent-a-car services from 5% to 8% without input tax adjustment. LAHORE: The Punjab government has increased the concessionary sales tax rate on consultancy services to 8 per cent under the Punjab Finance Act, 2026, raising the rate from 5 per cent for the fiscal year 2026-27. The revised rate applies to specified professional services provided without the facility of input tax adjustment and forms part of the provincial government’s revenue measures for the new financial year. Consultancy services taxed at 8% Under the amended law, an 8 per cent sales tax will apply, without input tax adjustment, to services relating to accountancy, auditing, taxation and corporate law consultancy. The revised rate covers services provided by: • Accountants, including practising chartered accountants and cost accountants; • Auditors; • Actuaries; • Tax consultants, by whatever name called; • Practising company secretaries; • Receivers; • Liquidators; • Auctioneers; and • Corporate law consultants. The concessionary rate is available on the condition that input tax adjustment is not claimed. Previously, these professional services were subject to a 5 per cent sales tax under the same conditions. Higher tax on rent-a-car services The Punjab Finance Act, 2026 has also increased the concessionary sales tax rate on rent-a-car services, including the rental of all categories of vehicles used for the transportation of persons. The applicable rate has been raised from 5 per cent to 8 per cent, provided the services are supplied to end consumers and the service provider does not claim input tax adjustment. Revenue and compliance objectives The increase in concessionary tax rates forms part of the Punjab government’s broader fiscal strategy to enhance provincial revenue while maintaining simplified taxation regimes for selected service sectors. Tax experts said the revised rates will increase the tax burden on consultants and vehicle rental businesses operating under the concessionary regime. However, they noted that businesses may continue to benefit from simplified compliance by opting for the reduced-rate structure without claiming input tax credits. They advised service providers to review their invoicing systems, pricing policies and tax compliance procedures to ensure the correct application of the new rates from the start of FY2026-27.
PUNJAB RAISES CONCESSIONARY TAX RATE TO 8% FOR HOTELS AND RESTAURANTS
Date: 2026-07-20
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Punjab Finance Act, 2026 increases the reduced sales tax rate from 5% to 8% for digitally paid hotel and restaurant services without input tax adjustment. LAHORE: The Punjab government has increased the concessionary sales tax rate on services provided by hotels and restaurants from 5 per cent to 8 per cent under the Punjab Finance Act, 2026, with the revised rate taking effect during the fiscal year 2026-27. The increase forms part of the provincial government’s fiscal measures aimed at enhancing revenue collection while continuing to encourage digital payments in the hospitality sector. Hotels and guest houses Under the amended law, a concessionary sales tax rate of 8 per cent will apply to services provided by hotels, motels and guest houses, provided that payment for the services is received through debit cards, credit cards, mobile wallets or QR code payments. Businesses opting for the concessionary rate will not be entitled to adjust input tax. Previously, a reduced rate of 5 per cent was available without input tax adjustment for non-corporate, non-franchise and non-chain businesses operating establishments with fewer than 20 rooms. Restaurants and cafés The Finance Act, 2026 also revises the concessionary tax rate for services provided by restaurants, cafés, food parlours, ice cream parlours, coffee houses, coffee shops, dhabas, food huts, eateries, resorts and similar outlets serving cooked or ready-to-eat food. These businesses will now be subject to an 8 per cent sales tax rate, subject to the condition that payment is received through debit cards, credit cards, mobile wallets or QR scanning. As with hotels, businesses availing themselves of the concessionary rate will not be permitted to claim input tax adjustment. The previous concessionary rate of 5 per cent applied under similar conditions. Focus on digital payments Tax experts said the revised tax structure reflects the Punjab government’s continued emphasis on promoting digital payment channels while increasing provincial revenue. They noted that businesses accepting electronic payments can still benefit from the concessionary tax rate, although the increase from 5 per cent to 8 per cent will raise the tax burden for service providers operating under the reduced-rate regime. The experts added that hotels and restaurants should review their pricing strategies and tax compliance procedures to ensure they correctly apply the revised rate and comply with the conditions governing eligibility for the concessionary regime.
FBR INTRODUCES NEW SALES TAX EXEMPTIONS FOR FY2026-27
Date: 2026-07-20
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Finance Act, 2026 expands the list of exempt goods and imports, including sanitary products, contraceptives, selected vessels and bulletproof vehicles. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a range of new sales tax exemptions for FY2026-27 through amendments made to Table I of the Sixth Schedule to the Sales Tax Act, 1990 under the Finance Act, 2026. According to FBR officials, the new exemptions are intended to provide relief for selected essential goods and strategic imports while supporting specific government initiatives. New sales tax exemptions The Finance Act, 2026 grants sales tax exemptions on the following goods and imports: • Wheat bran and rice bran. • Contraceptives. • Female sanitary pads and tampons. • Import or lease of aircraft and aircraft parts by any airline company registered in Pakistan. This exemption will become effective from July 1, 2027. • Import of tankers, dredgers, floating or submersible drilling or production platforms, floating structures and vessels, and other vessels for the transportation of goods, excluding cruise ships, excursion boats and similar vessels principally designed for the transport of passengers. The exemption will apply only to quantities approved by the Ministry of Maritime Affairs. • Import of bulletproof vehicles by the federal government for logistical arrangements relating to the Shanghai Cooperation Organisation (SCO) Summit, subject to prior approval from the Ministry of Foreign Affairs and the Ministry of Interior and Narcotics Control. • Import of bulletproof vehicles by the federal or provincial governments where a public office-holder faces a terrorism-related threat, as determined by the Ministry of Interior and Narcotics Control and approved by the federal government. Relief for essential goods and strategic sectors Officials said the exemptions covering wheat bran, rice bran, contraceptives and female sanitary products are aimed at reducing the tax burden on essential commodities. The exemption for aircraft imports and leases is expected to support Pakistan’s aviation sector, while the relief for specialised maritime vessels is intended to facilitate shipping, dredging and port development activities. Meanwhile, the exemption for bulletproof vehicles has been introduced to facilitate security arrangements for international events and to meet official security requirements where credible terrorism threats exist. Tax experts said the new exemptions reflect the government’s policy of providing targeted tax relief for essential goods and strategically important sectors while balancing broader revenue objectives under the Finance Act, 2026. They added that businesses intending to benefit from these exemptions should ensure compliance with the prescribed approval and documentation requirements set out in the amended law.
PAKISTAN CUTS CORPORATE TAX RATE FOR BANKS TO 42% IN FY27
Date: 2026-07-20
Details: Written by Hamza Shahnawaz in Taxation, Top stories Reduced tax rate takes effect from January 1, 2026, while tax rates for small companies and other corporate entities remain unchanged. ISLAMABAD: Pakistan has reduced the corporate tax rate for banks to 42 percent for the tax year corresponding to FY2026-27, effective from January 1, 2026, according to sources within the Federal Board of Revenue (FBR). The revised rate represents a one percentage point reduction from the 43 percent corporate tax rate applicable in the previous year. Banks in Pakistan follow a calendar-year financial cycle, with their financial year commencing on January 1 and ending on December 31. The reduction forms part of the government’s corporate tax framework for FY2026-27. Corporate tax rates remain unchanged for other companies Under the prevailing tax structure, the corporate tax rate for small companies will remain at 20 percent, while all other companies will continue to be taxed at 29 percent during FY2026-27. The revised rate applies exclusively to banking companies, which have historically been subject to higher corporate taxation than other sectors. Industry expects stronger profitability Tax and financial experts believe the reduction in the corporate tax rate will strengthen the financial position of banks by improving after-tax profitability and supporting capital accumulation. They noted that higher retained earnings could enhance banks’ balance sheets, improve lending capacity and strengthen their resilience against economic shocks. However, experts also pointed out that Pakistan’s corporate tax rate for banks remains comparatively high by regional standards. They argued that a gradual reduction in corporate tax rates across the corporate sector could improve Pakistan’s competitiveness, encourage greater corporatisation of businesses and attract higher levels of domestic and foreign investment. Economists added that a more competitive corporate tax regime, combined with broader tax reforms and policy stability, would help create a more favourable investment climate while supporting long-term economic growth.
INDIAN SHARES MAY OPEN A TAD LOWER ON MIDEAST CONCERNS; EARNINGS IN FOCUS
Date: 2026-07-20
Details: • GIFT Nifty futures GIFc1 were trading at 24,297.5 Published July 20, 2026 Updated 31 minutes ago Indian shares are expected to open slightly lower on Monday as rising oil prices, driven by escalating conflict in the Middle East, offset better-than-expected earnings from heavyweights Reliance Industries and ICICI Bank. GIFT Nifty futures GIFc1 were trading at 24,297.5 as of 7:59 a.m. IST, indicating the Nifty 50 could open slightly below Friday’s close of 24,334.3. US forces struck Iran for a ninth consecutive day as the number of confirmed American military deaths in the renewed â fighting rose to three and concerns grew over shipping through the Strait of Hormuz. Brent crude futures jumped 2.5% to top $90 per barrel for the first time in over a month, adding to concerns for import-dependent economies such as India. At home, the focus will be on earnings after India’s top four private banks and oil-to-telecom conglomerate Reliance Industries reported their quarterly results after market hours on Friday and over the weekend. Billionaire Mukesh Ambani’s Reliance â Industries beat market expectations for first-quarter net profit, driven by strong performances across its oil-to-chemicals, retail and telecom businesses. India’s second-largest private lender, ICICI Bank, reported higher-than-expected earnings for the June quarter, driven by stronger loan demand and lower provisions for â bad loans. Kotak Mahindra Bank and Axis Bank also reported better-than-expected results, while India’s largest private lender HDFC Bank’s earnings met analysts’ expectations. Jefferies said ICICI Bank surprised positively, â followed by Kotak Bank and Axis Bank, while HDFC Bank’s earnings were relatively weaker. India’s benchmark Nifty 50 and BSE Sensex rose 0.5% and â 0.8%, respectively, last week, led by IT stocks on better-than-expected earnings, while heavyweights HDFC Bank, ICICI Bank and Reliance Industries rose 1.4% to 2.4% on Friday.
ASIA SHARES SHAKY AS OIL CLIMBS, EARNINGS LOOM
Date: 2026-07-20
Details: • MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3% Published July 20, 2026 Updated 43 minutes ago SYDNEY: Asian share markets slipped on Monday as the escalating conflict in the Gulf lifted oil prices and fanned fears of inflation, while a packed week of major tech earnings will further test investor faith in the AI trade. Brent crude climbed above $90 a barrel for the first time in more than a month as the US military started a ninth straight day of attacks against Iran, which in turn struck targets across the region. Just a handful of ships transited the Strait of Hormuz on Sunday and one was reported to be on fire. “The longer the Strait remains closed and the war escalates the greater the risk that oil prices will have to rise to around $150/barrel to bring demand down to match the hit to supply,†said Shane Oliver, head of investment strategy at fund manager AMP. “This is not our base case but it’s a high risk again.†Brent duly added â 2.6% to $90.40 a barrel, while U.S. crude rose 2.3% to $84.39. The jump in fuel costs has revived worries about inflation even as U.S. consumer price data surprised on the downside last week, leading futures markets to price in 29 basis points of Federal Reserve rate hikes by year-end. “Our forecast is for a more gradual turn toward a Fed hike in 2027, but the balance of risks is shifting in the direction of an earlier hike than expected,†said Bruce Kasman, chief economist at JPMorgan, noting a recent hawkish tilt in Fed policy rhetoric. Futures imply a 60% chance of a rate rise as early as September, pushing yields on 30-year Treasuries back above the psychological 5.0% barrier. This is a level that tends to attract funds away from equities and toward fixed income, while lifting the valuation bar for future corporate earnings. The shift has come just as investors question sky-high valuations for chip and AI stocks, which have seen the Philadelphia Semiconductor Index shed 10% last week to leave it 20% down from June’s record high. Lofty expectations for earnings Markets took an â added blow on Friday when Chinese AI firm Moonshot said it had a new open weight model, Kimi K3, that it says delivers performance approaching U.S. giant Anthropic’s frontier Fable model. All of which raises the stakes for this week’s rush of profit results, which include Alphabet, Intel and Tesla. BofA analyst Savita Subramanian remains upbeat on the earnings outlook, tipping a 5% beat versus consensus, or 28% growth. Tech is expected to drive over half of growth, with semiconductors expected to rise around 130% year-on-year. Such forecasts helped S&P 500 futures hold steady, while Nasdaq futures edged up 0.1%. In Europe, â EUROSTOXX 50 futures were little changed, while DAX futures and FTSE futures eased 0.1%. Japan’s Nikkei was closed for a holiday, having shed 6.4% last week in a tech-led rout. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%, while Chinese blue chips rose 1.4%. South Korea’schip-heavy market lost a further 4.2%, after diving almost 9% last week in wild trade as retail investors were â squeezed out of leveraged positions. The latest spike in oil will be a headache for the European Central Bank which meets on Thursday and is considered likely to hold rates at 2.25% following June’s hike. Attention will be on policy makers’ guidance with markets almost fully priced for a rise at its September meeting and rates of 2.75% early next â year. The euro was flat at $1.1433 , having spent more than a week trading between $1.1377 and $1.1482. The dollar was steady at 162.39 yen , just below the recent 40-year peak of 162.84 as Japanese authorities flag the threat of intervention should the yen weaken quickly. Sterling held at $1.3449 as bond markets waited for Britain’s incoming Prime Minister Andy Burnham to name a new treasurer. In commodity markets, the rise in yields pressured non-interest-paying gold which fell 0.5% to $3,998 an ounce .
FTSE 100 RISES ON UTILITIES, ENERGY BOOST
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 2 hours ago LONDON: London’s FTSE 100 ended higher on Friday as utilities shares rose and energy giants gained, tracking higher crude oil prices amid escalating Middle East tensions, while the focus was on politics as Andy Burnham became the British Labour Party leader. The blue-chip FTSE 100 index gained 0.3 percent at 10,600.4 points, while the midcap FTSE 250 dipped 0.5 percent to snap a six-day winning streak. Both indexes, however, clocked weekly gains. The United States struck bridges and an airport in Iran, provoking Tehran to respond by hitting a power and desalination plant in Kuwait. Energy stocks gained 2.1 percent as oil prices rose on concerns over supply disruptions. Utilities rose 2.7 percent, leading sectoral gains, while food, beverages and tobacco added 1.6 percent. Higher crude oil prices weighed on travel and leisure, which fell 0.9 percent. Financial stocks were weaker with banks down 0.4 percent, while investment bank and brokerage services shed 1.5 percent. Personal goods fell 5 percent after Burberry warned that the conflict in the Middle East was hurting tourist spending in Europe, sending shares in the British luxury brand down 6.4 percent despite strong sales growth in the United States and China during the April-June quarter. On the political front, Burnham was elected leader of Britain’s governing Labour Party, the final step before becoming its seventh prime minister in a decade on a pledge to thwart the rise of the populist Reform UK.
GULF BOURSES RETREAT AS US-IRAN HOSTILITIES INTENSIFY
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 3 hours ago DUBAI: Most Gulf stock markets fell on Sunday as escalating US–Iran attacks across the region stoked inflation concerns and strengthened expectations of further US interest-rate hikes. The United States said it had carried out an eighth consecutive night of strikes on Iran, after earlier reporting that two American service members were killed in Jordan and another was missing following an Iranian attack. Kuwait, which faced sustained Iranian attacks on Saturday, intercepted more Iranian missiles and drones on Sunday, its army said. Bahrain’s air defences also downed an Iranian attack the same day, according to state TV. The escalation comes after an interim ceasefire reached a month ago collapsed last week, heightening fears of a renewed slide into all-out war. Qatar’s stock market index retreated 1.5 percent, dragged down by a 3 percent slide in the Gulf’s biggest lender by assets, Qatar National Bank . Qatar Gas Transport also fell 2 percent. Qatar’s defence ministry said its forces foiled an Iranian missile attack early on Friday, while the interior ministry reported a child was injured by shrapnel from the interception. Saudi Arabia’s benchmark index closed flat, with oil major Saudi Aramco rising 0.6 percent.
IT POWERS INDIAN SHARES TO WEEKLY GAINS
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 3 hours ago MUMBAI: Indian benchmarks rose on Friday, led by IT and financial stocks after upbeat results from Tech Mahindra and Jio Financial, swinging to weekly gains despite trading in their narrowest range of 2026. The benchmark Nifty 50 rose 1.09 percent to 24,334.30 and the BSE Sensex added 1.25 percent to 78,151.45. Oil-to-telecom conglomerate Reliance Industries gained 2.4 percent ahead of its June quarter earnings, due after markets close.
WALL STREET WEEK AHEAD: ALPHABET, INTEL RESULTS IN FOCUS FOR AI TRADE AS US EARNINGS REV UP
Date: 2026-07-20
Details: Published July 20, 2026 Updated about 3 hours ago NEW YORK: US corporate earnings season heats up in the coming week, with Alphabet and Intel set to offer updates that could sway the market-leading AI trade and investors eager to see if companies can meet high profit expectations to help the US stock market weather uncertainty over the Iran war. The S&P 500 was lower for the week as of Thursday but was not far from record highs, after a rally that has taken the benchmark index up 10 percent in 2026. Increasing expectations for profit strength this year have provided bedrock support for investors’ enthusiasm for stocks. Now they are counting on the just-underway second-quarter earnings season to show the corporate profit engine still humming along, with S&P 500 earnings projected up a whopping 25.7 percent in the period, according to LSEG IBES data. “Headlines continue to raise anxiety and leave investors scratching their heads wondering why the market continues to reach new heights,†said Michael Arone, chief investment strategist at State Street Investment Management. “And the reason it does is because the fundamentals have been resilient, and the earnings continue to be outstanding.†Alphabet’s quarterly report on Wednesday will command Wall Street’s attention. The Google parent, the third-largest US company by market value at USD4.3 trillion, can jostle indexes as one of the heavyweight “Magnificent Seven†stocks that have driven US equities higher for much of the bull run that has lasted nearly four years. The company is also an AI “hyperscaler,†spending billions of dollars to build out data centers and AI infrastructure. Such AI capital spending has been at the heart of this year’s market rally, driving huge gains for semiconductors and other companies benefiting from the massive outlays. If Alphabet announces “any type of pullbacks with respect to the spending that they’re forecasting around AI, you could see ripple effects across the entire AI ecosystem,†said Kevin Mahn, president and chief investment officer at Hennion & Walsh Asset Management. Results from semiconductor firms Intel and Texas Instruments take on particular significance due to the stunning rally this year in chip stocks. Although the trade faltered in recent weeks, the Philadelphia SE Semiconductor index remains up about 68 percent in 2026; Intel shares have soared over 160 percent, while Texas Instruments has gained 68 percent. Tepid market reactions to strong reports this period from foreign companies Samsung Electronics and Taiwan Semiconductor indicate the high expectations for the semiconductor industry. Chip stocks have seen huge swings as investors questioned whether the high-flying trade has run too far. The sector’s massive collective weighting in indexes means chip shares can influence the market’s direction. Leveraged products tied to the semiconductor space are also “amplifying on both the upside and the downside,†said State Street’s Arone. Elon Musk’s Tesla, another Magnificent Seven company, is also set to post results in the coming week. Other high-profile results include American Express, Philip Morris International and defense contractor RTX, with more than 80 S&P 500 companies expected to report. Major US banks kicked off the reporting season this week, posting earnings boosted by fees for advising on mergers and acquisitions and surging trading revenue. Wall Street was still bracing for developments in the Middle East to cause day-to-day market swings, following a recent escalation of the nearly five-month-old US-Israeli war with Iran. Many investors expect the war to be relatively short-lived, but are wary that renewed tensions could boost energy prices up to levels they reached following the start of the war, inflaming inflation fears. That’s especially an issue ahead of the Federal Reserve’s meeting at the end of July. Pricing in fed funds futures indicate expectations the US central bank will raise interest rates in the coming months to bring down inflation that is above the Fed’s 2 percent annual target. Cooler-than-expected data this week on US consumer and producer prices calmed some fears the Fed could raise rates at this month’s meeting.
SCP RECOGNISED BY EUROMONEY AS ‘PAKISTAN’S BEST MORTGAGE BANK’
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago KARACHI: Standard Chartered Pakistan has been recognised by Euromoney as Pakistan’s Best Mortgage Bank, reflecting the strength of its mortgage proposition and commitment to delivering a seamless, client-focused home financing experience. This recognition reinforces Standard Chartered’s broader Wealth proposition, which is centred on helping clients build, manage and protect wealth throughout their financial journey. Home ownership remains one of the most important pillars of long-term financial security, and the Bank continues to combine tailored mortgage solutions with holistic financial planning and advisory services for its clients. This accolade comes at a time when expanding access to housing remains an important national priority. As Pakistan advances initiatives aimed at increasing home ownership, including the Government of Pakistan’s Wazir-e-Azam Apna Ghar Programme - Ghar Ho Tu Apna, access to financing will play a critical role in expanding home ownership, supporting economic development and building long-term financial resilience. Standard Chartered’s mortgage proposition is designed to help clients navigate the home ownership journey with confidence, offering competitive financing solutions, digital convenience and end-to-end support. Through its Future Focused Move platform, the Bank continues to support both local clients and overseas Pakistanis in achieving their housing aspirations. Commenting on the recognition, Saadya Riaz, Head of Wealth and Retail Banking, SCP, said: “As Pakistan continues to prioritise greater access to housing, we remain committed to helping individuals and families realise their home ownership aspirations while building lasting financial well-being. “We are honoured to be recognised by Euromoney as Pakistan’s Best Mortgage Bank. At Standard Chartered, we view home ownership as more than a financial milestone; it is one of the most important foundations of long-term wealth creation. This award reflects the trust our clients place in us and the dedication of our teams to delivering exceptional service and trusted advice.†Copyright Business Recorder, 2026
JAPAN’S NIKKEI SLIDES INTO CORRECTION ZONE ON TECH SELLOFF, MIDDLE EAST CONFLICT
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago By Reuters TOKYO: Japan’s Nikkei tumbled into correction territory on Friday, as a global rout in chipmakers and an escalation in the Middle East conflict prompted investors to shun risk assets. The benchmark Nikkei 225 sank 4.03 percent to close lower at 64,141.12, after falling as much as 6.18 percent. The index is now down 11.3 percent from its all-time high close of 72,366.34 on June 25. The broader Topix slipped 2.72 percent to 3,919.21. The decline followed overnight losses in US equities, where technology stocks tumbled, while US economic data showed strength and corporate earnings season was robust. Hawkish remarks from Federal Reserve officials on Thursday reinforced expectations for further US rate hikes. The Philadelphia SE Semiconductor index tumbled 4.3 percent overnight, while the US-listed shares of South Korean chipmaker SK Hynix plunged more than 13 percent. With South Korea’s market closed for a holiday, selling pressure intensified on Japan’s technology market, and notably on Kioxia Holdings, said Daisuke Hashizume, a senior strategist at Daiwa Securities. “The long-term trend for AI and data centres is unchanged, but right now investors are worried that memory chip prices can rise sustainably,†Hashizume
WALL ST SLIDES AS CHIP SELLOFF BROADENS
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago NEW YORK: Wall Street extended its decline on Friday as a pullback on stocks associated with the AI boom, which has driven much of the gains so far this year, morphed into a larger risk-off sentiment. Semiconductor stocks, which have led the broader market’s move in recent sessions, initially led the selloff, which broadened as the session progressed. All three indexes were on course to post weekly losses. The Philadelphia SE Semiconductor Index was last down 1.0 percent, and remained on track for its steepest weekly loss since early April, and has tumbled about 17 percent so far in July. Even so, the index remains up 63.2 percent year-to-date, compared with the S&P 500’s 10 percent gain over the same time frame. Some investors in the artificial intelligence space have begun positioning for a slowdown in the nearly trillion-dollar spending boom, with some active managers already scaling back their exposure, according to a Reuters analysis. “The story is over for chips because the story is not over for AI,†said Sam Stovall, chief investment strategist at CFRA Research in New York. “(Chips) have come so far, so over an extended period, it’s like an army that got too far ahead of its supply lines and has to retreat and let the fundamentals catch up.†Every member of the Magnificent Seven group of AI-related megacaps dipped, with Meta and Alphabet suffering the worst of it, down 2.7 percent and 3.2 percent, respectively. The Dow Jones Industrial Average fell 290.49 points, or 0.56 percent, to 52,260.46, the S&P 500 lost 64.87 points, or 0.86 percent, to 7,468.83 and the Nasdaq Composite lost 308.67 points, or 1.19 percent, to 25,573.27. Among the major sectors of the S&P 500, communication services and technology were down the most, while energy stocks were the sole gainers, benefitting from spiking crude prices amid signs of escalating hostilities in the Iran war. War equipment makers were also clear outperformers. Second-quarter earnings season is still in its early days, with 49 of the companies in the S&P 500 having reported. Of those, 90 percent have delivered better-than-expected results, according to LSEG.
EUROPEAN SHARES DROP AS GLOBAL TECH SELLOFF, MIDDLE EAST CONFLICT WEIGH
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago FRANKFURT: European shares fell on Friday, tracking a loss in global markets on the back of a chip-stock selloff and an escalating Middle East conflict. Investors rushed out from highly volatile tech stocks from Japan to Europe, taking cover in sectors that have lagged so far this year, as the uncertainty over AI investments played out. Strong forecasts from AI industry leaders such as chip equipment maker ASML and Taiwan’s TSMC this week did little to stem the weakness. While Japan’s Nikkei confirmed a correction on the day, Wall Street’s Nasdaq futures slid over 1 percent. The pan-European STOXX 600 index was down 0.6 percent at 639.49 points by 0849 GMT and is on track to log a small weekly decline, taking its two-week loss to about 2 percent. Europe’s tech sector shed 2.3 percent and led sectoral declines, with chipstocks Soitec, ASMI and ASML dropping between 4 percent and 6 percent. In contrast, utilities stocks rose 1.3 percent, while luxury is the best-performing sector this week. Ipek Ozkardeskaya, senior analyst at Swissquote Bank, believes this run to cover is unlikely to last. “The rotation trade is threatened today by rising yields, rising borrowing costs and geopolitical tensions, because both smaller companies and the non-technology pockets of the market remain more vulnerable than their big technology peers,†said Ozkardeskaya.
‘KARACHI SAFE CITY PROJECT’ CRUCIAL FOR ECONOMIC STABILITY: PHMA
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago KARACHI: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has called for the immediate implementation of the Karachi Safe City Project, saying it is essential for improving law and order, strengthening investor confidence and ensuring Pakistan’s socioeconomic stability. The demand was made during a meeting between PHMA office-bearers and the Additional Inspector-General of Police (Karachi Range), Azad Khan, at the association’s central office. Speaking on the occasion, Azad Khan said modern policing through digitalization and technology had become a necessity for effectively serving the people and maintaining law and order in Pakistan’s largest metropolitan city. He said Karachi being the country’s largest industrial and commercial hub required greater use of technology, digital monitoring and real-time surveillance under the Smart Safe City Project to improve policing, reduce crime and facilitate the business community. He said Karachi Police remained available round the clock to support and facilitate industrialists and exporters. The additional IGP briefed participants on the police’s ongoing efforts to reduce crime, including measures against street crime, prevention of vehicle theft, enhanced surveillance, improved deployment strategies and better coordination among police units. He said it was equally important to improve both the actual security situation and the public perception of Karachi as a safe destination for investment, business and industrial activities. He noted that the city had long suffered from a negative image, though the law and order situation had improved considerably over the years. Azad Khan said better security strengthened investor confidence and helped promote exports. He said that the government and industry should work together to project Karachi as one of the country’s most business-friendly cities. Highlighting the importance of smooth traffic management for industrial activity, he also proposed the development of a mobile application to simplify security arrangements for foreign businesspersons and engineers visiting Karachi. Under the proposal, industries would be able to submit online security requests through a centrally managed system linked with the Karachi Police. PHMA Patron-in-Chief Muhammad Jawed Bilwani, Central Chairman Muhammad Babar Khan and Zonal Chairman Faisal Arshad Sheikh welcomed Azad Khan and his delegation and briefed them on the association’s role as one of Pakistan’s oldest and largest representative bodies of the value-added apparel and textile sector, with a nationwide industrial presence. The meeting was also attended by PHMA Senior Vice Chairman Bashir Ghaffar, Vice Chairman Salman Ishaq, former chairmen Irfan Zakaria Bawany and Abdul Jabbar Gajiani, former senior vice chairman Shabbir Bilwani and other leading exporters and association members. Speaking on behalf of the association, Muhammad Jawed Bilwani praised Azad Khan for his services to Karachi Police and his performance in previous assignments. He urged both the federal and Sindh governments to give priority to Karachi by completing and enforcing the Smart Safe City Project across the city’s entire jurisdiction. He said Karachi contributed around 70 per cent of the country’s total revenue collection and about 95 per cent of the Sindh Revenue Board’s revenue, making it imperative to improve the city’s security infrastructure. He added that the immediate implementation of the Smart Safe City Project would help expand business and industrial activity while attracting greater domestic and foreign investment. Copyright Business Recorder, 2026
PBF ANNOUNCES NEW OFFICE-BEARERS FOR FAISALABAD
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 3 hours ago FAISALABAD: With Pakistan’s textile sector under increasing strain from soaring energy costs, high financing rates, escalating production expenses, and intense regional competition, business leaders have urged the government to introduce immediate policy measures to protect the country’s largest export-oriented industry. Faisalabad, Pakistan’s industrial and textile hub, contributes an estimated USD 5.5 billion in textile exports annually, nearly 45 percent of the country’s total textile exports—making its economic stability crucial to national export growth and employment. Against this backdrop, the Pakistan Business Forum (PBF) has announced its new office bearers for the Faisalabad Chapter for a two-year term, effective immediately, according to a notification issued by Chief Organiser Ahmad Jawad. The newly elected team comprises Director FIEDMC Mian Kashif Zia as President, Senior Vice Chairman of PHMA (North Zone) Ahmed Afzal Awan as Senior Vice President of the forum, Mian Tanvir Ahmed and Muhammad Abdullah Qadri as Vice President’s, and senior trade leader of the city Mian Tanveer Riaz as General Secretary of the forum. Addressing members of the business community, PBF Faisalabad President Mian Kashif Zia thanked the forum’s leadership for its confidence in the new team and pledged to work closely with industrialists, exporters, policymakers, and government institutions to strengthen Pakistan’s industrial and export sectors. Describing Faisalabad as the country’s industrial backbone, Kashif Zia said the city’s manufacturing base plays a pivotal role in Pakistan’s economy. However, he noted that rising electricity and gas tariffs, inconsistent energy supplies, high borrowing costs, liquidity constraints, and increasing production expenses have weakened the competitiveness of exporters, while many small and medium-sized enterprises are struggling to sustain operations. “The government must urgently introduce industry-friendly policies that reduce the cost of doing business and restore investor confidence,†Zia said. “Affordable energy, easier access to finance, stable taxation policies, timely payment of sales tax refunds, and effective export facilitation are essential to revive industrial growth and strengthen Pakistan’s position in international markets.†Speaking on the occasion, Ahmed Afzal Awan said Faisalabad’s industrial landscape extends far beyond textiles, encompassing garments, knitwear, hosiery, spinning, weaving, textile processing, chemicals, pharmaceuticals, engineering goods, food processing, plastics, packaging, and agricultural machinery manufacturing. Copyright Business Recorder, 2026
XI SAYS AI SHOULD NOT BE DOMINATED BY ONE COUNTRY
Date: 2026-07-18
Details: Published July 18, 2026 Updated July 18, 2026 06:50am SHANGHAI: Artificial intelligence should not be dominated by a single country, China’s President Xi Jinping said Friday at a major technology conference in Shanghai, urging international cooperation on its development. Chinese AI models are catching up to the most powerful US offerings and attracting global users with lower costs. But how to govern the sector has become a key question, as concerns grow over military AI deployment or its use by hackers and terrorists. “AI development should not be a solo performance by a single country, but a symphony of international cooperation,†Xi said at the opening of the World Artificial Intelligence Conference. “We should jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others,†Xi added. The United States and European Union restrict tech exports to China over national security concerns, while tussles between Washington and American AI labs have raised the issue of who controls top technologies. “China is trying to lead not only in terms of the technology development, but also in terms of AI governance,†said Shengyun Lu, AI entrepreneur and founder of Shanghai consultancy Praxis Advisory. Lu told AFP that in his view, AI should be regulated “like we regulate nuclear powerâ€. ‘Under human control’ The four-day WAIC gathers more than 1,000 of China’s tech firms, officials, researchers and industry figures. Around 3,000 products are on display, from powerful semiconductor systems for AI computing to a smartphone that can autonomously operate apps. But eyes were first on Xi’s vision of how the world should handle the potential impacts of AI. “We should put in place laws and regulations, technological monitoring, early warning, and emergency response systems, in order to… ensure AI is always under human control,†Xi told the conference, calling for a “people-centric†approach. On Thursday, foreign minister Wang Yi and representatives from 29 countries including Russia, Pakistan and Indonesia agreed to establish an intergovernmental AI cooperation group. The World Artificial Intelligence Cooperation Organization, headquartered in Shanghai, aims to ensure the “healthy and orderly†development of AI, state media reported. “I can understand Western countries are absent from this initiative, because Europe already has its own AI act and the United States is already defining their regulations,†Lu said. New York University business and technology professor Arun Sundararajan said “small glimmers of recent cooperation between Presidents Xi and Trump†were encouraging, but it was “hard to imagine there being a single approach to AI governance globallyâ€. Mega AI consumption Leaders including UN chief Antonio Guterres, Cambodia’s Hun Manet and Thailand’s Anutin Charnvirakul are attending WAIC, which showcases the cutting edge of Chinese tech. Early Friday, the Beijing-based startup Moonshot AI released a powerful new flagship model, Kimi K3, which it said “demonstrated frontier-level performanceâ€. Other highlights this year include MiniMax’s M3 model and Huawei’s Atlas 950 “supernodeâ€, an AI architecture for learning and reasoning. “The main theme will be the transition from AI models to systems that can be deployed at scale†in everyday life, Poe Zhao of analysis publication Hello China Tech said. Daily consumption in China of “tokens†— the industry unit of AI usage — has increased a thousandfold over the past two years, according to state media citing officials. A growing number of companies abroad, like Siemens, are adopting Chinese open-source AI models, attracted by their performance, lower cost and ability to customise, in contrast to the closed systems of US giants such as OpenAI and Anthropic. Both those US firms had to temporarily withhold the release of their latest AI models because of government concerns that they could help hackers break into critical online infrastructure. “Models these days are controlled by very few,†so more cooperative governance could expand access to them, 34-year-old Mike Luan, who works for an AI research lab, told AFP outside the WAIC venue.
OIL PRICES SURGE OVER 4PC
Date: 2026-07-18
Details: • Brent crude settles 4.59% higher at $88.10; WTI rises 4.48% to $82.49 Published July 18, 2026 Updated about 3 hours ago NEW YORK: Oil prices climbed more than 4 percent to their highest in more than a month on Friday after the US and Iran stepped up attacks across the Gulf, with shipping threatened by a potential Red Sea closure on top of the restricted traffic through the Strait of Hormuz. Brent crude futures settled USD 3.87, or 4.59 percent, higher to USD 88.10 a barrel, while US West Texas Intermediate futures rose USD 3.54, or 4.48 percent, at USD 82.49. Both were at their highest since mid-June. For the week, both benchmarks gained about 16 percent, with Brent on track for a third consecutive weekly gain and WTI set for its second. The two foes expanded fighting on Friday, with the US striking bridges and an airport in Iran and Tehran hitting a power and desalination plant in Kuwait. Iran said it launched more strikes on US facilities in the Middle East, including the first direct attack in Syria, after a sixth straight night of US strikes on Iranian military facilities. “The market is reacting to the increasing hostilities between Iran and the United States that have culminated this week with nightly attacks on Iranian infrastructure and retaliation by Iran on its neighbors’ infrastructure,†said Andrew Lipow, president of Lipow Oil Associates. “If more tankers come under fire and become damaged, we’re going to see oil prices continue to move up as shipowners simply refuse to enter the Persian Gulf.†The collapsed truce between the US and Iran has resulted in a sharp decline in oil flows in the strait as Iran targets vessels transiting through it. Before the Iran war, about 20 percent of global oil supplies flowed through the waterway. Iran has pressed the Houthis to close the Red Sea route if the US attacks Iran’s power infrastructure. “Given that so much of Saudi Arabia’s exports have been redirected to the port of Yanbu via the East-West Pipeline to avoid Hormuz, any such development is a threat indeed,†Tamas Varga, analyst at PVM Oil Associates, wrote in a note. Saudi Arabia has diverted more than 70 percent of its normal daily crude exports to the Red Sea port of Yanbu since the beginning of the war. Shipments from Yanbu averaged 4 million barrels per day in recent weeks, up from around 973,000 bpd in the same period last year. Qatar’s defence ministry said its armed forces thwarted an Iranian missile attack early on Friday and the interior ministry said a child was wounded by shrapnel resulting from interception operations. In a different conflict zone, Ukraine’s military said it struck a Russian oil refinery in the Yaroslavl region on Thursday.
POWER GENERATION DROPS 2.5PC IN JUNE
Date: 2026-07-18
Details: Published July 18, 2026 Updated about 2 hours ago ISLAMABAD: The country’s power generation declined by 2.5 percent in June 2026 compared to the same month last year, primarily due to disruptions in LNG supply from Qatar, which recently extended force majeure amid a war-like situation in the Middle East. Despite the drop in generation, the average cost of electricity surged by 14 percent to Rs8.9885 per kWh in June 2026, up from Rs7.8698 per kWh in June 2025. Hydel generation fell by 3 percent to 5,242 GWh in June 2026, accounting for 39.03 percent of total generation, compared to 5,410 GWh in June 2025. The decline is attributed to a fault at the Tarbela generation facility. Based on the local coal, the electricity generation decreased by 10 percent to 1,358 GWh from 1,510 GWh. However, generation from imported coal rose by 21.6 percent to 1,699 GWh, up from 1,397 GWh in the corresponding month last year. The Independent System and Market Operator (ISMO) also allowed generation from high-speed diesel (HSD) and residual fuel oil (RFO) at significantly higher costs of Rs57 per kWh and Rs52 per kWh, respectively, in June 2026. In comparison, the National Power Control Centre (NPCC) generated 151 GWh from RFO in June 2025 at Rs29 per kWh, indicating an increase of around 80 percent in RFO-based generation cost. Generation from indigenous gas declined by 10.5 percent to 867 GWh in June 2026 at Rs13.6820 per kWh, compared to 968 GWh in June 2025. RLNG-based generation also dropped sharply to 1,480 GWh (11.02 percent share) in June 2026 from 2,216 GWh in June 2025. Meanwhile, its cost rose to Rs35.51 per kWh from Rs21.87 per kWh, reflecting an increase of 62 percent. In contrast, nuclear power generation recorded a significant increase of 31.5 percent, reaching 1,800 GWh (13.40 percent share) in June 2026 compared to 1,383 GWh in June 2025. Pakistan imported 47 GWh of electricity from Iran during June 2026 for Rs27.6635 per kWh, compared to the same volume at Rs22.5155 per kWh in June 2025, marking a 23 percent increase in price. Among renewable sources, wind power generation rose by 29.5 percent to 676 GWh from 522 GWh, while bagasse-based generation increased to 46 GWh from 35 GWh. Solar generations saw a marginal rise to 110 GWh from 106 GWh. According to CPPA-G data, total electricity generation stood at 13,413 GWh in June 2026, down from 13,744 GWh in June 2025. Delivered energy was recorded at 13,066 GWh at an average cost of Rs8.9138 per kWh, compared to 13,310 GWh at Rs7.6800 per kWh in the corresponding month last year. CPPA-G has sought a positive fuel cost adjustment (FCA) of Rs1.20 per kWh for June 2026, compared to Rs0.6541 per kWh in June 2025. The National Electric Power Regulatory Authority (Nepra) is scheduled to conduct a public hearing on July 29, 2026. Copyright Business Recorder, 2026
DEUTSCHE BANK DECLARES PLS PROFIT RATES
Date: 2026-07-17
Details: KARACHI: The Deutsche Bank has declared the following profit rates on PLS deposit.... Published July 17, 2026 Updated about 2 hours ago By Press Release KARACHI: The Deutsche Bank has declared the following profit rates on PLS deposit. =================================================== Type of Deposits Average Rate =================================================== • 7 to 29 days notice deposits 4.35% • 1 month term deposits 5.13% • 2 months term deposits 4.73% • 3 months term deposits 6.95% • 6 months term deposits 8.10% • Saving Accounts Jan-Apr 9.00% • Saving Accounts May-Jun 10.00% • Saving Accounts “Special Rate†Jan-Apr 6.50% • Saving Accounts “Special Rate†Jan-Apr 8.50% • Saving Accounts “Special Rate†May-Jun 7.50% • Saving Accounts “Special Rate†May-Jun 9.00% • Saving Accounts “Special Rate†May-Jun 9.50% • —PR =================================================== Copyright Business Recorder, 2026
INDIAN SHARES SEEN OPENING FLAT AHEAD OF HEAVYWEIGHT EARNINGS
Date: 2026-07-17
Details: • GIFT Nifty futures were trading at 24,091 Published July 17, 2026 Updated 14 minutes ago By Reuters Indian shares are set to open little changed on Friday as investors await earnings reports from several heavyweight companies after market hours and oil prices hover around one-month highs on renewed U.S.-Iran clashes. GIFT Nifty futures were trading at 24,091 as of 7:45 a.m. IST, indicating the Nifty 50 could open slightly above Wednesday’s close of 24,072.75. Oil-to-telecom conglomerate Reliance Industries will report results after the market closes, while several top private lenders, including HDFC Bank and ICICI Bank, are scheduled to post earnings over the weekend. “Given the significant weightage of â these companies in the benchmark index, the outcome of these earnings is expected to provide the catalyst for the market’s next directional move,†said Dhupesh Dhameja, a derivatives research analyst at SAMCO Securities. The Nifty 50 has held above its 20-day exponential moving average, suggesting buyers are defending lower levels despite repeated rejection near the 24,200 resistance zone. The index has traded between 23,800 and 24,600 over the past month, a phase analysts describe as healthy consolidation as investors assessed renewed Middle East tensions, monsoon progress and corporate earnings. Information â technology stocks will also be in focus after Wipro missed quarterly earnings estimates and signalled a weak recovery. Peer Tech Mahindra, in contrast, topped quarterly revenue expectations, helped by growth in its manufacturing segment and a weaker rupee. Brent crude rose 1.3% to $85.30 a barrel after the United States and Iran â stepped up attacks across the Gulf. Asian markets were subdued, weighed down by chipmakers as investors continued to rotate out of semiconductor stocks. Foreign portfolio investors sold Indian equities worth a net 42.06 billion rupees ($436.6 â million) on Thursday, while domestic institutional investors bought shares worth a net 29.86 billion rupees, according to provisional NSE data.
STOCKS STUMBLE, OIL SET FOR WEEKLY GAIN ON RENEWED GULF HOSTILITIES
Date: 2026-07-17
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.06% in early Asia trade while the Nikkei slid 2.8% Published July 17, 2026 Updated 17 minutes ago By Reuters SINGAPORE: Asian stocks got off to a rocky start on Friday as the drag from chipmakers weighed on global equity indexes, while oil prices were set for their sharpest weekly rise in three months as tensions in the Middle East erupted anew. Investors this week rotated out of semiconductor plays into other sectors such as banking after robust earnings from major lenders, leaving Asia vulnerable to the selloff given its heavier exposure to chips. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.06% in early Asia trade while the Nikkei slid 2.8%. Nasdaq futures lost 0.7% and S&P 500 futures declined 0.4%. EUROSTOXX 50 futures were down 0.5%. Markets in South Korea were closed for a holiday, after the government on Thursday announced it will temporarily ban new listings of exchange-traded funds (ETFs) that are tied â to certain major technology firms, while raising minimum required deposits for retail investors to invest in such products, in an effort to curb volatility. “Asia’s AI trade thesis is being tested again. After a strong rally so far this year - led by semiconductors - concerns have resurfaced about potential overcapacity in the AI build-up,†said analysts at HSBC. “A tougher question is how long the AI cycle can realistically run. Are we already at the late stage of the cycle? Has it peaked? It is an important question, and the reality is that it is difficult to time the market. That said, the fundamentals still look solid.†Oil prices were on the rise, with Brent crude futures up 0.7% to $84.83 a barrel, while U.S. crude advanced 0.7% to $79.49 per barrel. The U.S. began conducting a new wave of strikes against Iran on Thursday to “further degrade Iranian military capabilitiesâ€, the US Central Command said in a statement. For the week, Brent and US crude futures were set to rise more than 11% â each, marking their largest gains since April. “The US and Iran are further away from seeing eye-to-eye,†said Thierry Wizman, global FX and rates strategist at Macquarie. “The next few days may determine which side has ‘overplayed its hand’, but not without the risk of seeing some oil infrastructure destroyed in the process.†Trade tensions also returned to the fore, after the U.S. imposed new 25% tariffs on Brazil. Assessing the fed rate path In currencies, the dollar held steady on Friday and was set to end the week little changed as receding expectations of â Federal Reserve rate increases this year were offset by renewed safe-haven demand. Investors are now pricing in roughly 27 basis points worth of Fed hikes by December , following benign U.S. CPI and PPI readings this week. The euro was little changed at $1.1442 while sterling fetched $1.3472. The yen , meanwhile, languished near a 40-year low and last stood at 162.38 per dollar, prompting renewed jawboning from Japanese Finance â Minister Satsuki Katayama to try and support the currency. Much of the market’s focus has also been on a potential allocation shift by Japan’s GPIF and other pension funds, after Katayama said last week the government aims to steer the country’s vast state pension funds to “substantially†increase investments in domestic assets. “We think the expectations of repatriations by â Japanese investors could, for a certain period, provide support for higher equity prices and lower (Japanese government bond) yields,†said Daiju Aoki, regional chief investment officer for Japan and chief Japan economist at UBS Wealth Management. “However, market movements that extend beyond what is justified by economic growth and corporate earnings fundamentals are unlikely to be sustained over the longer term.†Elsewhere, spot gold was up 0.4% at $3,985.64 an ounce.
NIKKEI DROPS NEARLY 3PC AS CHIP STOCKS SLIDE
Date: 2026-07-17
Details: Published July 17, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average closed nearly 3 percent lower on Thursday as chip-related stocks sold off and an escalating Middle East conflict hurt risk appetite, overshadowing record earnings and a stellar outlook from Taiwan Semiconductor Manufacturing Co. The Nikkei ended 2.8 percent lower at 66,835.54 after falling as much as 3.3 percent earlier in the day, while the broader Topix slid 1.5 percent to 4,028.79. Market breadth was negative, with 139 decliners on the Nikkei 225 against 85 advancers and one unchanged. Taiwan Semiconductor Manufacturing (TSMC) posted a record second-quarter net profit that jumped 77 percent and beat market forecasts, as surging global demand for AI processors boosted earnings. The world’s main producer of advanced AI chips also raised its full-year revenue growth forecast in US dollar terms to slightly above 40 percent from more than 30 percent previously. It said capital expenditure in the next three years would be significantly higher than in the previous three.
S&P 500, NASDAQ FALL AS CHIPS EXTEND LOSSES
Date: 2026-07-17
Details: Published July 17, 2026 Updated about 2 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq slipped on Thursday as renewed weakness in chip stocks over shadowed an upbeat start to second-quarter earnings, while investors parsed fresh economic data for clues on the health of the economy. Semiconductor stocks extended losses from the previous session, with the Philadelphia SE Semiconductor index down 3.5 percent. US-listed shares of TSMC fell 2.1 percent, even after the advanced AI chipmaker reported stellar results. Memory-chip makers were among the biggest laggards. Sandisk fell about 10 percent, while Western Digital and Seagate Technology were down 8 percent and 7.5 percent, respectively. Chip stocks were earlier among the biggest beneficiaries of this year’s rally, as optimism around AI spending by hyperscalers helped drive Wall Street to record highs. Shiraz Ahmed, founder and CEO at Sartorial Wealth Inc, said the chip rally is cooling off, but not because AI is losing steam, but because AI adoption still isn’t fully widespread yet. As a result, heavy capex spending continues across the AI ecosystem, from energy to semiconductors. The S&P 500 has risen more than 10 percent this year and remains close to its June record closing high, leaving the rally vulnerable to any disappointment. The tech-led selloff pulled the benchmark lower, even as every other sector except technology traded higher. Healthcare shares helped cushion the broader market, with gains of 2.2 percent. UnitedHealth raised its 2026 profit forecast, sending shares of the healthcare giant up 4.3 percent and keeping the Dow afloat. Abbott jumped 12 percent after beating quarterly estimates and lifting its annual profit outlook. Defensive groups, including consumer staples and real estate, also helped limit losses, rising about 2 percent each. At 11:51 a.m. ET, the Dow Jones Industrial Average rose 133.94 points, or 0.25 percent, to 52,792.58, the S&P 500 lost 5.77 points, or 0.08 percent, to 7,566.63 and the Nasdaq Composite lost 156.53 points, or 0.60 percent, to 26,111.19. Investors parsed June retail sales data that showed only a marginal rise as lower gasoline prices weighed on receipts at service stations. Still, bargain-hunting consumers continued to support underlying spending. Separately, the number of Americans filing claims for unemployment benefits fell last week, pointing to continued labor market stability. Markets are pricing in an 88 percent chance the Fed will hold rates steady at this month’s meeting and about a 50 percent chance of a quarter-point hike in September, according to CME’s FedWatch tool. Geopolitical risks also loomed large as Iran has asked Yemen’s Houthi movement to prepare to close the Red Sea oil route if the US strikes Iranian power infrastructure, sources told Reuters. United Airlines fell 1.4 percent as a renewed surge in oil prices weighed on its third-quarter and full-year profit outlooks. GE Aerospace dipped 4.7 percent, despite the jet-engine maker lifting its 2026 profit forecast. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE, while declining issues outnumbered advancers by a 1.38-to-1 ratio on the Nasdaq.
CHINA SHARES FALL ON REGIONAL CHIP ROUT
Date: 2026-07-17
Details: Published July 17, 2026 Updated about 2 hours ago By Reuters SHANGHAI: Mainland China stocks fell on Thursday, weighed down by weakness in tech shares following a selloff in regional peers, although fading expectations of a US rate hike capped declines. Hong Kong stocks rose on the day, boosted by Alibaba shares. At the close, the benchmark Shanghai Composite index was down 1.9 percent, its weakest closing since April 3. The blue-chip CSI300 index also dropped 1.9 percent. China’s tech-focused STAR50 index plunged 4 percent, and the start-up board CHINEXT plummeted 3 percent. Semiconductor shares were among the biggest losers, with the sub-index slumping 6 percent. Chinese chip designer Cambricon Technologies closed down 5.1 percent. The weakness tracked losses in other Asian chipmakers, with South Korea’s SK Hynix tumbling more than 11 percent and rival Samsung Electronics falling nearly 9 percent. There are growth opportunities in mainland China “in pharma and energy storage, and value in property developers, banks and Internet. From an earnings angle, we believe 2026 should beat last year,†said Herald van der Linde, head of equity strategy for Asia Pacific at HSBC. In Hong Kong, the benchmark Hang Seng Index rose 1.3 percent, while the city’s tech shares jumped 2 percent. Alibaba led gains, ending 3.1 percent higher, after the company said in a statement to Reuters that its Qwen model will be integrated into Apple Intelligence across Apple’s iPhone (iOS), iPad (iPadOS), Mac (macOS) and Vision Pro (visionOS) operating systems in China. Chinese President Xi Jinping is expected to outline a vision for the country’s role in global AI governance on Friday, as Huawei showcases its most advanced AI computing cluster yet in a sign of Beijing’s drive to build a domestic alternative to US technology. Separately, investors are turning their focus to the upcoming Politburo meeting, where policymakers are expected to set the economic policy agenda for the second half of the year. Markets, however, largely view the recent softer-than-expected second-quarter economic data as insufficient to prompt broad-based policy easing. “We maintain our baseline forecast of no policy rate or reserve requirement ratio (RRR) cuts through the remainder of 2026, though the probability could rise if growth slows further,†said Lisheng Wang, economist at Goldman Sachs.
SOUTH KOREAN STOCKS WEIGH ON ASIAN EQUITIES
Date: 2026-07-17
Details: Published July 17, 2026 Updated about 2 hours ago By Reuters BENGALURU: Chip-heavy South Korean equities weighed on Asian stocks on Thursday as investors embarked upon a selling spree, while stocks in Singapore snapped a 10-session winning streak. The MSCI EM Asia equities index slumped 1.4 percent, dragged lower by stocks in South Korea. South Korea’s benchmark KOSPI ended 6.4 percent lower to erase the previous session’s gains. The declines also triggered a “sidecar†trading curb on the KOSPI and the junior Kosdaq indexes, temporarily halting program trading. Memory chip bellwethers SK Hynix and Samsung Electronics, which make up just over half of the benchmark KOSPI, ended 11.5 percent and 8.8 percent lower, respectively. Volatility in South Korean equity markets has been amplified by ETFs that are heavily weighted toward Samsung Electronics and SK Hynix as forced buying and selling magnify moves in both chip stocks and the KOSPI beyond their fundamentals. Meanwhile, the won held its ground at 1,483.60 per US dollar, near a mid-May high, after the Bank of Korea delivered a highly anticipated quarter-point interest rate hike for the first time since January 2023 to stabilise the currency. Taiwanese stocks ended flat, after declining as much as 1.5 percent, while TSMC ended 1.2 percent higher, before posting a 77 percent jump in second-quarter profit to a record that was far ahead of market forecasts. The world’s top contract chipmaker - a key supplier to Nvidia and Apple - accounts for around 43 percent of the benchmark. Singapore’s FTSE Straits Times Index slid 0.6 percent after scaling record highs in the past nine consecutive sessions. The benchmark has gained nearly 19 percent for the year so far, following yearly gains of 22.7 percent and 16.9 percent in 2025 and 2024, respectively. Elsewhere in Southeast Asia, stocks in Thailand, Indonesia, Malaysia and the Philippines drifted higher. Indonesian stocks notched their sixth straight session in positive territory.
FOODPANDA GIVES HELP CENTRE FULL MARKS
Date: 2026-07-17
Details: Published July 17, 2026 Updated about an hour ago By Recorder Report ISLAMABAD: Foodpanda has underscored the importance of delivering a seamless marketplace experience, saying the success of an online delivery platform depends on the coordinated performance of customers, vendor partners and delivery riders. Sharing details, the company said its help centre played a pivotal role in resolving customer concerns, managing technical issues and processing eligible refunds through a structured and transparent system. It added that customer feedback, including Customer Satisfaction Scores (CSAT), was used to improve services, while digital tools and dedicated support teams helped ensure efficient deliveries and enhance overall user experience. According to the company, adopting new technology alongside human-led customer support was essential to building customer trust, loyalty and long-term business growth. A common misconception concerned refunds. The refund process followed strict rules to ensure fairness for customers, riders and vendors. When eligibility was verified, refunds were processed promptly. Customer feedback also reached decision-makers. Customer Satisfaction Scores (CSAT) captured every rating submitted via the help centre and feed service improvements. “The community’s voice drives evolution,†the company added. Copyright Business Recorder, 2026
SOUTH AIR BEGINS FLIGHT OPERATIONS FROM JIAP ON TWO NEW ROUTES
Date: 2026-07-17
Details: Published July 17, 2026 Updated about 2 hours ago By Recorder Report KARACHI: South Air has begun scheduled flight operations from Jinnah International Airport, adding new domestic routes to the country’s aviation network. According to the official details, the airline launched service on two routes Thursday morning: Karachi to Quetta via Turbat, and Karachi to Islamabad via Bahawalpur. The inaugural flights (Z8911 to Turbat and Z8942 to Bahawalpur) departed from Jinnah International Airport on Thursday morning. South Air will initially operate the Turbat route once a week and the Bahawalpur route three times a week. The carrier has also announced plans to extend service to Peshawar, Rahim Yar Khan, Sukkur, and Gwadar as part of a broader domestic expansion. The new routes operate under the Tourism Promotion and Regional Integration (TPRI) Licence, a framework intended to boost regional air connectivity, support trade, and encourage tourism to underserved parts of the country. The launch comes amid a wider push to expand domestic air links to small cities. Copyright Business Recorder, 2026
OIL RISES ON INTENSIFYING US-IRAN HOSTILITIES AND THREAT OF RED SEA CLOSURE
Date: 2026-07-17
Details: • Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel Published July 17, 2026 Updated 42 minutes ago By Reuters PERTH: Oil prices inched higher on Friday after the US and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthi movement to stand ready to shut the Red Sea export route. Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel by 0118 GMT, and US West Texas Intermediate futures rose $1.03, or 1.3%, to $79.98 a barrel, erasing losses from the previous session. Both benchmark contracts have climbed nearly 12% this week, with Brent on track for a third â consecutive weekly gain and WTI for a second weekly gain. For the first time since a memorandum of understanding paused fighting last month, the United States launched two big waves of air strikes in a single day on Wednesday, mostly on targets near Iran’s southern coast, and kept firing on Thursday. “Oil security is still a critical issue,†International Energy Agency Executive Director Fatih Birol said on Thursday at a Council on Foreign Relations event in Washington. “We should be worried, and I am worried, if the situation does not improve in the next few â weeks,†he said. In a statement, U.S. Central Command said U.S. forces began “a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities†at 2 p.m. EDT (1800 GMT) or 9:30 p.m. in Tehran. Tehran has countered with missiles and drones targeted at US military bases in â neighbouring states, including a barrage at a recently expanded air base in Jordan. Adding to oil supply concerns, Iran’s leadership has told its Houthi allies to be prepared to close the Red Sea oil â route if the US strikes Iranian power infrastructure, three sources told REUTERS. IG analysts said technically, WTI could test the mid-$80s if it holds above key support in the mid-$70s. Separately, Trump â Media & Technology Group unveiled a paid-for, licensed data feed that will give banks and trading firms “the fastest†access to posts from influential Truth Social accounts, such as President Donald Trump’s, whose posts often move oil markets.
SPOT RATE INCREASED BY RS200 TO RS 18,200 PER MAUND
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the Spot rate by Rs 200 per maund and closed it at Rs 18,200 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained tight and the trading volume remained satisfactory. He also told Business Recorder that the rate of cotton in Sindh is in between Rs 18,100 to Rs 18,200 per maund, while Phutti in the province is trading between Rs 8,500 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,500 to Rs 18,700 per maund, with Phutti fetching between Rs 8,700 to Rs 9,300 per 40 kilograms. Copyright Business Recorder, 2026
HBL UNVEILS HBL PAYPAK UNIONPAY CO-BADGE CARD
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Press Release KARACHI: HBL, Pakistan’s largest issuer of debit cards, launched the HBL PayPak UnionPay Co-Badge Debit Card at a ceremony held at HBL Tower, Karachi. Developed in partnership with 1Link operated PayPak, Pakistan’s first domestic payment scheme and UnionPay International (UPI), the co-badge debit card combines PayPak’s domestic acceptance with UnionPay’s global reach. This dual-interface card features two networks on a single piece of plastic, thereby enabling customers to make secure and seamless transactions both within Pakistan and globally. The launch builds on HBL’s long-standing partnership with both PayPak and UnionPay International. The Bank is the pioneer partner of PayPak cards and is currently one of the largest issuers and acquirers of PayPak cards in the country. HBL has been issuing UnionPay debit cards since 2013. UnionPay is a major global payment and financial services provider established in China in 2002. China is a cornerstone of HBL’s international footprint. As the only Pakistani bank with branches in both Beijing and Urumqi, HBL continues to strengthen financial connectivity between Pakistan and China. From facilitating Pakistan’s inaugural Panda Bond issuance to being nominated as the Chair of the Council of the Interbank Consortium of the SCO (SCO IBC) for the forthcoming year 2026 – 2027, HBL continues to strengthen its footprint in the Chinese financial ecosystem. This collaboration also aligns with the State Bank of Pakistan’s vision to promote PayPak – Pakistan’s first domestic payment scheme – as a secure, inclusive and interoperable digital payment ecosystem. The launch ceremony was attended by industry leaders, including Jameel Ahmad, Governor – SBP, Muhammad Nassir Salim, President & CEO – HBL, Li Yong - Commercial Counsellor - People’s Republic of China, Aamir Kureshi, General Manager, President’s Office and Strategic Initiatives – HBL, Nadeem Haroon, Country Head, Pakistan, Qatar, Bahrain & Afghanistan – Union Pay International, and Najeeb Agrawalla, CEO - 1LINK. Copyright Business Recorder, 2026
ASIAN SHARES SLUMP ON CHIPMAKER DRAG, BONDS CHEER COOLER INFLATION
Date: 2026-07-16
Details: • Taiwanese shares fell 0.5%, while China’s Hang Seng Index gained 1.2% Published July 16, 2026 Updated less than a minute ago By Reuters SYDNEY: Asian shares fell on Thursday as chipmakers stumbled ahead of results from bellwether TSMC, while bonds benefited from another benign reading on US inflation that lessened the risk of an imminent rate hike. Oil prices, however, kept climbing as hostilities heated up in the Middle East. Washington continued striking Iran after reimposing a naval blockade of its ports, while Tehran warned of an “existential war†with America. Brent crude futures rose 0.6% to $85.45 a barrel, adding to this week’s gain of 12%. All eyes are on the quarterly earnings from Taiwan Semiconductor Manufacturing Co’s, the world’s largest manufacturer of advanced AI chips. The company is expected to notch a fifth consecutive quarter of record earnings, with a 59% surge in net profit for April-June. However, investors are proving hard to â please as shares of ASML, the world’s dominant supplier of equipment needed to make high-tech computer chips, finished 0.4% lower even after it raised its 2026 sales forecasts and pledged a capacity boost. “Seeing aggressive pullback in Memory/Hardware,†Brian Heavey, an equity trader at JPMorgan, said in a note. “Don’t think there’s a smoking gun ‘negative’ headline driving semis/hardware selloff. I think just shows how high the bar is for semis earnings.†The selling spilled over to Asia. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.7% as South Korea’s KOSPI slumped 6.3% on weakness from Samsung, down 8%, and SK Hynix, down 11%. Japan’s Nikkei dropped 3%. Taiwanese shares fell 0.5%, while China’s Hang Seng Index gained 1.2%. South Korea’s central bank raised interest rates for the first time in 3-1/2 years to 2.75% on Thursday to stabilise a slumping won and counter persistent inflationary pressure. The decision was largely as expected. Wall Street gained overnight â as investors rotated out of semiconductors into Magnificent Seven stocks and banks after robust earnings from major lenders, but Asia is more vulnerable to the chip sell-off given its heavier exposure to semiconductor stocks. Bonds cheer cool inflation Surprisingly soft U.S. PPI data for June added to the benign consumer inflation figures a day earlier, as markets now priced out the risk of an imminent rate hike from the U.S. Federal Reserve this month to just 10%, from 43% earlier in the month. However, the â pullback in inflation is likely only temporary, with oil prices climbing on the renewed Middle East hostilities. The Wall Street Journal, opens new tab reported President Donald Trump is leaning towards expanding U.S. military operations in Iran, including sending ground forces. Bond investors, however, focused on cooler inflation data. Two-year Treasury yields edged up 2 basis points to 4.1493%, â after falling 14 bps over the past two days. Ten-year yields were steady at 4.5593%, having been down 7 bps over the past two days. That pulled the dollar down, except for against the beleaguered yen. The dollar index was steady at 100.48, after falling 0.4% overnight to the lowest â since June 18. The yen hovered at 162.08, not far from the 40-year low of 162.84 as speculators remain wary of Japanese intervention. Sterling hit two-month highs on expectations that Andy Burnham, who is likely to be named new Labour Party leader on Friday, will pick a fiscally conservative finance minister. The pound was 0.1% higher at $1.3538, after surging 1% overnight. Gold was steady at $4,055 an ounce.
INDIAN SHARES SEEN OPENING FLAT ON MIDEAST JITTERS
Date: 2026-07-16
Details: • GIFT Nifty futures were trading at 24,077 Published July 16, 2026 Updated 6 minutes ago By Reuters Indian shares were set for a muted open on Thursday as higher oil prices and broader risk aversion due to the escalating Middle East conflict kept sentiment fragile, while investors awaited a fresh batch of corporate earnings. The U.S. struck Iran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it â was engaged in an “existential war†with America. GIFT Nifty futures were trading at 24,077 as of 7:51 a.m. IST, indicating the Nifty 50 could open near Wednesday’s close of 24,078.5. Asian stocks fell nearly 2% as a sharp selloff in chip stocks and Middle East tensions weighed on sentiment, while Brent crude futures rose for a fourth straight session and traded above $85 per barrel. Oil and gas â companies will be in focus in India after the government raised windfall taxes on exports of diesel and aviation turbine fuel as global oil prices surge. Investors will also track earnings. Later in the day, Wipro â and Tech Mahindra are scheduled to report results, likely shaping sentiment in information technology shares. HDFC Life Insurance reported a 12% rise in first-quarter profit, â supported by higher premium collections, while ICICI Lombard General Insurance posted a 46% drop in quarterly profit as claims rose and â its commercial insurance business weakened. Non-bank lender HDB Financial Services reported a higher quarterly profit, supported by healthy loan demand and improving asset quality.
NIKKEI ENDS HIGHER ON WALL STREET GAINS
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Reuters TOKYO: Japan’s Nikkei share average rose on Wednesday, as chip-related shares rallied after Wall Street’s solid overnight finish and chip equipment maker ASML’s strong outlook. The Nikkei closed 1.49 percent higher at 68,751.51, and the broader Topix rose 1.22 percent to 4,088.12. The S&P 500 and the Nasdaq advanced on Tuesday, as solid results from big banks and a cooler-than-expected inflation report boosted risk appetite amid rising tensions in the Middle East. The US semiconductor index, a barometer for Japanese chip-related shares, rose 2.54 percent. ASML raised its financial forecasts for 2026 during Asian trading, and said it would expand capacity after reporting better-than-expected second-quarter earnings, driven by AI demand. The tech-heavy Nikkei’s rally paused last month on global concerns over overvaluation of technology stocks, but sentiment remained strong as investors shifted their focus to value stocks, such as financials.
CHINA STOCKS CLOSE DOWN ON CHIP PROFIT-TAKING
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Reuters SHANGHAI: Chinese stocks ended slightly lower on Wednesday amid a sell-off in semiconductor shares, as investors locked in recent gains and shifted capital into traditional sectors despite a weaker-than-expected second-quarter GDP reading. Hong Kong shares ended at a one-month high. China’s blue-chip CSI 300 Index closed 0.2 percent lower, while the Shanghai Composite Index lost 0.3 percent. Hong Kong benchmark Hang Seng rose 1.4 percent. China’s annual economic growth slowed to 4.3 percent in the second quarter, missing analysts’ expectations as weak domestic demand and the oil shock tied to the Iran war outweighed stronger production and exports. A growing divergence has emerged in China’s onshore market in recent months, with traditional sectors such as consumer and financials moving inversely to AI-focused chip supply chain stocks. China’s tech-focused STAR50 Index fell 4.3 percent, as investors took profits ahead of Asia’s largest IPO so far this year. ChangXin Memory Technologies (CXMT) expects to raise about 57.9 billion yuan (USD8.55 billion) before any over-allotment option in its IPO in Shanghai. Onshore consumer staples shares climbed 3.7 percent after data showed retail sales grew 1 percent in June. Property shares jumped 4.1 percent. Hong Kong-listed tech giants rose 1.3 percent, helping propel the Hang Seng Index to its highest level in a month. European investors remain firmly interested in Chinese equities, with AI still the dominant theme despite recent volatility and a wave of profit-taking that has driven a de-rating in the sector, UBS strategists said in a note. Investor focus has narrowed to companies benefiting from China’s push to localise its tech supply chain and ramp up domestic capital expenditure, as well as segment leaders offering reasonable valuations, they said.
PSMA SEEKS PROMPT EXPORT OF SURPLUS SUGAR
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Zahid Baig LAHORE: The Pakistan Sugar Mills Association (PSMA) in a letter to the Federal Minister for National Food Security and Research has requested the government to fulfill its pledge to allow export of surplus sugar within one month of the closure of crushing season 2025-26. As per the contents of the letter, sugar stocks in the country stood at 7.967 million metric tons at the end of the last crushing season. With annual consumption of 6.786 million metric tons, there is a surplus of 1.181 million metric tons. It will take five months to export that quantity of sugar, and by then, new sugar production will start. Over the past two years, better and timely payments to sugarcane growers have encouraged them to cultivate superior cane varieties and purchase necessary inputs, resulting in a significant increase in per-acre yield and sugar recovery. Better sugarcane crop is expected in the upcoming crushing season, resulting in higher sugar production. Sugar production of 8 million metric tons is expected in the upcoming crushing season, the letter added. The Association further said that at present, the sugar industry is facing the challenge of maintaining huge sugar stocks, while demand remains very low. Current sugar prices are below than production costs, whereas the price of sugarcane is rising every year. Due to unsold sugar stocks, the sugar industry is facing severe shortage of funds for repaying bank loans and clearing outstanding dues to farmers, claims the letter. In view of all these factors, the government is strongly urged to grant permission for the export of 0.6 million metric tons of surplus sugar at the earliest, and to authorize the export of remaining 0.55 million metric tons within one month of the commencement of the 2026-27 crushing season, the PSMA demanded. A prompt decision in this regard will not only help the sugar industry cope with the shortage of funds but also generate much-needed foreign exchange worth approximately USD 575 million for the national exchequer, the letter concluded. Copyright Business Recorder, 2026
11TH COLOUR & CHEM EXPO 2026 BEGINS FROM 18TH
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Recorder Report LAHORE: Pakistan’s premier exhibition for the dyes, chemicals and allied industries, the 11th Colour & Chem Expo 2026, will be held on July 18 and 19, 2026 at the Lahore International Expo Centre. Organised by Event and Conference International (Pvt) Ltd in collaboration with Rainbow Group and the Punjab Dyes & Chemicals Merchants Association (PDCMA), the two-day exhibition promises to be the country’s most comprehensive platform for the chemical and allied industries. Shafay Hussain, Punjab Minister for Industries, Commerce & Investment, will attend the event as the Chief Guest, underscoring the provincial government’s commitment to promoting industrial growth, investment and technological advancement in Pakistan’s manufacturing sector. The expo will be open daily from 10:00am to 6:00pm, offering free entry to trade and corporate visitors upon pre-registration. More than 300 national and international exhibitors will showcase cutting-edge products, technologies and solutions across the dyes, chemicals and allied industries. The event is expected to attract thousands of business professionals, manufacturers, importers, exporters, distributors, researchers, policymakers and investors from Pakistan and overseas. Running alongside the exhibition will be the Digital Textile Printing Industry Expo (DTPIE), providing visitors with an expanded opportunity to explore the latest developments in digital textile printing, screen printing, textile processing, finishing technologies and industrial automation. The exhibition will feature a wide range of sectors, including textile chemicals, dyes and intermediates, pigments, printing technologies, paints and coatings, pharmaceuticals, food chemicals, agrochemicals, fertilisers, petrochemicals, detergents, leather chemicals, water treatment, specialty chemicals, laboratory equipment, industrial machinery and environmental technologies. Speaking ahead of the event, the organisers said the exhibition reflects the growing strength of Pakistan’s industrial sector and provides an ideal platform for local and international companies to launch new products, expand business networks and explore emerging market opportunities. Copyright Business Recorder, 2026
LPG INDUSTRY DEMANDS CORRECTION IN OGRA’S PRICING FORMULA
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Safdar Rasheed LAHORE: The All Pakistan LPG Industry Organising Committee has warned that immediate correction in Oil and Gas Regulatory Authority (Ogra) notified gas price and restoration of transportation through Balochistan are urgently needed to ensure adequate supply when seasonal demand picks up from mid-August. The committee cautioned that any further delay could plunge the country into a severe LPG shortage and price spiral. In a statement issued on Tuesday, the committee’s central leader Khawaja Nouman Ahmed said the concerns about looming crisis were already raised. Participants at the conference flagged multiple issues, including what they termed Ogra’s flawed determination of cooking gas prices and other structural problems hurting the industry. Following the conference, a 20-member delegation of industry representatives met with Ogra’s senior management as well as senior officials of the Petroleum Division, Ministry of Energy to discuss the sector’s demands. Ahmed described the engagement with government officials as a welcome development, but stressed that dialogue must now translate into concrete action. He said the most pressing issue is a fresh assessment of Ogra’s notified LPG price. According to the committee, the current formula does not accurately account for the cost of imported LPG and other associated expenses, leaving the industry unable to operate sustainably. At the same time, Ahmed emphasised that law and order challenges affecting the transportation of LPG, particularly through Balochistan, must be resolved on a priority basis. The committee argued that addressing both pricing and security issues would have multiple benefits. It would bring stability to LPG prices, improve overall supply, and allow plant owners, distributors and other businesses linked to the LPG sector to operate without facing what it called “unnecessary raids and fines.†More importantly, Ahmed said, improved supply would directly benefit consumers by helping to bring prices down. Highlighting the current supply situation, Ahmed noted that LPG stocks in the country have already dropped to their lowest level. He attributed the pressure to the ongoing conflict in the Strait of Hormuz and other disruptions that have affected imports. He further explained that the LPG industry has a long-standing practice of building stocks during the summer months, when demand is low, to prepare for the winter season. However, this year unfavourable market conditions and what he described as non-conducive government policies have resulted in imports remaining negligible. As a result, the sector has not been able to create the usual buffer stock ahead of the high-demand period. Given these circumstances, Khawaja Nouman Ahmed urged the authorities to treat the matter with urgency. He called for an immediate revision of the official LPG price to reflect real import costs, and for concrete steps to secure highways and restore the supply route via Balochistan. He said these measures are essential to enable the industry to carry out timely imports and maintain smooth operations. “With mid-August marking the start of the season and demand set to rise, we are running out of time,†Ahmed said. “If the government does not act now on price correction and supply security, the country faces a serious risk of an LPG shortage crisis, which will hit domestic consumers the hardest.†The committee chairman reiterated his commitment to working with the government to ensure energy security, but stressed that without policy corrections and a safe supply chain, the LPG sector will not be able to meet the country’s winter requirements. Copyright Business Recorder, 2026
KCCI, FIO AGREE TO STRENGTHEN INSTITUTIONAL COLLABORATION
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Karachi Chamber of Commerce & Industry (KCCI) and the Federal Insurance Ombudsman (FIO) have agreed to strengthen institutional collaboration to facilitate the business community through faster resolution of insurance-related disputes, enhanced regulatory coordination and greater awareness of policyholders’ rights. The understanding was reached during a meeting at the KCCI, where Director General, Federal Insurance Ombudsman (FIO), Mobashir Naeem Siddiqui, accompanied by Advisor FIO, Fazal Abrejo, held detailed discussions with President KCCI Rehan Hanif, Senior Vice President Muhammad Raza, Vice President Muhammad Arif Lakhani, Chairman of KCCI’s Banking & Insurance Subcommittee Asim Aejaz, and members of the KCCI Executive Committee on issues concerning insurance dispute resolution, regulatory facilitation and enhanced institutional cooperation. Addressing the meeting, Director General FIO Mobashir Naeem Siddiqui acknowledged the insurance-related concerns raised by the business community, particularly regarding trade insurance and reinsurance challenges arising from prevailing regional security conditions. He observed that reinsurance costs often increase significantly during periods of geopolitical instability, adversely affecting insurance premiums and coverage for businesses engaged in international trade. However, he expressed optimism that the situation would normalise as regional conditions improve. To address these concerns, he proposed holding a dedicated consultative session involving KCCI, the Federal Insurance Ombudsman Secretariat and the Securities and Exchange Commission of Pakistan (SECP) to examine the issues in detail and develop practical solutions. He further suggested constituting a joint committee comprising representatives of KCCI, SECP and the FIO Secretariat to facilitate policy improvements and resolve industry-specific challenges on a priority basis. Explaining the role of the Federal Insurance Ombudsman, Mobashir Siddiqui said the institution serves as an independent Alternate Dispute Resolution (ADR) forum established under the Insurance Ordinance, 2000 and the Federal Ombudsmen Institutional Reforms Act, 2013, providing free, speedy and impartial resolution of insurance disputes. He informed participants that any individual, company or policyholder facing difficulties in obtaining legitimate insurance claims could approach the FIO without engaging legal counsel. Complaints are resolved free of cost, with nearly 95 percent of cases being disposed of within 60 days, while over 90 percent are settled amicably through mediation and arbitration. Highlighting the institution’s performance, he stated that the FIO Secretariat facilitated financial relief exceeding Rs1.5 billion during the previous year by resolving delayed or disputed insurance claims. Mobashir Siddiqui also outlined several reforms undertaken in collaboration with SECP to improve consumer protection, including the introduction of bilingual insurance policy documents in Urdu and English and the inclusion of the Federal Insurance Ombudsman’s contact details on policy documents to enable policyholders to seek timely redress. To strengthen engagement with the business community, he proposed the nomination of a dedicated KCCI focal person to establish a virtual liaison desk for expeditious handling of members’ insurance-related grievances. He also offered to organize regular awareness seminars, capacity-building sessions and technical briefings for KCCI members. Furthermore, he announced that the FIO Secretariat would regularly share awareness material with KCCI for dissemination through its digital platforms and invited representatives of KCCI’s Social Media Subcommittee and Banking & Insurance Subcommittee to participate in the Secretariat’s monthly awareness meetings, enabling continuous information exchange and stronger institutional coordination. President KCCI Rehan Hanif, while warmly welcoming the visiting delegation, appreciated FIO Secretariat’s significant contribution towards protecting the rights of policyholders and strengthening confidence in Pakistan’s insurance sector. He stated that a reliable, transparent and efficient insurance system is indispensable for promoting investment, facilitating trade, managing commercial risks and ensuring sustainable economic growth. Equally important, he added, is the existence of an independent institution capable of resolving insurance disputes fairly, impartially and expeditiously. Rehan Hanif noted that Karachi, being Pakistan’s commercial and financial hub, contributes the largest share to the national economy through trade, industry, exports and tax revenues. He emphasized that while the business community remains fully committed to regulatory compliance, the regulatory framework must also remain business-friendly, predictable and facilitative to reduce the cost and complexity of doing business. Highlighting the concerns of KCCI members, he called for greater clarity in regulatory requirements, improved coordination among regulatory institutions, timely resolution of compliance-related issues and enhanced awareness regarding evolving legal and regulatory obligations affecting businesses. President KCCI assured the FIO Secretariat of KCCI’s full cooperation in organizing awareness sessions, training programs and consultative engagements to educate businesses on insurance-related matters while enabling regulators to better understand the operational realities faced by the private sector. He expressed confidence that stronger collaboration between KCCI and FIO Secretariat would significantly improve access to justice for policyholders, strengthen confidence in the insurance industry and contribute towards a more transparent, resilient and business-friendly economic environment in Pakistan. Copyright Business Recorder, 2026
FLOUR MILLERS URGE WHEAT IMPORT PERMISSION TO AVOID SHORTAGE
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Flour millers have attributed the recent spike in wheat and flour prices to delays in government procurement and called for immediate permission to import wheat aimed to prevent shortages and stabilise prices in the domestic market. Yasir Iqbal Malik, a leading miller, former President of the Jamshoro Chamber of Commerce and Industry and Convener of the Sindh Flour Mills Sub-Committee of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has attributed the recent surge in wheat and flour prices to delays in the government’s wheat procurement process. He said the flour milling industry and FPCCI had repeatedly warned the government to begin procurement on time and take effective measures against wheat hoarding. The current wheat price hike could have been avoided by timely action of the authorities and the government would have been able to achieve its procurement targets. Malik welcomed the recent actions taken by the government and local administration for the wheat price stability and said that these measures have already helped reduce wheat and flour prices. However, he noted that these steps should have been implemented much earlier. He emphasised that the flour milling industry has consistently opposed wheat hoarding, warning that such practices directly affect consumers, particularly low and middle-income households. He urged the authorities to focus enforcement efforts on private warehouses and industrial units where wheat is allegedly being stockpiled, rather than targeting flour mills. According to Malik, licensed flour mills are permitted by the Food Department to maintain wheat stocks for up to 30 days to ensure uninterrupted grinding operations. He said inspections should instead target warehouses, rice mills, cotton mills, pulse processing units and other private storage facilities that have no direct connection with wheat flour production but may be holding large quantities of wheat. Highlighting the supply gap, he said Sindh produced around 4.8 million tonnes of wheat this year against an annual provincial requirement of approximately 6.53 million tonnes, leaving a shortfall of nearly 2 million tonnes. He urged the federal government to immediately allow wheat imports to bridge the supply-demand gap and stabilise prices. The government, he said, could either permit the private sector to import wheat or allow genuine flour millers to import directly to ensure adequate supplies. “If the decision to allow imports is delayed, wheat shortages could intensify and prices may rise further,†Yasir Malik warned. He also called for long-term agricultural reforms to increase domestic wheat production and prevent recurring shortages, stressing that sustainable policy measures are needed to strengthen Pakistan’s food security. Copyright Business Recorder, 2026
SOUTH AIR BEGINS DOMESTIC FLIGHT OPERATIONS
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 2 hours ago Photo: South Air By Recorder Report LAHORE: A new private airline, South Air, has announced the formal launch of its scheduled domestic flight operations starting on July 16. The airline on Wednesday said that the initiative aims to strengthen air connectivity across different regions of the country, promote regional development, and provide passengers with safe, high-quality, and reliable travel services. In the initial phase, South Air will begin regular flights between Karachi, Islamabad, and Bahawalpur, while new scheduled services are also being introduced from Karachi to Gwadar, Sukkur, and Rahim Yar Khan. The launch of these routes is expected to give a new boost to business activity, tourism, education, and regional connectivity. The airline is launching its services with modern ATR 72-600 aircraft, which are widely used around the world for short- and medium-haul flights due to their fuel efficiency, operational effectiveness, and compliance with international safety standards. Commenting on the commencement of domestic flights, South Air Chief Executive Officer Nishat Fatima said that the airline plans to expand its route network and fleet in the near future so that more cities across the country can benefit from modern air travel facilities. “The establishment of South Air is not merely the addition of a new airline, but a national effort to further strengthen Pakistan’s air connectivity. Our commitment is to provide every passenger with safe, punctual, and high-quality travel services, and to connect those regions with the national aviation network where air services have remained limited.†To promote collaboration in the tourism and hospitality sectors, South Air has signed a strategic Memorandum of Understanding (MoU) with Dream World Destination Hotels and Golf Course. Under this partnership, various initiatives will be undertaken to introduce joint travel packages, special discount offers, and the promotion of tourism-related activities. According to the airline management, South Air will give top priority to international safety standards, punctuality, excellent customer service, operational transparency, and professional excellence across all its operations. Aviation experts believe that South Air’s entry will encourage healthy competition in Pakistan’s aviation sector, improve regional air connectivity, and have a positive impact on trade, investment, tourism, and the national economy. South Air has urged passengers to stay connected with the airline’s official channels for flight schedules, fares, and booking details for flights commencing from July 16. Copyright Business Recorder, 2026
OIL PRICES RISE FOR 4TH DAY AS US STRIKES ON IRAN RAISE FEARS OF WIDER CONFLICT
Date: 2026-07-16
Details: • Brent crude futures climbed 33 cents, or 0.4%, to $85.28 a barrel Published July 16, 2026 Updated 32 minutes ago By Reuters TOKYO: Oil prices rose for a fourth straight day on Thursday after a new wave of US strikes on Iranian military installations fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz. The United States struckIran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an “existential war†with America. Brent crude futures climbed 33 cents, or 0.4%, to $85.28 a barrel by 0026 GMT, while U.S. â West Texas Intermediate futures rose 42 cents, or 0.5%, to $80.02 a barrel. Both benchmarks gained about 0.3% on Wednesday and were hovering near their one-month highs touched on Tuesday. “With tensions in the Middle East flaring up again, buying is taking the lead,†said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment. “While mediation efforts by neighbouring countries continue and the consensus view is that a full-scale war is unlikely, WTI could still rise to $85–$87 depending on how the conflict develops,†he said. Oil prices have gained this week as attacks deepened supply â disruption in the Strait of Hormuz, which handled about a fifth of the world’s oil and liquefied natural gas trade before the war began. US aircraft fired on ship that tried to break Iran ports blockade: US military Hostilities between Iran and the U.S. reignited last week, fraying an already fragile truce reached in June after several months of fighting. Analysts say Iran â has signalled it may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world’s most vital â energy arteries at risk. Goldman Sachs said Brent could exceed $110 in the fourth quarter if the Gulf export recovery continues to stall, but could fall into the $60s by year-end if â tensions ease and production recovers faster than expected. Meanwhile, the U.S. Energy Information Administration said crude inventories fell by 1.7 million barrels in the week to July 10, compared with analysts’ expectations for a 2.6 million-barrel draw.
OIL PRICES MAKE SMALL GAIN
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Reuters HOUSTON: Oil prices rose slightly on Wednesday, reacting to stronger-than-expected inventory and largely shrugging off a new wave of US attacks against Iranian military installations that aimed to limit Tehran’s ability to strike shipping in the Strait of Hormuz. Brent futures settled at USD 84.95 a barrel, up 22 cents, or 0.26 percent. West Texas Intermediate futures finished at USD 79.60 a barrel, up 26 cents, or 0.33 percent. The US Energy Information Administration reported a 1.7-million-barrel drop in US crude inventory last week, less than a forecast draw of 2.6 million barrels. “There seems to be a sense that we’ve seen this movie before,†said Phil Flynn, senior analyst with Price Futures Group, referring to hostilities in the Middle East. “There’s a sense in that EIA report the supplies instead of evaporating are stabilizing,†he added. The EIA also reported a build in distillates of 4.6 million barrels last week compared to a forecast increase of 100,000 barrels. Washington had earlier reimposed a naval blockade of Iranian ports and launched overnight strikes, prompting Iran’s Islamic Revolutionary Guard Corps to threaten to close “all other export corridors that benefit the US and its alliesâ€. Oil prices settled up 2 percent at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas passed prior to the war’s outbreak. The hostilities between Iran and the US reignited last week, fraying an already fragile truce reached in June after several months of fighting. Late on Tuesday, the US military said it had hit dozens of military targets near the strategic waterway and Iranian coastal areas in strikes lasting seven hours. In response, Iran’s Islamic Revolutionary Guard Corps said on Wednesday it had struck US military targets in the region, including in Bahrain, Kuwait and Jordan. The US military said its fresh strikes on Wednesday against Iran’s coastal defence systems and cruise missile storage and launch sites were “designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz.†Analysts have said Iran has been signalling it may use its Houthi allies in Yemen to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world’s most vital energy arteries at risk. Further strengthening oil prices was a US naval blockade of ships coming and going to Iranian ports, said UBS analyst Giovanni Staunovo, adding that Iranian crude exports were around 1.5 million to 2 million barrels per day in the last two weeks. Goldman Sachs estimated in a note that Gulf exports recovered to more than 80 percent of pre-war levels after the US-Iran memorandum of understanding in June but slipped back below 50 percent, or about 11 million bpd, over the last week. The bank said Brent could exceed USD 110 in the fourth quarter this year if the Gulf export recovery continues to stall. Still, investors are cautious to apply too much of a premium on oil prices, given the back-and-forth headlines. “This is just all part of the war games,†said Saxo Bank head of commodity strategy Ole Hansen. “And the market has learned to adopt a little bit of a sanguine approach to some of these big announcements, simply in the sense that they often do not actually materialize.â€
US NATGAS PRICES FALL TO 2-MONTH LOW
Date: 2026-07-16
Details: Published July 16, 2026 Updated about 3 hours ago By Reuters NEW YORK: US natural gas futures eased to a two-month low on Wednesday on rising output and lower flows to liquefied natural gas (LNG) export plants due to maintenance at Freeport LNG’s facility in Texas. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 3.5 cents, or 1.2 percent, to USD2.869 per million British thermal units (mmBtu), putting the contract on track for its lowest close since May 13. Meteorologists forecast temperatures would top 90 degrees Fahrenheit (32.2 degrees Celsius) in many parts of the country on Wednesday, including New York and Chicago. That forecast compares with a normal high of 85 F in both cities for this time of year, according to weather forecaster AccuWeather. As homes and businesses crank up their air conditioners to escape the heat, next-day power prices at the PJM Western Hub jumped 178 percent to around USD420 per megawatt hour. The PJM Western Hub is located mostly in western Pennsylvania and the District of Columbia/Maryland metro area. Financial group LSEG said average gas output in the US Lower 48 states has risen to 110.1 billion cubic feet per day so far in July, up from 110.0 bcfd in June, but has remained below the monthly record high of 110.6 bcfd in December 2025. Analysts said mostly mild weather during the spring allowed energy firms to stockpile more gas than usual. As they wait for a federal report on Thursday, they projected the amount of gas in storage was 6.6 percent above normal during the week ended July 10, the same as the previous week. Meteorologists forecast the weather would remain mostly warmer than normal through July 30, forcing power generators to burn lots of gas to keep air conditioners humming. About 40 percent of US power generation comes from gas-fired plants. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 111.1 bcfd this week to 110.4 bcfd next week. The forecast for this week was higher than LSEG’s outlook on Tuesday. Average gas flows to the nine big US LNG export plants have risen to 17.5 bcfd so far in July, up from 17.4 bcfd in June, but have remained below the monthly record high of 18.8 bcfd in April. On a daily basis, however, LNG feedgas was on track to drop to a five-week low of 16.8 bcfd on Wednesday due mostly to a reduction in flows to Freeport LNG’s 2.4-bcfd export plant in Texas for planned work from July 10 to late August. In other LNG news, the Al Fat’h LNG tanker was on track to reach China on July 16 with a load of fuel from US energy firm Venture Global LNG’s Plaquemines export plant in Louisiana. The vessel left the US in early June. So far, no LNG tanker has left a US export plant and gone directly to China during US President Donald Trump’s second term, which started in January 2025, due primarily to trade disputes between the world’s two biggest economies. China, which imported a large amount of US gas in the past and has many contracts to buy US LNG, is the world’s biggest gas importer, while the US is the world’s biggest gas producer, consumer and exporter. Chinese companies have bought US LNG and then sold it to buyers in other countries.
OIL RISES AFTER US-IRAN HOSTILITIES FLARE AGAIN WITH STRIKES ON ENERGY TARGETS
Date: 2026-07-15
Details: *Brent rose $1.46, or 1.72%, to $86.19 a barrel Published July 15, 2026 Updated about an hour ago By Reuters PERTH: Oil rose on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikeson US infrastructure in the region. For the second straight session, Brent closed at its highest since June 12 and West Texas Intermediate at its highest since June 15 and rose further on early Wednesday trade. Brent rose $1.46, or 1.72%, to $86.19 a barrel by 0029 GMT while WTI was up $1.11, or 1.4%, to $80.40 a barrel. Oil prices closed up 2% to a one-month high on Tuesday as attacks deepened a supply disruption in the Strait of Hormuz, where some one-fifth â of the world’s oil and liquefied natural gas transited prior to the beginning of the war. Early on Wednesday, the U.S. also began a fresh round of strikes “to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz,†the U.S. military said. Tehran says it has again closed the strait after hostilities between Iran and the U.S. reignited last week, fraying an already fragile truce reached in June after several months of fighting. “I’ll save the energy targets for last, but ultimately we’ll hit energy targets,†Trump told Fox News in an interview aired Tuesday night on “Special â Report with Bret Baierâ€. Iran’s army said early on Wednesday that it had launched drone attacks against U.S. positions at Jordan’s Azraq base. There was no immediate comment from the Pentagon. Iran’s Islamic Revolutionary Guard Corps said they targeted weapons and storage facilities in Bahrain and Kuwait. Reuters could not immediately verify the reports. The flare-up â over the last few days has heightened doubts that a memorandum of understanding signed last month would lead to a permanent halt to the war, which has engulfed Iran’s neighbors. “The chances of oil moving back â toward $100 in the reasonably near term are still meaningful if hostilities intensify which damages energy infrastructure around the Gulf,†Tim Waterer, chief market analyst at KCM Trade said, noting Brent prices â could remain at $75-$80 a barrel if diplomatic efforts helped reopen the strait. “For now, the risk premium is still embedded, but it’s not a one-way bet given that there remain incentives for both sides to find a diplomatic solution.â€
US NATGAS PRICES EASE ON RISING OUTPUT
Date: 2026-07-15
Details: Published July 15, 2026 Updated about 6 hours ago By Reuters NEW YORK: US natural gas futures eased about 1percent to a two-month low on Tuesday on rising output and an expected decline in flows to liquefied natural gas (LNG) export plants during maintenance at Freeport LNG in Texas. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 2.7 cents, or 0.9percent, to USD2.87 per million British thermal units (mmBtu), putting the contract on track for its lowest close since May 13. That also put the front-month down for five days in a row and kept it in technically oversold territory for a second day in a row, both for the first time since April. In a sign the market is not too worried about gas supplies in coming months, the premium of futures for March over April 2027 fell to a record low of around 18 cents per mmBtu. The industry calls the March-April spread the “widow-maker†because rapid price moves resulting from changing weather forecasts have forced some speculators out of business. Notably, the Amaranth hedge fund lost more than USD6 billion in 2006. Traders use the March-April and October-November spreads to bet on winter weather forecasts and supply and demand. March is the last month of the winter heating season when utilities pull gas out of storage, and October is the last month of the summer cooling season when utilities inject gas into storage. Financial group LSEG said average gas output in the US Lower 48 states rose to 110.2 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June, but remained below the monthly record high of 110.6 bcfd in December 2025. Analysts said mostly mild weather during the spring allowed energy firms to stockpile more gas than usual. As they wait for a federal report on Thursday, they projected the amount of gas in storage held at 6.6percent above normal during the week ended July 10, the same as the previous week. Meteorologists forecast the weather would remain mostly warmer than normal through July 29, forcing power generators to burn lots of gas to keep air conditioners humming. About 40percent of US power generation comes from gas-fired plants. LSEG projected average gas demand in the Lower 48 states, including exports, would hold around 110.4 bcfd this week and next. Those forecasts were higher than LSEG’s outlook on Tuesday. Average gas flows to the nine big US LNG export plants rose to 17.6 bcfd so far in July, up from 17.4 bcfd in June, but remain below the monthly record high of 18.8 bcfd in April. That increase in average LNG feedgas came despite the reduction in flows to Freeport LNG’s 2.4-bcfd export plant in Texas for planned work from July 10 to late August.
CHINA’S JUNE OIL IMPORTS HIT NEAR 10-YEAR LOW
Date: 2026-07-15
Details: Published July 15, 2026 Updated about 6 hours ago By Reuters BEIJING: China’s June crude imports slumped 41.3percent to their lowest in almost a decade as refinery run rates hit a ten-year low due to weak domestic demand and export curbs on refined oil products to safeguard energy security amid the Iran war. China imported 29.27 million tons of crude oil in June, or 7.12 million barrels per day, the lowest since October 2016, customs data showed on Tuesday. The slump extended into June from May, with imports falling by another 12percent, after oil imports hit an eight-year low in May. China’s seaborne crude imports stood at around 6 million bpd in June, with imports from the Middle East hitting their lowest level in ten years and Iranian oil imports also dropping 40percent month on month to below 800 thousand barrels per day, according to ship-tracking company Vortexa. In June, the utilisation rate of China’s crude distillation units stood at 57.72percent, down 3.28 percentage points month on month and down 13.09 percentage points year on year, according to Chinese consultancy Oilchem.
COTTON SPOT RATES
Date: 2026-07-15
Details: KARACHI: official KCA spot rates for local dealings in Pakistan rupees on Tuesday, (July 14, 2026).... Published July 15, 2026 Updated about 6 hours ago By Recorder Report KARACHI: official KCA spot rates for local dealings in Pakistan rupees on Tuesday, (July 14, 2026). =========================================================================== The kca official spot rate for local dealings in Pakistan rupees --------------------------------------------------------------------------- For base grade 3 staple length 1-1/16" Micronaire value between 3.8 to 4.9 NCL =========================================================================== Rate Ex-gin Upcountry Spot rate Spot rate Difference for price Ex-Karachi ex. Khi. as Ex-karachi on 13-07-2026 =========================================================================== 37.324 KG 18,000 280 18,280 18,080 +200 Equivalent 40 KGS 19,291 300 19,591 19,376 +215 =========================================================================== Copyright Business Recorder, 2026
BOFA RIDES MARKET WHIPLASH TO TRADING RECORDS, DEAL ACTIVITY SHINES
Date: 2026-07-15
Details: Published July 15, 2026 Updated about 6 hours ago By Reuters WASHINGTON: Bank of America exceeded Wall Street estimates for second-quarter profit on Tuesday, as global market chaos fueled record trading, while a corporate dealmaking surge spurred investment banking. The bank also expects full-year 2026 net interest income to grow at the upper end of its previously forecast range of 6 percent to 8 percent, finance chief Alastair Borthwick said. Investors remained cautious and reshuffled portfolios amid volatile markets, as US-Iran tensions fueled concerns over global crude supplies, drove oil prices higher and added to uncertainty around interest rates and persistent inflation. Large investment banks tend to benefit from volatile markets, as their trading desks generate higher revenue from increased client activity. Bank of America’s second-quarter sales and trading revenue jumped 33 percent to a record USD 7.1 billion from USD 5.3 billion a year earlier. Chief Executive Officer Brian Moynihan had earlier said that the bank was expecting a 15 percent rise. Equities revenue climbed 70 percent to USD 3.6 billion. “Overall, the US economy has proved more durable than expected, supported by the strong consumer, ongoing AI-driven investments across the board and easing energy costs, though inflation and tighter monetary policy remain key risks,†said Moynihan in a post-earnings conference call. The bank reported a net income of USD 9.1 billion, or USD 1.21 per share, in the three months ended June 30, compared with USD 7.2 billion, or 90 cents per share, a year earlier. Analysts were expecting a profit of USD 1.13 per share, according to data compiled by LSEG. Shares of the bank, which have gained about 8 percent so far in 2026, were up 2 percent in early trading. The shares have outperformed peers JPMorgan Chase and Wells Fargo so far in 2026. “All said, a really good quarter from BAC, but it seems like the well-rounded results were somewhat understood as shares have rallied +6 percent over the last month,†Evercore ISI said in a BofA note, titled “Cooking like a hot summer day.†JPMorgan and Wells Fargo also reported their second-quarter earnings on Tuesday, beating profit estimates on trading and dealmaking strength. THE DEALMAKING BOOM Global mergers and acquisitions, valued at over USD 10 billion, surged to record levels during the first half of 2026, according to LSEG data. The surge was driven by a more lenient regulatory environment that prompted major companies across sectors to seize the opportunity to execute deals. Bank of America Securities acted as a joint book-running manager for the record-breaking USD 2 trillion debut of Elon Musk’s SpaceX, a historic listing that supercharged the US initial public offering market and boosted its rebound in 2026. The bank also acted as a financial advisor for US power company NextEra Energy’s USD 66.8 billion deal to buy Dominion Energy, announced in May. BofA’s total investment banking fees jumped 50 percent to USD 2.1 billion in the second quarter. CEO Moynihan said earlier this quarter that investment banking was in “pretty good shapeâ€. “The AI-driven capex super cycle has benefited equity issuance, M&A activity and debt financing, while trading has been helped by Iran-related volatility across asset classes,†said Stephen Biggar, director of Financial Services Research at Argus Research. “The USD 2.5 trillion in announced global M&A in the first half of the year is the gift that will keep giving, with banks getting paid as deals close over the next 6-9 months, while the mega-IPO pipeline remains intact for the back half of the year.†THE OTHER CATALYST Strong consumer spending underpinned the resilient US economy despite persistent macroeconomic uncertainty, serving as a vital catalyst for lenders. Consumption has supported steady demand for new loans, providing major commercial banks with a stable operational foundation through interest income. The bank’s net interest income (NII) — the difference between what it earns on loans and pays out on deposits — rose 9 percent to USD 16 billion in the quarter from a year earlier. Average loans and leases rose 8 percent, with growth across every business segment. CFO Borthwick said that the positive forecast for full-year NII growth was supported by anticipated loan and deposit growth, fixed-rate asset repricing and balance sheet optimization. “Our strategy is working,†Borthwick said in a media call. “We are making disciplined investments, growing organically, gaining market share, maintaining strong operating metrics, and driving higher levels of growth and profitability.â€
SK HYNIX SHARES SURGE 13% ON AI HOPES AS US TECH STOCKS RESUME THEIR CLIMB
Date: 2026-07-15
Details: • The rally lifted other South Korean semiconductor stocks, with Samsung Electronics rising nearly 8% Published July 15, 2026 Updated 8 minutes ago By Reuters SEOUL: Shares in SK Hynix jumped nearly 13% in Seoul on Wednesday, tracking gains in U.S. tech stocks after softer-than-expected U.S. inflation data, while upbeat analyst views on the outlook for AI memory demand also supported sentiment. The rally lifted other South Korean semiconductor stocks, with Samsung Electronics rising nearly 8%, while chip equipment maker Hanmi Semiconductor gained about 25% in early trade. The S&P 500 and the Nasdaq advanced on Tuesday as solid big bank results and a cooler-than-expected inflation report boosted risk appetite amid rising Middle East tensions. The gains came after weeks of volatility in chip stocks, as investors grappled with concerns over a potential â slowdown in memory earnings growth as quarterly price increases moderate in the second half of 2026. They have also questioned whether signs of slowing capital spending by major U.S. cloud service providers, rising financing needs and recent multi-billion-dollar capacity expansion plans by memory makers could eventually ease the industry’s supply-demand imbalance that has fuelled the chip stock rally. However, some analysts remain optimistic that structural demand from AI applications will keep the market tight. Kim Sunwoo, a senior analyst at Meritz Securities, said suppliers of DRAM chips, used for memory in computers, servers and mobile devices, were currently meeting only about 75% to 80% of demand as shortages intensified in the second half of 2026. That fulfilment rate could fall to the 60% range in 2027, Kim said, adding that â suppliers would still be able to meet only around 70% of demand even after excluding more speculative orders. “With supply shortages set to deepen, memory prices and earnings are likely to continue improving, supporting a strong rebound in the share price,†Kim said. Echoing that view, HSBC said in a recent note that improving profitability of AI services should continue to underpin strong cloud spending. SK Hynix to build $51 billion NAND memory chip factory by 2029 The brokerage also said the industry’s shift â toward three- to five-year long-term supply agreements should improve earnings visibility over the next two to three years and reduce earnings volatility. Barclays added to the positive sentiment, initiating research coverage on SK Hynix’s newly listed American Depositary Receipts (ADRs) with an “overweight†rating and a $330 price target. The â ADRs surged nearly 28% to $193.92 on Nasdaq on Tuesday. Goldman Sachs said in a recent note the selloff in South Korean chip stocks had been amplified by the unwinding of positions in newly launched exchange-traded funds that are heavily skewed to one â or two stocks, while the underlying semiconductor cycle remained fundamentally robust. Reuters reported last week that SK Hynix Chief Executive Kwak Noh-jung expected the global memory industry to face its worst-ever supply shortage in 2027, with demand continuing to exceed the company’s production capacity well beyond 2030 despite aggressive expansion.
INDIAN SHARES SEEN MUTED AS US INFLATION RELIEF OFFSETS MIDEAST TENSIONS
Date: 2026-07-15
Details: • GIFT Nifty futures were trading at 24,042 Published July 15, 2026 Updated 13 minutes ago By Reuters Indian shares are set for a muted start on Wednesday as softer-than-expected U.S. inflation data helped offset concerns over escalating US-Iran tensions, with the two countries exchanging strikes and battling for control of the Strait of Hormuz. GIFT Nifty futures were trading at 24,042, as of 7:58 a.m. IST, indicating the Nifty 50 could open near 24,052.05, the closing level on Tuesday. Brent crude climbed 1.2% to $85.8 a barrel, after US President Donald Trump reimposed a naval blockade on Iranian ports and Tehran retaliated with strikes on US infrastructure in the Middle East. Higher oil prices threaten to widen India’s import bill and fiscal deficit, stoke inflation and squeeze corporate margins, given â the country’s heavy dependence on imported energy. However, softer-than-expected U.S. inflation in May lifted Wall Street and Asian equities, cushioning risk sentiment. Lower U.S. inflation supports emerging markets such as India by keeping near-term rate-hike risks at bay, easing dollar pressure and encouraging foreign flows into risk assets. Both Nifty 50 and Sensex fell 0.7% each on Tuesday, snapping a three-session winning streak, with investors assessing the June-quarter corporate earnings. “We expect Nifty to extend the recent consolidation in the range of 23,800 to 24,350,†said Bajaj Broking Market, adding that higher crude prices is weighing on risk appetite. Foreign institutional investors (FII) were net sellers of Indian stocks on Tuesday, with â outflows at 7.40 billion rupees. Domestic institutional investors (DII) purchased stocks worth 29.28 billion rupees, according to NSE’s provisional data. Among stocks, L&T Technology Services will be in focus after the engineering research and development firm posted an 11.5% rise in its quarterly consolidated revenue. Peer Tata Elxsi could rise after the company reported an 18.2% rise in first-quarter profit, â supported by strong tech spending from global operators, broadcasters and device manufacturers.
ASIAN STOCKS GAIN ON DROP IN US INFLATION RATE
Date: 2026-07-15
Details: • South Korea's chipmaker-heavy KOSPI surged 6% in early trade and Japan's Nikkei rose 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.7% Published July 15, 2026 Updated 15 minutes ago By Reuters SINGAPORE: Asian markets were higher on Wednesday after a surprise slowdown in U.S. inflation scaled back market expectations for interest rate hikes, while oil took a breather as the US scrapped a plan to levy shipping through the Strait of Hormuz. Stellar earnings at Wall Street banks also had investors cheering, though a 25% drop in IBM’s share price, after the technology company’s revenue forecast missed analyst expectations, showed how stretched and skittish the market’s rally in AI-related stocks has become. South Korea’s chipmaker-heavy KOSPI surged 6% in early trade and Japan’s Nikkei rose 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.7%. In currencies, the US dollar dropped â except against the stubbornly weak yen. Meanwhile, short-end bonds rallied, taking two-year Treasury yields down 11 basis points to 4.19% from Tuesday’s 17-month high of nearly 4.3%. The US headline consumer price index fell 0.4% in June, its first decline since the COVID-19 pandemic, while annualised core inflation of 2.6% compared with expectations for 2.8%. “For market bulls this is even better than Goldilocks could have imagined,†J.P. Morgan analysts said in a client note. “Inflation (is) lower with positive earnings growth. This print should remove any fears over a July rate hike and may assuage fears on September, too. This sets up the market to move higher and to â broaden as it does so.†Market pricing for the chance of a U.S. interest rate hike in July halved to 16%. The euro steadied above $1.14 and the Australian dollar was hanging on to a 0.8% gain and testing $0.70. Brent crude futures steadied around $85.50 a barrel, having gained more than 12% this week on a flare-up in Middle East fighting. U.S. President â Donald Trump reimposed a naval blockade of Iranian ports on Tuesday and threatened to attack power plants and bridges next week unless Iran resumes negotiations to end their conflict, though he scrapped a plan for a 20% fee on â shipping through Hormuz. Overnight the Nasdaq rose 0.9% and the S&P 500 climbed 0.4%. U.S. futures , were slightly higher on Wednesday. Chinese gross domestic product, industrial production and retail sales data will be in focus during â Asian trade ahead of earnings for Europe’s most valuable company, ASML, the world’s biggest supplier of equipment used to make AI chips. In the US, BNY, Johnson & Johnson and Blackrock report earnings before the morning bell and United Airlines after market close.
S&P 500 AND NASDAQ RISE AS BANK EARNINGS BUOY SENTIMENT
Date: 2026-07-15
Details: Published July 15, 2026 Updated about 6 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq rose on Tuesday after softer-than-expected inflation data fueled hopes the Federal Reserve could adopt a less hawkish stance on interest rates, while upbeat second-quarter results lifted most of the big bank stocks. The data showed that the consumer price index rose 3.5 percent in June from a year earlier, below Reuters-polled economists’ forecast of 3.8 percent. Following the report, traders sharply pared back expectations for near-term policy tightening, with a nearly 15 percent chance of a quarter-point rate increase at the Fed’s upcoming meeting, down from 35 percent before the data. “After today’s benign core inflation release, it appears less likely that the FOMC (Federal Open Market Committee) will raise rates over the next few meetings,†said Jeffrey Roach, chief economist for LPL Financial. “However, we may still be at an inflection point, given the risk that the energy shock could spill over into other categories of consumer prices.†Fed Chairman Kevin Warsh also drew attention during congressional testimony, where he vowed to “do my job†if challenged by President Donald Trump. The remark marked his most direct comment yet on how he would respond to potential political pressure on the central bank. IBM shares tumbled nearly 25.8 percent after the software and consulting firm forecast preliminary second-quarter revenue below estimates. The move put the stock on track for a one-day drop worse than the 1987 “Black Monday†crash. Big bank results kick started the second-quarter earnings season on Wall Street. Goldman Sachs gained 7.3 percent after it exceeded second-quarter profit expectations, as dealmaking picked up pace and market volatility due to the Middle East war boosted the equities business to a record. JPMorgan Chase added 1.9 percent after reporting higher second-quarter profit. Bank of America gained 2 percent after beating estimates for second-quarter profit. On the other hand, Wells Fargo and Citigroup eased 2.3 percent and 4 percent, respectively, even after upbeat quarterly results. The S&P 500 financial sector was up 0.6 percent, while technology led the gains with a 1.5 percent rise. At 12:01 p.m. ET, the Dow Jones Industrial Average fell 105.25 points, or 0.20 percent, to 52,393.39, the S&P 500 gained 16.16 points, or 0.22 percent, to 7,531.50 and the Nasdaq Composite gained 185.05 points, or 0.72 percent, to 26,058.23. Nasdaq recovered after the tech-heavy index fell 1.6 percent on Monday.
PTCL CONFIRMS NADEEM KHAN AS CEO
Date: 2026-07-15
Details: Published July 15, 2026 Updated about 6 hours ago By Recorder Report ISLAMABAD: The Board of Directors of Pakistan Tele-communication Company Limited (PTCL) Tuesday confirmed Nadeem Khan as the company’s Chief Executive Officer. Nadeem Khan’s telecommunication career includes over two decades of association with the PTCL and Ufone and prior to that more than 7 years of international assignments with Million International Cellular. He joined Ufone as Chief Financial Officer in 2003, a role he held for a decade. He was appointed at PTCL and Ufone in 2017 as Group Chief Financial Officer, going on to oversee the company’s financial strategy through a period of major transformation, including the Telenor Pakistan acquisition. He also sits on the Board of U Microfinance Bank. He is a Chartered Accountant and a member of Institute of Chartered Accountants of Pakistan and Institute of Chartered Accountants of England & Wales. He currently serves as a Member of the Accounting Standards Board of the Institute of Chartered Accountants of Pakistan. In this role, Nadeem will lead PTCL’s endeavours to expand and modernize its wire-line network, with a strong focus on fiberization and the rollout of next-generation digital services across the country and to enhance the company’s leadership in the B2B segment. As Pakistan’s largest integrated ICT Company, PTCL continues to invest in broadband, fiber infrastructure data centers and submarine cables to strengthen its position as the backbone of the country’s digital economy. Nadeem initially took charge of PTCL as Chief Executive Officer for 14 days, effective July 2, 2026. His confirmation today formalizes that appointment, making him the company’s permanent Chief Executive Officer. Copyright Business Recorder, 2026
VOLUME OF BUSINESS IMPROVES ON COTTON MARKET
Date: 2026-07-14
Details: Published July 14, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The local cotton market on Monday remained firm and the trading volume remained satisfactory. Cotton Analyst Naseem Usman told Business Recorder that the rate of cotton in Sindh is in between Rs17,900 to Rs 18,000 per maund ,while Phutti in the province is trading between Rs 8,300 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs18,300 to Rs 18,500 per maund, with Phutti fetching between Rs 8,500 to Rs 9,000 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 17,900 to Rs 18,000 per maund while the rate of Phutti is in between Rs 8,800 to Rs 9,200 per maund Around, 400 bales of Shahdad Pur, 800 bales of Tando Adam, 900 bales of Sanghar were sold at Rs 17.800 per maund, 200 bales of Nawab Shah, 200 bales of Jam Sahab were sold at Rs 17,700 per maund, 200 bales of Hyderabad were sold at Rs 17,800 per maund, 200 bales of Layyah were sold at Rs 18,300 per maund, 200 bales of Jhang, 200 bales of Chichawatni, 200 bales of Rajan Pur, 200 bales of Burewala were sold at Rs 18,200 per maund and 200 bales of Hasil Pur were sold at Rs 18,150 per maund. The Spot Rate remained unchanged at Rs 17,800 per maund. Copyright Business Recorder, 2026 COTTON SPOT RATES KARACHI: Official KCA spot rates for local dealings in Pakistan rupees on Monday, (July 13, 2026).... Published July 14, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Official KCA spot rates for local dealings in Pakistan rupees on Monday, (July 13, 2026). =========================================================================== The kca official spot rate for local dealings in Pakistan rupees --------------------------------------------------------------------------- For base grade 3 staple length 1-1/16" Micronaire value between 3.8 to 4.9 NCL =========================================================================== Rate Ex-gin Upcountry Spot rate Spot rate Difference for price Ex-Karachi ex. Khi. as Ex-karachi on 11-07-2026 =========================================================================== 37.324 KG 17,800 280 18,080 18,080 NIL Equivalent 40 KGS 19,076 300 19,376 19,376 NIL =========================================================================== Copyright Business Recorder, 2026
COTTON EXCHANGE BUILDING CASE: KCA URGES IMMEDIATE COMPLIANCE WITH SHC ORDER
Date: 2026-07-14
Details: Published July 14, 2026 Updated about 3 hours ago By Recorder Report KARACHI: The Karachi Cotton Association (KCA) has expressed its deep concern that despite decision of the High Court of Sindh dated 18-06-2026, reproduced below, the concerned authorities (Evacuee Trust Property Board) in whose possession the property is, are reluctant to handover the possession of the Cotton Exchange Building a premier landmark, to the Karachi Cotton Association and its legal tenants, which was unlawfully sealed by the authorities concerned on 12-12-2025. “…….the KCA shall enjoy the possession of property and continue its business activities without any disturbance.†The prolonged, seven-month closure of the Cotton Exchange Building and unlawful seizure of the documents and Computers has completely halted the administrative operations of the KCA and paralysed the businesses of its legal tenants, including key cotton traders, merchants, ginners, spinners, exporters and indenters. This ongoing disruption has inflicted severe financial losses on KCA and individual stakeholders and caused significant damage to the national economy, it said. Established since 1933, the KCA holds a unique and irreplaceable position in Pakistan’s agricultural and trade infrastructure. Unlike standard trade bodies, the KCA performs vital regulatory and operational functions, including: 1, Market Regulation: Announcing the official Daily Spot Rates of Cotton. 2, Dispute Resolution: Providing essential arbitration facilities for buyers and sellers. 3, Quality Assurance: Operating specialized cotton sample testing facilities for stakeholders. 4, Capacity Building: Conducting technical training courses to support the cotton trade and textile value chain. 5, Various other vital functions related to Pakistan cotton value-chain. The KCA strongly emphasises that the continued disregard of the Sindh High Court’s Order dated 18.06.2026 severely undermines institutional operations and disrupts a multi-billion-rupee textile supply chain. The KCA urges upon the authorities concerned (Evacuee Trust Property Board) to immediately hand over the possession of the Cotton Exchange Building along with all documents and belongings to the KCA and its legal tenants in pursuance of Order of Sindh High Court dated 18-06-2026 so that the KCA and its tenants may once again become fully operational and continue to play its pivotal role in Pakistan’s cotton economy to earn much needed foreign exchange for our beloved country. Copyright Business Recorder, 2026
ASIA MARKETS CHOPPY AS THREAT OF TRUMP HORMUZ LEVY SPOOKS TRADERS
Date: 2026-07-14
Details: • In a volatile start to the session, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by a 2.2% gain for Korean shares. Published July 14, 2026 Updated 13 minutes ago SINGAPORE: Stocks swung between gains and losses and oil hit a one-month high in early Asian trading on Tuesday after President Donald Trump said the U.S. was reinstating its blockade of Iranian shipping in the Gulf and would collect a 20% fee on cargo traversing the Strait of Hormuz. In a volatile start to the session, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by a 2.2% gain for Korean shares. Japan’s Nikkei 225 was up 0.2%, while S&P 500 e-mini futures nudged 0.1% lower. Brent crude futures climbed 2.6% to $85.50 a barrel, their â highest since mid-June, as trading resumed in Asia. Markets were also rattled by hawkish comments on Monday from Federal Reserve Governor Christopher Waller, who said the U.S. central bank may need to raise interest rates “in the near term†if coming data show inflation continuing well above the 2% target. “While the risk had been building in the system over the past week, markets reacted aggressively†to the latest headlines from the Iran conflict, said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne. “The prospect of tighter monetary policy into a potential energy shock is rarely supportive for risk assets.†Overnight, stocks on Wall Street sold off and oil futures surged more than 9% as conflict between the United States and Iran re-ignited, once again throttling the â flow of goods through the Strait of Hormuz. The S&P 500 closed 0.8% lower and the Nasdaq Composite fell 1.6%.U.S. CPI data is due for release later on Tuesday, followed by comments from Fed Chair Warsh, who will deliver the central bank’s semi-annual monetary policy report to Congress. Fed funds futures are pricing in an implied 43.3% probability of a 25-basis-point hike at the U.S. central bank’s â next two-day meeting on July 28-29, compared to a 34.2% chance on Friday, according to the CME Group’s FedWatch tool. The yield on the U.S. 10-year Treasury bond was up 2.2 basis points at 4.6297%. The U.S. dollar index , which measures the greenback’s strength against a basket of â six currencies, held at 101.29, trading around its highest levels of the month. Gold was down 0.1% at $3,997.27. In Seoul, stocks moved between negative and positive territory on Tuesday as shares in SK Hynix veered between gains and losses, falling as much â as 4.7% in the first few minutes of trading before rallying to trade up to 4.6% higher. The volatility for the memory chipmaker comes after a dramatic plunge a day earlier following its Nasdaq debut last week. In cryptocurrencies, bitcoin was up 0.3% at $62,318.43 while ether moved 0.7% higher to $1,777.63.
INDIAN SHARES SET TO OPEN LOWER AS MIDDLE EAST TENSIONS RAISE INFLATION WORRIES
Date: 2026-07-14
Details: • GIFT Nifty futures were trading at 24,058.5 Published July 14, 2026 Updated 18 minutes ago Indian shares are expected to open lower on Tuesday as tensions in the Middle East continued to unnerve sentiments, lifting crude oil prices to a one-month high and raising inflation worries. The US military carried out a third consecutive night of strikes against Iran on Monday as President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a 20% fee to guard the Strait of Hormuz. GIFT Nifty futures were trading at 24,058.5 as of 7:49 a.m. IST, indicating the Nifty 50 (.NSEI), opens new tab could open below Monday’s close of 24,211. Brent crude briefly surpassed $85 per barrel on Tuesday - â its highest since the U.S. and Iran signed a memorandum of understanding to end the war on June 17 - as the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows. Higher crude oil prices can lead to a rise in India’s import bill, fiscal deficit, inflation and hit corporate margins, as the country imports the majority of its energy requirements. India’s retail inflation breached the Reserve Bank of India’s target for the first time in 17 months, government data showed on Monday, setting the stage for interest rate hikes. “With â inflation now exceeding the RBI’s 4% target, the recent surge in crude oil prices has intensified concerns over imported inflation, posing a key headwind to India’s inflation outlook and the broader macroeconomic environment,†said Ponmudi R, chief executive officer of Enrich Money. The escalating Middle East conflict propelled foreign investors to â end an eight-session buying streak on Monday, offloading Indian shares worth 30.62 billion rupees ($320.23 million). Stocks in Asia swung between gains and losses on Tuesday.
EUROPEAN SHARES SUBDUED AS OIL JUMPS AFTER US-IRAN TENSIONS
Date: 2026-07-14
Details: Published July 14, 2026 Updated about 3 hours ago By Reuters FRANKFURT: European shares were subdued on Monday as investors largely stuck to the sidelines after renewed tensions in the Middle East, while counting on the upcoming earnings season to provide fresh momentum. The pan-European STOXX 600 index was flat at 641.01, after logging its sharpest weekly loss since April on Friday. The latest US-Iran strikes have dimmed hopes for an imminent end to the war, and analysts have cautioned against being too quick to price in a resolution. Oil prices rose over 4.8 percent on Monday. They had settled back to pre-war levels towards the end of June, but have since traded higher due to uncertainty about the conflict. Energy stocks rose 2.2 percent and were the biggest gainers on the STOXX 600, while defence shares slipped 1.4 percent. Travel and leisure stocks lost 1.2 percent and were among the worst-performing sectors, with Lufthansa, Ryanair and TUI falling between 1.1 percent and 4.1 percent. The tech sector also came under pressure, down 0.6 percent, tracking declines in global peers. SK Hynix’s South Korean-listed shares shed 15.4 percent after surging on their Nasdaq debut on Friday. “Investors are looking ahead to the start of the earnings season and the big interest this week is going to be ASML… it will be a big early test for the tech sector,†said David Morrison, senior market analyst at Trade Nation. Markets are also contending with shifting interest rate expectations as central banks around the world try to gauge the inflationary impact of higher oil prices. The European Central Bank is expected to deliver at least a quarter-point rate hike this year, according to LSEG-compiled data. “Their job has got a lot harder over the last week or so,†said Christopher Tripp, general manager, international, at futures trading platform NinjaTrader. “It would be quite easy to be drawn into a reactionary kind of approach. But from what I’ve seen, they tend to play the numbers as they come out.â€
GOVT URGED TO FORM JOINT TASK FORCE WITH BUSINESS COMMUNITY
Date: 2026-07-14
Details: Published July 14, 2026 Updated about 2 hours ago By Recorder Report KARACHI: The leadership of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Ministry of Finance, the Ministry of Commerce, the Federal Board of Revenue (FBR), and the State Bank of Pakistan to form a joint task force with the business community. This task force must proactively evaluate the evolving geopolitical landscape and implement a contingency framework that ensures trade continuity and shelters the local industry from external shocks. Atif Ikram Sheikh, president of the FPCCI, expressed his profound concern over the escalating geopolitical tensions and renewed hostilities between the United States and Iran. Country’s apex trade body has called upon the federal government and economic policymakers to immediately devise a crisis-response strategy to insulate Pakistan’s fragile economy, trade routes, and industrial sector from the inevitable shockwaves. He emphasized the critical need for proactive macroeconomic management to prevent the derailment of recent stabilization efforts. “The renewed hostilities in our immediate neighborhood pose a severe threat to regional stability, energy supply chains, and global trade dynamics,†he added. Atif Ikram Sheikh explained that Pakistan’s economy, which has recently shown encouraging signs of stability with a transition toward fiscal discipline, cannot afford the inflationary pressures of an unexpected oil price shock or disruptions in maritime trade. “We urge the government to immediately engage with the business community to formulate a strategic buffer that secures our energy imports and protects our export-oriented industries from being pushed to the wall,†he added. Saquib Fayyaz Magoon, SVP of the FPCCI, highlighted the vulnerability of the nation’s supply chains and the disproportionate impact on the manufacturing sector. Any conflict in the Persian Gulf directly threatens the cost of doing business through skyrocketing freight charges and delayed shipments. “Our small and medium enterprises (SMEs) are already grappling with exorbitant energy tariffs and high borrowing costs. A sudden disruption in the availability of essential raw materials or a spike in global fuel prices could push many manufacturers toward default or complete closures,†he said. The government must strike a delicate balance by ensuring uninterrupted access to industrial inputs while curbing non-essential foreign exchange outflows, he added. Abdul Mohamin Khan, VP and Regional Chairman (Sindh) of the FPCCI emphasized the localized threat to Sindh’s economy and its manufacturing zones. Karachi, being the premier port city and industrial heartland, is directly in the crosshairs of any turbulence in maritime trade routes. The industries in Sindh are already bearing the brunt of severe economic challenges and high operational costs. “We demand the establishment of fast-track business facilitation centers in every district and immediate coordination between provincial and federal authorities to lower operational frictions at the ports. Our export pipeline must be safeguarded to prevent further widening of the trade deficit,†he added. Copyright Business Recorder, 2026
ENERGY STORAGE KEY TO PAKISTAN’S INDUSTRIAL FUTURE: EXPERTS
Date: 2026-07-14
Details: Published July 14, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Industry leaders and policymakers have highlighted the importance of advanced energy storage technologies in enhancing Pakistan’s industrial competitiveness, ensuring energy security and supporting the transition towards a sustainable green economy. Speaking at the “Innovation Driving the Energy Future†Growatt Full-Scenario Storage Launch in Lahore, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Zaki Aijaz said affordable and reliable energy was crucial for improving industrial productivity, reducing production costs and attracting investment. He stressed the need for stronger cooperation among the government, private sector and international partners to accelerate the adoption of clean energy solutions. Trade Development Authority of Pakistan (TDAP) Chief Executive Faiz Ahmed said sustainable energy technologies presented significant opportunities for economic growth and industrial modernisation. Punjab Energy Secretary Muhammad Ajmal Bhatti and SM Solar Chief Executive Officer Adil Mehmood were also present at the event. The event concluded with an interactive discussion, where industrialists and investors explored emerging trends in energy storage technologies and potential investment opportunities in the sector. Copyright Business Recorder, 2026
OIL CLIMBS TO ONE-MONTH HIGH AS US, IRAN STEP UP ATTACKS IN STRAIT OF HORMUZ
Date: 2026-07-14
Details: • Brent crude futures climbed $1.68, or 2%, to $84.98 per barrel Published July 14, 2026 Updated 39 minutes ago By Reuters Oil prices rose 2% on Tuesday to their highest in four weeks, as the US reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows. Brent crude futures climbed $1.68, or 2%, to $84.98 per barrel by 0051 GMT, while US West Texas Intermediate crude rose $1.65, or 2.1%, to $79.79 a barrel. Brent crude surged 9.6% in the previous session, its biggest daily gain since May 2020. Oil prices are now at their highest since the two countries signed a memorandum of understanding to end the war on June â 17. Two United Arab Emirates tankers were hit by two Iranian cruise missiles in the southern lane of the Strait of Hormuz in Omani territorial waters, the UAE Ministry of Defence said on Monday, killing one Indian crew member and wounding eight others. Meanwhile, US President Donald Trump told reporters that the United States had reinstated its blockade of Iranian shipping, adding that he wanted the US to be reimbursed for protecting countries that it was helping in the Strait of Hormuz. “The latest escalation, including the U.S. reinstatement of the blockade and Iranian responses, has clearly injected fresh risk â into the market,†KCM Trade chief market analyst Tim Waterer said. “While a full closure hasn’t occurred, the competing objectives of both sides have made the supply picture highly uncertain,†he added. U.S. Central Command said it began a third consecutive night of strikes against Iran, while Tehran’s semi-official YJC news agency said early â on Tuesday that seven explosions were heard in the port city of Bandar Abbas and two more on Kish Island. Elsewhere, Yemen’s Houthi movement fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport â under its control on Monday. “If the Houthis extend their attacks to Saudi’s crude products in the Red Sea, it could put (further) uncertainties on crude flows from the region,†Simon Wong, â a portfolio manager at Gabelli Funds, said in a note. Meanwhile, U.S. crude oil stockpiles were expected to have fallen last week, while gasoline and distillate stocks likely rose, a preliminary Reuters poll showed on Monday.
OIL UP 9% TO ONE-MONTH HIGH AS US SAYS IT WILL BLOCKADE ENTIRE IRANIAN COASTLINE, ALL VESSELS
Date: 2026-07-14
Details: • Brent crude futures settled up $7.29, or 9.59%, to $83.30 Published July 13, 2026 Updated about 3 hours ago By Reuters HOUSTON: Oil prices settled up more than 9% on Monday at a one-month high after news that a United States’ naval blockade due to begin on Tuesday will cover Iran’s entire coastline, ports and oil terminals, as well as all vessels regardless of flag, reigniting concerns over energy shipments through the Strait of Hormuz. Brent crude futures settled up $7.29, or 9.59%, to $83.30, while US West Texas Intermediate crude settled up $6.73, or 9.42%, to $78.14 a barrel. Brent futures posted their biggest single-day dollar gain since April 2, and highest settlement since June 12. US crude futures, meanwhile, made their largest daily gain since April 29 to settle at their highest since June 15. The US is set to reinstate the naval blockade on July 14 at 2000 GMT, according to the US Navy-led Joint Maritime Information Center. The blockade had been lifted in mid-June. Earlier in the day, President Donald Trump said the United States was reinstating a naval blockade and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, following renewed military exchanges with Iran.“President Trump’s reinstatement of restrictions on Iranian maritime traffic, alongside retaliatory attacks and sharply reduced vessel flows through the strait has intensified concerns over near-term supply availability,†said Gelber & Associates analysts in a note. Iran’s top joint military command had earlier said it would not allow Washington to intervene in the management of the strait and any attempt by the US to transit without its authorization would be confronted. The UN’s shipping agency pushed back against Trump’s proposal, saying it opposes any fees for straits used in international navigation and stressing that there is no legal basis for introducing mandatory tolls on strait transits. Before the conflict began in late February, the Strait of Hormuz handled about one-fifth of global daily oil and liquefied natural gas supplies. Traffic had begun to increase during a fragile ceasefire agreed in June, but had slowed as tensions rose. “The focus will remain on the number of inbound tankers as a lower number could impact production, so currently we see a risk premium and a disruption risk supporting prices,†said UBS analyst Giovanni Staunovo. Bypassing the strait As the prospect of long-term disruption looms, analysts expect countries to work on ways to permanently bypass the Strait of Hormuz. Goldman Sachs estimated that expanding pipeline capacity in the Middle East could shield more than 60% of pre-war Gulf oil exports from any future Hormuz disruptions by end-2028. The bank’s base-case forecast assumes pipeline capacity bypassing Hormuz will rise by 3.8 million bpd by end-2027 and 7.3 million bpd cumulatively by end-2028, taking total effective bypass capacity to more than 14 million bpd by end-2028. During the interim peace deal, Tehran increased exports, which has led to an increase in Iranian oil supplies held at sea. Sales have been slow, however, as China’s independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar. The Abu Dhabi National Oil Company set the August official selling price of its benchmark Murban crude at $80.01 a barrel, it said on Monday, down from $101.48 a barrel the month before. Disruptions in Russia Russian energy supplies have also been disrupted as Ukraine seeks to cut off funding for Moscow’s war effort. Ukraine’s Security Service said it struck an oil depot in Russia’s Stavropol region overnight, as well as three storage tanks at an oil-loading site in the port of Kavkaz in the southern Russian region of Krasnodar. Meanwhile, the Caspian Pipeline Consortium, which accounts for 80% of Kazakhstan’s oil exports, cut supplies by 7% last month from May as a result of maintenance at the country’s largest oilfield, Tengiz, as well as lower Russian flows, two industry sources said on Monday. Elsewhere, stocks of crude oil in the US Strategic Petroleum Reserve fell by about 3 million barrels to 316.5 million barrels last week, the lowest level since April 1983, according to data from the Department of Energy. The drawdowns are a part of a US agreement to release 172 million barrels from the facility.
FBR EXEMPTS BULLETPROOF VEHICLE IMPORTS FROM SALES TAX
Date: 2026-07-13
Details: Written by Faisal Shahnawaz in Automotive, Taxation Finance Act 2026 also grants sales tax relief on specified maritime vessels and equipment to support shipping and logistics ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a sales tax exemption on the import of bulletproof vehicles for specified government purposes under the Finance Act, 2026, providing tax relief for security-related imports and selected maritime vessels. The exemption has been incorporated into the Sales Tax Act, 1990 and applies to bulletproof vehicles imported by the federal or provincial governments for the protection of public officeholders facing terrorism-related threats. Under the amended law, the concession will be available only where the security threat has been assessed by the Ministry of Interior and Narcotics Control, and the import has received prior approval from the federal government. The Finance Act also extends the exemption to bulletproof vehicles imported by the federal government for logistical arrangements relating to the Shanghai Cooperation Organization (SCO) Summit. In such cases, imports must obtain prior approval from both the Ministry of Foreign Affairs and the Ministry of Interior and Narcotics Control before qualifying for the sales tax exemption. Sales tax relief for maritime sector In addition to the security-related measures, the Finance Act, 2026 provides sales tax exemptions on the import of several categories of maritime vessels and equipment to support Pakistan’s shipping and maritime industries. The exemption applies to the import of: • Tankers; • Dredgers; • Floating or submersible drilling or production platforms; • Other floating structures and vessels; and • Cargo vessels used for the transportation of goods, excluding cruise ships, excursion boats, similar passenger vessels and ferry boats. According to the amended law, the quantity of vessels and related equipment eligible for the exemption must be approved by the Ministry of Maritime Affairs. The latest tax measures form part of the government’s broader fiscal reforms under the Finance Act, 2026, aimed at facilitating government security operations, supporting international diplomatic engagements and promoting investment in Pakistan’s maritime and shipping sectors through targeted tax incentives.
PAKISTAN EXTENDS SALES TAX EXEMPTION ON AIRCRAFT IMPORTS TO ALL AIRLINES
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Budget 2026-27, Taxation Finance Act 2026 broadens aviation tax exemption beyond PIA to all airlines registered in Pakistan from July 2026 ISLAMABAD: The federal government has expanded sales tax relief for Pakistan’s aviation sector by extending the exemption on the import and lease of aircraft and aircraft parts to all airlines registered in the country, replacing an earlier proposal that restricted the concession to the national flag carrier. The measure has been introduced through the Finance Act, 2026, which amends the Sales Tax Act, 1990 and broadens the scope of tax relief across the aviation industry. Under the original Finance Bill, 2026, the exemption was proposed exclusively for Pakistan International Airlines Corporation Limited (PIACL). However, the final legislation extends the concession to every airline company registered in Pakistan, ensuring equal tax treatment for all eligible operators. According to the amended law, the exemption applies to the import or lease of aircraft and aircraft parts by any airline registered in Pakistan. The concession will take effect from July 1, 2026. The Finance Act also retains the existing exemption for Pakistan International Airlines Corporation Limited (PIACL), allowing the national carrier to continue importing or leasing aircraft and related parts without the levy of sales tax. To safeguard against misuse, the legislation requires customs authorities to ensure that imported aircraft parts, materials and articles are restricted to quantities reasonably required for the operation and maintenance of aircraft operated by the importing airline. In addition, the law stipulates that ground handling equipment, service and operational vehicles, catering equipment and fuel trucks imported under the exemption—provided they are not manufactured locally—must be used exclusively within airport premises. The expansion of the exemption is expected to lower the cost of fleet acquisition, maintenance and operational upgrades for Pakistan’s airlines, potentially encouraging investment in modern aircraft and supporting the long-term development of the country’s aviation industry. The move forms part of the government’s broader fiscal measures under the Finance Act, 2026 aimed at promoting investment, improving competitiveness and facilitating growth in key sectors of the economy.
FTO ORDERS CTO KARACHI TO RESTORE BANK ACCOUNT IN SALES TAX REFUND CASE
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Taxation, Top stories Ombudsman rules recovery became unlawful after appellate authority set aside the original sales tax assessment ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to immediately restore a taxpayer’s attached bank account and process a sales tax refund, ruling that the legal basis for the recovery ceased to exist once the original assessment order was set aside on appeal. According to an FTO order issued on July 7, 2026, the complaint was filed by M/s Horizon Alloys (Pvt) Ltd against the Revenue Division over the alleged unlawful recovery of funds through bank attachment, delay in implementing the appellate order, and failure to refund the recovered amount despite the assessment being overturned. Assessment led to recovery of Rs24.51 million The company stated that the Deputy Commissioner Inland Revenue (DCIR), Unit-01, Zone-III, Corporate Tax Office (CTO) Karachi, passed an ex-parte assessment order under Section 11E of the Sales Tax Act, 1990 on May 21, 2025. The order created a sales tax demand of Rs21.29 million, imposed an equivalent amount as penalty, and resulted in the recovery of Rs24.51 million through attachment of the company’s bank account. According to the taxpayer, the assessment was based solely on purchases made from Three Star Oil Traders, a supplier that was subsequently suspended or block listed, even though the transactions had been carried out while the supplier was in active status. The company further pointed out that the supplier’s registration was restored by the tax authorities on June 26, 2025, but the recovered amount was not refunded. Appeal set aside assessment The Commissioner Inland Revenue (Appeals-VII), Karachi set aside the assessment order on March 25, 2026, directing the tax department to conduct fresh adjudication after providing the taxpayer with a reasonable opportunity of being heard. Following the appellate decision, the company filed a refund application under Section 66 of the Sales Tax Act, 1990, and requested early disposal of the remand proceedings. However, it alleged that the department failed to take any action. In its reply, CTO Karachi maintained that appeal-effect proceedings were in progress and argued that the law allowed the department until June 30, 2028, to complete the reassessment. The department contended that there was no legal requirement to expedite the proceedings. FTO rejects department’s stance Rejecting the department’s objections, the Federal Tax Ombudsman held that once the appellate authority had set aside the assessment order, the original order ceased to have legal effect. The Ombudsman observed that the bank attachment and recovery were entirely dependent upon the existence of that assessment order. Consequently, once the order was annulled, the legal authority to retain the recovered amount also disappeared. The FTO further ruled that the tax department could not continue withholding the recovered funds merely because a fresh tax demand might arise after completion of the reassessment. According to the order, the Rs24.51 million recovered through bank attachment is refundable under Section 66 of the Sales Tax Act, 1990, and payment of the refund would not prejudice the department’s right to complete reassessment proceedings within the statutory timeframe. FTO issues directions to FBR The Ombudsman recommended that the FBR instruct the Commissioner Inland Revenue, Zone-III, CTO Karachi, to immediately detach the taxpayer’s bank account and issue an appeal-effect order in accordance with the appellate decision. The FTO also directed the Commissioner Refund, CTO Karachi, to decide the taxpayer’s refund application strictly on merit and in accordance with the law, while requiring the department to submit a compliance report within 45 days.
FBR EXPLAINS WHY IT USES 24.5% CORPORATE TAX BENCHMARK FOR TAX EXPENDITURE ESTIMATES
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Taxation, Top stories Tax Expenditure Report 2026 says conservative benchmark avoids overstating the fiscal cost of corporate tax concessions. ISLAMABAD: The Federal Board of Revenue (FBR) has explained why it applies a 24.5 per cent benchmark tax rate for non-banking companies when estimating corporate tax expenditures, despite data showing that companies paid a considerably higher effective tax rate during the latest tax year. The explanation, contained in the Tax Expenditure Report 2026, outlines the methodology used by the FBR to calculate the fiscal cost of tax exemptions, concessions and incentives granted under Pakistan’s tax laws. Benchmark Rates Based on Tax Law According to the report, benchmark income tax rates are derived from the statutory provisions of the Income Tax Ordinance, 2001. Individual taxpayers are assessed using the applicable income tax slabs, while taxpayers reporting losses are assigned the 1.25 per cent minimum tax under Section 113 of the ordinance. Export income is benchmarked at 1 per cent for the purpose of estimating tax expenditures. For banking companies, the FBR applies a 39 per cent benchmark rate, reflecting both the corporate income tax and the super tax imposed under Section 4C of the Income Tax Ordinance. Why Non-Banking Companies Are Benchmarked at 24.5% The methodology differs for non-banking companies. The FBR uses an average benchmark tax rate of 24.5 per cent, explaining that companies outside the banking sector are subject to different statutory tax rates depending on their industry, business size and applicable tax provisions. According to the report, the lower benchmark has been adopted as a conservative measure to avoid overstating the fiscal cost of corporate tax incentives and concessions. Corporate Tax Data Shows Higher Effective Rate The report also reveals that an analysis of corporate income tax returns for Tax Year 2025 produced a substantially higher effective tax burden than the benchmark used for tax expenditure calculations. According to the FBR, non-banking companies reported taxable income of approximately Rs3.57 trillion and net tax chargeable of nearly Rs1.68 trillion, resulting in a raw effective tax rate of 46.94 per cent. However, the tax authority said this figure is significantly influenced by the minimum tax regime under Section 113, which requires companies to pay 1.25 per cent of turnover even when they do not earn taxable profits. Based on aggregate corporate turnover of around Rs52.29 trillion, the FBR estimated that minimum tax contributed approximately Rs653.6 billion to total corporate tax collections. After excluding the minimum tax component, the effective corporate income tax rate falls to approximately 28.6 per cent, which the FBR said broadly corresponds with the statutory corporate tax rate of 29 per cent. Conservative Approach to Tax Expenditure Estimates Despite the higher effective corporate tax rate, the FBR has retained the 24.5 per cent benchmark for estimating tax expenditures. The report states that the lower benchmark provides a conservative basis for calculating the fiscal cost of tax concessions and reduces the risk of overstating the value of exemptions and incentives available to companies. The methodology forms part of the FBR’s broader effort to align Pakistan’s tax expenditure reporting with international practices while providing policymakers with a more transparent assessment of the revenue forgone through targeted tax relief measures. The disclosure comes at a time when Pakistan is pursuing fiscal reforms aimed at broadening the tax base, rationalising tax exemptions and strengthening domestic revenue mobilisation, making accurate measurement of tax expenditures increasingly important for tax policy and budget planning.
FBR EXPLAINS WHY INDIVIDUAL TAX EXPENDITURE ESTIMATES CANNOT BE ADDED TOGETHER
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Taxation Tax Expenditure Report 2026 says separate estimates do not reflect the total revenue impact of removing all tax concessions. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that the estimated fiscal cost of individual tax expenditure provisions cannot simply be added together to determine the total revenue the government would generate by abolishing all tax concessions. According to the Tax Expenditure Report 2026, each tax expenditure is calculated independently on the assumption that every other provision of the tax system remains unchanged. As a result, the sum of individual estimates does not represent the actual revenue that would be realised if all exemptions, deductions, tax credits and other concessions were withdrawn simultaneously. Independent Estimates The FBR explained that every tax expenditure included in the report is assessed on a standalone basis rather than as part of a broader package of tax measures. This methodology is intended to estimate the fiscal cost of each individual provision while assuming that the remainder of the tax system continues to operate without any changes. The report cautioned that adding these separate estimates together would produce misleading results because it ignores the interaction between different tax provisions. Progressive Tax Structure One of the principal reasons identified by the FBR is Pakistan’s progressive income tax system, under which higher levels of taxable income are subject to higher tax rates. According to the report, multiple deductions and exemptions can reduce a taxpayer’s taxable income sufficiently to place them in a lower tax bracket. If all tax concessions were abolished at the same time, the taxpayer could move into a higher tax bracket, resulting in a larger tax liability than indicated by the separate estimates for each individual concession. Interaction Between Tax Benefits The FBR also highlighted that many tax expenditure provisions are interconnected. Some tax benefits exist only because other exemptions or concessions are available. Consequently, estimating each provision independently may lead to an element of double counting if the figures are aggregated. The report notes that these interactions between different tax provisions are not incorporated into the individual estimates presented in the Tax Expenditure Report. Estimates Intended as a Policy Guide The FBR emphasised that the figures published in the report should be viewed as approximate estimates of the fiscal cost of individual tax expenditure provisions rather than precise projections of the additional revenue that would be generated by eliminating all tax concessions simultaneously. According to the tax authority, the methodology is designed to improve transparency by measuring the cost of specific tax preferences while recognising that interactions within the tax system make it impractical to derive a comprehensive revenue estimate by simply adding together the value of individual tax expenditures.
FBR EXPLAINS NEW ADJUSTMENT FACTORS FOR SALES TAX EXEMPT LOCAL SUPPLIES
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Taxation New three-tier methodology accounts for embedded sales tax in supply chains to provide a more accurate estimate of tax expenditure. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a revised methodology for estimating sales tax expenditure on exempt local supplies, adopting differentiated adjustment factors that reflect the level of embedded taxation within different supply chains. The new approach, detailed in the Tax Expenditure Report 2026, aims to provide a more accurate estimate of revenue forgone from sales tax exemptions by recognising that a portion of sales tax is already collected at earlier stages of production and distribution. Embedded Tax Recognised in Supply Chains According to the FBR, suppliers of exempt goods are not required to charge output sales tax on their sales. However, they are generally unable to claim input tax credits for sales tax paid on taxable goods and services used during production, processing, transportation, storage and distribution. As a result, part of the sales tax remains embedded in the cost of the exempt goods and is ultimately passed on to consumers through the final selling price. To avoid overstating the fiscal cost of exemptions, the FBR has introduced adjustment factors that account for taxes already collected at upstream stages of the supply chain before estimating the net tax expenditure. The report states that the standard sales tax rate of 18 per cent will first be applied to the gross value of exempt local supplies. The relevant adjustment factor will then be used to estimate the actual tax expenditure attributable to the exempt transaction. The FBR clarified that imported exempt goods are excluded from this adjustment mechanism because the tax expenditure arises directly at the import stage, where sales tax would otherwise have been collected. Three-Tier Adjustment Framework The revised methodology divides exempt local supplies into three categories based on the characteristics of their supply chains. Tier 1: Essential Food and Agricultural Inputs The first category carries an adjustment factor of 30 per cent and covers staple food commodities and key agricultural inputs. These include fertilisers, pesticides, certified seeds, cereals, pulses, fruits, vegetables, milk, livestock products and other essential food items. According to the FBR, these products typically pass through extensive production, transportation, storage, packaging and distribution processes before reaching consumers. Since significant sales tax is already embedded during these stages, only a relatively small portion of the potential tax expenditure is associated with the final exempt supply. Tier 2: Healthcare Products The second category applies an adjustment factor of 40 per cent to pharmaceutical products, medicines, medical devices, dialysis equipment, cardiology products and other healthcare-related supplies. The FBR noted that these industries involve specialised manufacturing, regulatory compliance, technical processing and controlled distribution networks. While embedded taxation remains substantial, a greater proportion of the overall tax expenditure is attributable to the exempt supply compared with essential food products. Tier 3: Other Exempt Goods The third category applies an adjustment factor of 70 per cent to all other exempt locally supplied goods not covered by the first two categories. The FBR said this factor is consistent with the methodology adopted in previous editions of the Tax Expenditure Report. Revised Methodology Under the new framework, exempt supplies will first be classified according to the relevant tier. Sales tax at the standard rate of 18 per cent will then be calculated on the gross value of the exempt supplies before applying the appropriate adjustment factor. The resulting adjusted values will be aggregated to determine the net sales tax expenditure arising from exemptions on locally supplied goods. According to the FBR, the revised methodology improves transparency and aligns tax expenditure estimates more closely with economic reality by recognising that a portion of the tax burden has already been collected and embedded within the supply chain before the exempt transaction takes place.
AGP FLAGS RS3.5 BILLION IN UNRECOVERED FBR PENALTIES, DEFAULT SURCHARGES
Date: 2026-07-13
Details: Written by Hamza Shahnawaz in Taxation Audit says thousands of taxpayers escaped penalties for late sales tax returns and delayed tax payments ISLAMABAD: The Federal Board of Revenue (FBR) failed to impose and recover Rs3.54 billion in FBR penalties and default surcharges from thousands of taxpayers who either filed sales tax returns late or delayed payment of sales tax, according to the latest audit report of the Auditor General of Pakistan (AGP). The audit found that the irregularity involved 9,582 taxpayers across 19 FBR field offices during the audit of fiscal years 2022-23 and 2023-24. AGP Highlights Weak Enforcement Under Sections 33 and 34 of the Sales Tax Act, 1990, taxpayers who fail to submit sales tax returns by the due date are liable to a Rs10,000 penalty. Taxpayers found to have knowingly or fraudulently made false statements face a penalty of Rs25,000 or 100% of the tax involved, whichever is higher. Registered persons who fail to pay sales tax within the prescribed period are also required to pay a default surcharge in addition to the outstanding tax. According to the AGP, the FBR did not impose the required penalties and default surcharges despite taxpayers failing to file returns on time, submitting late returns or depositing sales tax after the due date. The audit further observed that the tax authority did not initiate legal proceedings against the registered persons, resulting in the non-imposition and non-recovery of FBR penalties and default surcharges amounting to Rs3.535 billion. The audit observations were communicated to the department between February and November 2023. FBR Response In its reply, the FBR stated that recovery proceedings involving Rs47 million were in progress, while legal proceedings had been initiated for cases involving Rs3.036 billion. The tax authority added that cases worth Rs215.37 million were under adjudication, whereas no response had been provided in cases involving Rs236.83 million. During meetings held between July 2024 and January 2025, the Departmental Accounts Committee (DAC) directed the FBR to expedite recoveries, complete pending legal and adjudication proceedings, and submit comprehensive replies for cases where no response had been furnished. However, the AGP noted that no further progress had been reported by the time the audit report was finalised. AGP Recommendations The Auditor General recommended that the FBR accelerate the recovery of outstanding penalties and default surcharges, conclude pending legal and adjudication proceedings, and strengthen enforcement of the sales tax regime to ensure timely filing of returns and prompt payment of taxes. The report stressed that stronger compliance measures are necessary to improve tax administration and prevent revenue losses arising from delayed filing and payment of sales tax obligations.
FBR SLASHES REGULATORY DUTY ON IMPORTED CANDIES, SWEETS BY 50% IN FY2026-27
Date: 2026-07-13
Details: Written by Faisal Shahnawaz in Taxation Reduced import duties on sugar confectionery and white chocolate are expected to lower costs, boost market competition, and increase consumer demand across Pakistan. The Federal Board of Revenue (FBR) has announced a major reduction in the regulatory duty (RD) imposed on imported candies and sweets, cutting the rate by 50 percent under the tariff schedule for the fiscal year 2026-27. The revised customs duty structure came into effect on July 1, 2026, following the issuance of a new Statutory Regulatory Order (SRO). According to the updated tariff schedule, the regulatory duty on imported sugar confectionery products, including white chocolate that does not contain cocoa, under PCT code 17.04, has been reduced from 40 percent to 20 percent. The move is part of the government’s broader tariff reforms aimed at rationalizing import duties and improving market competitiveness. Sugar confectionery products include a wide range of sweet treats commonly consumed as snacks, such as candies, lollipops, toffees, chewing sweets, and other sugar-based products. These items are manufactured using sugar, syrups, and various flavoring ingredients and are widely popular among children and young consumers. The latest SRO revises the regulatory duty rates applicable to several imported confectionery products categorized under the Pakistan Customs Tariff (PCT). Industry observers believe the reduction could lower the cost of imported sweets and create greater competition within the confectionery market. Market analysts suggest that demand for imported candies and sweets in Pakistan has been gradually increasing, driven by changing consumer preferences, expanding retail networks, and the growing popularity of international confectionery brands. The reduction in regulatory duty is expected to make imported products more affordable, potentially encouraging higher sales volumes in supermarkets, convenience stores, and online retail channels. The duty cut may also benefit distributors and importers by reducing overall import costs and improving profit margins. Consumers could see a wider variety of confectionery products becoming available at more competitive prices in the coming months. However, the move may intensify competition for local confectionery manufacturers, who could face pressure from lower-priced imported alternatives. The overall impact on the market will depend on exchange rate trends, import volumes, and the extent to which importers pass on cost savings to consumers.
WEEKLY COTTON REVIEW: MARKET MAINTAINS OVERALL PRICE STABILITY
Date: 2026-07-13
Details: Published July 13, 2026 Updated about 3 hours ago By Naseem Usman KARACHI: The domestic cotton market maintained overall price stability this week, with the spot rate holding firm at Rs 17,800 per maund and trading volume showing improvement, even as futures prices on the New York cotton exchange fluctuated and a deepening crisis among ginning factories cast a shadow over the sector. According to Musaib Adil, the persistent instability in cotton pricing has discouraged ginners from purchasing seed cotton (phutti), forcing several ginning factories to operate only partially while a considerable number have shut down entirely. Industry observers say the situation could worsen unless prices stabilize further and demand from ginners picks up. Compounding the challenge, cotton growers in Sindh are grappling with a severe shortage of water and rainfall, which has begun to affect both the quality and yield of the crop. The lint output extracted from seed cotton, known locally as “kan,†has also registered a decline, raising fresh concerns about the province’s overall cotton output for the season. Weighing in on broader agricultural policy, former Finance Minister Dr Qaiser Bengali criticized the practice of establishing sugar mills in cotton-growing regions, arguing that cotton carries far greater economic significance than sugar. He urged authorities to relocate sugar mill projects to areas situated closer to rivers, rather than encroaching on land historically reserved for cotton cultivation. Meanwhile, the long-running dispute over the Cotton Exchange Building in Karachi remains unresolved. Affected stakeholders say the Federal Investigation Agency (FIA) continues to occupy the building in defiance of a clear ruling issued by the Sindh High Court, prolonging uncertainty for those associated with the historic trading venue. Separately, the production estimates released by the Federal Committee on Agriculture (FCA) have come under sharp criticism from industry stakeholders. Ehsan-ul-Haq warned that unrealistic projections for the 2026-27 fiscal year risk undermining Pakistan’s credibility in international cotton markets, calling for more accurate and transparent data collection. On a more optimistic note, experts suggested that cotton production in Pakistan could be significantly boosted through technical cooperation with China. However, the Sindh Abadgar Board voiced growing concern over the recent decline in seed cotton prices, warning that continued weakness could further discourage growers ahead of the coming season. Cotton prices in the local market remained largely stable over the past week, registering a modest increase of 200 to 300 rupees per maund as textile mills stepped up purchasing activity relative to the available supply of seed cotton (phutti). Trading volume improved during the week, while New York cotton futures also posted gains, reflecting a broader firming trend in the market. Despite the steady pricing, concerns are mounting over the condition of the cotton crop in Sindh province, where growers urgently require water and rainfall to sustain output. Prevailing intense heat has begun to take a toll on both the quantity and quality of the crop. Industry sources report that this year’s cotton from Sindh is of comparatively lower quality than in previous seasons, with shorter staple length and reduced micronaire value, though some improvement cannot be ruled out as the season progresses. By contrast, cotton quality in Punjab province is reported to be somewhat better than that of Sindh. Regionally, cotton in Sindh traded between 17,700 and 17,800 rupees per maund, with seed cotton fetching 8,200 to 8,800 rupees per 40 kilograms. In Punjab, cotton prices ranged from 18,200 to 18,400 rupees per maund, while seed cotton sold between 8,300 and 9,000 rupees per 40 kilograms. In Balochistan, cotton prices stood at 17,700 to 17,800 rupees per maund, with seed cotton priced between 8,800 and 9,200 rupees per 40 kilograms. Meanwhile, the Spot Rate Committee of the Karachi Cotton Association maintained the spot rate unchanged at 17,800 rupees per maund. New York cotton futures registered a relative increase this week, trading between 78 and 82 American cents per pound, according to Karachi Cotton Brokers Forum Chairman Naseem Usman, who cited the latest data from the United States Department of Agriculture’s weekly export and sales report. The report showed that 66,400 bales were sold for the 2025-26 marketing year. Vietnam emerged as the leading buyer, purchasing 23,500 bales, followed by India in second place with 23,400 bales and Mexico in third with 10,400 bales. Pakistan ranked sixth among buyers, having purchased 3,300 bales during the period. For the upcoming 2026-27 season, sales reached 87,000 bales, with Vietnam once again leading the way by acquiring 48,700 bales. Turkey followed in second position with 30,800 bales, while Japan secured third place with 2,400 bales. On the export front, total shipments amounted to 230,100 bales. Vietnam remained the top destination, importing 85,400 bales, while Pakistan followed in second place with 42,800 bales. Turkey rounded out the top three importers, receiving 23,900 bales. Cotton stakeholders have questioned the credibility of the Federal Committee on Agriculture’s (FCA) production estimates for the 2026-27 cotton season after the committee projected Sindh’s per-acre cotton yield to be 63 percent higher than Balochistan’s and 41pc higher than Punjab’s, despite Balochistan historically recording the country’s highest yields. Expressing surprise over the figures, Cotton Ginners Forum chairman Ehsanul Haq said the FCA, an attached body of the Ministry of National Food Security and Research, had once again issued, what he termed unrealistic projections for national cotton production and provincial yields. According to the FCA’s estimates for crop year 2026-27, Pakistan is expected to produce 9.643 million bales of cotton. The committee has projected Punjab to cultivate cotton on 3.2m acres, producing five million bales with an average yield of 1.60 bales per acre. For Sindh, the FCA has estimated cotton cultivation over 1.486m acres, producing 4.042m bales with an average yield of 2.72 bales per acre. Balochistan, meanwhile, has been projected to cultivate cotton on 604,250 acres with an average yield of only one bale per acre. Haq termed the figures “highly unrealisticâ€, arguing that Balochistan has consistently achieved the highest per-acre cotton yields in Pakistan due to its favourable climatic conditions, lower environmental pollution and limited sugarcane cultivation. He said cotton produced in Balochistan is widely regarded as superior in quality, with its lint fetching Rs500 to Rs700 more per maund than cotton from Punjab and Sindh. Cottonseed and cottonseed oil from the province also fetch higher prices in the market, he added. He wonders how the FCA could project Sindh’s average yield to be 63pc higher than Balochistan’s and 41pc higher than Punjab’s, saying such estimates did not reflect ground realities. He also criticised the FCA’s forecasting record, pointing out that the committee had fixed a national production target of 10.18m bales for crop year 2025-26, including 5.553m bales for Punjab and 4.042m bales for Sindh. However, he says, the actual production during the season stood at only 5.524m bales across the country, with Punjab producing 2.718m bales and Sindh 2.807m bales, highlighting what he describes as a significant gap between official projections and actual output. He urged the FCA to adopt realistic, field-based assessments, instead of issuing what he described as “drawing-room estimatesâ€, warning that inaccurate production figures could damage Pakistan’s credibility in international markets and create uncertainty for cotton stakeholders in planning procurement, imports, exports and overall marketing Pakistan’s cotton sector, having posted its lowest output in three decades last season with just 5.6 million bales harvested, still holds significant untapped potential that could be unlocked through better crop management and deeper collaboration with China, industry officials said this week. Speaking at a meeting held at the Secretariat of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), Commercial Ambassador Adeel Munawar said the sector’s decline is not due to a lack of capacity but to slow adoption of science-based farming practices. He noted that Pakistan continues to benefit from strong genetic resources, extensive cultivation areas, experienced farmers, and a large textile industry that remains heavily reliant on domestically grown cotton. Munawar said timely sowing, balanced fertilizer application, efficient irrigation, integrated pest management, disease and weed control, growth-stage-based decision making, and careful harvesting could substantially improve boll formation, fibre quality, and overall yield. Citing research trials in Punjab and Sindh, he said differences in crop management, rather than climate alone, are chiefly responsible for yield gaps between neighbouring farms growing identical cotton varieties. Fields that maintain balanced nitrogen levels, avoid over irrigation, and act early against whitefly and pink bollworm infestations, he said, consistently outperform others. He added that because cotton is highly sensitive to temperature, humidity, and day length, understanding local climatic conditions is essential to successful crop planning. On prospects for bilateral cooperation, Munawar said Pakistani cotton varieties are notably heat-tolerant, while Chinese varieties are known for high yield and superior fibre quality, making the two countries’ genetic resources complementary for joint breeding programs. He revealed that Pakistan and China are planning to introduce new cotton seed varieties in Pakistan before selecting the most suitable ones for commercial cultivation, describing the move as an important step in deepening cotton-sector cooperation between the two countries. He added that Xinjiang Agricultural University has for several years been collaborating with Pakistani universities on cotton cultivation research, with experimental fields already established in Faisalabad and trials underway to test mechanical harvesting under local conditions. Close cooperation between the two countries in research, seed development, mechanization, and modern farming technology, he said, would play a key role in raising cotton productivity on both sides. PCJCCI Secretary General Salahuddin Hanif said a new Biotechnology Centre of Excellence laboratory is being established at the Central Cotton Research Institute (CCRI) to strengthen research and promote technological progress in the sector. Separately, the Sindh Abadgar Board expressed concern over falling prices of raw cotton (phutti), warning that landowners are increasingly turning away from cotton cultivation as a result. The Sindh Abadgar Board has expressed concern over the sharp decline in cotton prices, heavy losses suffered by mango growers and continuous increase in agricultural input costs, urging the government to take immediate measures to support farmers. The concerns were raised during a meeting of the board chaired by Mahmood Nawaz Shah in Hyderabad. The meeting noted that the price of seed cotton had dropped from around Rs11,500 per 40 kilogrammes to below Rs7,900 within the last month, even before the cotton harvesting season had reached its peak. Growers expressed the fear that the prices could fall further as arrivals increased, causing significant financial losses to cotton farmers. The participants also described the 2026 mango season as one of the worst in more than a decade. They said mango orchards were severely affected by malformation attacks forcing farmers in some areas to spray pesticides more than five times without achieving satisfactory results. The reduced production, coupled with lower market prices and higher production costs, had resulted in heavy losses with some growers reportedly considering cutting down their orchards, it was said. Copyright Business Recorder, 2026
GHTA PROGRAMME: MEEZAN BANK ACHIEVES RS2BN IN DISBURSEMENTS
Date: 2026-07-13
Details: Published July 13, 2026 Updated about 3 hours ago By Rizwan Bhatti KARACHI: Meezan Bank has achieved Rs 2 billion disbursements under the Government of Pakistan’s flagship affordable housing initiative, Wazir-e-Azam Apna Ghar Programme-Ghar Ho Tu Apna (GHTA). The Bank has also recorded its highest-ever monthly housing finance disbursements of PKR 1.3 billion, reflecting the strong and growing demand for its Shariah-compliant home financing solutions and reaffirming its leadership in Pakistan’s housing finance sector. With a view to promote affordable housing finance, the Government of Pakistan has introduced a Markup Subsidy and Risk Sharing Scheme namely ‘Mera Ghar -Mera Ashiana’. Under the announced subsidized housing finance scheme, the banks are providing up to Rs 10 million loan on a fixed term basis for up to 20 years. Ahmed Ali Siddiqui, Group Head Consumer Finance and Digital Banking Meezan Bank, said that these achievements underscore Meezan Bank’s continued commitment to supporting both the Government’s affordable housing agenda and the broader housing finance market by enabling individuals and families to realize their dream of home ownership through ethical and Shariah-compliant financing solutions. Through its comprehensive portfolio of housing finance products, Meezan Bank continues to provide accessible, customer-centric financing solutions for salaried individuals, self-employed professionals, and overseas Pakistanis, he added. As Pakistan’s largest Islamic bank, Siddiqui said, Meezan Bank continues to strengthen its housing finance portfolio through simplified processes, an extensive nationwide branch network, dedicated housing finance teams, and digital initiatives that enhance customer experience and improve turnaround times. Copyright Business Recorder, 2026
WALL STREET WEEK AHEAD: INVESTORS TO GRAPPLE WITH PACKED WEEK OF EARNINGS, IRAN
Date: 2026-07-13
Details: Published July 13, 2026 Updated about 3 hours ago By Reuters NEW YORK: An eventful coming week of economic data, corporate earnings reports and Middle East developments will test a resilient US stock market that has indexes around record highs despite turbulence beneath the surface. The S&P 500 was on course for a second straight weekly gain as of Thursday, putting the benchmark index up 10 percent for the year and about 1 percent from its record close from early June. The weekly strength overcame big swings in market-leading semiconductor shares and a flare-up in tensions between the US and Iran that put risks tied to the four-month-old war and related energy price spikes back at the forefront for investors. Major banks will kick off a second-quarter earnings season for US companies that is expected to be strong. Several key economic reports are due, led by the US consumer price index, an inflation gauge that could recalibrate market expectations for interest rates. “You’ve got a number of crosscurrents from geopolitical headlines, the start of earnings season, some CPI data on the horizon and some skepticism around the AI trade,†said Michael Reynolds, vice president of investment strategy at Glenmede. “It just seems like a lot of factors coming to a head all at once.†Investors’ belief in a relatively short-lived Middle East conflict, combined with a blowout first-quarter earnings season, helped boost stocks over the past few months. Oil prices jumped this week amid concerns over the impact of the renewed attacks on shipping and global supplies. Brent crude was last around USD76 a barrel, far from the USD100 level reached earlier this year that is seen as more worrisome for markets broadly. Still, investors said they would be attuned to developments in Iran, including the fallout for shipping and any expansion of the war in the region. “It’s a very difficult environment to make strategic investment calls when the situation … in Iran is so fluid,†said King Lip, chief strategist at BakerAvenue Wealth Management in San Francisco. The pullback in oil prices in recent weeks could mitigate the need for global central banks to raise interest rates to control inflation. For the US Federal Reserve, “what happens to the price of oil may determine the level of the urgency of the next rate hike — i.e., whether it comes in September or October,†Macquarie strategists said in a note on Thursday. The CPI report for June, due on Tuesday, also could ratchet up pressure on the Fed to act to control inflation. The core measure of CPI, which strips out energy prices, will be in focus, including the extent to which this year’s rise in oil prices may be filtering through to inflation more broadly, investors said. “If we get hotter inflation or we see signs that inflation will remain elevated for the next few months, it could push odds of a rate increase higher by year end,†said Anthony Saglimbene, chief market strategist at Ameriprise. Another inflation gauge, the producer price index, comes a day after the CPI report. Monthly retail sales on Thursday will provide a view into the strength of consumer spending. Higher interest rates can pressure equities by raising borrowing costs for consumers and companies. Investors’ bets on impending rate hikes rose following a surprisingly hawkish Fed meeting last month, the first under new Chair Kevin Warsh. Minutes of that meeting released this week showed policymakers’ mounting concerns about inflation. Warsh himself is expected to deliver his first testimony on monetary policy before Congress this week. JPMorgan Chase and Goldman Sachs are among the major banks reporting on Tuesday, setting the tone for a quarterly reporting season expected to show exceptional overall US profit growth. The bank reports could provide insight into consumer strength, through credit card products, and into broader credit trends. Reports are also due this week from such high-profile companies as Netflix, BlackRock and Johnson & Johnson. S&P 500 earnings are expected to jump 23.4 percent in the second quarter from a year ago, according to LSEG IBES.
ATIR LAHORE SAYS SUPER TAX ADJUSTABLE AGAINST REFUNDS
Date: 2026-07-11
Details: Published July 11, 2026 Updated about 3 hours ago By Sohail Sarfraz ISLAMABAD: The Appellate Tribunal, Inland Revenue, Lahore, has held that Super Tax, while being an independent charge for levy and computation, still qualifies as “tax due under the Income Tax Ordinance, 2001†and can therefore be adjusted against any available refund or excess tax. Setting aside orders that refused such adjustment, the tribunal clarified that the Commissioner must first examine and apply any verified refundable amount before initiating coercive recovery under Sections 138 and 140, and cannot reject adjustment merely on the ground that super tax is a separate charge. Recovery of the remaining Rs58.27 million super tax demands for the taxpayer was stayed, with directions to the Commissioner to verify the claimed Rs230.955 million refunds for Tax Year 2025 and adjust it against the demand, recovering only the balance, if any, thereafter through a speaking order. The tribunal held, in substance, that section 4C super tax is an independent charge for purposes of levy and computation, but it is still a “tax due under the Ordinance†and, therefore, an available refund/excess tax can be adjusted against it under section 170(3)(a). The key findings of the order revealed that the case was not about claiming withholding tax credit inside the computation of section 4C liability. The taxpayer had already accepted the super tax liability and paid Rs12.648 million. The dispute was only whether the remaining Rs58.27 million could be adjusted against the refundable income tax of Rs230.955 million shown in the return. The tribunal treated this as a matter of appropriation of refund against demand, not computation of super tax. The tribunal distinguished CM Pak. It held that CM Pak dealt with the adjustment of withholding taxes/tax credits against the computation of section 4C liability. It did not decide that an available refund under section 170 can never be adjusted against a section 4C demand. Therefore, the Commissioner Appeals misapplied CM Pak by treating “withholding tax adjustment†and “refund adjustment†as the same thing. The tribunal held that section 170(3)(a) is wide. Once the Commissioner is satisfied that tax has been overpaid, he “shall†apply the excess in reduction of “any other tax due†from the taxpayer under the Ordinance. Since section 4C super tax is imposed, determined, payable and recoverable under the Ordinance, it falls within this expression. The tribunal also held that recovery under sections 138 and 140 cannot be started or continued by ignoring an available refund. If the department already holds money refundable or adjustable to the taxpayer, it must first examine and apply that amount, if legally available, before attaching bank accounts or taking coercive recovery action. Rule 210B was relied upon because it requires satisfaction that no refund is available for adjustment before section 140 recovery is approved. On the department’s possible objection that a refund is application-dependent under section 170(1), the tribunal held that this is an incomplete reading of section 170. Section 170(1) and 170(4) regulate the taxpayer’s formal claim for refund/payment. However, section 170(3)(a) independently prescribes the statutory order of adjustment once excess tax is found: first against other tax due, then against other outstanding liabilities, and only thereafter refund of the balance. Therefore, the department cannot ignore an apparent excess merely because a separate refund application has not culminated in a refund order. The tribunal clarified the limit of its finding: an unverified or disputed refund does not automatically wipe out a section 4C demand. The Commissioner may verify whether the refund is actually due, reduced by other liabilities, or otherwise unavailable. But he must examine it and pass a speaking order; he cannot reject adjustment merely because section 4C is an independent charge. The relief granted was that the orders were set aside to the extent they refused consideration of the refund adjustment. Recovery of the section 4C demand was stayed until the Commissioner examines the taxpayer’s refund claim of Rs230.95 million for tax year 2025 under section 170. If a refund is found due and available, it must be adjusted against the super tax demand, and only the balance, if any, may be recovered. If no refund is found due or available, reasons must be recorded in a speaking order, and then recovery may proceed according to law. Copyright Business Recorder, 2026
PUNJAB ROLLS OUT SIMPLIFIED DIGITAL TAX SYSTEM
Date: 2026-07-11
Details: Published July 11, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Punjab government has launched a simplified digital tax deduction system designed to promote transparency, ease the burden on taxpayers and encourage a wider shift toward digital payments across the province, officials announced on Friday. Under the new mechanism, sales tax collected through e-payments and card transactions will now be transferred directly to the government, a move authorities say will significantly enhance transparency and efficiency in tax collection. A spokesperson for the Punjab Revenue Authority said sales tax on services offered by beauty parlours, salons and fashion designers has been fixed at 5 percent. Cosmetic surgery, plastic surgery, skin treatment and laser treatment centres will likewise fall under the 5 percent bracket, while event management services, tour operators, gymnasiums and laundry services will be taxed at 8 percent. In the hotel and restaurant sector, the new structure offers a clear incentive for digital payments. Customers paying in cash will be charged 16 percent sales tax, while those paying through digital means, including credit and debit cards, will pay just 8 percent, effectively halving the tax rate for cashless transactions. The spokesperson said tax revenue collected from the public plays a critical role in funding the Government’s welfare and development initiatives, and urged citizens to opt for digital payments wherever possible and to always obtain a proper tax invoice to ensure funds are transparently and securely channelled to the government. The public was also asked to report any food outlets or service providers found failing to issue valid tax invoices to the Punjab Revenue Authority. Copyright Business Recorder, 2026
FTO GRANTS RELIEF TO WOMAN TAXPAYER
Date: 2026-07-11
Details: Published July 11, 2026 Updated about 3 hours ago By Sohail Sarfraz ISLAMABAD: Federal Tax Ombudsman (FTO) Zafar Hijazi has granted relief to a woman taxpayer who remained unable to obtain lawful tax registration after her CNIC was fraudulently used to secure a National Tax Number (NTN). The FTO directed the Federal Board of Revenue (FBR) to finalise her lawful tax registration within 30 days and remove the procedural and system-related obstacles preventing her from filing income tax returns and complying with tax laws. The case involved a woman whose CNIC had been misused, without her knowledge or consent, to obtain a fraudulent NTN. Although FBR subsequently cancelled the fraudulent registration and acknowledged that she was a victim of identity misuse, she remained trapped in the tax registration system and was unable to obtain a valid NTN in her own name. The FTO observed that administrative justice is not achieved merely by disposing of a complaint on technical grounds. Where continuing maladministration deprives a citizen of a lawful right, the grievance must be fully and effectively resolved. While maintaining that the challenge relating to the cancellation of the fraudulent NTN was barred by limitation, the FTO held that the woman’s continuing inability to secure lawful tax registration constituted an ongoing instance of maladministration requiring immediate intervention. The review petition was therefore partly allowed, and the earlier order was modified to provide meaningful and practical relief to the complainant. The FTO directed FBR to complete her lawful registration within the prescribed period and eliminate avoidable system constraints that were preventing her from fulfilling her tax obligations. In case any legal impediment remains, FBR must communicate it to the complainant through a reasoned speaking order. FBR has also been directed to submit a compliance report to the Federal Tax Ombudsman within the prescribed period. Taking notice of the growing number of cases involving the fraudulent use of CNICs for obtaining tax registrations, the Federal Tax Ombudsman recommended that FBR formulate a comprehensive Standard Operating Procedure for the prompt restoration or issuance of lawful tax registrations after proper verification. The proposed SOP is intended to ensure that innocent taxpayers, including women whose identities are misused, are not subjected to prolonged hardship because of fraudulent registrations or deficiencies in FBR’s systems and procedures. The order also explains the scope of review jurisdiction exercised by the FTO Secretariat. It clarifies that review cannot be used as a substitute for an appeal, but may be exercised where an earlier order, despite being legally sustainable, leaves a genuine grievance or continuing maladministration unresolved. The FTO observed that the effectiveness of the institution should not be measured merely by the number of complaints disposed of, but by whether maladministration is actually eliminated and citizens receive meaningful and practical relief. The decision reflects the FTO’s commitment to protecting women taxpayers and other citizens from identity fraud, administrative injustice and unnecessary procedural barriers within the tax system. Copyright Business Recorder, 2026
LTO KARACHI TARGETS 174 TAXPAYERS IN FOREIGN ASSETS SCRUTINY DRIVE
Date: 2026-07-11
Details: Written by Hamza Shahnawaz in Taxation, Top stories Investigation under AEOI framework targets offshore wealth, foreign income and tax reporting compliance. KARACHI: The Large Taxpayers Office (LTO) Karachi has launched a major scrutiny exercise targeting 174 high-profile taxpayers over their foreign assets under Pakistan’s Automatic Exchange of Information (AEOI) framework, as the Federal Board of Revenue (FBR) intensifies efforts to detect undisclosed offshore wealth and strengthen tax compliance. According to sources, the AEOI Zone of LTO Karachi has initiated a comprehensive review of the foreign assets and overseas financial holdings of the selected taxpayers. The tax authority will also seek information from partner jurisdictions through international information-sharing arrangements to verify whether foreign assets and income have been properly declared under Pakistan’s tax laws. Audit teams assigned Sources said LTO Karachi has assigned the selected cases to Assistant Commissioners and Deputy Commissioners Inland Revenue for detailed audits and investigations. The officers will conduct proceedings under Sections 108 and 165B of the Income Tax Ordinance, 2001, which empower the tax authority to obtain information and exchange financial account data with foreign jurisdictions under international agreements. In addition, the taxpayers will be monitored under Sections 182(1A), 182(7), 182(17), 182(25), 182(26), 182(27) and 182(28) of the Income Tax Ordinance, 2001, which prescribe penalties for various forms of non-compliance with tax documentation and reporting obligations. Focus on multinational reporting Tax officials have also been directed to examine compliance with Chapter VIA (Documentation and Country-by-Country Reporting Requirements) of the Income Tax Rules, 2002. The chapter sets out documentation standards and reporting obligations for multinational enterprises and other qualifying taxpayers involved in cross-border transactions. According to sources, many of the taxpayers selected for scrutiny are linked to the fund management, securities, real estate investment trust (REIT) and financial services sectors, where overseas investments and foreign financial assets are relatively common. Strengthening tax transparency The investigation forms part of the FBR’s broader strategy to utilise information received through the Automatic Exchange of Information (AEOI) framework to identify undeclared offshore assets, improve voluntary tax compliance and combat cross-border tax evasion. Under the AEOI mechanism, Pakistan exchanges financial account information with partner jurisdictions in accordance with internationally recognised tax transparency standards, enabling tax authorities to verify offshore financial holdings and foreign income reported by taxpayers.
BAFL RAISES RS20BN IN LARGEST-EVER TFC ISSUANCE
Date: 2026-07-11
Details: Published July 11, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Bank Alfalah Limited (BAFL) has raised Rs20 billion through the issuance of an AAA-rated Tier 2 Term Finance Certificate (TFC), marking the largest TFC issuance in Pakistan’s banking industry and the Bank’s first AAA-rated TFC, officials said on Friday. The successful issuance follows approval from the State Bank of Pakistan (SBP) and received strong participation from institutional investors, reflecting the market’s confidence in BAFL’s financial strength, sound governance and long-term growth strategy. According to bank, issued under the Basel III regulatory framework, this Tier 2 Issue is a key element of the Bank’s growth strategy and will further complement the Growth Capital allowing the bank to continue its aggressive growth strategy particularly in SME, ESG initiatives and the consumer segment. The transaction will allow the bank to increase its core profitability and enhance long term shareholder returns. The issuance builds on BAFL’s strong financial performance and disciplined balance sheet management. As of December 31, 2025, the bank reported a profit after tax of Rs28.34 billion, total deposits of Rs2.49 trillion, gross advances of Rs1.15 trillion, while maintaining a Capital Adequacy Ratio (CAR) of 15.87 percent, comfortably above the regulatory minimum. Commenting on the issuance, Aasim Wajid Jawad, Group Head Strategy, said that this transaction marks a defining milestone in BAFL’s capital markets journey. “By further strengthening our capital base, we are enhancing our capacity to support customers, capture future growth opportunities and contribute meaningfully to Pakistan’s economic progress,†he added. Pervez Shahbaz Khan, Group Head, Global Markets & Treasury, Bank Alfalah, said that the successful execution of this landmark transaction demonstrates the depth of investor confidence in Bank Alfalah’s credit quality and financial resilience. Copyright Business Recorder, 2026
WALL STREET BANKS RULE ON STAFF BETTING ON PREDICTION MARKETS
Date: 2026-07-11
Details: Published July 11, 2026 Updated about 3 hours ago By Reuters NEW YORK: Wall Street banks have added rules on prediction-market betting to their employee codes of conduct, with some barring employees from bets on contracts linked to financial markets and political events, according to three sources familiar with the matter. Goldman Sachs said in a recent memo that its policy prohibits staff from participating in event-based contracts linked to financial markets and political events that could create real or perceived conflicts of interest with the bank, its clients or the broader financial industry, a source with knowledge of the matter said. Prediction-market platforms are exchanges that offer contracts related to a wide array of events like elections, sports and weather, similar to gambling products traditionally offered by betting platforms. Platforms such as Kalshi and Polymarket have grown rapidly in recent years, raising concerns about regulatory oversight ahead of the US midterm elections. Bloomberg News, which first reported the policy, said repeated violations could result in disciplinary action, including termination, and that employees may be required to forfeit gains from prohibited trades. The restrictions do not apply to prediction-market betting related to sports and entertainment, the source said. For Morgan Stanley, a person familiar with the matter said the bank’s employee code of conduct includes rules for prediction-market betting, among other trading and investing topics. The person declined to specify the policies. JPMorgan Chase also has a similar policy in its code of conduct that prohibits employees from trading on any non-public, confidential information, which also extends to betting on prediction markets, a bank source said. Bank of America restricts employees from trading in certain event or prediction-market contracts including company-specific, macroeconomic and financial services events, according to a source with knowledge of the matter. A BofA spokesperson confirmed that the bank recently provided updates to more explicitly outline prohibited activities for employees and to offer examples. Citigroup declined to comment.
FBR DOUBLES NEV ADOPTION LEVY COLLECTION TARGET FOR FY2025-26
Date: 2026-07-10
Details: Written by Faisal Shahnawaz in Automotive, Budget 2026-27, Taxation Government expects Rs122 billion from ICE vehicle levy in FY2026-27 to support Pakistan’s transition to cleaner transport. ISLAMABAD: The Federal Board of Revenue (FBR) has doubled its projected collection under the New Energy Vehicle (NEV) Adoption Levy for FY2025-26, estimating receipts of Rs20 billion against the original target of Rs10 billion, according to official budget documents. The revised projection represents a 100 percent increase over the initial estimate, highlighting the government’s growing reliance on the levy to finance its clean transport agenda and promote the adoption of environmentally friendly vehicles. The NEV Adoption Levy is collected under the New Energy Vehicles Adoption Levy Act, 2025, introduced through the Finance Bill as part of Pakistan’s broader strategy to encourage a shift from conventional internal combustion engine (ICE) vehicles to new energy vehicles. Rs122bn projected from ICE vehicle levy Official documents show that the levy imposed on the first sale of locally manufactured and imported ICE vehicles is expected to generate approximately Rs122 billion in revenue during FY2026-27. Under the levy framework, a 1 percent levy applies to the first sale of locally manufactured and imported two- and three-wheeler ICE vehicles, whether new or used. A 3 percent levy is charged on four-wheelers with engine capacities between 1,300cc and 1,800cc, while buses and trucks are subject to a 1 percent levy. Supporting Pakistan’s green transition The government introduced the levy to accelerate the adoption of new energy vehicles, reduce dependence on fossil fuels and curb greenhouse gas emissions from Pakistan’s transport sector. The measure forms part of Pakistan’s broader environmental and climate strategy aimed at promoting cleaner transportation technologies and supporting sustainable economic development. Collection mechanism Under the law, manufacturers of locally assembled and produced ICE vehicles are responsible for collecting the levy from buyers and depositing it with the government. For imported vehicles, the levy is payable by importers at the time of import. By placing the responsibility on manufacturers and importers, the government aims to ensure efficient collection while using fiscal incentives to encourage the transition towards cleaner and more energy-efficient vehicles.
FBR PROJECTS RS410BN CUSTOMS DUTY FROM PETROLEUM PRODUCTS IN FY2026-27
Date: 2026-07-10
Details: Written by Faisal Shahnawaz in Budget 2026-27, Taxation, Top stories Petroleum products, imported vehicles and electrical machinery are expected to remain the largest contributors to customs duty revenue. ISLAMABAD: The Federal Board of Revenue (FBR) has projected customs duty collection of more than Rs410 billion from petroleum product imports during the fiscal year 2026-27, reflecting the government’s expectations of stronger import-related tax revenues under the federal budget. According to official documents, the projected collection of Rs410 billion represents an increase of approximately 21 percent over the revised estimate of Rs339.35 billion for FY2025-26. The FBR had originally estimated customs duty collections of more than Rs437 billion from petroleum products for FY2025-26. However, the target was later revised down to Rs339.35 billion after actual collections fell short of initial expectations. Overall customs duty target raised For FY2026-27, the FBR has set an overall customs duty collection target of Rs1.65 trillion, around 20 percent higher than the revised estimate of Rs1.37 trillion for the previous fiscal year. The revised figure also highlights that the original FY2025-26 customs duty target of Rs1.59 trillion was not achieved. The higher target forms part of the government’s broader revenue mobilisation strategy aimed at strengthening fiscal resources and meeting budgetary objectives. Imported vehicles among top contributors Official projections indicate that imported vehicles will remain one of the largest sources of customs duty revenue during FY2026-27. The FBR expects to collect approximately Rs379 billion from vehicle imports, compared with an estimated Rs313 billion in the preceding fiscal year. Meanwhile, customs duty on imported electrical machinery is projected at around Rs98 billion, while edible oil imports are expected to generate approximately Rs91 billion. The tax authority has also forecast customs duty collections of around Rs84 billion from iron and steel imports, with articles of iron and steel contributing an additional Rs29 billion. Imports of tea and coffee are expected to yield around Rs41 billion in customs duty during FY2026-27. Revenue strategy The customs duty projections are based on anticipated import volumes, prevailing tariff structures and expected economic activity during the fiscal year. The estimates form part of the government’s wider fiscal strategy to strengthen tax collection, improve revenue performance and support budgetary targets outlined in the Federal Budget for FY2026-27.
FBR FAILED TO RECOVER RS3.1 BILLION TAX ON SALARY INCOME: AGP
Date: 2026-07-09
Details: Written by Hamza Shahnawaz Audit says weak monitoring of withholding agents led to under-deduction of income tax from employees’ salaries ISLAMABAD: The Federal Board of Revenue (FBR) failed to recover Rs3.116 billion in income tax on salary payments due to incorrect tax deductions by employers, according to the latest audit report of the Auditor General of Pakistan (AGP). The audit report found that inadequate monitoring of withholding agents allowed employers to under-deduct income tax from employees’ salaries, resulting in significant revenue losses in violation of the Income Tax Ordinance, 2001. Weak Monitoring Led to Revenue Loss Under Section 149, read with Section 161 of the Income Tax Ordinance, every employer is required to deduct income tax from salary payments at the applicable average rate and deposit it into the government treasury. Where tax is not deducted or deposited correctly, the Commissioner Inland Revenue is authorised to initiate recovery proceedings. The AGP examined the financial years 2022-23 and 2023-24 and found that 495 withholding agents across 12 FBR field offices had failed to deduct the correct amount of income tax from employees’ salaries. According to the report, the FBR did not effectively monitor these withholding agents or prevent the short deduction of tax, resulting in the non-realisation of Rs3.116 billion in government revenue. The audit observations were raised between February and November 2024. Legal Proceedings Yet to Be Finalised In its response, the FBR stated that legal proceedings had been initiated under the relevant provisions of the Income Tax Ordinance to recover the entire amount of Rs3.116 billion. However, the tax authority acknowledged that the proceedings had not yet been concluded. The Departmental Accounts Committee (DAC), during meetings held between July 2024 and January 2025, directed the FBR to expedite the legal process and submit a compliance report to the audit authorities. According to the AGP, no further progress had been reported by the time the audit report was finalised. AGP Calls for Stronger Oversight The Auditor General recommended that the FBR accelerate legal proceedings against defaulting withholding agents while strengthening monitoring mechanisms to ensure employers deduct and deposit salary tax accurately and on time. The report stressed that effective oversight of withholding agents is essential to protect government revenue and improve compliance with tax laws. Issue Repeated in Previous Audit Reports The AGP noted that the matter is a recurring audit observation. Similar irregularities were highlighted in audit reports for 2019-20, 2021-22, 2022-23 and 2023-24, involving a cumulative financial impact of Rs1.699 billion in previous years.
SPOT RATE INCREASED BY RS200 TO RS17,800 PER MAUND
Date: 2026-07-09
Details: Published July 9, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Wednesday increased the Spot rate by Rs 200 per maund and closed it at Rs 17,800 per maund. Cotton Analyst Naseem Usman told BUSINESS RECORDER that the local cotton market remained tight and the trading volume remained satisfactory. He also told that the rate of cotton in Sindh is in between Rs 17,800 to Rs 18,000 per maund, while Phutti in the province is trading between Rs 8,500 to Rs 8,800 per 40 kilograms. In Punjab, cotton rates stand between Rs 18,200 to Rs 18,300 per maund, with Phutti fetching between Rs 7,700 to Rs 9,000 per 40 kilograms. The rate of cotton in Balochistan is in between Rs 17,700 to Rs 18,000 per maund while the rate of Phutti is in between Rs 8,800 to Rs 9,200 per maund. 2000 bales of Tando Adam were sold in between Rs 17,500 to Rs 17,700 per maund, 18,00 bales of Sanghar, 1400 bales of Shahdad Pur were sold in between Rs 17,500 to Rs 17,700 per maund, 400 bales of Shah Pur Chakar were sold in between Rs 17,600 to Rs 17,700 per maund, 200 bales of Kotri were sold at Rs 17,600 per maund, 200 bales of Jam Sahib were sold at Rs 17, 500 per maund, 400 bales of Nawab Shah were sold at Rs 17,500 per maund, 1200 bales of Chichawatni were sold in between Rs 18,000 to Rs 18,200 per maund, 400 bales of Burewala were sold in between Rs 18,000 to Rs 18,200 per maund, 600 bales of Layyah were sold in between Rs 18,000 to Rs 18,100 per maund, 600 bales of Khanewal, 400 bales of Vehari, 200 bales of Rajan Pur were sold at Rs 18,000 per maund. Copyright Business Recorder, 2026
SOUTH KOREA STOCKS SLIDE INTO BEAR MARKET
Date: 2026-07-09
Details: Published July 9, 2026 Updated about 4 hours ago By Reuters BENGALURU: South Korean equities extended losses Wednesday amid volatility in chipmakers, with the benchmark dropping more than 20 percent from June’s record close, signalling that the market is in bear territory, while Indonesian stocks tumbled after S&P Dow Jones warned of a possible downgrade to frontier status. Indonesia’s benchmark equity gauge fell 1.5 percent, snapping a five-day rally, after S&P Dow Jones Indices warned Indonesia risks a downgrade to frontier from emerging status due to market transparency issues. That is the latest setback for Southeast Asia’s top economy, which has been placed under review by MSCI since January, and ramps up the pressure on authorities to deliver visible reforms that address disclosure and transparency concerns. In South Korea, the benchmark KOSPI ended 5 percent lower at 7,246.70, its lowest close since May 20, after triggering a “sidecar†trading curb during the session. The benchmark dropped more than 20 percent from a record close of 9,114.55 on June 22, a threshold commonly considered confirmation that a market is in bearish territory. In Southeast Asia, Singapore’s FTSE Straits Times scaled yet another record high, with banks: OCBC, DBS , and UOB gaining between 1.7 percent and 5 percent. All three banks touched their record highs during trading. The US dollar, last down 0.2 percent, edged to its highest level in a week after the US resumed strikes against Iran, as investors sought refuge in the global safe-haven currency.
WALL ST FALLS AS TRUMP’S IRAN REMARKS RATTLE INVESTORS
Date: 2026-07-09
Details: Published July 9, 2026 Updated about 4 hours ago By Reuters NEW YORK: Wall Street’s main indexes fell on Wednesday after President Donald Trump said an interim deal aimed at ending the war with Iran was “over,†while Broadcom led gains among recently battered chip stocks. Speaking at the NATO summit, Trump said he had no interest in further talks with Iran and warned that Washington was likely to carry out additional strikes on Wednesday night. His comments marked the latest setback in the series of back-and-forth in negotiation talks that have swung between threats of escalation and hopes for diplomacy, leaving investors wrong-footed by several false starts toward a peace deal. Broadcom gained 4.2 percent after Apple said it plans to spend more than USD30 billion as part of a chip-supply agreement reached earlier this week with the chipmaker. “Any time you get an announcement from Apple about using your equipment, it’s pretty positive - especially when you have 2.5 billion Apple devices in people’s hands around the globe,†said Art Hogan, chief market strategist at B. Riley Wealth. Nvidia pared early losses and turned positive after the Information reported that China plans to allow its top AI firms to buy a limited number of the company’s H200 chips. The chip stocks were mixed on Wednesday after recent volatility, with the broader Philadelphia SE Semiconductor index down 0.08 percent. At 12:04 p.m. ET, the Dow Jones Industrial Average fell 774.50 points, or 1.46 percent, to 52,150.65, the S&P 500 lost 66.94 points, or 0.89 percent, to 7,437.21 and the Nasdaq Composite lost 235.63 points, or 0.91 percent, to 25,584.18. Oil prices sharply extended gains on the day following Trump’s remarks, with Brent crude futures surging 7 percent. Treasury yields also rose as the selloff spread to bonds. The latest escalation in the conflict threatens to unsettle the equities rally that has carried the benchmark S&P 500 up about 9 percent so far this year, despite sharp declines earlier in 2026 after the Mideast war started.
MOST GULF MARKETS SLIP ON ME HOSTILITIES
Date: 2026-07-09
Details: Published July 9, 2026 Updated about 4 hours ago By Reuters DUBAI: Most Gulf bourses closed lower on Wednesday, after US President Donald Trump said the memorandum of understanding to end the conflict with Iran was “overâ€, renewing fears of disruptions to Middle East oil supplies. The US said it had struck Iranian air defence systems, coastal surveillance facilities and drone launch sites, while Iran’s Revolutionary Guards said they had targeted US military positions in Bahrain and Kuwait, where air raid sirens sounded on Wednesday. Brent crude futures were up USD3.14, or 4.23 percent, to USD77.30 a barrel at 1231 GMT. Dubai’s main share index declined 1.5 percent, dragged by a 2.7 percent slide in toll operator Salik and a 1 percent drop in blue-chip developer Emaar Properties.
COURT-PROTECTED PERIOD: ATIR DB ISLAMABAD ANNULS SUPER TAX DEFAULT SURCHARGE
Date: 2026-07-08
Details: Published July 8, 2026 Updated about 4 hours ago ISLAMABAD: A two-member Bench of Appellate Tribunal Inland Revenue Islamabad has set aside default surcharge on Super Tax during court-protected period. According to an order (ITA.773/IB/2026) of the ATIR division bench Islamabad issued on Tuesday, ATIR has ruled that the taxpayer was rightly liable to pay Super Tax under Section 4C of the Income Tax Ordinance, 2001. READ ALSO: Default surcharge on super tax: PBC urges FBR to withdraw recovery notices However, the levy of default surcharge under Section 205 for the period during which the appellant’s obligation to pay remained regulated by the interim and final orders of the superior courts is without lawful authority and cannot be sustained. The Tribunal observed that constitutional guarantees prohibit the imposition of adverse fiscal consequences on a litigant who has acted in compliance with binding judicial orders. Consequently, it set aside the default surcharge for the protected period while allowing the appeal to that extent. The impugned order levying default surcharge for the said protected period is, therefore, set aside to that extent. Subject to the above observations, the appeal stands allowed in the aforesaid terms, it added. Copyright Business Recorder, 2026
FBR CUTS REGULATORY DUTY ON IMPORTED ICE-CREAMS FROM FY2026-27
Date: 2026-07-08
Details: Reduced duty rate on imported ice-creams takes effect from July 1, 2026, under Pakistan’s new tariff schedule for fiscal year 2026-27. Pakistan’s importers of ice-creams and edible ice products are set to benefit from lower taxation after the Federal Board of Revenue (FBR) reduced the regulatory duty on these products under the fiscal year 2026-27 tariff framework. The revised customs duty structure became effective from July 1, 2026, as part of the government’s broader tariff rationalization measures announced for the new fiscal year. The reduction is expected to ease the cost burden on importers dealing in ice-creams and related frozen dessert products. According to a recently issued Statutory Regulatory Order (SRO), the FBR amended the regulatory duty rates applicable to imported ice-creams and other edible ice products classified under the Pakistan Customs Tariff (PCT). The revised rates form part of the updated customs tariff schedule introduced for FY2026-27. Under the new duty regime, imports falling under PCT code 2105.0000, which covers ice-creams and other edible ice products regardless of whether they contain cocoa, will now attract a regulatory duty of 16 percent. The rate has been reduced from the previous level of 20 percent that remained in force during the last fiscal year. The latest adjustment represents a reduction of 4 percentage points in the regulatory duty, translating into a 20 percent decline compared to the earlier rate. The move reflects the government’s ongoing efforts to review and streamline tariff structures across various imported goods categories. Market analysts believe the reduction in regulatory duty could help importers lower overall import costs, although the final impact on retail prices will depend on exchange rates, shipping expenses, and other applicable taxes. The lower duty may also encourage greater product availability in supermarkets, specialty stores, and online grocery platforms. The demand for frozen desserts typically peaks during Pakistan’s long summer season, when high temperatures drive increased consumer spending on beverages, ice-creams, and other cooling products. As a result, the latest duty reduction could support supply levels during periods of strong seasonal demand. The duty reduction is part of a wider set of tariff revisions introduced by the FBR for FY2026-27, aimed at supporting trade activity while balancing revenue collection objectives. Importers and stakeholders are expected to closely monitor the impact of the revised rates on import volumes and market dynamics in the coming months. With the new tariff schedule now in force, all eligible imports of ice-creams and edible ice products will be subject to the reduced 16 percent regulatory duty from July 1, 2026.
PAKISTAN CUSTOMS SEIZES RS366 MILLION MARIJUANA SHIPMENT FROM THAILAND
Date: 2026-07-08
Details: Customs officials intercept 12kg of marijuana concealed inside toy parcels at Karachi’s International Mail Office during routine screening. KARACHI: Pakistan Customs has thwarted a major narcotics smuggling attempt by seizing 12 kilograms of marijuana concealed inside parcels arriving from Thailand through the international postal system, with the contraband estimated to be worth Rs366.2 million. According to an official statement, the seizure was made on 4 July 2026 during routine scanning operations at the International Mail Office (IMO), Karachi. Customs officials intercepted two suspicious parcels originating from Bangkok, Thailand, after identifying irregularities during the screening process. Following the initial detection, Preventive Officer Zahid Hussain carried out a detailed physical examination of the consignments. The parcels had been declared as containing plastic car toys, Lego sets, model kit paper and wooden rocks. However, customs officials discovered that the declared goods had been used to conceal 12 kilograms of marijuana hidden inside plastic toy boxes. The narcotics were recovered from two separate consignments weighing 7 kilograms and 5 kilograms, respectively. Pakistan Customs estimated the market value of the seized marijuana at approximately Rs366.2 million. Following the recovery, the contraband was handed over to the Directorate of Enforcement & Compliance (Headquarters), Karachi, for further legal proceedings. Authorities have registered a First Information Report (FIR) and launched an investigation to identify those responsible for the attempted smuggling operation and dismantle the criminal network behind the shipment. Pakistan Customs said the successful interception highlights the effectiveness of its intelligence-led enforcement strategy and continued vigilance in preventing the misuse of international postal and courier channels for transnational narcotics trafficking. The department reaffirmed its commitment to strengthening anti-smuggling operations, enforcing customs laws and protecting national security by disrupting illegal drug trafficking networks operating across international borders.
SINDH EXEMPTS SALES TAX ON CROP INSURANCE REINSURANCE SERVICES
Date: 2026-07-08
Details: Finance Act 2026 extends sales tax exemption to reinsurance services for crop and export-related marine insurance from 1 July 2026. KARACHI: The Sindh government has exempted sales tax on reinsurance services related to crop insurance and export marine insurance under the Sindh Finance Act, 2026, a move aimed at supporting the agriculture sector and easing the tax burden on exporters. The exemption has been introduced through amendments to the Sindh Sales Tax on Services Act, 2011, with the Sindh Revenue Board (SRB) granting relief on specified reinsurance services. Under the amended law, sales tax will no longer apply to reinsurance services provided in relation to crop insurance, reducing the overall cost of insurance coverage for farmers and agricultural businesses. The exemption also covers reinsurance services associated with marine insurance for exports, providing tax relief to exporters by lowering the cost of insurance-related services linked to international trade. According to the amendment, the exemption came into effect on 1 July 2026. Tax experts believe the measure will encourage wider adoption of crop insurance by making insurance products more affordable for the agricultural sector, which remains vulnerable to climate-related risks and natural disasters. They also noted that the exemption on marine insurance reinsurance services is expected to improve the competitiveness of Pakistani exporters by reducing insurance costs associated with export shipments. The tax relief forms part of the broader package of fiscal measures introduced through the Sindh Finance Act, 2026, which seeks to promote priority sectors of the provincial economy through targeted tax incentives and support sustainable economic growth.
SINDH ENACTS TAXPAYER CONFIDENTIALITY LAW UNDER FINANCE ACT 2026
Date: 2026-07-08
Details: New Section 73A protects taxpayer information while allowing limited disclosure for tax administration and inter-governmental cooperation. KARACHI: The Sindh government has introduced a dedicated taxpayer confidentiality framework by inserting Section 73A into the Sindh Sales Tax on Services Act, 2011 through the Sindh Finance Act, 2026, strengthening legal safeguards for taxpayer information while permitting limited disclosure for tax administration purposes. The newly enacted provision declares tax-related information confidential and establishes clear rules governing when such information may be disclosed, with the objective of balancing taxpayer privacy and efficient tax administration. Taxpayer information protected Under Section 73A, all particulars contained in statements, tax returns, accounts and other documents submitted under the Sindh Sales Tax on Services Act will remain confidential. The confidentiality protection also extends to evidence, affidavits and depositions made during proceedings under the Act, as well as records relating to assessment and recovery proceedings. The law prohibits any officer of the Sindh Revenue Board (SRB), including the Chairman, Members, Secretary and other public servants, from disclosing taxpayer information except in circumstances specifically authorised under the legislation. Limited disclosure permitted The amendment allows confidential information to be disclosed where it is necessary for a person performing official functions under the Sindh sales tax law to carry out responsibilities related to the implementation and enforcement of the Act. According to the new provision, the exception is intended to facilitate effective tax administration while ensuring taxpayer records continue to receive legal protection. Information sharing with government agencies Section 73A also authorises the Sindh Revenue Board to share taxpayer information with departments and authorities of the federal and provincial governments where those agencies are legally entitled to receive such information. In addition, the law permits information sharing under bilateral or multilateral agreements concluded between the SRB and other government departments or authorities for the administration or enforcement of taxes and levies collected by those agencies. The framework is expected to improve coordination among tax authorities while ensuring that the exchange of taxpayer information takes place within a clearly defined legal structure. Modernising the provincial tax system The introduction of Section 73A forms part of the broader reforms enacted through the Sindh Finance Act, 2026, aimed at modernising the province’s tax administration and improving compliance. The Sindh government said the amendment strengthens taxpayer privacy by providing explicit legal protection for confidential information while enabling limited and regulated information sharing to support tax enforcement and inter-governmental cooperation. The new framework is also expected to enhance transparency and public confidence in the provincial tax system by ensuring that taxpayer information is handled in accordance with clearly defined legal safeguards.
PAKISTAN’S TAX EXPENDITURE BELOW GLOBAL AVERAGE, FBR REPORTS
Date: 2026-07-08
Details: Tax Expenditure Report 2026 estimates Pakistan’s tax expenditure at 2.07% of GDP, well below the global average of 4.9%. ISLAMABAD: Pakistan’s tax expenditure remains significantly below the global average, according to the Federal Board of Revenue (FBR), which says the country’s latest estimates reflect both the structure of its tax system and improvements in the methodology used to measure tax concessions. In its Tax Expenditure Report 2026, the FBR estimated Pakistan’s total tax expenditure for FY2024–25 at 2.07 per cent of Gross Domestic Product (GDP), compared with a global average of 4.9 per cent of GDP across 33 countries. The tax authority said the comparatively lower ratio is attributable to the design of Pakistan’s tax system as well as a revised benchmark methodology that has been brought more closely in line with international best practices. Lower than many comparable economies The report also compared Pakistan’s tax expenditure with that of 10 comparable economies over the period from 2011 to 2025. According to the FBR, Türkiye recorded the lowest average tax expenditure among the selected countries at 0.46 per cent of GDP, while Romania registered the highest average at 4.18 per cent of GDP during the 15-year period. The average tax expenditure across the peer group stood at 2.31 per cent of GDP. With tax expenditure estimated at 2.07 per cent of GDP in FY2024–25, Pakistan ranks at the lower end of the comparison group, suggesting that the country’s level of tax exemptions and concessions is broadly consistent with those of comparable developing economies. Improved estimation methodology The FBR said the latest estimates incorporate refinements to the benchmark methodology used to calculate tax expenditures. According to the report, the revised framework distinguishes genuine tax incentives from structural features of the tax system that are not regarded as tax expenditures, bringing Pakistan’s reporting practices closer to internationally recognised standards. The tax authority said the updated methodology provides a more accurate assessment of the fiscal cost of tax exemptions and concessions while enhancing transparency and accountability in the country’s tax policy framework. The report added that improved measurement of tax expenditures will support policymakers in evaluating the effectiveness of existing tax incentives and making informed decisions on future fiscal reforms.
FBR IDENTIFIES SEVEN TYPES OF INCOME TAX EXEMPTIONS AND CONCESSIONS
Date: 2026-07-08
Details: Tax Expenditure Report 2026 categorises major income tax relief measures to improve transparency and assess their fiscal impact. ISLAMABAD: The Federal Board of Revenue (FBR) has classified seven major categories of income tax expenditures under the Income Tax Ordinance, 2001, providing a detailed framework to explain how tax exemptions and concessions support economic and social objectives while reducing government revenue. The classification, published in the Tax Expenditure Report 2026, is intended to enhance transparency by identifying the various forms of tax relief available to taxpayers and assessing their impact on the national exchequer. Exemption from income tax The FBR said certain individuals, organisations and entities are completely exempt from income tax despite otherwise falling within the scope of the Income Tax Ordinance. As an example, non-profit organisations and welfare institutions approved under Section 100C are exempt from income tax on earnings generated through voluntary contributions and qualifying activities under Clause 66 of Part I of the Second Schedule. Exemption from specific heads of income The report explained that certain categories of income are excluded from taxation even though they would normally form part of the tax base. For instance, profits earned from qualifying electric power generation projects established after 1 July 1988 under the government’s approved energy policy enjoy tax exemption for a specified period under Clause 132 of Part I of the Second Schedule. Deductible allowances According to the FBR, deductible allowances enable taxpayers to reduce their taxable income by claiming specified expenses or contributions that would not ordinarily qualify as business deductions. The report cited contributions to approved pension funds under Section 63 of the Income Tax Ordinance as an example, allowing individuals to reduce their taxable salary income. Tax credits Unlike deductions, tax credits directly reduce the amount of tax payable after the taxpayer’s liability has been calculated. The FBR noted that Section 65F provides a tax credit for qualifying investments in technology and information technology-related enterprises, encouraging investment in Pakistan’s digital economy. Reduced tax rates The report also highlighted concessions where specific income streams or taxpayers are taxed at rates lower than the standard benchmark. As an example, the withholding tax on profit paid to non-residents without a permanent establishment in Pakistan has been reduced to 10 per cent under Clause 5A of Part II of the Second Schedule, compared with the benchmark rate of 15 per cent. Reduced tax liability Some tax relief measures lower the amount of tax payable by granting a fixed reduction to eligible taxpayers. The report pointed to full-time teachers and researchers employed by recognised non-profit educational institutions, who receive a 25 per cent reduction in income tax on their salary under Clause 1(2) of Part III of the Second Schedule. Tax deferral The FBR explained that tax deferral allows taxpayers to postpone the payment of tax until a future date, effectively providing an interest-free financial benefit. One example is contributions made to Registered Pension Plans and Voluntary Pension System funds, where both contributions and investment income remain tax-deferred until the funds are withdrawn. Strengthening transparency The tax authority said categorising income tax expenditures into clearly defined classes would improve public understanding of the fiscal cost of tax concessions and assist policymakers in evaluating whether existing relief measures continue to achieve their intended economic and social objectives. The classification forms part of the Tax Expenditure Report 2026, which aims to provide a comprehensive assessment of the revenue forgone through Pakistan’s tax exemptions, incentives and other preferential tax treatments.
WEEKLY COTTON REVIEW: MARKET WITNESSES RETURN OF BULLISH SENTIMENT
Date: 2026-07-06
Details: Published July 6, 2026 Updated about 5 hours ago By Naseem Usman KARACHI: The cotton market witnessed a return of bullish sentiment on Saturday after a period of price decline, as intense heat, water shortages, and a lack of rainfall continued to disrupt the supply of raw cotton across producing regions. The reduced availability of phutti led to improved trading activity throughout the day. The spot rate rose by three hundred rupees per maund, closing at seventeen thousand eight hundred rupees per maund. Meanwhile, Pakistan’s textile exports suffered a setback in June, even though the sector recorded an overall increase in exports for the year so far. Industry representatives have also raised concerns over the additional tariff imposed on electricity, which they say is costing the textile industry fifty-five billion rupees annually. In a separate development, the Sindh High Court has recused itself from hearing a contempt of court petition concerning the alleged illegal occupation of the Cotton Exchange Building by the Federal Investigation Agency. Industry stakeholders have also voiced serious concern over the continued establishment of sugar mills in cotton-growing areas, warning that this practice is inflicting significant damage on the cotton crop, a commodity of considerable importance to the national economy due to the valuable foreign exchange it generates. According to a recent report, the country is expected to produce one million tons of surplus sugar by November. Critics warn that importing sugar at lower prices, as has happened in the past, could once again result in financial losses for the country. They are calling for accountability and a serious reassessment of national priorities, questioning whether cotton or sugar deserves greater importance in the country’s economic planning. The market saw a slightly bearish tone develop by Saturday evening, attributed to overall pressure. The local cotton market experienced a mixed week, opening with a downward trend before recovering to close on a bullish note, as prices ultimately stabilized after a period of fluctuation. The Karachi Cotton Association’s Spot Rate Committee raised the spot rate by Rs 300 per maund, settling the week at Rs 17,800 per maund. Across the country, prices varied by region. In Sindh, cotton sold between Rs 17,700 and Rs 17,800 per maund, with phutti, or seed cotton, fetching Rs 8,000 to Rs 8,500 per 40 kg. Punjab recorded slightly higher rates, with cotton trading between Rs 17,800 and Rs 18,000 per maund and phutti between Rs 8,500 and Rs 9,000 per 40 kg. In Balochistan, cotton prices stood at Rs 17,700 to Rs 17,800 per maund, while phutti sold for Rs 8,800 to Rs 9,000 per 40 kg. Trading activity picked up pace during the week, with a growing number of textile mills entering the market to purchase cotton. However, industry reports point to a worrying decline in crop quality in Sindh, where prolonged dry spells have left the province in urgent need of water and rainfall. By contrast, the cotton crop in Punjab is said to be faring comparatively better this season, with its staple length now surpassing that of Sindh’s produce. This marks a reversal from previous years, when Punjab’s cotton had struggled with quality issues while Sindh consistently produced superior fibre. Industry sources attribute this year’s shift to the unusually intense heat and acute water shortages that have hit Sindh’s crop particularly hard. Adding to the sector’s troubles, cotton-growing areas are increasingly being converted to sugarcane cultivation, further squeezing the crop’s already shrinking footprint. Experts warn this trend poses a serious risk to the textile industry, which depends on cotton to keep its ginning factories operational and to produce value-added garments for export, a key source of foreign exchange for the country. The shortfall in domestic output has forced Pakistan to import an estimated 5 to 6 million bales of cotton annually to meet the needs of local textile mills. Cotton also serves as a major source of edible oil, which likewise now needs to be imported to cover the gap left by declining local production. The Spot Rate Committee of the Karachi Karachi increased the Spot rate by Rs 3,00 per maund and closed it at Rs 17,800 per maund. Chairman of the Karachi Cotton Brokers Forum Naseem Usman has stated that the New York cotton futures rate is fluctuating between 72 and 78 American cents per pound. According to the weekly export and sales report issued by the USDA, 49,000 bales were sold for the year 2025-26. Vietnam remained at the top by purchasing 23,200 bales. India stood second by purchasing 7,400 bales. Pakistan ranked third by purchasing 5,900 bales. For the year 2026-27, 44,100 bales were sold. Honduras remained at the top by purchasing 11,300 bales. Guatemala stood second by purchasing 9,300 bales. Turkey ranked third by purchasing 6,800 bales. Exports totalled 218,800 bales. Vietnam remained at the top by importing 57,300 bales. Turkey stood second by importing 49,800 bales. Pakistan ranked third by importing 31,600 bales. Leading trade bodies have formally protested the continued illegal occupation of the Karachi Cotton Exchange building, despite a Sindh High Court order directing its evacuation. The Pakistan Cotton Ginners Association, Pakistan Cotton Brokers Association, All Pakistan Textile Mills Association, Karachi Chamber of Commerce and Industry, and Federation of Pakistan Chambers of Commerce and Industry have all written letters on the matter. According to representatives of the affected parties, the Sindh High Court had directed the Federal Investigation Agency to vacate the building without delay. However, the FIA has continued to occupy the premises in disregard of that directive. The stakeholders have called on the court to take notice of the continued non-compliance. In a related development, the constitutional bench of the Sindh High Court recused itself from hearing a contempt of court petition filed over the failure to restore possession of the building to its rightful occupants. The petition has been referred to the Chief Justice for assignment to another bench. Meanwhile, official trade figures show that Pakistan’s textile exports declined in June. Exports for the month stood at one billion, two hundred and eighty-two million dollars, down from one billion, five hundred and twenty-two million dollars in June last year. For the full fiscal year 2025-26, textile exports totalled seventeen billion, nine hundred and seventy million dollars, only slightly higher than the seventeen billion, nine hundred and ten million dollars recorded the previous year. Separately, the Pakistan Textile Exporters Association has raised concerns over electricity pricing for industrial consumers. Patron-in-Chief Khurram Mukhtar and Chairman Sohail Pasha have called on the federal government and the National Electric Power Regulatory Authority to address what they described as a long-standing irregularity in power tariffs. They noted that industrial consumers in the B3 and B4 categories are being charged nearly four rupees per kilowatt-hour above the actual cost, adding an estimated fifty-five billion rupees a year to the industry’s expenses. They argued that the pricing structure is technically unjustified, since high-voltage consumers place lower demands on transmission and distribution infrastructure and should not be subject to a higher tariff burden as a result. Chief Minister Punjab Maryam Nawaz has been presented with a comprehensive report on the country’s sugar stocks, covering figures up to July 3. According to the report, the sugar industry currently holds reserves of 2.8 million tonnes of sugar, valued at Rs 298 billion, which officials say will be sufficient to meet domestic demand until the new crushing season begins on November 25. The report also notes an additional surplus of 800,000 tonnes of sugar, while Punjab alone produced 5.1 million metric tonnes of sugar this season, worth Rs 695 billion. Details of the report further reveal that the country’s overall sugar stock currently stands at 3.6 million metric tonnes, against an estimated national requirement of around 2.8 million metric tonnes until the next crushing season commences on November 25, 2026. The report has, however, drawn attention to a wider economic concern regarding the cotton crop, which is considered a major source of foreign exchange earnings for the country. Officials cautioned that by November, the country is projected to have a surplus of one million tonnes of sugar, raising fears that authorities may once again resort to importing sugar at lower prices, a move that critics say previously caused significant financial losses to the national economy. The development has prompted renewed calls for accountability, with observers questioning why cotton production, seen as more economically vital, continues to be overshadowed by policy focus on sugar. Critics have urged relevant authorities to reassess national agricultural priorities, arguing that sound judgment is needed to determine whether cotton or sugar deserves greater attention in the country’s long-term economic interest. Copyright Business Recorder, 2026
SHARES EDGE HIGHER IN ASIA AS OIL DIPS, EARNINGS LOOM
Date: 2026-07-06
Details: • MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4% Published July 6, 2026 Updated 2 minutes ago By Reuters SYDNEY: Asian share markets were mostly firmer on Monday, as Wall Street futures started the week with gains on hopes for an upbeat earnings season, while easing oil prices promised relief from inflationary pressures. While there were no new developments in the fractious U.S.-Iran peace talks, ships are passing through the Strait of Hormuz with 160 vessels reported from Monday to Saturday last week. OPEC+also agreed a further increase in output targets by 188,000 barrels per day from August, on top of similar increases for June and July. As a result, Brent slipped 0.6% to near four-month lows at $71.70 a barrel and U.S. crude lost 0.5% to $68.38. The cooling in energy costs combined with a softer U.S. payrolls report, led markets to scale back the risk of a Federal Reserve rate hike in the near term, with futures implying a 78% chance of a steady outcome at the July 29 meeting. Minutes of the â Fed’s last meeting are due on Wednesday and should offer colour on the hawkish turn by some board members, though that preceded the recent slide in oil. “Even if you thought there was a risk the Fed might move soon, I think we’re safe at least for another month,†said Richard Yetsenga, head of research at ANZ. “Our view overall still is the Fed won’t do anything, but clearly we’ve been above target on the Fed’s preferred inflation measure for five years,†he added. “There is some risk that the Fed just runs out of patience.†The diminished risk of a hike this month should allow investors to focus on the looming earnings season, where the AI boom is set to deliver bumper tech profits. This week has just Delta Air Lines and PepsiCo as tasters, though Samsung Electronics (005930.KS), opens new tab is set to make a splash on Tuesday as analysts expect an 18-fold increase in profits. Profit bonanza for chipmakers The world’s largest memory chipmaker by sales is likely to flag an operating profit of 86 â trillion won ($56.35 billion) for the April to June quarter, according to an LSEG SmartEstimate. South Korea’s red hot market cooled a little last week but is still up 92% for the year so far as AI demand and tight supplies boost chip prices. The index added another 2.25% on Monday, while Japan’s Nikkei eased 0.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%. In Europe, EUROSTOXX 50 futures were flat, while DAX futures rose 0.2% and FTSE futures fell 0.2%. S&P 500 futures firmed 0.5%, while Nasdaq futures climbed 1.4% on top of a 2.1% â gain last week. The data calendar kicks off with the U.S. ISM Services survey later on Monday where forecasts favour a slight pullback to a still-healthy 54.0 in June. A clutch of central bankers are speaking at an ECB conference later in the day, including Fed Board Governor Christopher Waller, while ECB President Christine Lagarde is also due to speak in Paris. New Zealand’s central â bank is due to meet on Wednesday and markets are wagering it will raise its 2.25% cash rate by a quarter point, the first hike since mid-2023. Policy makers have foreshadowed a tightening for some time, though again that was before the tumble in oil prices and there has to be a chance it will surprise â by holding rates steady. In currency markets, the dollar index had steadied at 100.880 after dipping in the wake of the disappointing June payrolls report. The euro was flat at $1.1445 , just above the recent 13-month low of $1.1325. The dollar held at 161.45 yen , not far from 40-year peaks of 162.84 as speculators remain wary of Japanese intervention. In commodity markets, gold was little moved at $4,177 an ounce , having bounced 2% last week.
LCCI ORGANISES 11TH SESSION OF FINANCIAL ADVISORY BAITHAK
Date: 2026-07-06
Details: Published July 6, 2026 Updated about 5 hours ago By Recorder Report LAHORE: The Lahore Chamber of Commerce & Industry organized the 11th session of its Financial Advisory Baithak, offering free one-to-one consultation and advisory services to members on taxation, customs and regulatory matters affecting the business community. The session was chaired by LCCI President Faheem Ur Rehman Saigol, while tax and financial consultant Hamid Ullah Khan provided detailed guidance to participants and addressed their queries on a wide range of business-related issues. The discussion focused on Withholding Tax (WHT) Rates for 2027, Tax Year 2026 income tax return filing, Punjab Revenue Authority (PRA) registration, the ISO 9001:2015 certification and registration process, Goods Declarations (GD) through the Pakistan Single Window (PSW) along with EIF-related matters, and customs warehousing charges on a per-CBM basis. Speaking on the occasion, LCCI President Faheem Ur Rehman Saigol said that the Financial Advisory Baithak is an important initiative aimed at helping the business community navigate complex taxation and regulatory procedures. He said that LCCI is committed to providing practical support to its members by arranging regular advisory sessions with experienced professionals so that businesses can remain compliant with evolving laws and regulations. He said that the rapidly changing tax and regulatory environment requires businesses to remain updated with the latest laws and procedures. He stressed that awareness and timely compliance not only help businesses avoid unnecessary penalties and litigation but also contribute to a more transparent and documented economy. He added that LCCI will continue organizing such knowledge-sharing sessions to equip its members with the information and guidance needed to address emerging business challenges effectively. Consultant Hamid Ullah Khan highlighted recent developments in tax laws and customs procedures and provided practical solutions to issues faced by businesses. He emphasized the importance of timely tax compliance, proper documentation and awareness of regulatory requirements to avoid unnecessary legal and financial complications. The participants appreciated the initiative and termed the one-to-one advisory sessions highly beneficial, as they enabled them to discuss their specific business concerns directly with the expert. Among those who attended the session were Muhammad Taha Sarwar, Tariq Hameed, Shahid Hussain and Hafiz Muhammad Shafiq. Copyright Business Recorder, 2026
ABHI MICROFINANCE BANK REPORTS GROWTH IN REVENUES IN 1Q 2026
Date: 2026-07-06
Details: Published July 6, 2026 Updated about 5 hours ago By Recorder Report KARACHI: ABHI Microfinance Bank Limited reported revenue of Rs4.874 billion by the end of the first quarter of 2026, compared to Rs2.6billion in the corresponding period last year. According to financial results, this was mainly supported by income from loans and advances, which stood at Rs3.827 billion, reflecting the continued expansion of the Bank’s lending portfolio and its focus on building earning assets. The performance was supported by a stable deposit base, which stood at Rs69.216 billion as of 31 March 2026. The bank’s equity position also improved materially during the quarter. Paid-up capital net of losses stood at a positive Rs2.262 billion as of 31 March 2026, compared to a negative Rs397 million as of 31 December 2025. This reflects continued progress in the bank’s financial position. The bank said that alongside financial recovery, ABHI Microfinance Bank continued to move toward a more digital-first future. The bank’s direction is focused on combining its nationwide microfinance infrastructure with digital capabilities that can improve access, convenience, and financial inclusion for customers. This includes creating a banking experience that is faster, more accessible, and better aligned with the needs of individuals, small businesses, merchants, and underserved communities across Pakistan. As of 31 March 2026, the bank operated through 114 branches and overall, the Q1 2026 results reflect continued progress in profitability, income growth, deposit stability, capital recovery, and the bank’s transition toward a digitally enabled financial institution. The quarter marks another step in ABHI Microfinance Bank’s journey of building a stronger, more inclusive, and future-ready digital banking platform. Copyright Business Recorder, 2026
OIL SLIPS AFTER OPEC+ AGREES TO RAISE OUTPUT TARGETS
Date: 2026-07-06
Details: • Brent crude futures slid 24 cents, or 0.33%, to $71.88 a barrel Published July 6, 2026 Updated 29 minutes ago By Reuters SINGAPORE: Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures slid 24 cents, or 0.33%, to $71.88 a barrel by 0010 GMT after settling 0.45% higher on Friday. US West Texas Intermediate crude was at $68.58 a barrel, down 11 cents, or 0.16%. There was no settlement for WTI on Friday as US markets were closed ahead of the Independence Day holiday on Saturday. Both contracts were little changed last week, after mostly falling over the past few weeks, â as investors kept a close eye on talks between the United States and Iran over the fate of shipping through the Strait of Hormuz while keeping tabs on the recovery in Gulf oil exports. The Organization of the Petroleum Exporting Countries and their allies including Russia agreed on Sunday to further increase output targets by 188,000 barrels per day from August, on top of similar increases for June and July. However, the increase has remained largely on paper because of the US-Israeli war with Iran, which closed the Strait of Hormuz to tanker traffic for key OPEC producers, including Saudi Arabia, Kuwait and Iraq, capping their â output. “The number was largely in line with expectation,†IG market analyst Tony Sycamore said, “With UAE leaving and when quotas are probably still not being met due to production still ramping up after the conflict - I’m not sure they mean much at the moment.†The United Arab Emirates quit OPEC as of May 1. Gulf members have begun â reviving supplies shut during the Iran war and are increasing exports. OPEC oil output in June rose by 3.3 million barrels per day month-on-month to 19.43 million bpd, a Reuters survey found, recovering from its lowest in more than two â decades. Gulf oil exports in June jumped more than 3 million barrels from May to exceed 10 million barrels per day, although the volume remained 40% below pre-war levels, data showed. In addition, oil shipments â from Russia’s western ports hit a record high in June and are expected to maintain that level in July as its refineries have been damaged in drone attacks by Ukraine that have forced Moscow to boost crude exports, industry sources said.
FBR FAILED TO RECOVER RS1.02 BILLION PROPERTY INCOME TAX: AGP
Date: 2026-07-05
Details: Written by Hamza Shahnawaz Audit finds 472 withholding agents failed to deduct tax on rental payments across 17 FBR field offices ISLAMABAD: The Federal Board of Revenue (FBR) has failed to recover more than Rs1.02 billion in withholding tax on income from property after hundreds of withholding agents did not deduct tax on rental payments, according to the latest audit report of the Auditor General of Pakistan (AGP). The audit, covering fiscal years 2022-23 and 2023-24, found that 472 withholding agents across 17 FBR field offices failed to deduct withholding tax while making rent payments to owners of immovable properties, resulting in significant revenue losses. Audit Highlights Rs1.02 Billion Tax Shortfall According to the AGP report, Section 155, read with Section 161 of the Income Tax Ordinance, 2001, requires prescribed persons to deduct withholding tax at the applicable rates when making rental payments. Where tax is not deducted or deposited, the Commissioner Inland Revenue is empowered to recover the unpaid amount through legal proceedings. The audit estimated that the failure to comply with these provisions led to the non-recovery of Rs1.017 billion in withholding tax. The audit observations were communicated to the FBR between February and November 2024. Limited Recovery Despite Legal Proceedings In its response, the FBR informed auditors that only Rs1.02 million had been recovered and verified, while Rs0.06 million had been charged but was still awaiting recovery. The tax authority added that legal proceedings involving Rs1.016 billion had been initiated under the Income Tax Ordinance, 2001, but the cases had not yet been finalised. DAC Directs FBR to Expedite Recovery The Departmental Accounts Committee (DAC), during meetings held between July 2024 and January 2025, directed the FBR to recover the admitted amount, complete pending legal proceedings and submit compliance reports to both the Audit authorities and the FBR. However, the AGP report noted that no significant progress had been communicated before the audit was finalised. AGP Calls for Stronger Enforcement The Auditor General recommended that the FBR accelerate the recovery of outstanding tax liabilities, conclude pending legal proceedings and strengthen monitoring of withholding agents to ensure the proper deduction and timely deposit of withholding tax. The report also urged the tax authority to reinforce enforcement of the withholding tax regime through the Commissioner Inland Revenue (Withholding) to minimise future revenue leakages and improve tax compliance.
FBR SLASHES RD BY UP TO 58% ON IMPORTED JUICES AND MINERAL WATERS
Date: 2026-07-05
Details: Written by Faisal Shahnawaz Revised customs duty rates for juices, mineral waters, and non-alcoholic beverages take effect from July 1, 2026, under the new fiscal year tariff schedule. The Federal Board of Revenue (FBR) has significantly reduced the regulatory duty (RD) on the import of juices, mineral waters, and several non-alcoholic beverages, with cuts reaching as high as 58 percent. The revised duty structure became effective from July 1, 2026, under the tariff schedule for the fiscal year 2026-27. According to the newly issued Statutory Regulatory Order (SRO), the FBR has revised the regulatory duty rates applicable to various imported beverage categories covered under the Pakistan Customs Tariff (PCT). The move is part of the government’s updated customs tariff policy for the current fiscal year and is expected to lower the import cost of several beverage products. Under the revised rates, the regulatory duty on the import of waters, including natural or artificial mineral waters and aerated waters without added sugar or sweetening matter, classified under PCT Code 22.01, has been reduced to 20 percent. Previously, these products were subject to a 30 percent regulatory duty, reflecting a reduction of approximately 33 percent. Similarly, the FBR has lowered the regulatory duty on mineral waters, aerated waters containing added sugar or other sweetening matter, flavored waters, and other non-alcoholic beverages falling under PCT Code 22.02. The revised duty has been fixed at 16 percent, down from 20 percent in the previous fiscal year, representing a 20 percent decrease. The most substantial relief has been provided for the import of fruit juices, nut juices, coconut water, grape must, and vegetable juices, including products that may contain added sugar or sweetening matter but are free from added spirits. These products, classified under PCT Code 20.09, will now attract a 20 percent regulatory duty instead of the earlier 48 percent. This revision translates into a sharp 58 percent reduction in regulatory duty for imported juices, making it the largest cut among the beverage categories included in the latest tariff notification. The revised duty structure is expected to reduce import costs for beverage importers and distributors while potentially increasing the availability of imported juice and beverage products in the domestic market. Businesses involved in food and beverage imports are also likely to benefit from improved pricing flexibility under the updated customs tariff regime for FY2026-27.
PAKISTAN REDUCES REGULATORY DUTY TO 8% ON SHRIMP AND PRAWN IMPORTS
Date: 2026-07-05
Details: Written by Faisal Shahnawaz Reduced import duty on shrimps and prawns takes effect from July 1, 2026, under the updated tariff schedule for FY2026-27. Pakistan has reduced the regulatory duty on the import of shrimps and prawns to 8 percent, effective July 1, 2026, under the updated tariff schedule for the fiscal year 2026-27. The reduction is aimed at lowering import costs for seafood products and aligns with the government’s revised customs duty framework for the new financial year. According to the latest SRO, outlining regulatory duty rates for FY2026-27, the revised rate applies to several categories of imported shrimps and prawns. The new duty replaces the 10 percent regulatory duty that remained in force during the previous fiscal year, providing a two-percentage-point reduction across the specified tariff lines. The updated rates cover Cold-water shrimps and prawns (Pandalus spp., Crangon crangon) classified under Pakistan Customs Tariff (PCT) Code 0306.3500. Imports under this category will now attract a regulatory duty of 8 percent, down from the earlier rate of 10 percent. Similarly, Other shrimps and prawns imported under PCT Code 0306.3600 will also be subject to the revised 8 percent regulatory duty. This category has likewise benefited from a reduction of two percentage points compared with the duty applicable during FY2025-26. The government has also lowered the regulatory duty on Shrimps and prawns falling under PCT Code 0306.9500. Importers bringing products under this tariff classification will now pay 8 percent regulatory duty instead of the previous 10 percent, effective from the beginning of the new fiscal year. The revised regulatory duty structure forms part of Pakistan’s broader customs tariff updates introduced for FY2026-27. Regulatory duties are imposed on selected imported goods to manage imports, protect domestic industries where necessary, and support the country’s trade and revenue objectives. Industry stakeholders believe that the reduction in regulatory duty may help lower import costs for seafood traders and processors, particularly businesses that depend on imported shrimp and prawn varieties. The revised rates could also improve the availability of imported seafood in the local market while offering some relief from import-related costs. The updated regulatory duty schedule became effective on July 1, 2026, and applies to all eligible imports cleared under the relevant Pakistan Customs Tariff codes. Importers are advised to ensure compliance with the revised customs rates while processing import consignments during the fiscal year 2026-27.
CUSTOMS OFFICIALS ATTACKED DURING ANTI-SMUGGLING OPERATION IN PESHAWAR, TWO PERSONNEL INJURED
Date: 2026-07-05
Details: Written by Faisal Shahnawaz Armed suspects allegedly open fire on Pakistan Customs team during anti-smuggling raid in Hayatabad before fleeing with suspected smuggled goods. PESHAWAR: Two Pakistan Customs personnel were injured after armed suspects allegedly opened fire on an enforcement team during an anti-smuggling operation in Peshawar’s Hayatabad area on Saturday, according to an incident report issued by the Collectorate of Customs (Enforcement), Peshawar. The incident took place at around 10:00 a.m. at Jahaz Chowk in Phase-III, Hayatabad, where the Intelligence & Special Checking Squad was conducting a routine operation targeting the transportation of smuggled goods. According to the report, a Customs team led by Inspector Muhammad Areeb intercepted two Chingchi rickshaws arriving from Karkhano Market on suspicion of carrying smuggled cloth. While officials were inspecting the vehicles, five individuals allegedly arrived at the scene in a white Suzuki Swift bearing registration number BDS-211. The incident report identified three of the suspects as Noor Rahman, son of Gul Rahman, Abdul Rahman, son of Noor Rahman, and Shakeel, son of Khan Sahib, while the identities of two other suspects have yet to be established. Customs authorities alleged that the suspects obstructed officials from performing their lawful duties and engaged in a physical altercation with the enforcement team. During the confrontation, Noor Rahman allegedly opened indiscriminate fire with a pistol on the Customs personnel. As a result, Sepoy Muhammad Luqman, son of Amir Jan, sustained a gunshot wound to his left arm near the elbow, while Sepoy Faisal Shah suffered a minor injury below his ear. Authorities said the suspects exploited the ensuing chaos to flee the scene in the Suzuki Swift along with the two Chingchi rickshaws that were allegedly transporting smuggled cloth. A First Information Report (FIR) has been registered against the nominated suspects at Police Station Hayatabad, and police have launched an investigation to arrest the accused and recover the escaped vehicles and the suspected smuggled goods. Pakistan Customs strongly condemned the attack, stating that violence against enforcement personnel would not deter the department from carrying out its legal responsibilities. The department reaffirmed its commitment to intensifying intelligence-led anti-smuggling operations and enforcing customs laws to protect government revenue, curb illicit trade and safeguard the country’s economic interests.
FBR CRACKS DOWN ON HIDDEN RETAIL PRICES OF THIRD SCHEDULE ITEMS
Date: 2026-07-04
Details: Written by Hamza Shahnawaz New sales tax order mandates clear retail price and tax display on Third Schedule goods to curb tax evasion ISLAMABAD: The Federal Board of Revenue (FBR) has launched a nationwide crackdown on manufacturers and importers concealing the mandatory retail price and sales tax on products covered under the Third Schedule of the Sales Tax Act, 1990, warning that non-compliant businesses will face legal action. In Sales Tax General Order (STGO) No. 8/2026, issued on Friday, the FBR said it had detected widespread violations where the printed retail price on Third Schedule goods was missing, illegible or deliberately concealed through packaging designs, stickers, wrappers, monograms and color schemes, making it difficult to determine the correct amount of sales tax payable. The tax authority said such practices undermine transparency, facilitate tax evasion and impede effective tax enforcement. Retail Price-Based Taxation Under Section 3(2)(a) of the Sales Tax Act, 1990, goods listed in the Third Schedule are subject to 18 percent sales tax calculated on the retail price. The law requires manufacturers—and importers in the case of imported goods—to legibly, prominently and indelibly print or emboss both the retail price and the amount of sales tax on every article, packet, container, package, cover or label before the goods are supplied to the market. FBR Issues Strict Labeling Directions The General Order directs all manufacturers and importers of Third Schedule goods to ensure that the printed retail price and sales tax amount are: • Clearly printed and easily readable. • Prominently visible to consumers and tax officials. • Displayed in a font size and color that sharply contrasts with the background. • Permanent and incapable of being erased, altered or obscured. The FBR has specifically prohibited businesses from hiding or making the mandatory information unreadable through the use of stickers, wrappers, decorative packaging, monograms or any other material affixed to the product or its packaging. The tax authority instructed businesses to comply with all printing requirements “in letter and spirit.†Violators Face Legal Action The FBR warned that manufacturers and importers failing to comply with the new instructions will face enforcement proceedings under the relevant provisions of the Sales Tax Act, 1990, and the rules framed thereunder. According to the tax authority, the initiative is aimed at ensuring the accurate assessment and collection of sales tax on retail-priced goods while preventing revenue leakage through misleading or non-compliant packaging practices. Businesses May Seek Clarification The FBR advised taxpayers requiring guidance on the implementation or interpretation of the General Order to contact the IR-Policy Wing for clarification. The Sales Tax General Order (STGO) No. 9/2026 has taken immediate effect, making compliance mandatory for all manufacturers and importers of goods listed under the Third Schedule of the Sales Tax Act, 1990.
GOLD TRADERS ASKED TO PAY 30% HIGHER INCOME TAX THAN LAST YEAR
Date: 2026-07-04
Details: Written by Hamza Shahnawaz FBR and jewellers agree to strengthen tax compliance and establish liaison representatives at Regional Tax Offices KARACHI: Gold traders across Pakistan have been advised to pay 30% higher income tax than the previous year as part of efforts to improve tax compliance following discussions between the jewellery industry and the Federal Board of Revenue (FBR). The development follows a meeting between senior FBR officials, including Minister of State for Finance Bilal Azhar Kayani, and representatives of the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). FBR, Jewellers Hold Tax Compliance Talks Speaking after the meeting, APSGJA President Qasim Shikarpuri described the discussions as positive and productive, saying both sides held detailed consultations on taxation issues affecting the country’s gold and jewellery sector and agreed to strengthen cooperation. Under the decisions reached, the association will nominate two representatives for each of Pakistan’s 17 Regional Tax Offices (RTOs). These representatives will serve as liaison officers between the FBR and the jewellery trade to facilitate communication and help resolve tax-related matters. Traders Assured of Cooperation According to Shikarpuri, FBR officials assured the business community that traders complying with tax laws would not face unnecessary harassment and would receive full cooperation from the tax authorities. He urged jewellers whose tax returns do not accurately reflect their assets to revise their filings promptly. Traders who had submitted nil tax returns were also advised to correct their declarations, while all eligible taxpayers were encouraged to pay advance tax within the prescribed timelines. 30% Higher Tax Payment Advised Shikarpuri further advised traders who have already filed accurate tax returns to comply with FBR directives by paying 30% more income tax than the amount paid in the previous year. He stressed that all tax matters should be handled transparently and strictly in accordance with the law, urging traders to avoid making unofficial or “under-the-table†payments. Instead, he encouraged members of the jewellery community to seek guidance through the association’s nominated representatives when dealing with tax-related issues. Outlook Shikarpuri expressed hope that stronger coordination and mutual trust between the FBR and the business community would help resolve longstanding issues and improve tax compliance across Pakistan’s gold and jewellery sector. The initiative is expected to enhance communication between tax authorities and traders while supporting the government’s broader efforts to broaden the tax base and increase revenue collection.
FBR GETS RS85.6 BILLION FOR FY27 SALARIES AND OPERATIONS
Date: 2026-07-04
Details: Written by Faisal Shahnawaz Government raises FBR allocation by 11% to strengthen tax administration, digitalization and revenue collection efforts ISLAMABAD: The federal government has allocated Rs85.60 billion to the Federal Board of Revenue (FBR) for the fiscal year 2026-27, increasing funding by 11 percent over the revised allocation for the previous year to support employee salaries, operational activities, digital transformation and tax administration reforms. According to the federal budget documents, the FBR has been allocated Rs85.604 billion under the functional classification of Executive and Legislative Organs, Financial and Fiscal Affairs, and External Affairs. This compares with the revised allocation of Rs77.018 billion for FY2025-26, while the original budget estimate for that year stood at Rs83.10 billion. Employee-related spending approaches Rs30 billion The government has earmarked Rs29.68 billion for employee-related expenses in FY2026-27, up from the revised estimate of Rs28.40 billion in the previous fiscal year. The allocation includes Rs12.54 billion for employee pay, comprising Rs6.42 billion for officers and Rs6.12 billion for supporting staff. In addition, Rs17.14 billion has been allocated for allowances, including Rs15.49 billion in regular allowances and Rs1.64 billion under other allowance heads. Operating expenses exceed Rs40 billion Operating expenses account for the largest share of the budget increase, with Rs40.50 billion allocated for FY2026-27, compared with the revised estimate of Rs32.66 billion in the preceding fiscal year. The enhanced allocation is expected to support the FBR’s ongoing digitalization drive, tax administration reforms, enforcement initiatives, compliance monitoring, automation projects and other operational activities aimed at improving revenue collection and broadening the tax base. Higher allocations for pensions and grants The budget provides Rs1.22 billion for employee retirement benefits, compared with Rs1.06 billion in the revised allocation for FY2025-26. Funding for grants, subsidies and loan write-offs has also increased substantially to Rs5.57 billion, up from Rs3.43 billion in the previous fiscal year. Likewise, allocations under transfers have more than doubled to Rs1.05 billion, compared with the revised estimate of Rs436 million. Spending on physical assets reduced Despite the overall increase in funding, the government has significantly reduced allocations for physical assets. Only Rs1.59 billion has been earmarked for physical assets during FY2026-27, down sharply from the revised estimate of Rs4.73 billion and the original budget estimate of Rs6.91 billion for FY2025-26. Meanwhile, Rs6.00 billion has been allocated for repairs and maintenance, slightly lower than the revised expenditure of Rs6.30 billion recorded in the previous fiscal year. Focus on stronger tax administration The increased budget allocation reflects the government’s continued emphasis on strengthening Pakistan’s tax administration through higher operational funding, enhanced digital infrastructure and improved institutional capacity. The additional resources are expected to help the FBR accelerate digital transformation, strengthen enforcement, improve taxpayer services, expand the tax base and support efforts to achieve the ambitious revenue collection target set for FY2026-27.
FTSE INDEXES POST WEEKLY GAIN
Date: 2026-07-04
Details: Published July 4, 2026 Updated about 6 hours ago By Reuters FRANKFURT: Britain’s FTSE 100 ended higher on Friday and notched a weekly gain, supported by financials, while higher gold prices lifted precious metals miners. The blue-chip FTSE 100 index closed up 0.2percent at 10,679.03 points, while the midcap FTSE 250 climbed 0.5percent. The financials sector gained ground, led by Close Brothers Group, up 7.9percent, while Lion Finance Group and Standard Chartered advanced 2.8percent and 1.5percent respectively. Precious metals miners gained 1.4percent, tracking higher gold prices after weak US jobs data reduced expectations of a near-term Federal Reserve rate hike. Chemicals led sectoral gains, advancing 2.5percent, with Johnson Matthey up 4.9percent after the firm received Chinese regulatory approval for the divestment of its Catalyst Technologies business to Honeywell. It said it expects the deal to close by the end of August. Meanwhile, Bank of England policymaker Catherine Mann said on Thursday that a reduction in markets’ expectations for BoE rate increases since June’s Monetary Policy Committee meeting would be a key factor in her decision on rates at the end of this month. Separately, British businesses showed no signs of easing their price expectations in June despite a de-escalation of the Iran war that had sent energy costs surging, a Bank of England survey showed. Activity in Britain’s dominant services sector contracted for a second month running in June and by the most since early 2023, a closely watched survey showed, as the fallout from the Iran war continued to weigh on companies.
INDIAN SHARES LOG WEEKLY GAINS
Date: 2026-07-04
Details: Published July 4, 2026 Updated about 6 hours ago By Reuters BENGALURU: Indian shares rose to log their fourth consecutive weekly gain on Friday, after a softer-than-expected US jobs report coupled with declining oil prices eased near-term Federal Reserve rate-hike concerns. The easing came as a relief to India’s IT sector, a heavyweight on the benchmarks, which has taken a battering of late on AI-disruption fears and prospects of higher rates that typically subdue US client spending. A gauge tracking the sector climbed 1.8percent on Friday and snapped a five-week losing streak with a 0.4percent gain. The benchmark Sensex gained 0.34percent to 77,763.91 on Friday, while the Nifty 50 rose 0.39percent to 24,270.85. The Sensex and Nifty rose about 0.9percent this week, extending their four-week gains to 4.7percent and 3.9percent, helped by lower oil and steps to support both the rupee and foreign inflows. “The Reserve Bank of India’s recent measures have bought Indian markets some breathing room, helping steady the currency and draw in foreign inflows at a time when the balance of payments is under pressure,†said Sat Duhra, portfolio manager at the Asia ex-Japan equity team, Janus Henderson Investors. Brent crude hovered at about USD72 a barrel, about 43percent down from its Iran-war peak. “The Indian market still needs a strong earnings pulse (for further upmove),†Duhra said. June-quarter earnings, starting next week, are expected to show the war’s full toll on corporate profitability. Eleven of the 16 major sectors logged weekly gains. The broader small-caps and mid-caps added 2.1percent and 0.6percent, respectively. Pharma stocks gained 3.1percent, supported by buying in the sector seen as relatively shielded from crude and weak monsoon risks. Bucking the trend, Eicher Motors fell 3.4percent this week, after brokerages flagged the Royal Enfield maker as most exposed to Delhi’s new EV policy.
ASIAN EQUITIES: TAIWAN STOCKS ADVANCE MARGINALLY
Date: 2026-07-04
Details: Published July 4, 2026 Updated about 6 hours ago By Reuters BENGALURU: Asian equities rebounded on Friday as investors welcomed softer-than-expected US jobs data that eased concerns about an imminent interest-rate hike by the Federal Reserve, with South Korean stocks surging 5percent. The MSCI EM Asia index climbed 2percent during the day, largely driven by the jump in the tech-heavy KOSPI index, which triggered a “sidecar†trading curb in South Korea. Chipmakers Samsung Electronics and SK Hynix added between 7percent and 9percent. The KOSPI’s rebound made up most of the index’s 8percent drop on Thursday, which had also triggered a sidecar curb, underscoring the AI-driven volatility in South Korean equity markets. A gauge tracking KOSPI volatility jumped to 90.96 from 84 the previous day. Stocks in Taiwan, the largest market by weight in the index, advanced marginally. TSMC, the world’s top contract chipmaker, traded slightly lower. Data released overnight showed US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, pointing to a cooling labour market that dampened expectations of a near-term Federal Reserve rate hike. Fed funds futures are pricing an implied 46.8percent probability that the US central bank will keep rates steady at its meeting on September 15 to 16, compared to a 35.8percent chance a day earlier, according to the CME Group’s FedWatch tool. “Labour market data cooled modestly, allowing the market to hover in Goldilocks mode,†DBS analysts said in a note. “While the Federal Reserve tightening is priced as a base case, the urgency for tightening has diminished somewhat for the immediate term and should provide some comfort for sentiment.†In Southeast Asia, Jakarta’s main equities gauge rose 2.6percent, while Thailand’s benchmark index added 1.7percent to a more than three-year high, mainly driven by Nvidia-supplier Delta Electronics Thailand, which rose around 3percent.
OIL PRICES LITTLE CHANGED
Date: 2026-07-04
Details: Published July 4, 2026 Updated about 6 hours ago By Reuters CALGARY/LONDON: Oil prices were little changed for the week as traders held on to hopes for a successful outcome from attempts to secure peace between the US and Iran. Brent futures were up 14 cents, or 0.19 percent, at USD 71.94 a barrel by 2:31 p.m. ET (1831 GMT), ending the week just 5 cents lower than last Friday’s close. West Texas Intermediate was up 9 cents, or 0.13 percent, at USD 68.78 a barrel. Trading was light as US markets were closed ahead of the US Independence Day holiday on Saturday. On Thursday, the two oil benchmarks had hit their lowest levels since before the US-Israeli war with Iran began in late February. Investor hopes for a full reopening of the Strait of Hormuz are being buoyed by peace talks between the US and Iran, Commerzbank analysts said. “The US-Iran dealmaking process remains fragile but continues for now, as the question of Strait of Hormuz tolls and administration remains contentious,†Citi analysts wrote. “We expect the MoU (memorandum of understanding) to hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides,†Citi analysts said. Some shipping has resumed through the Strait of Hormuz, as called for under the initial US-Iranian deal, but uncertainty is high after the two countries exchanged strikes last weekend following an Iranian attack on a cargo ship. With the prospect of shipping more oil, Gulf producers are working to increase output. OPEC output in June rose by 3.3 million barrels per day month-on-month, according to a Reuters survey. Kuwait’s oil production rose sharply to 1.65 million bpd in June, from 580,000 bpd in May, a source close to the matter told Reuters on Thursday. At least five supertankers carrying a total of 10 million barrels of Saudi oil have left the strait and Saudi Aramco has switched to spot pricing from longer-term contracts to speed sales in Asia, according to trade sources and shipping data. “Overall, the recovery in Middle Eastern supply is outpacing our initial expectations while Chinese-depressed import demand remains weak,†said Rory Johnston, founder of the Commodity Context newsletter.
FIVE CHARTS THAT EXPLAIN THE ENERGY WORLD RIGHT NOW
Date: 2026-07-03
Details: • China seems to have taken the concept to heart, especially when it comes to energy production and the power needed to run its massive economy Published July 3, 2026 Updated about 12 hours ago By Reuters LITTLETON, Colorado: The latest data dump from the Energy Institute has landed, and as ever, it’s an energy analyst’s dream: sprawling, consistent and packed with signals about where the global system is heading. The 75th edition of the Statistical Review of World Energy doesn’t point to a single neat narrative. Instead, the data reveals a system pulling in multiple directions — geographically, technologically and structurally. CHINA: THE ULTIMATE ‘ENERGYMAXXER’ The slang term “maxxer†comes from internet culture and means someone or something that is “maximizing†a specific trait to an extreme level. China seems to have taken the concept to heart, especially when it comes to energy production and the power needed to run its massive economy. The contrast in energy and electricity output between China and the U.S. — the world’s two largest economies — highlights China’s preeminence. China’s total energy supply rises from around 100 exajoules in 2010 to roughly 165 exajoules by 2025, while the United States barely moves from the low-90s. That gap alone is striking. Electricity is where the divergence becomes decisive. China’s generation surges past 10,500 terawatt hours — more than double U.S. output, which inches up toward 4,800 â TWh. Takeaway: The center of gravity in global energy — especially power — has already shifted. DATA CENTERS ARE NOW A FIRST-ORDER DEMAND DRIVER One of the clearest “new†stories in the dataset is the surge in data center power demand. North America leads, jumping from roughly 185 TWh in 2020 to nearly 320 TWh by 2025. Asia climbs fast toward 270 TWh, while Europe trails at about 145 TWh. The growth numbers are even more striking: North America alone adds more than 60 TWh in 2025. Takeaway: In advanced economies, digital infrastructure is becoming the marginal driver of electricity demand. BATTERY STORAGE IS SCALING — BUT ASIA DOMINATES Battery energy storage has moved from niche to system-critical in just a few years. Global capacity jumps sharply after 2020 to around 300,000 megawatts by 2025. But the geography is lopsided: Asia accounts for the majority of that buildout, installing more than the rest of the world combined. North America and Europe are expanding quickly, but remain a clear second tier in cumulative capacity. Takeaway: The tools of the energy transition are scaling — but not evenly distributed. CLEAN POWER LEADERS AND LAGGARDS The “clean vs dirty†electricity chart underscores just how uneven progress is across countries. France sits at the top with roughly 95% clean power coming â from its nuclear fleet, with Brazil and Canada not far behind. Much of Europe clusters in the 50% to 80% range. At the other end, several major systems remain overwhelmingly fossil-fuel based. Saudi Arabia generates only a small fraction of electricity from clean sources, while economies like Indonesia, South Africa and Malaysia also remain heavily carbon-intensive. Takeaway: There is no single global transition — only very different national ones. EMISSIONS CUTS AND GROWTH Finally, emissions data reveals a stark split between who is cutting and who is adding. The United States stands out as the largest cumulative reducer of energy-related carbon dioxide (CO2) emissions since 2010, with major declines also across Europe and Japan. But those â gains are more than offset by increases elsewhere. China dominates emissions growth by a wide margin, with India a distant second and a long tail of emerging economies also adding to the total. Takeaway: The global emissions story is no longer about whether cuts are happening — but where.
INDIA COAL-FIRED POWER OUTPUT IN JUNE RISES TO HIGHEST SINCE NOVEMBER 2023
Date: 2026-07-03
Details: • Coal-fired power generation rose about 14% year-on-year to 120.20 billion kWh in June Published July 3, 2026 Updated about 12 hours ago By Reuters NEW DELHI: India’s coal-fired power generation surged to a near-three-year high in June because of increased cooling demand from higher temperatures from an extended heatwave and below-average monsoon rainfall, government data showed. India’s total electricity generation in June rose 10.4% from a year ago to 178.31 billion kilowatt-hours, according to Reuters calculations of daily data from federal grid regulator Grid-India. Coal-fired power generation rose about 14% year-on-year to 120.20 billion kWh in June, the highest since November 2023, the data showed. Last month, India logged its fifth-driest June since 1901 due to a strong El Nino pattern, with searing heat driving demand for cooling, according to weather office data. The El Nino is a weather phenomenon caused by a warming of the Pacific Ocean waters off South America that tends to cause hot, dry weather in South and Southeast Asia. The demand for coal power has surged in the past two months to meet evening air-conditioning demand as a lack of battery storage for solar generation limits solar power usage at that time despite an overall increase in India’s renewable power generation. India’s thermal coal imports drop to 4-year low as green power rises The share of renewable power generation in India’s power mix in June rose to a record 19%, the data showed. Overall renewable generation rose to 33.81 billion kWh in June, up 23% from a year earlier. Despite new renewable capacity additions, thermal power generation could increase this fiscal year to meet higher electricity demand in the peak consumption period, said Ankit Jain, vice president, co-group head for corporate ratings at credit rating agency ICRA. The lower monsoon rainfall also contributed to lower hydropower generation in June, with output falling 24.4% from a year earlier to 14 billion kWh, the data showed, the steepest decline since February 2024. Natural-gas-based generation dropped 30.1% in June from a year ago, the data showed. In 2025, India’s coal power generation fell annually for the first time since the COVID-19 lockdowns in 2020.
INDIA ALLOWS FOUR CHINESE-LINKED POWER EQUIPMENT FIRMS TO BID FOR GOVERNMENT PROJECTS
Date: 2026-07-03
Details: • India examines broader relaxations for Chinese bidders in government contracts as border tensions ease Published July 3, 2026 Updated about 13 hours ago By Reuters NEW DELHI: India has allowed four Chinese power equipment manufacturers with factories in the country to participate in government tenders for critical power projects, according to a government order. TBEA Energy, Nanjing Electric India, New Northeast Electric India and Taikai Electric (India) will be allowed to participate in the tenders, the order from India’s Ministry of Finance dated June 24 and reviewed by Reuters said. India’s power ministry had sought the exemption in January for entities with manufacturing units in India involved in critical power projects, the document said. Reuters reported in January that India was examining broader relaxations on Chinese bidders for government contracts as border tensions ease. Since a 2020 border clash, New Delhi has required Chinese bidders to register with a government panel and secure political and security clearances before competing for any state contract. The exemption comes as India accelerates expansion of its transmission network to support rising electricity demand and renewable energy additions. The order said the exemption would be valid for two years from the date of issuance and should not be treated as a precedent for other companies.
FBR RAISES WITHHOLDING TAX ON VARIOUS SERVICES TO 7%
Date: 2026-07-02
Details: Budget 2026-27 Taxation July 2, 2026Hamza Shahnawaz Finance Act 2026 increases withholding tax from 6% to 7% on a broad range of service payments ISLAMABAD: The Finance Act, 2026 has increased the withholding income tax rate on payments for a wide range of services from 6 percent to 7 percent, with the revised rate taking effect from July 1, 2026, under amendments to Section 153 of the Income Tax Ordinance, 2001. The amendment authorises the Federal Board of Revenue (FBR) to collect withholding tax at the higher rate on payments covered under clause (b) of sub-section (1) of Section 153. Under the revised law, businesses making payments for specified services are required to deduct tax at 7 percent of the gross amount payable before making payments to service providers. The increased withholding tax applies to a broad range of services, including transport, freight forwarding, air cargo, courier, manpower outsourcing, hotel, security guard, software development, information technology (IT), IT-enabled services, tracking, and advertising services, excluding advertisements placed through print or electronic media. The revised rate also covers payments for share registrar services, engineering and architectural services, warehousing, services provided by non-banking finance companies, data services offered under licences issued by the Pakistan Telecommunication Authority (PTA), telecommunication infrastructure (tower) services, car rental services, and building maintenance services. In addition, the 7 percent withholding tax will apply to services rendered by the Pakistan Stock Exchange (PSX), the Pakistan Mercantile Exchange (PMEX), inspection, certification, testing and training services, oilfield services, telecommunication services, collateral management services, travel and tour services, Real Estate Investment Trust (REIT) management services, and services provided by the National Clearing Company of Pakistan Limited (NCCPL). The increase forms part of the government’s revenue-enhancing measures introduced through the Finance Act, 2026 to strengthen tax collection during the fiscal year 2026–27. The higher withholding tax is expected to increase advance tax collections while affecting cash flows for businesses and service providers operating across multiple sectors. Tax experts note that the amendment expands the government’s efforts to boost revenue mobilisation by increasing the advance tax burden on service-related transactions, while taxpayers eligible for adjustment or credit under the Income Tax Ordinance may continue to claim relief in accordance with the applicable provisions of the law.
REVISED SALARY TAX RATES IMPLEMENTED FROM JULY 1, 2026
Date: 2026-07-02
Details: Budget 2026-27 Taxation July 2, 2026Hamza Shahnawaz Finance Act 2026 introduces lower tax rates and revised income slabs for salaried individuals from FY2026-27 ISLAMABAD: The revised income tax rates for salaried individuals have officially come into force from July 1, 2026, following the enactment of the Finance Act, 2026, introducing a new tax structure for the fiscal year 2026-27. The new tax regime aims to provide relief to lower and middle-income salaried employees while implementing revised tax slabs for higher income groups as part of the federal government’s budgetary measures. Under the Finance Act, salaried individuals with an annual taxable income of up to Rs600,000 will continue to enjoy complete exemption from income tax. Taxpayers earning more than Rs600,000 but not exceeding Rs1.2 million annually will pay income tax at 1 percent of the amount exceeding Rs600,000. For salaried persons with annual taxable income exceeding Rs1.2 million but not more than Rs2.2 million, the tax liability has been fixed at Rs6,000, plus 11 percent of the amount exceeding Rs1.2 million. Individuals earning above Rs2.2 million and up to Rs3.2 million will pay Rs116,000, in addition to 20 percent of the amount exceeding Rs2.2 million. Those with annual taxable income of more than Rs3.2 million but not exceeding Rs4.1 million will be required to pay Rs316,000, plus 25 percent of the amount exceeding Rs3.2 million. For taxpayers earning more than Rs4.1 million and up to Rs5.6 million, the Finance Act prescribes a tax of Rs541,000, along with 29 percent of the amount exceeding Rs4.1 million. Individuals whose annual taxable income exceeds Rs5.6 million but does not exceed Rs7 million will pay Rs976,000, plus 32 percent of the amount exceeding Rs5.6 million. For the highest income bracket, salaried individuals earning more than Rs7 million annually will be liable to pay a fixed tax of Rs1.424 million, in addition to 35 percent of the amount exceeding Rs7 million. The revised salary tax slabs form part of the government’s broader fiscal reforms introduced through the Finance Act, 2026, which became effective on July 1, 2026. The new rates apply to taxable salary income earned during the fiscal year 2026-27 and are expected to influence monthly withholding tax deductions by employers across Pakistan.
FY 2025-26: SRB RECORDS HIGHEST-EVER COLLECTION OF RS370.064BN
Date: 2026-07-02
Details: Published July 2, 2026 Updated about an hour ago KARACHI: Sindh Revenue Board (SRB) has recorded its highest-ever annual revenue collection of Rs370.064 billion in the fiscal year 2025-26, up from Rs307.930 billion in FY 2024-25, a growth of 20.17 percent. According to the official details, the collection under the Sindh Sales Tax (SST) rose to Rs344.602 billion, a 21.2 percent increase over the previous year’s Rs284.377 billion. Similarly, revenue from the Sindh Workers’ Welfare Fund (SWWF) and Sindh Companies Profits Workers’ Participation Fund (SWPF) climbed to Rs24.435 billion from Rs22.253 billion, a growth of 10 percent. The newly assigned Agricultural Income Tax (AIT), collected for the first time this fiscal year, crossed Rs1 billion. The board also closed the year with its strongest single-month performance, collecting Rs45.08 billion in June 2026, which is the highest monthly collection in SRB’s history and a 28.3 percent jump over May 2026’s Rs35.15 billion. SRB officials said the growth came despite headwinds including sluggish economic activity and the fallout of regional conflict on revenue collection in the second half of the fiscal year. The board attributed its performance to the efforts of its staff, support from the Government of Sindh, and cooperation from taxpayers. Copyright Business Recorder, 2026
ASIAN SHARES FALL AS CHIPMAKERS DRAG; US JOBS DATA LOOMS
Date: 2026-07-02
Details: • On Thursday, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%, while Japan’s Nikkei also dropped 1.1%, adding to losses from the first day of the quarter Published July 2, 2026 Updated 20 minutes ago By Reuters SYDNEY: Asian shares skidded on Thursday as investors rotated out of chipmakers following a stellar quarter, while currency and bond markets braced for US jobs data that could gives hints about the risk of interest rate hikes. Oil prices hit new four-month lows, with Brent crude off 0.8% to $71 a barrel, as U.S. President Donald Trump said talks with Iran had gone well in Qatar, and as more oil tankers transited through the Strait of Hormuz. On Thursday, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%, while Japan’s Nikkei also dropped 1.1%, adding to losses from the first day of the quarter. South Korea’s KOSPI sank 2.7%, extending a 2% slide from Wednesday. That followed an eye-watering 68% surge in the second quarter on soaring AI-related demand for memory chips. SK Hynix plunged 7.7% and Samsung tumbled â 6.2%. That followed a report that Meta Platforms is building a cloud business to sell excess AI computing capacity, which sent the Facebook owner’s shares up 8.8% overnight. Hong Kong’s Hang Seng bucked the trend in Asia with a gain of 1.8%. Foreign investors sold Asian equities at the fastest pace in at least 16 years in the first half of 2026, as the blistering AI-driven rally forced them to trim their biggest winners in South Korea and Taiwan and hunt for lower-priced laggards. Investor attention is on US non-farm payrolls data due on Thursday this month due to a holiday on Friday for Independence Day, which falls on a Sunday this year. Economists polled by REUTERS expect a rise of 110,000 jobs for June, but forecasts range widely from gains of 25,000 to 200,000, suggesting the chance for a surprise is high. The jobless rate is forecast to stay steady at 4.3%. “For the equity traders, there is probably no â single rigid playbook to work from. Ideally, equity players want a Goldilocks outcome: respectable job creation, a stable unemployment rate,†said Chris Weston, head of research at Pepperstone. “Anything that avoids a marked increase in the implied probability of near-term rate hikes is likely to be welcomed by equity bulls.†At the Sintra Forum, Federal Reserve Chair Kevin Warsh said inflation risks had eased recently, offering only short-lived relief to Treasuries. Warsh also said he will stick firmly to the 2% inflation target and “disappoint†anyone who expects loose â monetary policy. Markets currently price in about 80% odds of a rate hike in September. Treasury yields have been climbing as traders braced for a potentially strong jobs number, which could see bets of a near-term rate hike ramp up.. US 2-year yields rose 1 basis point (bp) on Thursday to 4.1785%, and were up 9 bps this week â so far. 10-year yields held at 4.4811% after climbing 10 bps this week. Higher Treasury yields kept the U.S. dollar supported. The euro dipped 0.4% overnight against the greenback after European Central Bank President Christine Lagarde said inflation and growth risks were now becoming more broadly balanced. The euro was steady in Asian â hours on Thursday at $1.1379. The yen was little changed at 162.59 per dollar, having hit a fresh 40-year low of 162.84 on Wednesday. The slide has drawn the usual warnings of intervention from Tokyo. At the same time, the impact of interventions in April and May proved short-lived, despite Japanese authorities spending almost 12 trillion yen. Gold bounced 0.5% to $4,050 an ounce following a very tough quarter.
INDIAN SHARES SET FOR POSITIVE START AS OIL PRICES DROP ON US-IRAN TALKS
Date: 2026-07-02
Details: • GIFT Nifty futures were at 24,173.5 Published July 2, 2026 Updated 29 minutes ago By Reuters Indian shares are likely to open higher on Thursday, as crude oil prices dropped below $71 per barrel after Qatar said Iran and the US made “positive progress†in indirect talks that concluded on Wednesday. GIFT Nifty futures were at 24,173.5, as of 7:40 a.m. IST, indicating the Nifty 50 could open above Wednesday’s closing level of 24,005.85. Iran and US negotiators spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran’s â funds, two critical issues under the initial agreement, REUTERS reported, citing sources. The next meeting will take place after funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei, who is due to be buried on July 9, Qatar’s Foreign Ministry said. Signs of progress in peace talks pushed oil prices lower, which is positive for India, as it imports the bulk of its oil requirements. Meanwhile, caution is likely to persist over foreign â flows, as overseas investors remained sellers of Indian equities for a third consecutive session on Wednesday. FPIs offloaded 11.41 billion rupees ($119.79 million) worth of shares on Wednesday, as per provisional data. On the other hand, domestic institutional investors continued to â support the market with inflows worth 31.59 billion rupees.
MIAN ZAHID URGES A PERMANENT MECHANISM TO BOOST PAK-IRAN TRADE
Date: 2026-07-02
Details: Published July 2, 2026 Updated about an hour ago By Recorder Report KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF) & All Karachi Industrial Alliance (AKIA), Chairman National Business Group Pakistan (NBG) and Chairman FPCCI Policy Advisory Board has said that a permanent working mechanism comprising ministries, regulatory bodies, customs authorities, chambers of commerce, banking experts, logistics companies and private-sector representatives from Pakistan and Iran should be established to monitor the pace of implementation of decisions. Hussain urged the Government of Pakistan to move forward in a coordinated manner on the economic agenda agreed during the recent and previous visits of the Iranian president. He said that the USD 10 billion bilateral trade target can become a reality, provided that announcements are linked with practical steps, clear timelines, private-sector participation and facilitation of border trade. He said that the economic benefits of this process can directly reach the people, traders, industrialists, residents of border areas and the national exchequer. He termed the recent visit of Iranian President Dr Masoud Pezeshkian to Pakistan an important development in the continuity of Pakistan-Iran relations, confidence-building and the implementation of the already agreed economic cooperation agenda. He said that under the leadership of Prime Minister Muhammad Shehbaz Sharif, Pakistan has played an active and responsible role for peace, economic connectivity and diplomatic balance in the region, while the effective role of Field Marshal Syed Asim Munir in regional security, border stability and peace initiatives has further highlighted Pakistan’s strategic importance. Hussain said that the historical, cultural, religious and geographical proximity between Pakistan and Iran must now be transformed into a practical economic partnership so that bilateral trade, gas pipeline, energy cooperation, border connectivity and private-sector collaboration can be expanded on solid foundations. He further added that during the 2025 visit of Iranian President Dr Masoud Pezeshkian to Pakistan, both countries exchanged 12 agreements and memorandums of understanding in various sectors, while the target was also set to increase bilateral trade from around USD3 billion to USD10 billion. He said that following the recent Iran-US conflict, the current visit has given fresh diplomatic importance to this economic roadmap and has sent a clear message that both countries want to move beyond announcements and give practical shape to cooperation in trade, investment, border facilitation, energy, agriculture, information technology, communications and people-to-people contacts. Hussain said that early finalisation of the Free Trade Agreement would be an important milestone for the business communities of both countries. He said that unless the ground-level problems of trade are resolved, achieving the USD10 billion bilateral trade target will remain difficult and strengthening border markets and border trade facilities at Gabd-Rimdan, Mand-Pishin and other crossing points can increase legal trade, reduce smuggling, create lawful employment opportunities for the local population and promote economic activity in border areas. Hussain also welcomed the decision of the Federal Board of Revenue to declare Taftan Railway Station as a land customs station, saying that this step would facilitate import and export clearance through rail, reduce transportation costs, accelerate customs procedures and promote Pakistan-Iran border trade in a more organised manner. Hussain further said that barter trade, or trade through exchange of goods, is a practical option for both countries, especially in circumstances where international payments, currency exchange and banking channel issues continue to affect the pace of trade. He said that Pakistan is facing serious challenges including energy shortages, high production costs, expensive electricity and pressure on industry, while Iran can become an important partner for Pakistan in energy, petroleum products, border electricity, transit trade and regional connectivity. If this cooperation is advanced in a transparent, legal and sustainable manner, Pakistan’s industry, agriculture and export sectors can benefit significantly. He said that Pakistan and Iran are natural trade bridges between South Asia, Central Asia and the Middle East. Therefore, Gwadar and Chabahar should be viewed in the context of regional connectivity, transit trade and economic cooperation rather than competition. He said that the progress made and protocols agreed during the 22nd Pakistan-Iran Joint Economic Commission should also be pursued rapidly. Copyright Business Recorder, 2026
CEMENT FINDS ITS FOOTING, BUT NOT ITS STRIDE
Date: 2026-07-01
Details: Published July 1, 2026 Updated about 2 hours ago By BR Research Pakistan’s cement industry is ending FY26 on a firmer footing. Total dispatches are estimated to reach just over 50 million tons for the year, growing 7 percent from FY25 and marking the second consecutive year of recovery after a prolonged downturn. This is driven almost entirely by domestic demand, with local dispatches up 9 percent, even as exports contract by 3 percent. The broader picture is that Pakistan’s construction cycle has been slowly stabilizing with easing inflation, reduced interest rates and better business confidence that revived private construction activity. This allowed domestic cement demand to recover from the depressed levels witnessed between FY22 and FY25. At the same time, total dispatches remain well below the levels producers had envisioned when they embarked on an aggressive expansion drive several years ago. Installed capacity has continued to grow while consumption has struggled to keep pace, leaving the industry with one of the largest excess-capacity overhangs in its history. Capacity utilization is expected to improve to around 59 percent this year from 56 percent last year, but still below reasonable thresholds of 65 percent. This imbalance has been years in the making. During the construction boom that accompanied the CPEC investment cycle and the FY21 housing incentives under Naya Pakistan Housing Program, cement manufacturers raced to expand production lines in anticipation of sustained growth in infrastructure and residential demand. Instead, macroeconomic instability, political uncertainty and repeated stabilization programmes sharply slowed construction activity before the new capacity could be absorbed. For several years exports were helping cushion the blow. Overseas shipments took their contribution up by easing some of weakness in domestic demand but that cushion is thinner. Export dispatches are expected to decline this year as regional competition intensifies and freight economics become less favorable, particularly for southern manufacturers shipping through sea routes. June data suggests that sea-based exports from the south remain considerably weaker than a year ago despite an overall monthly increase in export dispatches. The shift back toward domestic sales is commercially better for producers. Local markets generally offer stronger pricing power and significantly lower logistics costs than exports. But it also leaves the industry’s fortunes increasingly tied to Pakistan’s own construction sector, where demand remains heavily dependent on government development spending and housing activity. In the budget 2027, the government has announced a series of tax measures aimed at stimulating the construction and real estate sectors, while a subsidized housing finance scheme is expected to support home ownership. Lower financing costs should gradually encourage private developers to restart projects that had become financially unviable during the high-interest-rate period. Whether these initiatives are sufficient to trigger another construction boom remains uncertain. Housing affordability continues to deteriorate as household incomes struggle to keep pace with rising living costs and taxation. Public sector development spending also remains constrained by fiscal consolidation requirements, limiting the government’s ability to generate the kind of infrastructure-led demand that historically lifted cement consumption. The pace of domestic demand growth is unlikely to be strong enough to absorb Pakistan’s substantial surplus production capacity anytime soon. Without a sustained increase in large-scale infrastructure investment, a meaningful housing boom or a revival in export competitiveness, utilization rates are expected to improve only incrementally over the next few years. But for producers, that may not be a bad outcome. The country’s larger cement manufacturers have spent the past several years strengthening balance sheets, reducing costs and diversifying export markets where possible. Perhaps they no longer require another FY21-style demand surge to remain profitable. What they do need is a stable domestic economy that steadily adds a few million tons of annual demand rather than another short-lived construction frenzy. That may ultimately prove to be a healthier foundation for the industryven if it means much of Pakistan’s cement capacity continues to cast a long shadow over the market. Copyright Business Recorder, 2026
FBR WAIVES LATE RETURN SURCHARGE FOR INDIVIDUALS FILING SPECIAL UNDERTAKING
Date: 2026-07-01
Details: Budget 2026-27 Taxation July 1, 2026Hamza Shahnawaz Taxpayers can avoid surcharge by pledging not to acquire any property for six months ISLAMABAD: In a significant relief measure for individual taxpayers, the Finance Act, 2026 has introduced a provision allowing the Federal Board of Revenue (FBR) to waive the late return filing surcharge for individuals who submit a prescribed undertaking restricting future property purchases. The amendment to the Income Tax Ordinance, 2001 offers eligible taxpayers a chance to avoid the surcharge imposed on late filing of income tax returns, provided they agree to refrain from acquiring any property for a specified period. Six-Month Property Restriction Required Under the newly introduced provision, the requirement to pay the late return filing surcharge will not apply to an individual who furnishes an undertaking before the Commissioner of Inland Revenue. In the undertaking, the taxpayer must declare that they will not purchase, acquire, or obtain ownership or beneficial interest in any property for six months from the date the undertaking is submitted. The declaration must be furnished in the form prescribed by the FBR. Relief Linked to Compliance The amendment is designed to provide relief to individuals who have failed to file their tax returns on time while encouraging future tax compliance. Instead of immediately imposing the surcharge, the law allows qualifying individuals to obtain an exemption by voluntarily accepting temporary restrictions on acquiring immovable or movable property. Tax practitioners believe the measure could encourage more non-filers and late filers to regularise their tax affairs without facing an immediate financial burden. Part of Wider Tax Reforms The relief comes as part of the government’s broader package of tax reforms introduced through the Finance Act, 2026. While the legislation contains several stringent enforcement measures—including enhanced banking data sharing, digital verification of tax information, and tougher penalties for false tax credit claims—it also includes targeted incentives aimed at improving voluntary compliance. Officials expect the new provision to encourage more individuals to file overdue income tax returns, broaden the tax base, and increase documentation of the economy without relying solely on punitive measures. However, taxpayers opting for the relief must strictly comply with the six-month restriction on acquiring property, as the undertaking becomes a legally binding declaration under the Income Tax Ordinance, 2001.
FINANCE ACT 2026 CRACKS DOWN ON FAKE TAX CREDIT CLAIMS WITH 100% PENALTY
Date: 2026-07-01
Details: Budget 2026-27 Taxation July 1, 2026Hamza Shahnawaz Taxpayers claiming unverifiable excess withholding tax credits will now pay a penalty equal to the overstated amount ISLAMABAD: The government has intensified its campaign against tax fraud by introducing a 100 percent penalty on taxpayers who falsely claim excess withholding tax credits under the Finance Act, 2026, signaling a tougher enforcement regime backed by digital verification. The amendment to the Income Tax Ordinance, 2001 makes it financially costly for taxpayers to inflate withholding tax credits beyond the amount actually deducted and deposited with the Federal Board of Revenue (FBR). Under the newly inserted provision, any taxpayer claiming a tax credit in excess of the amount verifiably deducted by a withholding agent will face a penalty equal to the entire amount of the excess credit claimed. FBR to Verify Every Claim The Finance Act, 2026 authorises the FBR to verify withholding tax credits through its computerised database and other available evidence before allowing taxpayers to claim the adjustment. The law provides: “Where a person claims a credit in respect of tax withheld at source under any provision of this Ordinance in excess of the amount verifiably deducted and deposited by the withholding agent, as confirmed through the Board’s computerised system or otherwise, such person shall pay a penalty equal to the amount of excess credit claimed.†This means taxpayers can no longer rely solely on withholding certificates or self-declared figures if the amounts are not supported by the FBR’s digital records. Zero Tolerance for Inflated Tax Credits Tax experts say the amendment represents a zero-tolerance policy against fraudulent withholding tax claims, which have long been a concern for tax authorities. For example, if a taxpayer claims Rs500,000 as withholding tax credit but the FBR’s records confirm only Rs350,000 was actually deducted and deposited, the excess claim of Rs150,000 will attract an additional Rs150,000 penalty, effectively doubling the financial impact of the false claim. The penalty applies regardless of whether the discrepancy arises from deliberate misreporting or unsupported claims that cannot be verified through the FBR’s systems. Digital Verification Takes Center Stage The new measure forms part of a broader package of tax administration reforms introduced through the Finance Act, 2026, aimed at improving compliance through technology-driven enforcement. The FBR is increasingly relying on computerised cross-matching of withholding tax statements filed by withholding agents with tax returns submitted by taxpayers. Any mismatch identified by the automated system can trigger recovery proceedings and the newly introduced penalty. Officials believe the tougher provision will discourage inflated tax credit claims, improve the accuracy of income tax returns, and protect government revenue from fraudulent adjustments. Stronger Compliance Framework The penalty complements several other digital enforcement measures introduced in the Finance Act, 2026, including expanded access to banking information, centralised data-sharing mechanisms, and enhanced algorithm-based risk assessment. With these reforms, the government aims to build a more transparent and technology-driven tax administration system where tax credits, deductions, and financial transactions are verified electronically before being accepted, significantly reducing opportunities for manipulation and tax evasion.
SBP TO SHARE HIGH-RISK BANKING DATA WITH FBR
Date: 2026-07-01
Details: Budget 2026-27 Taxation Top stories July 1, 2026Hamza Shahnawaz Amendment to Income Tax Ordinance establishes centralized banking data repository for algorithm-based tax compliance checks ISLAMABAD: The Finance Act, 2026 has significantly strengthened Pakistan’s digital tax enforcement framework by empowering the State Bank of Pakistan (SBP) to establish a centralized repository of banking data and share financial information relating to high-risk persons with the Federal Board of Revenue (FBR). The amendment to Section 175AA of the Income Tax Ordinance, 2001 expands the legal framework governing the exchange of banking and tax information by inserting a new clause authorising the SBP to establish, operate and maintain a secure virtual repository of banking records. The measure forms part of the government’s broader strategy to use technology, automated analytics and digital data matching to improve tax compliance, detect concealed income and strengthen documentation of the economy. SBP to maintain centralized banking repository Through the Finance Act, 2026, Parliament inserted clause (c) into Section 175AA, authorising the SBP to establish, operate and maintain a secure centralized virtual repository containing banking records and financial transaction data maintained by scheduled banks. The repository will maintain banking information linked through unique identifiers, enabling algorithm-based matching of financial data with taxpayers’ declarations. Under the amended law, the SBP will collect, process and provide relevant data and analytical results to the FBR in accordance with procedures prescribed by the Board. Enhanced exchange of banking and tax information Section 175AA already permits the FBR to share tax declaration information with scheduled banks for algorithmic verification. Banks are required to compare tax declarations with their own banking records and identify cases where financial information does not correspond with the prescribed algorithms. With the insertion of the new clause, the SBP assumes a central role by creating the technological infrastructure required to consolidate banking information and facilitate secure data exchange between scheduled banks and the FBR. The amended provision overrides the relevant provisions of the Banking Companies Ordinance, 1962, the State Bank of Pakistan Act, 1956, Section 216 of the Income Tax Ordinance, 2001, and other applicable laws to the extent necessary for implementing the information-sharing mechanism. Shift towards digital tax enforcement The Finance Act, 2026 reinforces the government’s growing reliance on artificial intelligence, automated risk assessment and centralized digital databases to strengthen tax administration. The integrated banking and tax information is expected to enable the FBR to identify discrepancies between declared income and actual financial activity, allowing the tax authority to focus compliance efforts on high-risk taxpayers through data-driven risk analysis rather than broad-based audits. Officials believe the centralized repository will improve the efficiency and accuracy of tax compliance checks while reducing manual intervention during the initial risk assessment stage. Confidentiality safeguards The amended law also provides that all information exchanged under Section 175AA shall be used exclusively for tax administration and related purposes. It further requires that banking information received through the centralized system remain confidential and protected against unauthorised disclosure or misuse, while allowing its use for tax enforcement in accordance with the law. The amendment complements other provisions introduced through the Finance Act, 2026 requiring banks and Electronic Money Institutions (EMIs) to report high-value financial transactions to the FBR’s Central Data Hub, further advancing Pakistan’s transition towards a technology-driven and data-centric tax administration system.
FINANCE ACT, 2026 EMPOWERS FBR WITH DIRECT ACCESS TO HIGH-VALUE BANK ACCOUNT DATA
Date: 2026-07-01
Details: Budget 2026-27 Taxation July 1, 2026Hamza Shahnawaz Banks and electronic money institutions must report transactions exceeding Rs100 million every six months under new digital compliance regime ISLAMABAD: The federal government has significantly expanded the Federal Board of Revenue’s (FBR) powers to obtain financial information on high-value bank account holders under the Finance Act, 2026, marking one of Pakistan’s most far-reaching reforms in technology-driven tax enforcement. The Finance Act has inserted a new Section 165AB into the Income Tax Ordinance, 2001, requiring banks and Electronic Money Institutions (EMIs) to electronically submit specified financial transaction data to the FBR’s Central Data Hub for automated cross-matching with taxpayers’ declared income and assets. The new provision overrides the Banking Companies Ordinance, 1962, the State Bank of Pakistan Act, 1956, the Protection of Economic Reforms Act, 1992, and any other conflicting laws, allowing the FBR to obtain designated banking information directly from financial institutions. Rs100 million reporting threshold Under the new law, banks and EMIs will be required to report account holders whose aggregate deposits or withdrawals exceed Rs100 million during a six-month reporting period across one or more accounts. The information to be submitted includes: • Opening and closing balances. • Details of deposits and withdrawals. • Peak credit balances. • Total credits during the reporting period. The reporting requirement applies to all categories of deposit accounts, including current accounts, savings accounts, fixed deposits, term deposits, call deposits and other deposit accounts maintained by individuals or entities. Automated screening before FBR access The Finance Act introduces an automated screening mechanism intended to limit human access to banking data during the initial review stage. According to the law, the information uploaded by financial institutions will first be processed entirely through the Central Data Hub using algorithmic cross-matching. At this stage, the financial information will not be visible to income tax officials. The system will compare banking transactions with taxpayers’ declared income, assets and other tax records to identify significant discrepancies. Only where the automated system detects a substantial mismatch will the case be transferred to the FBR’s Compliance Risk Management (CRM) system for further examination. Any subsequent proceedings will be handled through the National Faceless Centre, reducing direct interaction between taxpayers and tax officials. Confidentiality safeguards The Finance Act also places a statutory obligation on the FBR to maintain strict confidentiality of all banking information received from financial institutions. Under the law, the Board must ensure that such information is not disclosed or misused and remains protected under applicable confidentiality provisions governing commercial banking, except where disclosure is specifically authorised under the new section. Reporting schedule Financial institutions will submit data twice each financial year under the following schedule: • July 1 to December 31: Report to be submitted by January 31. • January 1 to June 30: Report to be submitted by July 31. Strengthening digital tax enforcement The Central Data Hub, operated through Pakistan Revenue Automation Limited (PRAL), will function as a central repository for banking information and tax records. Using advanced analytics, the integrated Compliance Risk Management system will identify potential tax compliance risks, including under-reporting of income, understatement of sales, overstatement of expenses and undisclosed assets or financial transactions. Tax experts believe the new reporting framework represents a significant shift towards data-driven tax administration, enabling the FBR to detect concealed taxable income more efficiently while reducing reliance on manual investigations. The measure is expected to improve tax compliance, broaden documentation of the economy and strengthen the government’s ability to identify high-value financial activity through digital data
FBR IMPOSES ADDITIONAL 30% REGULATORY DUTY ON COMMERCIAL IMPORTS OF USED VEHICLES
Date: 2026-07-01
Details: Automotive Taxation July 1, 2026Faisal Shahnawaz New levy takes effect under SRO 1065(I)/2026 and will be charged in addition to existing regulatory duties ISLAMABAD: The Federal Board of Revenue (FBR) has imposed an additional 30% regulatory duty (RD) on the commercial import of used vehicles in a move aimed at protecting Pakistan’s domestic automotive industry. The new levy has been notified through SRO 1065(I)/2026, issued under sub-section (3) of Section 18 of the Customs Act, 1969, and takes effect immediately. The notification supersedes SRO 1898(I)/2025, dated October 1, 2025. According to the FBR, the 30% regulatory duty will apply to the commercial import of used vehicles falling under Pakistan Customs Tariff (PCT) headings 8702, 8703, 8704 and 8711. The levy covers vehicles imported under clause (xvi) of Serial No. 10 of the Table of Appendix-C of the Import Policy Order, 2022, subject to the conditions specified therein. The FBR has clarified that the newly imposed duty will be in addition to the regulatory duty already applicable under SRO 1064(I)/2026, which updated the regulatory duty schedule for FY2026-27 with effect from July 1, 2026. The additional levy is intended to discourage commercial imports of used vehicles, support local automobile manufacturers and assemblers, and contribute to the government’s broader import management and revenue mobilisation objectives. Industry experts believe the higher regulatory duty is likely to increase the landed cost of commercially imported used vehicles, making them more expensive for importers and buyers while enhancing the competitiveness of locally assembled vehicles.
FBR NOTIFIES REVISED REGULATORY DUTY RATES FOR FY2026-27 IMPORTS
Date: 2026-07-01
Details: Taxation Top stories July 1, 2026Faisal Shahnawaz SRO 1064(I)/2026 updates RD structure on hundreds of imported goods with effect from July 1, 2026 ISLAMABAD: The Federal Board of Revenue (FBR) has notified revised regulatory duty (RD) rates on imported goods for the fiscal year 2026-27 through SRO 1064(I)/2026, which came into effect on July 1, 2026. The notification, issued on June 30, 2026, supersedes SRO 1152(I)/2025 and has been promulgated under sub-section (3) of Section 18 of the Customs Act, 1969, authorising the levy of regulatory duty on a wide range of imported products. According to the notification, the revised regulatory duty schedule covers hundreds of tariff lines across multiple sectors, including agriculture, food products, chemicals, plastics, textiles, steel, machinery, ceramics, glassware, paper products, electrical appliances and various industrial and consumer goods. The updated regulatory duty rates range from 0.8% to 20%, depending on the product category. In addition, certain imported goods are subject to specific fixed duties instead of ad valorem rates, while some products carry different duty rates based on their respective Pakistan Customs Tariff (PCT) classifications. Among agricultural imports, the revised schedule imposes regulatory duties on live animals, poultry, fish, dairy products, vegetables, fruits, cereals, processed food items, edible oils, confectionery, beverages and tobacco products. Duty rates on these products generally range between 4% and 20%, with higher rates applicable to selected imported fruits, processed foods and luxury food items. The notification also revises regulatory duties on industrial raw materials and intermediate goods, including chemicals, plastics, rubber products, paper, packaging materials, textiles, garments, footwear, iron and steel products, aluminium products, ceramics, glass and construction materials. A broad range of consumer products—including cosmetics, toiletries, kitchenware, luggage, furniture-related items and household appliances—will continue to attract regulatory duty under the updated schedule. The FBR clarified that the revised duties apply to imports falling under the specified Pakistan Customs Tariff (PCT) codes listed in the notification. Importers will be required to pay the applicable regulatory duty on consignments cleared on or after July 1, 2026. The revised regulatory duty regime forms part of the government’s customs tariff measures for FY2026-27 and is aimed at regulating imports, supporting domestic industries where necessary and strengthening revenue collection.
FBR NOTIFIES NEW ADDITIONAL CUSTOMS DUTY RATES FOR FY2026-27 IMPORTS
Date: 2026-07-01
Details: Taxation July 1, 2026Hamza Shahnawaz SRO 1063(I)/2026 introduces revised additional customs duty structure effective from July 1, 2026 ISLAMABAD: The Federal Board of Revenue (FBR) has notified revised additional customs duty (ACD) rates on the import of goods for the fiscal year 2026-27 through SRO 1063(I)/2026, effective from July 1, 2026. The notification has been issued under sub-section (5) of Section 18 of the Customs Act, 1969, superseding SRO 1151(I)/2025 dated June 30, 2025. Revised additional customs duty rates Under the new notification, the federal government has prescribed the following rates of additional customs duty: • 2% additional customs duty on goods falling under the 20% customs tariff slab. • 4% additional customs duty on specified goods classified under the 20% tariff slab, including certain petroleum products, plastics, chemicals, paper products, machinery and other notified tariff lines. • 2% additional customs duty on specified imports under various Pakistan Customs Tariff (PCT) codes and on goods imported under SROs 655(I)/2006 and 656(I)/2006. • 10% additional customs duty on goods falling under the 25% tariff slab and higher tariff slabs, as well as goods subject to specific customs duty rates. • 6% additional customs duty on specified alcoholic beverages and related products falling under Chapter 22 of the Pakistan Customs Tariff. • 2% additional customs duty on specified edible oils and oilseeds, including soybean, palm, sunflower and rapeseed oils, as well as completely knocked down (CKD) kits of cars, jeeps and light commercial vehicles exceeding 1,000cc and heavy commercial vehicles in CKD condition. Customs valuation The notification provides that the value of imported goods for the purpose of additional customs duty shall be determined under Section 25 or Section 25A of the Customs Act, 1969, as applicable. Major exemptions The FBR has also specified several categories of imports that will remain exempt from additional customs duty. These include: • Plant and machinery imported for manufacturing or production and classified under Chapters 84 and 85 of the Customs Act. • Goods imported under Chapter 99 of the First Schedule to the Customs Act. • Most imports covered under the Fifth Schedule to the Customs Act, subject to specified exclusions. • Imports under the Baggage Rules, 2006. • Imports under various concessionary SROs, including SROs 577(I)/2005, 565(I)/2006, 693(I)/2006 and the Temporary Importation Scheme under SRO 492(I)/2009. • Imports by exploration and production companies and their contractors for offshore petroleum projects under specified conditions. • Imports of CKD cars, jeeps and light commercial vehicles up to 1,000cc, as well as completely built-up (CBU) vehicles up to 850cc. • Imports under specified Pakistan Customs Tariff codes relating to certain electric vehicles and motorcycles. The revised additional customs duty regime will come into force from July 1, 2026, and forms part of the government’s fiscal measures for FY2026-27 aimed at rationalising the import tariff structure and supporting revenue collection.
FBR NOTIFIES PROCEDURE FOR COLLECTION OF SPECIAL EXCISE DUTY ON IMPORTED GOODS
Date: 2026-07-01
Details: Taxation July 1, 2026Hamza Shahnawaz New mechanism takes effect from July 1, 2026 under SRO 1072(I)/2026 ISLAMABAD: The Federal Board of Revenue (FBR) has notified the procedure for the collection of Special Excise Duty (SED) on imported goods through SRO 1072(I)/2026, with the new mechanism taking effect from July 1, 2026. The notification has been issued in exercise of the powers conferred under sub-section (3B) of Section 3 of the Federal Excise Act, 2005. According to the notification, the Special Excise Duty leviable on goods specified in Table 1A of the First Schedule to the Federal Excise Act, 2005, will be collected through the customs clearance process in the case of imported goods. The FBR has prescribed that, for imports into Pakistan, the Special Excise Duty shall be levied and collected in the same manner and at the same time as customs duty payable under the Customs Act, 1969. The notification further states that all relevant provisions of the Customs Act, 1969, including Section 31A, will apply mutatis mutandis for the assessment, collection and recovery of the Special Excise Duty. By aligning the collection mechanism with the existing customs duty framework, the FBR aims to streamline tax administration and ensure efficient collection of the newly imposed levy at the import stage. The notification will come into force from July 1, 2026, making the Special Excise Duty applicable on notified imported goods in accordance with the provisions of the Federal Excise Act, 2005.
FBR ACHIEVES HISTORIC RS13 TRILLION ANNUAL TAX COLLECTION MILESTONE IN FY2025-26
Date: 2026-07-01
Details: Taxation July 1, 2026Faisal Shahnawaz Tax authority meets revised revenue target with net collection of Rs13 trillion after paying Rs597 billion in refunds ISLAMABAD: The Federal Board of Revenue (FBR) has achieved the historic Rs13 trillion mark in annual tax collection for the first time during the fiscal year 2025-26. According to official figures, the FBR collected Rs13.60 trillion in gross revenue during the fiscal year ended June 30, 2026. After issuing Rs597 billion in tax refunds, the net tax collection stood at Rs13 trillion. Officials said the tax authority successfully achieved its revised annual net collection target of Rs12.98 trillion, ensuring the government’s revised revenue objective for FY2025-26 was fully met. The latest collection represents an increase of more than 10% compared with the Rs11.74 trillion net revenue collected in the previous fiscal year. The milestone marks the highest annual tax collection in Pakistan’s history and reflects continued growth in tax revenues despite economic challenges faced during the year. However, the achievement came after a downward revision of the annual revenue target. At the beginning of FY2025-26, the FBR had been assigned a tax collection target of more than Rs14 trillion. The target was subsequently reduced to Rs13.98 trillion and later revised further downward to Rs12.983 trillion. This means the FBR remained short of its original annual revenue target by more than Rs1 trillion, although it successfully met the revised goal set by the government. Tax officials attributed the improved revenue performance to stronger enforcement measures, enhanced compliance initiatives, digitisation reforms and sustained efforts to broaden the tax base throughout the fiscal year. The record collection is expected to strengthen the government’s fiscal position as authorities seek to maintain revenue growth and implement further tax reforms during FY2026-27.
OVER RS100BN ALLOCATED FOR KARACHI IN SINDH BUDGET: SHARJEEL
Date: 2026-06-30
Details: Published June 30, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Sindh Senior Minister Sharjeel Inam Memon on Monday said that the development and prosperity of Karachi, along with the provision of essential civic amenities, remained the foremost priority of Sindh government, and more than Rs100 billion had been allocated for the metropolis in the provincial budget for the fiscal year 2026-27. In a statement, the senior minister said the allocated funds would be utilized for improving water supply and drainage systems, constructing and rehabilitating roads, and upgrading public infrastructure and other civic facilities across Karachi. He said instead of making false promises, the Pakistan Peoples Party (PPP) believed in delivering public service, and resolving the issues faced by Karachiites was both the government’s responsibility and commitment. Sharjeel Memon said modern, safe and reliable public transport remained one of the city’s most pressing needs. The Sindh government was taking historic measures to transform Karachi’s transport network. He said that 500 modern electric buses, along with double-decker buses, would soon begin operating on the city’s roads, significantly improving public transportation. Highlighting employment generation as a key component of the government’s economic agenda, the minister said the 2026-27 budget placed special emphasis on creating opportunities for young people. He said thousands of jobs would be generated through industrial zones, development projects, transport initiatives and major infrastructure schemes. He further said the PPP had consistently focused its politics on the welfare of the common man, including workers, farmers, youth and the middle class. The Sindh government, he continued, was utilizing all available resources to improve people’s quality of life by expanding employment opportunities and strengthening education, healthcare and modern civic infrastructure. He said certain elements were attempting to portray Karachi and other areas of Sindh negatively for political purposes. However, he maintained that the people themselves were witnessing ongoing development projects, improvements in public transport, infrastructure expansion and various public welfare initiatives. Sharjeel Memon said the people were fully aware that despite financial and other challenges, the Sindh government continued giving priority to public welfare and sustainable development. He described the 2026-27 provincial budget as more than a financial document, flagging it as a comprehensive roadmap for practical progress, enhanced employment opportunities and a more prosperous future for Sindh, including Karachi. Copyright Business Recorder, 2026
THE ‘MISSING’ ECONOMIC UPDATE, OUTLOOK
Date: 2026-06-30
Details: Published June 30, 2026 Updated about 2 hours ago EDITORIAL: The Finance Division has yet to upload its May 2026 Economic Update and Outlook, a document that would have provided current statistics critical for an assessment of the state of the economy for use in the formulation of the budget 2026-27. This newspaper requested a copy of the document a fortnight ago and was inexplicably informed that the Division was busy with the budget and would upload it on the website in ‘due course’. It is relevant to note that tomorrow, on 1 July, the June monthly update and outlook would also be due together with the May report. Pakistan Bureau of Statistics (PBS) and the State Bank of Pakistan (SBP) did continue to upload data pertaining to limited aspects of the economy; notably, the trade balance (exports and imports), remittance inflows, foreign exchange reserves held by the SBP and commercial banks, foreign direct investment, portfolio investment, and Consumer Price Index. However, what has led many to argue that the failure to upload the May outlook may have been deliberate is the fact that these two sources of data have not yet uploaded key data for May 2026, including large-scale manufacturing (LSM) sector, credit to private sector, agriculture credit and non-tax revenue. In addition, Federal Board of Revenue’s (FBR’s) actual collections for the month of May, with a reported projected shortfall of around one trillion rupees by 30 June 2026 from what was targeted at 13.979 trillion rupees - a downward revision from the budgeted 14.307 trillion rupees - has perhaps not been taken into account on the primary and fiscal balance claims for the outgoing year with obvious implications on the projections in the budget for 2026-27. This could have been a vital element in the government’s recent decision to keep oil prices stable in spite of a decline in the international price that necessitated raising the petroleum levy with the objective of raising non-tax revenue to meet the International Monetary Fund’s (IMF’s) upfront harsh conditions for the outgoing fiscal year. There is, therefore, a serious concern that the budget was based on dated statistics, dated back to April, when the country’s economic performance had not yet absorbed or begun to show increased fragility due to the negative impact of the US-Israel attack on Iran which began on 28 February. The Finance Ministry has, under its administrative control, numerous departments and divisions, whose terms of reference are not specific to one task at any one period of time. In other words, the excuse that the Division was unable to write and upload the report because it was engaged in the budget formulation is not tenable and should not be accepted by the Cabinet. There is, therefore, an urgent need for the Cabinet to take cognizance of this serious lapse and take appropriate mitigating measures. What has become a tradition, however, is for an administration to sanction special reward, over and above the due salary, to those engaged in budget making, a reward that is baffling for the simple reason that it is in the terms of reference of those engaged in this exercise. And what makes the grant of a monetary reward even more unfathomable is the fact that the budget was reviewed in great detail by the IMF staff, a condition of the ongoing programme loan, and the domestic formulators input was even more severely limited than in years gone by when the country was not on a programme. It is hoped that monetary rewards for undertaking or proposing measures that are the responsibility of any individual or individuals must not be a part of a policy and merit-based pay raises must be a function of their unbiased performance evaluation. Copyright Business Recorder, 2026
AJK GOVT PRESENTS RS286BN BUDGET
Date: 2026-06-30
Details: Published June 30, 2026 Updated about 3 hours ago By NNI MUZAFFARABAD: The Azad Jammu and Kashmir government on Monday unveiled its budget with a total outlay of Rs286 billion, allocating a total of Rs250 billion for non-development expenditure while development expenditure is estimated at Rs36 billion. Salaries and pensions have been raised by seven percent. Finance Minister Chaudhry QasimMajeed presented the budget in the legislative assembly. For development expenditure, Rs900 million will be allocated for agriculture and livestock, Rs100 million for civil defence disaster management, Rs190 million for development institutions, and Rs3 billion for education. Also, Rs3 billion will be allocated for the local government and rural development, and Rs1 billion for physical planning and housing, Rs3 billion for energy and water resources, and Rs14 billion for communication and construction. The budget proposes 31 percent for social, 12 percent for productive and 57 percent for infrastructure sectors. Education package 2026 has also been made part of the budget.
FINANCE ACT, 2026: GOVT WITHDRAWS PROPOSED LAW FOR OMCS
Date: 2026-06-30
Details: Budget 2026-27 Energy Taxation Top stories June 30, 2026Hamza Shahnawaz Government drops Finance Bill proposals on petroleum levy enforcement, recovery mechanism and mandatory reporting for oil companies ISLAMABAD: The federal government has withdrawn a series of proposed legal amendments relating to the collection and enforcement of the Petroleum Levy and Climate Support Levy by Oil Marketing Companies (OMCs), refineries and other petroleum sector licensees under the Finance Act, 2026. The proposals were originally introduced through the Finance Bill, 2026 to amend the Petroleum Products (Petroleum Levy and Climate Support Levy) Ordinance, 1961. However, following parliamentary deliberations, the amendments were omitted from the final Finance Act, allowing the existing legal framework to remain in force. Proposed definitions withdrawn Among the key proposals dropped was a plan to replace the existing definitions of “company†and “refineryâ€, which currently refer to entities specified in the Second and Fourth Schedules of the Ordinance. Under the proposed amendments, a “company†would have been redefined as an oil marketing company, including any person engaged in manufacturing, refining or reclaiming lubricating oil from used lubricants under a licence issued by the Oil and Gas Regulatory Authority (OGRA). A “refinery†was also proposed to be defined as any industrial facility engaged in processing crude oil into petroleum products. The Finance Bill further sought to introduce a separate definition of an oil marketing company as an entity, excluding lubricant marketing companies, involved in purchasing petroleum products from refineries, blending plants or foreign suppliers for sale and distribution through dealers, agents, retail outlets and filling stations. As a consequence of these revised definitions, the government had proposed removing the existing Second and Fourth Schedules of the Ordinance. These changes have now been abandoned. Levy payment not linked to licences Another proposal excluded from the Finance Act would have made the payment of Petroleum Levy and Climate Support Levy a mandatory condition for obtaining and maintaining licences issued by OGRA to oil marketing companies, refineries and other petroleum sector licensees. Had the proposal been approved, compliance with levy obligations would have become a statutory requirement for continuing operations under an OGRA licence. Late payment surcharge dropped The Finance Bill also proposed introducing a surcharge on companies, refineries and licensees failing to pay Petroleum Levy or Climate Support Levy within the prescribed timelines. For locally produced petroleum products, the levy was to be paid alongside sales tax or federal excise returns, while importers would have been required to pay the levy at the time of customs clearance. The proposed surcharge was to be calculated under Section 40D of the Public Finance Management Act, 2019, based on the monthly weighted financing cost applicable to the outstanding amount. These provisions were not included in the final legislation. Recovery mechanism not approved The government also withdrew a proposal to establish a dedicated recovery mechanism for unpaid petroleum levies. The Finance Bill had proposed empowering the relevant department to recover unpaid Petroleum Levy and Climate Support Levy after 90 days of default or request the Commissioner Inland Revenue to recover the outstanding amount in the same manner as income tax arrears. The proposed amendments further stated that the Commissioner Inland Revenue would not have been permitted to grant payment extensions or allow instalment-based settlements. In addition, the Commissioner would have been required to submit fortnightly recovery reports to the Finance and Petroleum Divisions, while procedural irregularities in recovery proceedings would not have been challengeable before any court or tribunal. The proposed recovery framework was also intended to apply retrospectively to outstanding levy liabilities arising before the enactment of the Finance Act, 2026. All of these provisions have now been omitted. Mandatory reporting requirements shelved The Finance Bill had also proposed a comprehensive reporting regime requiring every oil marketing company, refinery and licensee to submit monthly statements detailing Petroleum Levy and Climate Support Levy payments, supported by documentary evidence, including sales invoices filed with the Federal Board of Revenue (FBR). In addition, companies would have been required to obtain annual audit certificates from firms registered with the Audit Oversight Board to verify the accuracy of levy calculations and payments, with the audit costs borne by the respective companies. These compliance and reporting requirements were also excluded from the Finance Act. Existing framework remains unchanged The withdrawal of the proposed amendments means that the existing provisions governing the collection, recovery and reporting of Petroleum Levy and Climate Support Levy will continue without alteration. Industry observers say the government’s decision provides regulatory continuity for the petroleum sector while avoiding the introduction of new compliance obligations that had generated concerns among oil marketing companies and refinery operators during the parliamentary review of the Finance Bill.
FINANCE ACT, 2026: NEW ISLAMABAD TOKEN TAX RATES TAKE EFFECT FROM JULY 1
Date: 2026-06-30
Details: Budget 2026-27 Taxation June 30, 2026Hamza Shahnawaz Private vehicles up to 1,000cc to pay Rs20,000 lifetime token tax, while larger vehicles face annual levy based on invoice value from July 1, 2026. ISLAMABAD: The federal government has introduced revised token tax rates for vehicles registered in the Islamabad Capital Territory (ICT) through the Finance Act, 2026, with the new taxation structure coming into effect from July 1, 2026. The amendments have been made to the West Pakistan Motor Vehicles Taxation Act, 1958 (WP Act XXXII of 1958), replacing the existing Tables 2, 3, 4 and 5 of the Schedule applicable in the Islamabad Capital Territory. Under the revised framework, private motor vehicles with engine capacity of up to 1,000cc will now be subject to a one-time lifetime token tax of Rs20,000, while vehicles above 1,000cc will pay annual token tax based on a percentage of the vehicle’s invoice value. The Finance Act also revises annual token tax rates for motor cabs, public service vehicles and commercial/loading vehicles operating within Islamabad. Token Tax Rates for Private Motor Vehicles (ICT) S.No Engine Capacity New Tax Rate 1 Up to 1000cc Rs20,000 (Lifetime) 2 1001cc – 1300cc 0.25% of invoice value per annum 3 1301cc – 1500cc 0.25% of invoice value per annum 4 1501cc – 2000cc 0.25% of invoice value per annum 5 2001cc – 2500cc 0.35% of invoice value per annum 6 Above 2500cc 0.35% of invoice value per annum Annual Token Tax for Motor Cabs S.No Engine Capacity Annual Tax (Rs) 1 Up to 1000cc 600 2 Above 1000cc to 1300cc 1,000 3 Above 1300cc to 1500cc 1,700 4 Above 1500cc to 2000cc 2,500 5 Above 2000cc to 2500cc 3,400 6 Above 2500cc 4,200 Public Service Vehicles (Per Seat Per Year) S.No Vehicle Category Tax (Rs) 1 8-seater 350 2 13-seater 400 3 15-seater 500 4 16-seater 600 5 42-seater 700 6 52-seater 850 Commercial and Loading Vehicles S.No Vehicle Category Annual Tax (Rs) 1 Laden weight up to 1,250kg 500 2 Above 1,250kg to 2,030kg 1,000 3 Above 2,030kg to 4,060kg 1,000 4 Above 4,060kg to 6,090kg 6,600 5 Above 6,090kg to 8,120kg 6,600 6 Above 8,120kg 12,000 7 Above 8,120kg to 12,000kg 12,000 8 Long trailers/vehicles above 12,000kg to 16,000kg 18,000 9 Long trailers/vehicles above 16,000kg 24,000 10 Tractor (with trolley) 2,600 11 Tractor (without trolley) 2,600 The revised token tax regime forms part of the government’s fiscal measures under the Finance Act, 2026 aimed at modernising the taxation framework for motor vehicles in the Islamabad Capital Territory. The new rates are applicable from July 1, 2026, and vehicle owners will be required to pay token tax in accordance with the updated schedule prescribed under the amended law.
SINDH PA BUDGET DEBATE BECOMES POLITICALLY CHARGED
Date: 2026-06-29
Details: Published June 28, 2026 Updated a day ago By Anwar Khan KARACHI: The Sindh Assembly’s fiscal year 2026-27 budget debate turned politically charged on Saturday as the treasury claimed sharp drops in crime, announced a landmark minimum wage, and signaled legislation to classify gutka and mawa as narcotics, while the opposition hit back over unresolved civic failures. Presided over by Speaker Awais Qadir Shah, the session spanned law and order, katcha operations, narcotics, local government, workers’ welfare, and the Sindhi-Muhajir political divide, with the atmosphere turning emotional and combative on multiple occasions. Home Minister Zia ul Hassan Lanjar told the house that street crime and violent crime fell 40 percent year-on-year, the overall crime rate dropped 10 percent, and terrorism incidents declined 80 percent across the province. He said no major terrorist attack struck Karachi this year. The CTD conducted 642 intelligence-based operations and arrested 66 terror-linked individuals. A foiled plot involving 200 kilograms of explosives recovered from a Mazda vehicle was cited as a major success. MQM Deputy Parliamentary Leader Taha Ahmed, however, demanded that debate not descend into political point-scoring, saying progress in Sindh and Karachi requires cooperation on equal footing rather than contested statistics. In the katcha region, the Nijat-e-Mehran Operation killed 48 bandits, secured the surrender of 539 others, and reclaimed 115,000 acres from criminal control, with police now maintaining effective authority over areas long considered ungovernable. On mobile snatching, still a raw nerve for residents, incidents fell 7 percent. The CPLC is launching a dedicated app to register phone transactions and track stolen devices, having already returned 2,458 snatched phones to their owners. Jameel Soomro, Political Secretary to PPP Chairman Bilawal Bhutto Zardari, countered by raising unresolved waiting lists for teachers, early childhood educators, science teachers, and police constables as delivery gaps the government could not talk its way past. The narcotics discussion produced the session’s most striking moments. Lanjar acknowledged a serious drug crisis among Karachi’s youth, with cocaine, ice, and hashish use rising and reports of minors consuming drugs. He called for drug testing legislation, adding pointedly that cocaine is entering Pakistan not through Karachi Airport but Lahore and Peshawar airports. His claim that drew immediate attention on the floor. Taha Ahmed objected to the tone of such assertions, insisting mutual respect must hold even amid sharp disagreement, and that public issues must take precedence over political point-scoring. PPP’s lady legislator, Faryal Talpur urged the house to amend existing law to bring gutka and mawa under the Narcotics Act, describing their spread from coastal districts to Shaheed Benazirabad as a public health emergency requiring urgent legislative action. Labour Minister Saeed Ghani delivered one of the session’s most combative addresses, announcing that Sindh will become the first province to enforce a minimum wage of Rs43,000 from July 1, approved through the minimum wage board with representation from both employers and workers. Income tax deductions on workers’ welfare funds have been eliminated, with the exemption set to extend to other provinces. The Social Security department met its Rs13.5 billion collection target after contributions moved online, while 2.5 million workers and their families received free medical treatment this year — up 150,000 from the previous two years. Ghani methodically dismantled media allegations of fraudulent recruitments, clarifying that 291 — not 300 — paramedical posts were filled through a legitimate 2022 advertisement, with only 112 candidates joining. On the SESSI dual-salary scandal, 31 employees were dismissed and recovery proceedings initiated, while 40 others were found on legitimate deputation. He said corruption in the Workers Welfare Board predated his tenure and that court stay orders have repeatedly blocked accountability efforts — a frustration he voiced without restraint. Local Government Minister Nasir Hussain Shah defended the uplift record — hundreds of completed schemes, over 150 small roads rehabilitated, and 15,000 tons of waste collected daily. He said the Provincial Finance Commission, formed in 2023, will now hold regular meetings for fairer resource distribution to local bodies, and argued that Sindh alone is genuinely implementing Article 140-A of the Constitution. The session’s most charged moment came from Ghani, who declared flatly that the PPP is now the largest party in Karachi — a direct challenge to the MQM on its traditional stronghold and warned that opposition numbers will shrink further after the next elections. The debate was under way at the time of this story filing. Copyright Business Recorder, 2026
FBR GRANTS RS438 BILLION TAX EXEMPTIONS FROM TOTAL INCOME: REPORT 2026
Date: 2026-06-29
Details: Taxation June 29, 2026Faisal Shahnawaz Overall income tax concessions rise to Rs580 billion despite decline in exemptions from total income ISLAMABAD: The Federal Board of Revenue (FBR) granted Rs438 billion in exemptions from total income during the tax year covered by the Tax Expenditure Report 2026, according to the report released alongside the federal budget documents. The latest figure represents a slight decline from Rs443.45 billion reported under the same category in the Tax Expenditure Report 2025, indicating a modest reduction in revenue forgone through income tax exemptions. According to the FBR, a person’s total income for a tax year comprises two principal components: income earned under all heads of income during the year and income exempt from tax under the provisions of the Income Tax Ordinance, 2001. The tax authority explained that exemptions from total income are governed by Part I of the Second Schedule to the Income Tax Ordinance, 2001, which specifies categories of income that are excluded from taxation. Overall income tax concessions increase Despite the marginal decline in exemptions from total income, the report showed that overall income tax exemptions and concessions increased to Rs580 billion in 2026, compared with Rs545.23 billion recorded in the previous year’s report. The increase reflects changes across various categories of tax expenditures. According to the report, deductible allowances surged to Rs4.01 billion in 2026 from only Rs71 million a year earlier. Meanwhile, tax credits declined slightly to Rs76 billion, compared with Rs78.61 billion reported in the previous year. A significant increase was recorded under reduction in tax rates, where revenue forgone rose sharply to Rs50.71 billion, compared with just Rs3.46 billion in the Tax Expenditure Report 2025. In contrast, reduction in tax liability fell substantially to Rs11 billion from Rs19.64 billion a year earlier. Purpose of the report The Tax Expenditure Report provides an estimate of government revenue forgone through exemptions, concessions, reduced tax rates, credits and other preferential tax treatments. It is intended to improve transparency in fiscal policy by highlighting the cost of tax incentives provided under Pakistan’s tax laws. Tax experts note that while many exemptions are designed to support investment, promote specific sectors and provide social relief, they also reduce the government’s revenue base. They argue that regular evaluation of tax expenditures is essential to ensure that such concessions achieve their intended economic objectives while maintaining fiscal sustainability.
OIL CLIMBS FOLLOWING RENEWED US, IRAN STRIKES IN MIDDLE EAST
Date: 2026-06-29
Details: • Brent crude futures climbed 58 cents, or 0.8%, to $72.57 a barrel Published June 29, 2026 Updated 35 minutes ago By Reuters SINGAPORE: Oil prices rose on Monday following days of tit-for-tat strikes by the US and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of Hormuz. Brent crude futures climbed 58 cents, or 0.8%, to $72.57 a barrel at 0207 GMT while U.S. West Texas Intermediate crude was at $70.11 a barrel, up 88 cents, or 1.3%. “There’s still plenty of risk facing the oil market. Even so, participants â appear to be … focusing on what a continued recovery in oil flows would mean for the global balance,†ING analysts said in a note on Monday. “This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow.†Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the strait rose last week to their highest level since the US-Israeli war on Iran began in late February. However, traffic has since slowed following renewed attacks on ships in the strait from Thursday, including a Qatar-linked oil tanker, that triggered strikes from the U.S. and Iran in the worst â escalation since they signed an interim peace deal. Capping oil price gains, Iran and the US agreed to halt recent hostilities in the Gulf and renew talks regarding their dispute over the Strait of Hormuz, a US official said on Sunday. “The market is likely to re-evaluate its assumption of a quick recovery of oil supply from â the Persian Gulf,†ANZ analysts said in a note. Saudi oil giant Aramco resumed crude oil loadings on Friday at its Ras Tanura terminal, west of the Strait of Hormuz, after they were halted for nearly four months, as â oil producers ramped up output and exports ahead of an interim deal. Loadings continued even after a helicopter belonging to the company crashed on Sunday at Ras Tanura, killing 14 nationals. The cause of the â crash was unknown. “Physical flows are constrained by tanker backlogs, damaged infrastructure and production shut-ins. It could take the remainder of the year before supply is near pre-conflict levels,†ANZ analysts said.
WCO Council discusses how to build the foundations for Customs to leverage data as a strategic asset
Date: 2026-06-28
Details: 28/06/2026, 18:46 World Customs Organization Giving data the attention it deserves: WCO Council discusses how to build the foundations for Customs to leverage data as a strategic asset 27 June 2026 Panel discussion during the WCO Council Sessions on “Data as a Strategic Asset: Shaping the WCO's Role in a Data-Driven Customs Landscapeâ€. Discussions focus on technical, policy and regulatory arrangements across the full data lifecycle. Investment, safeguards and capacity building are all elements that need to be strengthened for Customs to leverage data. In recent decades, with the digitalization of processes and procedures, data has become a key asset for Customs administrations. Strengthening the use of data is considered by the WCO as key to enhancing targeting capacities, improving operational processes, and engaging meaningfully with trading partners and international organizations. For the WCO, the challenge is no longer instilling the value of data, but ensuring its Members build the governance, capabilities and trust needed to use it effectively. Although much of the attention is usually placed on methods and tools to analyse data, specific care is needed to ensure that data itself receives the attention it deserves in high-level policy discussions. Access to timely, high-quality, reliable and well-governed data is a prerequisite for the effective use of data and, if the issues in the underlying data, including its quality and governance, are not addressed, investments in technologies such as artificial intelligence (AI) will not produce the expected results in terms of operational performance. To enable WCO Members to share their practice and experience with respect to data, a panel discussion was held as part of the June 2026 Council Sessions. Under the title “Data as a Strategic Asset: Shaping the WCO's Role in a Data-Driven Customs Landscapeâ€, panellists from United Kingdom HM Revenue & Customs, Mauritius Revenue Authority and Japan Customs introduced their administrations’ approach to data governance, explained how they have built internal capacity and discussed how to navigate the challenges associated with data-sharing and the deployment of emerging technologies. Developing a data governance framework can be complex, requiring careful planning and execution As data becomes more central to Customs operations, the question is not only how to use it, but also how to protect and manage it properly. The panellists explained their approach to data governance, namely a mix of technical, policy and regulatory arrangements across the full data lifecycle. They highlighted that the objective of a data governance framework is to ensure that the data is accurate, consistent and secure. “Data governance is not about limiting the use of data. It is about enabling its trusted useâ€, said one of the panellists. The first step in building such a framework is to evaluate existing policies related to data ownership, classification, quality, security, and privacy, to align them with regulatory requirements and best practice. Data standards and definitions must also be examined. When so doing, a cross-functional collaboration approach should be adopted to ensure that the development of a data governance framework does not take place in isolation but instead involves a wide range of experts, including those working in the IT, operational and legal departments, with each of their roles and responsibilities clearly defined. Data management must be grounded in the understanding of the Customs administration’s wider future strategy Data is a means, not an end. The panellists pointed out that data management should be treated as a strategic discipline with a long-term road map, rather than as a one-off IT project. The focus should therefore not just be on addressing legal issues, but also on understanding where the Customs administration wants to get to in the future. Key Customs data and analytical functions should be created within the administration Any data operating model should define roles, responsibilities and processes, and standards for managing data across the administration. The roles must be clear and meaningful, with real accountability and capability behind them. A panellist explained that, in his administration, a team bringing together data governance, design, exploitation and innovation functions had been established to support operational analytical use of data. These professionals work collaboratively as embedded members of multi-functional teams, including policy, operational, project management and digital staff and, in many cases, external suppliers, that plan, manage and deliver key Customs transformation investments. Alongside data and analytical professionals, these multi-functional teams work through expanding data design, data exploitation and data innovation. They apply user-centred design principles to ensure that data is defined, structured and applied in ways that better meet operational requirements and analytical policy, as well as customers’ needs in many cases. An internal governance function is also needed to oversee the deployment of AI tools, avoid fragmented or uncoordinated adoption of AI and ensure transparency https://www.wcoomd.org/en/media/newsroom/2026/june/giving-data-the-attention-it-deserves.aspx?p=1 1/2 28/06/2026, 18:46 World Customs Organization Practice related to the deployment of AI tools was also addressed, with a panellist explaining that his administration had ensured that it had central visibility and oversight of AI use cases through the creation of a specific function within the administration, as well as the establishment of an internal governance body. This avoids fragmented or uncoordinated adoption, allowing assurance of safe adoption and sharing of insight and tooling across the administration. It also enables the administration to identify the highest value initiatives, give them priority and take them forward safely. Implementing a data policy requires investment in technological tools Panellists also pointed out that robust information and communication technology (ICT) systems and tools must be put in place to maintain confidentiality, integrity, availability, accuracy, legitimacy, and accountability during data collection, processing, storage, sharing, and disposal. Examples include next-generation firewalls, intrusion prevention and detection systems, endpoint solutions, system-to-system data-sharing without human intervention, and access control mechanisms. Data exchange can only progress as fast as the trust and the safeguards underlying the exchange Rules governing data should also address the issue of data-sharing with foreign administrations, and this means bringing data protection experts on board. “Data should be shared only when the purpose of its use is defined, and the conditions of its use are secure. In practice, this means that data-sharing is based on bilateral or multilateral agreements which stipulate which data can be shared, how it can be used, and how it must be protectedâ€, explained a panellist. The capacity gap between Members will continue to widen unless we invest in capacity building While acknowledging that technology deployment must remain Member-driven and sensitive to operational realities, the panellists recognized that there is a need to close the gap between administrations in terms of data infrastructure development and data governance, to enable them to implement AI and machine learning tools efficiently. WCO Members have contributed to a comprehensive set of resources under the Smart Customs Project, funded by China Customs. Leveraging these resources, regional and national workshops are regularly held to develop recommendations and road maps with participants, including to build strong data frameworks. Finally, under the BACUDA Project, the WCO has released an e-learning course on building data governance frameworks within Customs administrations. This course, available to Customs officers on the WCO CLiKC! platform under the title “Data Governance for Customsâ€, covers core components of data governance including strategy, policies, roles, data quality, and security, as well as practical tools and Customs case studies. The development of the e-learning course was funded by the Customs Cooperation Fund of Korea (CCF/Korea). The panel discussion was moderated by Werner Ovalle, Superintendente de Administración Tributaria at the SAT Guatemala, with the following participants: Gavin McCann, Head of Border Innovation Strategy, HM Revenue & Customs Rajendra Gupta Ramnarain, Director, Customs, Mauritius Revenue Authority Yasuo Fujinaka, Director, Customs Clearance Division, Customs and Tariff Bureau Japan Customs
JI PRESENTS ‘RS300BN SHADOW BUDGET’ FOR KMC
Date: 2026-06-28
Details: Published June 28, 2026 Updated a day ago By Recorder Report KARACHI: Jamaat-i-Islami’s opposition bloc in the Karachi Metropolitan Corporation (KMC) on Saturday unveiled a Rs300 billion shadow budget for 2026-27, saying the city’s proposed Rs60 billion outlay fell far short of its actual needs. Addressing a press conference at Faran Club, KMC Opposition Leader Saifuddin Advocate said Karachi’s budget was negligible compared to those of major regional cities. He said Delhi, with a population of around 15 million, had an annual budget of Rs520 billion, while Mumbai’s stood at Rs2.2 trillion. Even a Rs300 billion budget for Karachi, he added, would be seven times smaller than Mumbai’s. Presenting the shadow budget, Saifuddin demanded that KMC receive a minimum allocation of Rs300 billion for the new fiscal year. He called for revenues generated through the motor vehicle tax, infrastructure cess and betterment charges to be transferred to local government institutions. He recalled that former Karachi mayor Abdul Sattar Afghani had led a historic campaign for the transfer of motor vehicle tax revenues to the city government and urged the provincial government to act on that demand. Saifuddin said Karachi generated around Rs180 billion annually through infrastructure cess and argued these funds, along with betterment charges, should accrue to local governments. He also demanded that Octroi Zila Tax, other grants and Provincial Finance Commission transfers — amounting to roughly Rs100 billion — be provided to KMC. He said KMC currently raised only around Rs6 billion from its own sources and urged the civic body to grow that figure to Rs10 billion. Combined with the proposed transfers, he said, the total budget could reach Rs300 billion. Saifuddin also called for fiscal decentralisation, saying funds should flow down to town administrations and union committees, with each union committee receiving at least Rs100 million annually. Turning to Mayor Murtaza Wahab, the opposition leader rejected the mayor’s claim of making KMC financially self-reliant, saying own-source revenues accounted for only about 20 percent of the civic body’s budget. He referred to former city nazim Naimatullah Khan, saying that after adjusting for the dollar exchange rate, the budget presented in 2005 was nearly three times larger than the current KMC budget. Saifuddin said Murtaza Wahab had spent Rs201 billion since 2021 — including his tenure as administrator before becoming mayor — yet Karachi’s civic conditions had continued to deteriorate. He blamed the provincial government and KMC for widespread corruption and mismanagement, saying most public funds were lost before reaching citizens. He also criticised the provincial government’s control over key municipal institutions, including the water utility and solid waste management system, arguing they should function under the elected city government in line with the Constitution and Supreme Court directives. He further noted that the budgets of the Karachi Water and Sewerage Corporation and the Sindh Solid Waste Management Board were not reflected in the KMC budget, even though funds meant for towns and union committees were being used for their operations. A short documentary on the struggle for local government elections and devolution of powers was screened ahead of the press conference. KMC Deputy Parliamentary Leader Junaid Makati, Fazal Ahad, Taimur Ahmed, and several union committee chairmen and vice-chairmen also attended. Copyright Business Recorder, 2026
PUNJAB PA PASSES BUDGET FY27 AMID OPPOSITION BOYCOTT
Date: 2026-06-28
Details: Published June 28, 2026 Updated a day ago By Saeed Akhtar Baloch LAHORE: The Punjab Assembly on Saturday approved the FY2026–27 provincial budget amid strong protests from the opposition. The House also passed the Finance Bill and approved 131 demands for grants. At the outset of the session, Deputy Speaker Malik Zaheer Iqbal Channar, who chaired the proceedings, commended the Punjab government, police, Rangers, the Counter Terrorism Department (CTD), and other relevant institutions for maintaining peace and security during Muharram. The House witnessed heated exchanges between the treasury and opposition benches during the approval of budgetary grants. Senior Minister Marriyum Aurangzeb strongly defended the government’s performance, arrangements for Ashura, and ongoing development initiatives, while opposition members staged protests, raised slogans, and criticised the government’s conduct. Opposition lawmakers walked out of the House after alleging they were not given an opportunity to speak. Following the walkout, the Assembly approved all 131 demands for grants and the Finance Bill. Addressing the House, Senior Minister Marriyum Aurangzeb said the arrangements for Ashura should not be politicised. She stated that 124,000 security personnel were deployed across the province, while thermal drones, QR code monitoring, Safe City surveillance cameras, and other advanced technologies were used for the first time to ensure comprehensive security. She further said the government had launched 437 development schemes, of which more than 340 have already been approved. Work is progressing rapidly on projects related to infrastructure development, environmental protection, climate change, smog control, forestry, clean drinking water, South Punjab, and public welfare. She also criticised the opposition, claiming its members had neither read the budget nor examined the facts. During her speech, opposition members stood from their seats and continuously chanted slogans, creating a tense atmosphere in the House. Treasury lawmakers responded with counter-slogans, while Special Assistant to the Chief Minister Zeeshan Malik, Education Minister Rana Sikandar Hayat, and other government members waved wristwatches and chanted slogans against the opposition. Minister for Parliamentary Affairs Mujtaba Shuja-ur-Rehman urged the Deputy Speaker to suspend opposition members who, he alleged, had used inappropriate language and raised slogans against the government leadership. He said the Business Advisory Committee had previously agreed that no remarks would be made against parliamentary leadership. The opposition first protested, then pointed out a lack of quorum, and eventually boycotted the proceedings by walking out during the approval of the budgetary grants. The government, however, continued with the proceedings and completed the passage of the budget. The Punjab Assembly ultimately approved all 131 demands for grants along with the Finance Bill, formally passing the FY2026–27 provincial budget. After completing the agenda, the session was adjourned until Monday at 11:00am. Copyright Business Recorder, 2026
MANUFACTURERS AND IMPORTERS FOUND DEFAULTERS FOR RS6.52BN INCOME TAX, FBR ASKED TO RECOVER
Date: 2026-06-28
Details: Taxation June 28, 2026Hamza Shahnawaz Audit urges FBR to expedite recovery proceedings against 1,779 taxpayers over uncollected advance income tax ISLAMABAD: Pakistan’s tax authorities have been directed to recover more than Rs6.52 billion in unpaid advance income tax after an audit uncovered widespread non-compliance by manufacturers, importers, distributors and wholesalers during fiscal years 2022-23 and 2023-24. According to audit findings, 1,779 taxpayers across 16 field formations of the Federal Board of Revenue (FBR) failed to collect advance tax from retailers, wholesalers and distributors at the time of sale, resulting in a revenue shortfall of Rs6.521 billion. Audit Flags Major Tax Recovery Gap The audit report noted that Sections 236G and 236H of the Income Tax Ordinance, 2001 require manufacturers, commercial importers, distributors, dealers and wholesalers to collect advance income tax at prescribed rates while making sales to specified persons. Under Section 161 of the ordinance, any person responsible for collecting tax becomes personally liable if the tax is not collected or deposited with the government. Despite these legal provisions, auditors observed that the FBR did not initiate timely recovery proceedings against defaulters, leading to the accumulation of substantial unpaid tax liabilities. The irregularities were identified between February and November 2024 during an audit of tax years relating to fiscal years 2022-23 and 2023-24. Only Fraction of Tax Recovered In its response, the FBR informed auditors that only Rs0.52 million had been charged and recovered. The department further stated that Rs3.42 million had been charged but remained unrecovered. According to the report, legal proceedings involving Rs6.510 billion were underway but had not yet been finalised, while cases worth Rs6.60 million remained pending before courts. The audit highlighted that the overwhelming majority of the disputed amount remains outstanding. DAC Orders Swift Recovery Action The Departmental Accounts Committee (DAC), during meetings held between July 2024 and January 2025, directed the FBR to accelerate recovery efforts and complete pending legal proceedings. The committee also instructed tax officials to pursue sub judice cases through appropriate legal channels and submit compliance reports to both audit authorities and the FBR. However, auditors noted that no significant progress had been reported before the finalisation of the audit report. Call for Stronger Enforcement The audit recommended that the FBR immediately recover admitted liabilities, expedite legal proceedings and strengthen enforcement mechanisms to prevent future revenue leakages. It also suggested monitoring compliance through a risk-based desk audit system targeting retailers, distributors and wholesalers. Tax experts say advance tax collected under Sections 236G and 236H remains an important component of Pakistan’s withholding tax framework and a significant source of government revenue. The recovery of more than Rs6.52 billion in outstanding taxes could support revenue collection efforts and help strengthen fiscal stability as Pakistan seeks to broaden its tax base and improve compliance across the supply chain.
FINANCE ACT, 2026: NEW TAX MEASURES ENFORCE FROM JULY 1
Date: 2026-06-27
Details: Budget 2026-27 Taxation June 27, 2026Faisal Shahnawaz President signs Finance Bill 2026, paving the way for implementation of the FY2026-27 federal budget and revised tax regime ISLAMABAD: The Finance Act, 2026 has officially become law after President Asif Ali Zardari signed the Finance Bill, 2026, clearing the way for the implementation of the Federal Budget 2026-27 and a wide range of new taxation measures from July 1, 2026. Following the President’s assent, the Finance Bill will be forwarded to the Printing Corporation of Pakistan for publication in the official Gazette. Upon publication, the Finance Act, 2026 will formally come into force, providing the legal basis for the federal government’s fiscal and taxation policies for the new financial year. According to officials in the Ministry of Finance, the implementation of the Rs18.71 trillion Federal Budget for FY2026-27 will commence on July 1, with all ministries, government departments and public sector organisations required to operate under the new budgetary framework. The Finance Act introduces a comprehensive package of tax measures, including revisions to income tax, sales tax, federal excise duty and customs duty. The changes are aimed at broadening the tax base, enhancing revenue collection, improving tax compliance and supporting the government’s fiscal consolidation programme. The legislation also incorporates amendments to various tax laws approved by Parliament during the budget process, providing the Federal Board of Revenue (FBR) with the legal authority to implement new tax rates, exemptions, compliance requirements and enforcement measures from the beginning of the new fiscal year. Businesses, importers, exporters and taxpayers across the country will be required to comply with the revised taxation regime, while customs authorities will begin enforcing updated duty structures on imported goods in accordance with the Finance Act. The enactment of the Finance Act marks the completion of the constitutional budget approval process after the Finance Bill was debated and passed by both the National Assembly and the Senate before receiving presidential assent. Economic analysts say the implementation of the new fiscal measures will be closely watched by businesses and investors, as the government seeks to achieve its ambitious revenue targets while maintaining macroeconomic stability under its ongoing economic reform agenda. With the new financial year commencing on July 1, the Finance Act, 2026 will serve as the principal legal framework governing Pakistan’s taxation system and federal budgetary operations for FY2026-27.
REFLECTIONS ON FEDERAL BUDGET FY27—II
Date: 2026-06-27
Details: Published June 26, 2026 Updated a day ago By Dr Omer Javed Here, it needs to be pointed out that it is highly strange to see that the government has apparently not pursued enhanced special drawing rights (SDR) allocation from International Monetary Fund (IMF) on the same lines it received in August 2022, as part of the overall enhanced SDR allocation received globally to countries. Given the highly significant impact of commodity shock, especially in terms of oil prices during the conflict, especially to net oil importing countries like Pakistan, while it was expected that IMF will announce such an enhanced allocation at the global level, or at least for net oil importing countries, nevertheless it would have made sense that the country budgeted some amount to highlight to IMF its intent in this regard. If an effort has already been made with IMF to convince them to release such an amount, and the response has been in the negative, that should have been shared with the public at large so as to make clear that this otherwise important step that the government should take has in fact been taken. So, while it is important to make fiscal deficit sustainable, it is important to understand the positive consequences of sustainable primary deficit, especially in the context of high level of development needs of a developing country. This may be done through rationalizing non-development (current) expenditure, reducing interest payment-related expenditure, enhancing tax base, applying creative taxation – for instance, meaningful wealth tax, and taxing windfall profits of energy companies – lowering losses of SOEs through restructuring, meeting their financing needs through creative solution, and as earlier indicted, better rationalizing expenditure responsibilities of Centre and federating units as per the 18th Constitutional Amendment. In the absence of significant progress made on above aspects, for instance, among possible others, reaching primary surplus has meant a reduction in development expenditure. Having said that, as per budget estimates for the upcoming fiscal year, primary surplus (fiscal austerity) is still being targeted at Rs.2.8 trillion (2 percent of GDP), which is slightly less than the revised estimates for the ongoing fiscal year at Rs 3.2 trillion (2.5 percent of GDP). Moreover, fiscal deficit still is budgeted at an increase of Rs 1.9 trillion for the next fiscal year, from the revised estimates of the ongoing fiscal year to stand at around Rs 7.0 trillion. Here, even after receiving a provincial surplus as per budgetary estimates for the upcoming fiscal year at Rs 1.8 trillion, stood at a higher level by Rs 1.5trillion over the revised estimates for FY2025-26 to stand at Rs 5.2 trillion for FY2026-27. It needs to be pointed out that receiving provincial surplus means lesser fiscal space to make overall spending, including development spending for the provinces. Moreover, this means that the government does not appear to reverse its heavy borrowing trend, along with not rebalancing monetary austerity in favour of more balanced approach, which is playing a significant role in enhancing fiscal deficit, even when the government intends to target primary surplus. This, in turn, means less fiscal space overall, and less development spending; where federal public sector development programme (PSDP) was kept at the same Rs 1 trillion for the upcoming fiscal year, which is the same as budgeted for the ongoing fiscal year, while provincial PSDP being budgeted at Rs 2.2 trillion for FY2026-27, is lower than that budgeted for FY2025-26 by around Rs 645 billion! Hence, with regard to interest payment on borrowing, the budget estimates for FY2026-27 stood at Rs 8.1 trillion, which is around half of the total current expenditure estimate for the upcoming fiscal year at Rs 17.1 trillion. Imagine the fiscal space if this were halved, under a much-more effective balanced aggregate demand- and supply-side policy emphasis with regard to reining in inflation – which means not employing over-board monetary- and fiscal austerity policies – and will allow significantly contributing towards an otherwise much-needed counter-cyclical boost to economic growth. As expected, therefore, federal PSDP is far less than primary surplus being targeted as per budget estimates for FY2026-27, and the high level of interest payments budgeted for the upcoming fiscal year. Overall, practice of procyclical policy, which has been going on over a number of years now, has been continued, instead of adopting counter-cyclical policy for reaching much-needed higher level of economic growth. Moreover, high level of interest payments related expenditure at the back of monetary austerity, and lack of enhancement of tax base, including no tax on windfall profits of energy companies, as much-needed creative tax measures to better share the burden of increase in oil prices, will likely to continue to keep borrowing for private sector at a low level. Hence, practice of monetary- and fiscal austerity, and higher level of interest payments, all indicate towards continuation of practice of pro-cyclical policy. In terms of priorities, while water resource management is an exceedingly important budgetary objective, only Rs103.1 billion – composed of ‘Development expenditure of water resource division’ at Rs 55.3 billion, and ‘External development loans and advances of water resource division’ at Rs.47.8 billion – have been indicated as budgetary estimate for FY2026-27, and is only around one-tenth of the federal PSDP budgetary estimate for FY2026-27 at Rs1 trillion. Also, while there is emphasis in the budget speech to reduce subsidies for removing distortion in prices – although subsidies being price distortionary, but hold the potential to positively impact growth and welfare – a similar approach of removing distortion from prices by significantly reducing indirect taxes has not been adopted, including continuation of application of petroleum levy (PL), which also distort prices. PL, in fact, saw an increase from revised estimate for FY2025-26 by Rs 178.5 billion to stand at budgetary estimate of Rs 1.7 trillion for FY2026-27; where it needs to be pointed out that the budgeted estimate for PL for the ongoing fiscal year was less than the revised estimate by Rs 29.6 billion. Having said that, the budgetary estimate for FY2026-27 stood at Rs 1.1 trillion, which is less than budgetary estimate of price distorting, regressive, consumption (indirect) tax for the ongoing fiscal year by Rs.6.6 trillion to stand at Rs.7.7 trillion, which means a much-higher price distortionary impact coming from indirect taxes than from subsidies. It is strange that while nominal GDP budgetary estimate for the upcoming fiscal year stands at Rs 143.6 trillion, budgetary estimate for direct taxes for FY2026-27 only make up 5.3 percent of nominal GDP or Rs 7.6 trillion. Enhancement in direct taxes along with expenditure rationalization, and overall adopting counter-cyclical policy will lead to lesser need for indirect taxes, which are not only regressive, and also negatively impact domestic production, exports, poverty and inequality – not to mention similar negative consequence on political voice – but also likely negatively affect productive and allocative efficiencies. Here, indirect taxation in electricity bills, and that too at a significantlyhigh rate, together with PL, increased energy prices significantly, which, in turn, enhances overall inflation through the channel of cost-push inflation; not to mention creating hardship for the people, where at least around one-third of the population is below the poverty line, as per official statistics, and around 45 percent of the population as per World Bank. Moreover, it is quite shocking that government calls PL in ‘Table - 20’ of the ‘budget in brief’ documentas holding ‘climate relevance’ for all practical purposes is likely to produce little disincentivizing impact in terms of shifting people from fossil-fuel based transportation, given a serious lack of public transportation, especially in terms of EVs as public transport, and lack of incentives on solar energy also make it difficult for people to shift to EV bikes, for instance, given the affordability issue of solar energy and high prices of electricity from the grid being a significant hurdle in charging EVs. Hence, putting PL to discourage use of fossil-fuel based transportation is an unproductive measure, and mostly brings hardship as people have little choice in terms of shifting to more environment-friendly modes of transportation in the shape of public or individual transport, especially electricity-based transportation. (CONCLUDED) Copyright Business Recorder, 2026
FBR OFFICIALS FACE HECTIC WORKING HOURS NEXT FOUR DAYS FOR TAX COLLECTION
Date: 2026-06-27
Details: Taxation June 27, 2026Faisal Shahnawaz Tax offices to remain open over the weekend and until midnight on June 30 as FBR races to meet revised revenue target ISLAMABAD: Officials of the Federal Board of Revenue (FBR) are set to work extended hours over the next four days as the tax authority intensifies efforts to maximise revenue collection before the close of fiscal year 2025-26. The FBR has introduced special working arrangements for Inland Revenue field formations across the country to facilitate taxpayers and accelerate the collection of taxes and duties during the final days of June. In an official memorandum issued, the FBR directed all Chief Commissioners of Inland Revenue at the Large Taxpayers Offices (LTOs), Medium Tax Office (MTO), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) to keep their offices operational throughout the weekend and observe extended working hours until the end of the fiscal year. Under the revised schedule, tax offices will remain open during normal office hours on Saturday, June 27, 2026, and Sunday, June 28, 2026. Field formations have also been instructed to remain open until 8:00 pm on Monday, June 29, and midnight on Tuesday, June 30, the final day of FY2025-26. The extended working hours are intended to facilitate taxpayers in meeting their obligations while enabling the tax authority to maximise revenue collection before the fiscal year closes. According to official figures, the FBR collected approximately Rs11.227 trillion during the first eleven months of the fiscal year, covering the period from July 2025 to May 2026. To achieve its revised annual revenue target of Rs12.98 trillion, the tax authority must collect nearly Rs1.75 trillion during June, highlighting the scale of the challenge in the final month of the fiscal year. The FBR was initially assigned a revenue target of Rs14.13 trillion, but the objective was revised downward on multiple occasions amid weaker-than-expected economic activity, slower import growth and other factors affecting tax collection. Government officials have attributed the revenue shortfall to subdued economic activity, lower import volumes and geopolitical tensions in the Middle East, which adversely affected customs duties and other tax receipts during the year. The latest directive reflects the FBR’s determination to strengthen revenue mobilisation before June 30 by ensuring uninterrupted services at tax offices and facilitating the prompt processing of tax payments. To support the year-end revenue drive, the State Bank of Pakistan (SBP) has also announced special banking arrangements for taxpayers. At the request of the FBR, the central bank has instructed all commercial banks to extend banking hours and maintain uninterrupted digital payment services to facilitate the collection of government taxes and duties. According to the SBP, all Saturday-opening branches of commercial banks, along with National Bank of Pakistan (NBP) branches authorised to collect Customs duties, will remain open from 9:00 am to 5:00 pm on Saturday, June 27, 2026. Banks have also been directed to extend branch operations until 8:00 pm on Monday, June 29, and 10:00 pm on Tuesday, June 30, while designated NBP branches collecting Customs duties will remain open until 11:59 pm on the last day of the fiscal year. The SBP has further instructed banks to ensure that designated branches remain operational for as long as necessary to facilitate the Special Clearing of Government Transactions through National Institutional Facilitation Technologies (NIFT). In addition to extended branch operations, banks have been directed to keep internet banking, mobile banking applications, automated teller machines (ATMs) and other digital payment channels fully operational to enable taxpayers to make payments without disruption. Tax experts believe the coordinated measures by the FBR and the SBP will ease pressure on taxpayers during the year-end rush, reduce congestion at bank branches and encourage greater use of digital payment channels. They also expect the extended working hours to improve the efficiency of government revenue collection as the tax authority strives to narrow the gap between actual collections and its revised target.
FBR RESTRICTS GREEN CHANNEL FOR IMPORTERS WITHOUT DIGITAL INTEGRATION
Date: 2026-06-27
Details: Taxation Top stories June 26, 2026Faisal Shahnawaz Non-compliant importers to face stricter customs scrutiny as FBR accelerates digital transformation drive ISLAMABAD: The Federal Board of Revenue (FBR) has decided to withdraw the green channel facility for importers that fail to integrate with its digital invoicing system, in a significant move to strengthen customs compliance and accelerate the tax authority’s digital transformation agenda. According to FBR sources, importers that have not completed integration with the digital invoicing platform will no longer qualify for green channel clearance and will instead be routed through the red or yellow channels, where consignments are subject to enhanced customs scrutiny and verification. A senior FBR official said the measure is aimed at encouraging businesses to comply with the mandatory digital invoicing regime while improving transparency and reducing tax evasion through technology-based enforcement. To identify non-compliant businesses, the FBR has compiled data on importers whose imports exceeded Rs10 million during the past 12 months. These businesses have been prioritised for integration under the authority’s digital documentation programme. Official figures show that Pakistan currently has 21,944 sales tax-registered importers. Of these, 11,709 have been enrolled under the digital initiative, while 10,762 have successfully completed integration with the FBR’s digital invoicing system. The digital invoicing programme forms a central pillar of the FBR’s broader Transformation Plan, which seeks to modernise tax administration, improve documentation of the economy and enhance revenue collection through greater use of digital technologies. According to the FBR, the transformation initiative has already produced encouraging results. The number of income tax returns filed has increased from 3.7 million to 7.0 million, representing growth of 91.5 percent. During the same period, net tax chargeable rose from Rs1.86 trillion to Rs3.73 trillion. The tax authority also reported significant gains from technology-driven enforcement measures. Production monitoring in the sugar sector generated an estimated Rs37 billion in additional annual tax collection, while fraudulent sales tax refund claims worth Rs9.8 billion were successfully blocked. More than 25,000 taxpayers with a combined turnover of approximately Rs39.3 trillion are currently in the digital invoicing implementation pipeline, highlighting the scale of the ongoing documentation drive. Meanwhile, the value of transactions recorded through POS-registered retailers has increased to Rs2.9 trillion, reflecting broader documentation of retail sales and greater compliance among registered businesses. The FBR further disclosed that its artificial intelligence-based audit selection system has identified more than 200 cases involving potential tax liabilities of Rs13.3 billion, demonstrating the growing role of data analytics in risk-based tax enforcement. Tax experts believe the decision to restrict green channel access will encourage more importers to complete digital integration while strengthening customs controls and improving tax compliance. They note that the initiative forms part of the FBR’s wider strategy to create a transparent, technology-driven tax administration capable of reducing revenue leakages and expanding the documented economy.
FEDERAL, PUNJAB GOVTS’ BUDGETS SHOW INCREASE IN OUTLAYS AT BOTH LEVELS
Date: 2026-06-26
Details: Published June 26, 2026 Updated a day ago By Hassan Abbas LAHORE: The federal government and the Punjab government have unveiled their budgets for fiscal year 2026-27, raising total outlays at both levels even as economists caution that higher spending has yet to translate into visible improvements in education, health, agriculture, and industry. The two budgets have been presented at a time when Pakistan’s economy appears to have regained a degree of stability after several turbulent years, with inflation declining, foreign exchange reserves improving, and concerns regarding an immediate balance-of-payments crisis easing. At the federal level, the government has presented a budget of approximately Rs18.77 trillion compared with Rs17.57 trillion in FY2025-26, with revenue targets increased to Rs15.26 trillion. Debt servicing continues to consume more than Rs8 trillion annually, while defence expenditure has increased to approximately Rs3 trillion. Commenting on the budget, prominent economist and Advisor on political and economic affairs to President Pakistan Peoples Party Central Punjab Raja Pervez Ashraf, Rao Babar Jamil said the continuation of programmes such as the Benazir Income Support Programme, with allocations approaching Rs845 billion, reflects the government’s recognition that many households continue to face significant economic hardship. He observed that while inflation has slowed, prices have not actually fallen, meaning the relief felt by ordinary citizens remains limited. Punjab, meanwhile, has announced a budget of approximately Rs5.9 trillion compared with roughly Rs5.3 trillion in FY2025-26. Notably, the province’s Annual Development Programme has fallen from approximately Rs1.24 trillion to around Rs752 billion, a decline that has raised questions regarding the government’s development priorities going forward. In this context, the question Punjab’s citizens are entitled to ask is a simple one: where is the performance? If education spending continues to increase every year, it remains unclear why millions of children are still out of school, why parents increasingly rely on private schools despite the existence of a vast public education system, and why employers continue to complain about the quality of graduates entering the labour market. Similarly, despite substantial healthcare allocations, government hospitals remain overcrowded, and many citizens continue to rely on costly private healthcare out of necessity rather than choice. Babar said agriculture and industry are also areas that observers believe deserve far greater attention than they have received. Punjab’s farmers continue to face rising input costs, uncertain crop prices, water shortages, and increasing climate-related risks, and the budget could have done more to support farmer productivity through water-efficient irrigation, wider adoption of agricultural technology, crop insurance, and stronger income protection mechanisms for growers. Punjab remains Pakistan’s largest industrial province, yet businesses operating there continue to grapple with high energy costs, regulatory complexity, limited access to finance, infrastructure bottlenecks, and weakening international competitiveness. Copyright Business Recorder, 2026
PTI REJECTS FINANCE BILL
Date: 2026-06-24
Details: Published June 24, 2026 Updated 30 minutes ago By Zulfiqar Ahmad ISLAMABAD: Moments after the National Assembly passed the Finance Bill 2026-27, opposition Pakistan Tehreek-e-Insaf (PTI) rejected it on Tuesday, calling the budget “anti-people†and accusing the government of masking worsening economic conditions with hollow claims of stability. At a meeting of the PTI’s joint parliamentary panel, co-chaired by opposition leader in National Assembly Mehmood Achakzai and acting party chairman Barrister Gohar Ali Khan, the party reviewed the budget session as well as the broader political and economic situation, while further sharpening its criticism of the government’s performance. The party argued that inflation, unemployment and the cost of living continue to rise unchecked, dismissing official claims of macroeconomic “stability†as political messaging detached from the realities faced by ordinary households. Despite their criticism, PTI lawmakers praised their own performance on the floor of the House, insisting they had robustly highlighted fiscal strain and what they termed economic mismanagement throughout the budget debate. The meeting also adopted a resolution condemning National Assembly Speaker Ayaz Sadiq, alleging partisan conduct during the budget session. The party strongly objected to remarks made about opposition leadership, particularly those directed at Achakzai, which it described as inappropriate and politically charged. PTI reiterated its position that the Speaker’s office must remain strictly neutral, warning that this standard was being steadily eroded. Beyond procedural concerns, the opposition also alleged it was being systematically sidelined in parliamentary speaking opportunities and in the visibility of its contributions within media coverage of House proceedings. The meeting further revived long-standing political demands, including calls for the release of former prime minister Imran Khan, along with appeals for improved medical access and family visitation. PTI also reiterated demands for the release of Bushra Bibi and other detained party workers, including those linked to the May 9 unrest, which it continues to describe as politically motivated. Separately, during the National Assembly session earlier in the day, PTI lawmakers turned their attention to the Federal Board of Revenue’s (FBR) proposed AI-assisted “faceless†audit system, warning it could undermine trust in the tax process. Barrister Gohar argued that removing human interaction from audits risks weakening grievance redress mechanisms and eroding taxpayer confidence. He also proposed a significant structural shift in tax policy, suggesting the income tax threshold be raised to an annual Rs3.6 million in line with what he described as international norms. Former National Assembly Speaker Asad Qaiser, speaking on a point of order, broadened the criticism beyond taxation, pointing to economic hardship in the former tribal areas. He cited disrupted trade routes, constrained economic activity, delays in National Finance Commission transfers, and reduced allocations for merged districts, urging targeted relief measures. Another PTI lawmaker, Amir Dogar, warned that inflation and rising utility costs were intensifying pressure on lower-income households, while also criticising tax measures affecting public sector employees and calling for a more equitable distribution of the fiscal burden. Copyright Business Recorder, 2026
35 CHANGES MADE IN FINANCE BILL, 2026: AIRLINES GET SALES TAX EXEMPTION ON AIRCRAFT IMPORT
Date: 2026-06-24
Details: Published June 24, 2026 Updated about an hour ago By Sohail Sarfraz ISLAMABAD: The government has made over 35 major changes in the Finance Bill 2026 and amended Finance Bill to allow all Pakistani airlines to avail sales tax exemption on the import or lease of aircrafts and its parts from July 1, 2027. According to the amendments approved in the Finance Bill 2026 on Tuesday, a new entry in sales tax exemption schedule said, “Import or lease of aircrafts and parts thereof by any airline company registered in Pakistan. This will be effective from July 1, 2027â€. Some amendments relating to the Climate Support Levy in the original Finance Bill 2026 have been dropped through amendments in the Finance Bill. The amendments were proposed in the Petroleum Products (Petroleum Levy and Climate Support Levy Ordinance). The amended Bill revealed that the excise duty on imported electric cars would be calculated based on their values to be calculated US dollars. Zero percent Federal Excise Duty will be applicable on electric cars and electric SUVs, imported in CBU condition having value as determined under section 25 of the Customs Act, 1969, not exceeding USD 75,000. Excise duty of 30 percent would be applicable on electric cars and electric SUVs, imported in CBU condition having value as determined under section 25 of the Customs Act, 1969, exceeding USD 75,000 and up to USD one hundred and ten thousand. Excise duty at the rate of 40 percent would be applicable on electric cars and electric SUVs, imported in CBU condition having value as determined under section 25 of the Customs Act, 1969, exceeding USD one hundred and ten thousand. The amended Finance Bill 2026 revealed that the persons having turnover up to two hundred million may also opt out of fixed tax regime subject to a final and irrevocable certificate filed to the Commissioner before filing of return for tax year 2027. About installment facility on imported mobile phones, the amended Bill said that an individual liable to pay tax on imported mobile phone device through Device Identification, Registration and Blocking System of Pakistan Telecommunication Authority, may be allowed to pay tax in installments as may be prescribed, subject to the condition that all the installments shall be paid before the end of the financial year in which the import is made. The manufacturer shall, apart from any other liability that he may incur, be liable to pay 3 percent value addition tax of imports on an ad valorem basis, along with default surcharge, in case the imported goods are supplied in the same state whether in the same packing, repacked, or in bulk. As per amended Bill 2026, the rate of minimum value addition tax shall be one percent in the case of import of coal, subject to the conditions that such imported coal is exclusively and directly supplied to Independent Power Producers. If any person is found to be involved or abetting in the removal, substitution, damage or otherwise tempering with any goods, whether or not confiscated, at any such place as authorised by the Collector, it added. Under the amended Bill, the income tax exemption would be available on any income derived by a Private Equity and Venture Capital Fund registered under Private Funds Regulations, 2015, if not less than ninety percent of its accounting income of that year, as reduced by accumulated losses and unrealised capital gains, is distributed by the Private Equity and Venture Capital Fund to its unit or certificate holders or shareholders. Provided that this exemption shall not be available if the Private Equity and Venture Capital Fund is established to acquire a public listed company, whose status has not been changed to the private limited company on the acquisition. As per amended Bill, in the case of steel melters, steel re-rollers and composite units, the tax shall be collected on the basis of per unit electricity consumption including use of electricity produced by a captive power plant or through any other alternative source of energy at the rate or rates as prescribed by the Board, through notification in the official Gazette. The tax so collected shall be an adjustable input tax, to be claimed in the return of the month in which such payment is made: Provided also that the Board may prescribe a lower per unit rate or rates of electricity consumption on the basis of input tax paid on imports or other invoices issued through electronic invoicing system digitally issued invoices for compliant and digitally integrated steel melters, re-rollers and composite units to minimise creation of refunds: The per unit sales tax shall be determined by the Board on the basis of minimum notified price and the industrial benchmarks of consumption of electricity against per ton production of steel products, amended Finance Bill added. Copyright Business Recorder, 2026
2024-25 AND 2025-26: NA SET TO APPROVE RS17.378TRN SUPPLEMENTARY GRANTS
Date: 2026-06-24
Details: Published June 24, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The National Assembly is set to approve Rs 17.378 trillion in regular and technical supplementary grants for the financial years 2024-25 and 2025-26. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb would present regular and technical supplementary grants for the financial years 2024-25 and 2025-26 in the Lower House of the Parliament for approval on Wednesday (today). According to the order of the day of the National Assembly for today (Wednesday), a total of Rs12.65 trillion of demands for supplementary grants for the financial year 2025-26. In detail, repayment of Domestic Debt — Rs 12.643 trillion, Election — Rs 455.984 million, and Federal Constitutional Court of Pakistan — Rs 2.25 billion. The Finance Minister would also present a total of Rs 2.644 trillion demands for supplementary grants for financial year 2024-25 in the house for approval. In details; Staff Household and Allowances of the President (Personal) — Rs 208 million, Repayment of Short-Term Foreign Credits — Rs 40.350 billion, Audit — Rs 63 million, Repayment of Domestic Debt — Rs 2.604 trillion (Rs 2 trillion 603.865 billion) About excess demands, the Finance Minister would present a total of Rs 2.088 trillion (Rs 2 trillion 87.572 billion) excess demands for grants for financial year 2024-25. In details; Superannuation Allowances and Pensions — Rs 662.850 million, Foreign Loans Repayment — Rs 1.548 billion, Repayment of Short-Term Foreign Credits — Rs 32.810 million, Servicing of Domestic Debt — Rs 169.322 billion, Repayment of Domestic Debt — Rs 1.916 trillion (Rs 1 trillion 915.924 billion), Federal Ombudsman Secretariat for Protection against Harassment of Women at Workplace — Rs 48.668 thousand and Federal Tax Ombudsman — Rs 81.522 million. Copyright Business Recorder, 2026
FINANCE BILL 2026 CLEARED BY NA AMID OPPOSITION WALKOUT
Date: 2026-06-24
Details: Published June 24, 2026 Updated about 2 hours ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: The National Assembly on Tuesday passed ‘the Finance Bill, 2026’ despite criticism from the opposition, which ultimately staged a walkout, paving the way for the implementation of the 2026-27 budget. The House adopted government-backed amendments and rejected all amendments moved by the opposition. The Lower House has passed the federal budget for the next fiscal year 2026-27, with a total outlay of Rs18.771 trillion, focusing on accelerating the country’s economic growth. Members of the Jamiat Ulema-e-Islam-Fazl (JUI-F) did not join the walkout staged by Pakistan Tehreek-e-Insaf (PTI). The three female members of JUI-F — Aliya Kamran, Naeema Kishwar Khan, and Shahida Begum — participated in the legislative process and other business of the House. The House rejected a total of 63 proposed amendments, mostly moved by the three female members of JUI-F in “The Finance Bill, 2026â€. The House adopted two amendments — one in clause six and the insertion of a new clause 6A — and two amendments in clause five of the bill. These amendments were moved by the Finance Minister in the House. The House approved the amendments. In the Budget-2026-27, the revenue collection target for the Federal Board of Revenue (FBR) is set at Rs15.264 trillion, while the non-tax revenue target is estimated at Rs5.336 trillion for the next fiscal year. A total of Rs1 trillion has been allocated for the federal PSDP 2026-27. The House has approved the largest allocation for the Benazir Income Support Programme (BISP), Rs844.78 billion, to continue its social protection and cash transfer initiatives for low-income households across the country. While discussing the bill, MNA Aalia Kamran questioned whether the government had adequately consulted traders, salaried individuals, small businesses, tax experts, and civil society before finalising the budget. She proposed capping the Petroleum Development Levy at Rs50 per litre, reducing the carbon levy to Rs2.5, lowering taxes on telephone cards and air tickets, and fixing the sales tax rate at 10 percent. Naeema Kishwar Khan opposed the increase in token tax on 1,000cc vehicles from Rs 4,000 to Rs 20,000 and called for avoiding additional taxes on household goods, plastic products, stationery, and hygiene items. She also urged relief for salaried classes and economy-class air passengers. Former National Assembly Speaker Asad Qaiser demanded an extension in tax exemptions for the former FATA and Provincially Administered Tribal Areas (PATA). He said the federal government should return net hydel profit arrears and the remaining share of NFC to Khyber Pakhtunkhwa. Amir Dogar urged the government to extend tax concessions to all airlines operating in Pakistan following the privatisation of Pakistan International Airlines (PIA). He said that on the one hand, the government is paying billions of rupees in capacity payments to IPPs, while on the other, it is imposing taxes on solar systems that provide low-cost electricity. Rana Atif highlighted the growing circular debt burden, which he said had reached Rs2.8 trillion, and pointed to mounting losses of power distribution companies (DISCOs). Muhammad Mubeen Arif stressed that fiscal legislation falls within Parliament’s constitutional domain and raised concerns over the proposed faceless tax system, arguing that while tax officials’ identities would remain confidential, taxpayers were not offered similar protection. He also criticised higher withholding taxes, increased penalties, and the creation of another compliance directorate. Usama Mela criticised the tax structure, saying profitable companies continued to enjoy exemptions while taxes were being imposed on infant milk and solar panels. He also called for promoting non-profit social organisations. Acting Pakistan Tehreek-e-Insaf (PTI) leader Barrister Gohar Khan opposed provisions allowing the freezing of assets during trial proceedings, arguing that such measures could discourage business activity and investment. He also questioned the legal and constitutional sustainability of the proposed faceless audit system. Several lawmakers, including Shahida Akhtar Ali, Shandana Gulzar, and Dr Nisar, called for greater tax relief on essential food items, medical equipment, and renewable energy products, while urging measures to protect farmers and the middle class. They also called for support to small and medium-sized enterprises, greater incentives for local industries, revisions to the federal excise framework, and fulfillment of commitments made to the merged districts of the former Federally Administered Tribal Areas (FATA). Copyright Business Recorder, 2026
PRA MOVES TO EXTENDED SHIFTS, SUSPENDS WEEKENDS TO LIFT REVENUE PERFORMANCE Taxation
Date: 2026-06-24
Details: June 24, 2026Faisal Shahnawaz Punjab Revenue Authority tightens operational schedule to meet fiscal year targets by June 30 The Punjab Revenue Authority (PRA) has taken significant administrative measures by extending office working hours and cancelling weekly holidays to ensure the timely achievement of revenue targets for the ongoing fiscal year ending June 30, 2026. According to a PRA spokesperson, all offices of the authority, including the head office, will now operate under an expanded schedule. The revised working hours require staff to remain on duty from 9:00 am to 9:00 pm on a daily basis until the end of the fiscal year. In addition, the authority has officially suspended weekly holidays on both Saturday and Sunday for its officers to maximize operational efficiency. The decision has been implemented following a formal notification issued on the directives of PRA Chairman Moazzam Iqbal Sipra. The move is part of a broader strategy aimed at strengthening revenue administration, improving tax collection processes, and ensuring that assigned financial targets are achieved within the stipulated timeframe. Officials stated that the extension of working hours is intended to accelerate pending assessments, enhance field operations, and improve coordination across different wings of the authority. The intensified working schedule is expected to increase productivity and reduce delays in revenue-related processes. Furthermore, the PRA emphasized that the current fiscal year demands extraordinary efforts due to ambitious revenue goals set by the government. The authority believes that additional working hours and continuous operational availability will help streamline enforcement activities and improve compliance among taxpayers. The spokesperson reiterated that the initiative reflects PRA’s commitment to fiscal discipline and economic stability in Punjab. By maximizing working hours and eliminating downtime during weekends, the authority aims to strengthen its revenue base and contribute more effectively to provincial financial needs. The PRA’s decision highlights the government’s focus on enhancing tax collection efficiency and ensuring that all available administrative resources are utilized to meet end-of-year targets successfully.
KCA DECREASES SPOT RATE BY RS300 TO RS18,300 PER MAUND
Date: 2026-06-24
Details: Published June 24, 2026 Updated about 2 hours ago By Recorder Report LAHORE: The Spot Rate Committee of the Karachi Cotton Association on Tuesday decreased the spot rate by Rs 300 and closed it at Rs 18,300 per maund. Speaking to BUSINESS RECORDER, Cotton analyst Naseem Usman told BUSINESS RECORDER that market remained easy and the panic selling was observed especially in Punjab under the influence of international market. He also told that Rate of cotton in Sindh us in between Rs17,800 to Rs 18,000 per maund, while Phutti in the province is trading between Rs8,000 to Rs 8,500 per 40 kilograms. In Punjab, cotton rates stand between Rs18,000 to Rs 18,200 per maund, with Phutti fetching between Rs 8,600 to Rs 8,800 per 40 kilograms. The rate of Banola also decreased by Rs 300 to Rs 400 per maund. Naseem Usman also told that 400 bales of Tando Adam were sold at Rs 17,500 per maund on the condition of payment on July, 1, 2026. 1800 bales of Tando Adam, 800 bales of Shahdad Pur were sold in between Rs 18,000 to Rs 18,200 per maund, 1600 bales of Sanghar were sold in between Rs 18,000 to Rs 18,500 per maund, 400 bales of Mir Pur Khas were sold at Rs 18,000 per maund and 1200 bales of Vehari were sold in between Rs 18,300 to Rs 18,500 per maund. Copyright Business Recorder, 2026
INDIAN SHARES LIKELY TO OPEN MUTED AS US RATE HIKE BETS OFFSET OIL RELIEF
Date: 2026-06-24
Details: • GIFT Nifty futures were at 23,861.50 Published June 24, 2026 Updated 29 minutes ago By Reuters Indian shares are likely to open little changed on Wednesday, as a fall in crude prices amid U.S.-Iran peace negotiations is tempered by growing expectations of tighter Federal Reserve policy. GIFT Nifty futures were at 23,861.50 as of 7:58 a.m. IST, indicating the Nifty 50 could open near the close of 23,824.10 points on Tuesday, when Indian blue-chips fell about 1.2%, dragged by heavyweight IT and metal stocks. Shares had gained more than 4% in the previous seven sessions through Monday, as the Middle East peace talks pushed down crude oil prices, improving the growth and inflation outlook for the world’s No. 3 oil â importer and consumer. Wall Street equities fell overnight as a broad selloff in technology and semiconductor shares, profit-taking after a prolonged rally, and expectations of a more hawkish Fed weighed. Asian markets rose 0.4% after losing about 3.8% in the previous session. Higher U.S. interest rates dent the relative appeal of emerging markets such as India for foreign investors and could cloud the growth outlook in the world’s largest economy, weighing on sectors exposed to the United States. Brent crude futures fell 0.5%, trading near four-month lows, on signs that more oil tankers stranded in the Gulf since the start of the Iran war â are set to move out of the Strait of Hormuz. Foreign portfolio investors net bought Indian shares worth 178.6 million rupees ($1.9 million) on Tuesday, while domestic institutional investors purchased stocks worth 6.80 billion rupees. Lower crude prices, along with measures to stabilise the rupee and boost foreign inflows, have helped moderate overseas selling over the past two â weeks, two traders said. A revival in monsoon showers and improving earnings could also lure back global investors, who have sold a record $29.84 billion worth of Indian equities so far this year, they said.
ILLEGAL CEMENT UNIT: APCMA WELCOMES ENFORCEMENT ACTION
Date: 2026-06-24
Details: Published June 24, 2026 Updated about 3 hours ago By Recorder Report LAHORE: All Pakistan Cement Manufacturers Association (APCMA) has welcomed a multi-agency crackdown against an illegal cement manufacturing unit operating under the name M/s Red Bull Cement on Sargodha Faisalabad Road, associated with Rohri Cement. APCMA appreciated the efforts of the Federal Board of Revenue (FBR), Environmental Protection Agency (EPA), and the District Industries Department for taking timely and decisive action against the unauthorized unit through written orders communicated to M/s Red Bull. As reported, the relevant authorities on detailed inspection found the unit to be operating without mandatory approvals, registrations, environmental clearances, and other statutory permissions required under law, and accordingly sealed the premises and suspended operations. The association in a statement here Tuesday commended the commitment shown by the government departments concerned in upholding the rule of law and protecting legitimate businesses. Illegal cement manufacturing not only causes substantial losses to the national exchequer through tax evasion but also undermines fair competition by bypassing the environmental, quality, safety, and regulatory requirements that compliant manufacturers are obligated to meet. Pakistan’s cement industry contributes billions of rupees in taxes to the national exchequer and strictly adheres to regulations issued by FBR, EPA, and other relevant departments. APCMA urged authorities to strengthen oversight mechanisms to proactively identify and act against non-compliant units before such units can cause further damage to the sector. The association remains committed to supporting all regulatory authorities in their efforts to eliminate unlawful industrial activity and ensure a transparent, competitive, and sustainable business environment for Pakistan’s cement sector, the statement concluded. Copyright Business Recorder, 2026
CHINA DISPLACES US FOR WORLD’S FASTEST SUPERCOMPUTER CROWN
Date: 2026-06-24
Details: Published June 24, 2026 Updated about 3 hours ago By AFP WASHINGTON: A Chinese machine has seized the title of world’s most powerful supercomputer, ending nearly a decade of US dominance and underscoring Beijing’s drive to build advanced computing power with homegrown technology. The system, called LineShine, topped the closely watched TOP500 ranking unveiled Monday at the major computing ISC conference in Hamburg, Germany.
TREASURY MEMBERS DEFEND PUNJAB GOVT’S ACHIEVEMENTS
Date: 2026-06-23
Details: Published June 23, 2026 Updated 40 minutes ago By Saeed Akhtar Baloch LAHORE: The fourth day of the budget debate in the Punjab Assembly for the fiscal year 2026–27 witnessed another heated exchange between treasury and opposition members. The opposition strongly criticized the government’s performance on public healthcare, inflation, farmers’ issues, and the law and order situation, while treasury members defended the government’s achievements and development initiatives. During the budget debate, opposition lawmaker Rana Aftab Ahmad raised concerns over the state of the healthcare sector, stating that some patients at the Punjab Institute of Cardiology (PIC) have to wait years for surgical procedures. He also pointed out that CT scan machines at Children’s Hospital and Allied Hospital were out of order, causing difficulties for patients. Defending the government’s performance, Sports Minister Faisal Ayub Khokhar said that 188 sports complexes were being constructed across Punjab. He added that sports grounds would be established in 1,000 schools and province-wide youth games would be organized to promote sporting activities among young people. Education Minister Rana Sikandar Hayat criticized the opposition and highlighted government initiatives, saying that thousands of scholarships, laptops, and electric bikes had been provided to students in South Punjab. He further stated that millions of children were benefiting from nutritional support under the School Meal Programme. Law and order situation, particularly the role of the Crime Control Department (CCD), also remained a major focus of the debate. Opposition member Rana Shehbaz alleged that innocent citizens were being affected during CCD operations and called for impartial investigations into recent incidents. Lawmaker Awais Warraich raised the issue of a young man who was allegedly shot by a police officer in his constituency and demanded that the assembly take notice of such incidents. Several members called for investigations into complaints against the CCD and police. Speaker Malik Muhammad Ahmad Khan directed the law minister to take the House’s concerns seriously. He also indicated that reports would be sought on various incidents, including the Chakwal case. Responding to the concerns, Law Minister Rana Muhammad Iqbal assured the House that the Inspector General of Punjab Police would be consulted and that complaints raised by lawmakers would be reviewed seriously and addressed accordingly. Following the completion of speeches by all participating members and the conclusion of the day’s agenda, Iftikhar Hussain Chhachhar, a member of the Panel of Chairpersons, adjourned the session until 11:00 a.m. on Tuesday. Copyright Business Recorder, 2026
FEATURES OF FEDERAL BUDGET FY27
Date: 2026-06-23
Details: Published June 23, 2026 Updated about 3 hours ago By Dr Hafiz A Pasha The first article on features of the federal budget of 2026-27 was published last week, with a focus on the more aggregate trends and projections. This article looks at the federal budget in a more disaggregated manner. We first examine the trends and projections in different sources of revenue. The income tax revenues growth in 2026-27 is expected to almost double from 9.3 percent in 2025-26 to 18.1 percent. This is anticipated despite the significant reduction in the rates of personal income tax and super tax. The expected improvement is in the audit process. However, the amount raised out of demand following audit has hitherto been under 5 percent of total revenues from the income tax. The second optimistic projection is of revenues from customs duty. It showed a growth of only 6.4 percent in 2025-26, but is projected to rise by as much as 20.9 percent in 2026-27. The exchange rate is expected to depreciate by 4.3 percent. As such, the dollar value of imported goods is projected to increase by as much as 16.3 percent. This is substantially above the projection officially of imports in 2026-27. The third overstated projection is related to excise duty, with the highest growth rate in revenues among the different taxes, of 26 percent. There is no visible increase in tax rates. Here the expectation is of a big reduction in tax evasion in cigarettes manufacturing. Overall, the FBR revenue projection is visibly optimistic and we could once again see a shortfall of almost Rs 1,000 billion, as will be the case in 2025-26. There is, however, a visible slowdown in own non-tax revenues. This is primarily due to the decline in SBP profits of 7.3 percent in 2025-26. They are now expected to fall by as much as 41 percent in 2026-27. This is primarily due to the sharp fall in interest rates from the peak level in 2022-23. Overall, the level of own non-tax revenues of the federal government is expected to fall by as much as 16 percent in 2026-27. This explains why the provincial governments have been compelled to make a large combined grant for the first time to the federal government of Rs 1,035 billion. If these grants do flow into Islamabad in 2026-27, then the total non-tax revenues, including these grants will still show a positive growth rate of only 4.8 percent. The petroleum levy yielded an additional 22.7 percent in 2025-26, despite the rise in international POL prices. It is expected to yield another 11.9 percent in 2026-27. The likely fall in international prices should not precipitate an escalation in the levy. The benefit should be passed on entirely to consumers. This will constitute a major source of relief in 2026-27. The big fall in petrol and HSD prices announced recently will provide substantial relief and is fully appreciated. We turn now to a disaggregated analysis of federal expenditure. The fundamental question is why total expenditure, current plus development, will rise by as much as 20 percent in 2026-27? Examination of the budgetary provisions for current expenditure reveals that the debt-servicing outlay is projected to rise by 16.1 percent in 2026-27. This highlights the projection of higher interest rates next year. However, the end of war in the Middle East should facilitate constancy, if not a fall, in interest rates. The defence expenditure allocation implies a growth rate of almost 16 percent in 2026-27. This is probably required, given the tense situation both in the Eastern and Western borders, plus the rise in the incidence of terrorism in the country. Subsidies are expected to actually decline by almost 6 percent in 2026-27. This includes some containment in the power differential subsidy. Presumably, there will not be a blanket very low tariff rate on small consumers. Instead, eligibility will be determined through a type of survey that was undertaken earlier by the BISP (Benazir Income Support Programme). An unprecedented massive increase in grants of 36 percent has been included in the federal budget. This is after a relatively large increase of 20.8 percent in 2025-26. One of the major grants is the allocation of funds to the BISP. This has been recognized as an effective programme and the IMF Programme has also provided for an increase in the financial projections. The grant to the BISP is proposed to be increased by 17.5 percent from Rs 729 billion in 2025-26 to Rs 857 billion in 2026-27. This will enable both an increase in coverage and in the size of a per family cash grant. This is necessary, given the underlying trend of rise in the incidence of poverty due both to rising food prices and higher unemployment. There is, however, a very unusual item that has been included as a large recipient of grants. This is a lump sum provision of as much as Rs 365 billion in the 2026-27 budget in the form of a grant for National Economic Initiatives. The Finance Minister should have indicated the particular initiatives chosen for 2026-27 and their justification. The level of development spending is showing a large fluctuation. It was cut back by almost 54.5 percent in 2025-26 to enable achievement of the budget deficit target for the year in the IMF Programme. The 2026-27 federal budget proposes a massive increase to Rs 1275 billion, including Rs 275 billion of lending to State-Owned Enterprises (SOEs). Top priority ought to have been given to projects in the Water Resources sector in view of India’s plans to reduce the access to water of Pakistan. Unfortunately, this is not reflected in the sectoral development allocations, with no increase in allocations to this sector. The National Highways Authority continues to receive the largest share of 25 percent in development expenditure. The allocation to investments in Power Transmission and Distribution is also low at Rs 105 billion, despite the high such losses in the power sector. Finally, we come to the financing of the projected budget deficit of Rs 5,226 billion, equivalent to 3.5 percent of the projected GDP in 2026-27. A primary surplus of 2.5 percent of the GDP is also anticipated. Within the sources of financing, the primary importance is of external financing. Ambitious targets have also been set here for the gross inflow of external financing in 2026-27. The quantum of such financing is expected to rise by over 29 percent, from USD 18.1 billion to USD 23.4 billion. However, the really worrying magnitude is the expected quantum jump in repayments of 59.5 percent from USD 12.6 billion to USD 20.1 billion. Consequently, the net inflow is projected at only USD 3.3 billion in 2026-27, compared to USD 5.5 billion in 2025-26. This implies greater pressure on the foreign exchange reserves in 2026-27. Overall, the 2026-27 budget is a high-risk budget with a high growth anticipated in FBR revenues, reliance for the first time on large grants from provincial grants and continuation of generation of large cash surpluses by these governments despite these grants. There is need for sectoral reallocation of the federal PSDP, with substantially large expenditure on on-going water resource projects next year. Also, non-transparent expenditure like those on unknown National Economic Initiatives must be avoided. The focus in next week’s article will be on the Provincial budgets of 2026-27 announced recently. An analysis of these budgets reveals that the big grants to the federal government could lead to a shortfall of almost Rs 1,000 billion in the target level of provincial cash surpluses, despite big cuts in development spending. Consequently, the consolidated budget deficit could be higher by Rs 1,000 billion in 2026-27 in relation to the level agreed with the IMF. Copyright Business Recorder, 2026
BALOCHISTAN BUDGET
Date: 2026-06-23
Details: Published June 23, 2026 Updated about 3 hours ago EDITORIAL: Balochistan’s latest budget arrives wrapped in the language of fiscal discipline, development and prudent management. A projected surplus of Rs45.66 billion, no new taxes, increased allocations for health and education, investment incentives and claims of record development spending would ordinarily provide reasons for optimism. Yet the budget season in Pakistan has a way of encouraging caution. The country has seen too many ambitious promises; impressive projections and glowing official statements fail to survive contact with reality. That does not mean the budget should be dismissed. The provincial government deserves some credit for presenting what appears, on paper, to be a relatively balanced financial plan under difficult circumstances. Provinces are operating under growing fiscal constraints, particularly as the federation seeks larger provincial surpluses to help meet commitments under the IMF programme. The room for manoeuvre is considerably narrower than it once was, making development spending and social sector allocations harder to sustain. This broader context is important. Provincial budgets can no longer be viewed in isolation from the federal government’s fiscal challenges. Efforts to maintain primary surpluses and satisfy external financing requirements inevitably shape spending decisions across the federation. In that sense, Balochistan is attempting to balance competing pressures: fiscal restraint on one side and immense development needs on the other. The challenge is that Balochistan’s needs remain extraordinary. It is Pakistan’s largest province by area, yet it continues to lag behind in infrastructure, education, healthcare and economic opportunity. The opposition’s criticism that a development allocation of roughly Rs206 billion remains inadequate for a province of such scale cannot simply be dismissed as routine political point-scoring. The province’s development deficit is real, and addressing it requires resources on a scale that annual budget exercises alone cannot easily provide. Questions surrounding federal transfers further complicate the picture. Opposition lawmakers have argued that reductions in federal allocations have constrained development spending and limited the province’s ability to address longstanding challenges. Government representatives, meanwhile, contend that negotiations helped prevent even deeper cuts. Regardless of where responsibility ultimately lies, the debate highlights an uncomfortable reality: Balochistan remains heavily dependent on decisions made elsewhere. That dependency sits uneasily alongside the province’s resource wealth. The recurring argument that Balochistan contributes significantly to the national economy while remaining underdeveloped has become a permanent feature of the province’s political discourse. Whether the issue is natural gas, minerals, fisheries or major infrastructure projects, questions regarding resource ownership, revenue sharing and development outcomes continue to shape relations between the province and the federation. The budget’s claims also warrant careful scrutiny. The government’s assertion that development utilisation reached 115 percent during the outgoing fiscal year is certainly notable. It is also a figure that demands verification through completed projects, improved services and measurable outcomes. Budget documents are filled with numbers. Yet citizens experience governance through roads that function, schools that teach, hospitals that heal and jobs that materialise. That distinction is particularly important in Balochistan, where ambitious announcements have often struggled to translate into visible improvements on the ground. Long-delayed projects, incomplete infrastructure and recurring governance concerns have understandably produced a degree of public scepticism. The opposition’s complaints regarding unfinished schemes, recruitment delays and persistent security challenges reflect frustrations that cannot be resolved through accounting presentations alone. The budget therefore deserves neither uncritical praise nor summary dismissal. It should be judged against the same standard that applies to every provincial and federal budget in Pakistan: IMPLEMENTATION. The figures may appear encouraging today. The allocations may seem reasonable. The projections may be achievable. But budgets are ultimately promises written in numbers. Their credibility emerges only when those numbers translate into tangible outcomes. Balochistan has heard ambitious promises before. This time, as always, the proof will be in the spending. Copyright Business Recorder, 2026
A BUDGET WITHOUT A TAX POLICY
Date: 2026-06-23
Details: Published June 23, 2026 Updated about 3 hours ago By Ehsan Malik The FY26/27 budget deserves credit for easing the disproportionate burden on Pakistan’s formal sector. Relief on selected withholding taxes, rationalisation of certain measures and the shift toward faceless tax administration all point in the right direction. They acknowledge that the formal economy cannot keep absorbing a rising share of taxation while competing with untaxed or under-taxed sectors. But the budget also exposes an unfinished task: the absence of the mediumterm tax reform framework the Tax Policy Office (TPO) was created to deliver. The TPO’s mandate goes beyond annual revenue targets. It was meant to design a phased programme that broadens the base, promotes formalisation, supports exports, creates jobs and gradually aligns Pakistan’s tax rates with competing developing economies. It was also intended to coordinate tax policy across ministries and governments, so taxation supports economic objectives rather than undermining them. Its creation recognised that taxation is too important to be driven by yearly revenue exercises and to separate policy from collection of taxes. Tax policy should shape investment, formalisation, employment, exports and productivity. A country seeking sustained growth cannot redesign its tax system one budget at a time. Because the framework was not completed before the budget, the document offers useful measures but not yet a destination. And what gets measured determines what gets managed. For decades, Pakistan has judged tax policy through taxtoGDP ratios, gross collections and compliance actions. These metrics are incomplete. A taxtoGDP target can be met by taxing those already in the net more heavily. Gross collections can rise by delaying refunds, hurting documented businesses. Revenue targets can be achieved even as investment stagnates and formal employment declines. The real question is whether the tax system advances Pakistan’s broader economic goals: formalisation, investment, job creation, exports, foreign investment and productivity. A regime that raises revenue while suppressing activity ultimately defeats itself. It also destroys jobs and prevents reduction in poverty level. Reform should begin with clarity on where Pakistan wants its tax system to be in five years. Investors need predictability, not annual surprises. A roadmap can be as valuable in restoring investor confidence as an immediate rate cut. One objective should be gradually aligning tax rates with regional competitors. Pakistan’s corporate burden remains high even without super tax and other levies. Marginal rates on individuals and AOPs are among the region’s highest - more than twice India’s. Numerous withholding, advance and turnover taxes act as taxes on activity rather than on profit, discouraging investment and formalisation. A mediumterm plan should phase in lower rates accompanied by measurable progress in broadening the base—an approach that has underpinned successful reforms in many emerging economies. The challenge is not only enforcement. It requires integrated data, digitised transactions, improved land and property records and the political will to tax historically exempt sectors. Here the TPO’s coordinating role is essential. Many distortions stem from fragmentation between federal and provincial jurisdictions. Property and agricultural taxation lie largely with provinces but directly affect federal revenues, investment and growth. A coherent reform agenda requires a shared framework. Tax policy must also align with Pakistan’s growth strategy. If exports are the path to sustainable growth, taxation should reward competitiveness. If formal employment is a priority, the cost of hiring formally should not exceed that of informal competitors. If Pakistan seeks exportoriented local and foreign investment, the tax regime must be predictable and competitive. Removing super tax and advance tax on exporters is a good start but regional benchmarking leaves room for further cuts. Success must be measured intelligently. Alongside taxtoGDP, Pakistan should track growth in active taxpayers, taxes collected from previously untaxed sectors, formal employment, private investment, export growth and refund payment times. These indicators reveal whether the base is broadening or the burden is simply deepening. Pakistan does not lack taxes; it lacks tax policy. The FY26/27 budget offers useful relief and a more constructive direction. The task now is to complete the work the TPO was created to do: replace annual revenue firefighting with a coherent fiveyear strategy that broadens the base, lowers rates, promotes formalisation and supports investment, employment and exports. Until then, Pakistan will keep measuring the wrong things—and taxing the wrong people. Copyright Business Recorder, 2026
KP BUDGET
Date: 2026-06-23
Details: Published June 23, 2026 Updated about 3 hours ago EDITORIAL: Khyber Pakhtunkhwa (KPK) budget for 2026-27 presented by Chief Minister Sohail Afridi unveiled a total outlay of 2.17 trillion-rupee - 48 billion-rupee deficit - budget with no budgeted grant for the federal government as that decision rested with the incarcerated former leader of the Pakistan Tehrik-i-Insaaf (PTI). While this is clearly a political gambit with the purpose of compromising the commitment made by the Centre to the International Monetary Fund under its ongoing programme the allocation for development outlay, the item that other provinces scaled down to create fiscal space fort the Centre, has been reduced from 608.5 billion rupees in the revised estimates of the current year to 524.3 billion rupees budgeted for 2026-27 – a decline of 14 percent though the budget document claims that next fiscal year consists of the largest development programme in the province’s history “to accelerate economic recovery, stimulate employment creation, strengthen infrastructure, improve service delivery outcomes and reduce regional disparities.†The break-up is as follows: Annual Development Plan (ADP) of settled districts 316.8 billion rupees, ADP of devolved settled districts 235 billion rupees, ADP of provincially-merged districts 47 billion rupees and ADP of devolved managed districts 29 billion rupees. And current expenditure has been budgeted to rise from 1433 billion rupees in the revised estimates of last year to 1645.7 billion rupees next fiscal year - a rise of 14.7 percent. The Sindh budget envisaged a deficit of 36.9 billion rupees, one percent of total budgeted outlay for the year, despite accounting for 14.62 percent of NFC transfers, Khyber Pakhtunkhwa’s budget contributes less to the consolidated provincial surplus assumed in the federal budget than Sindh’s, reflecting its larger fiscal deficit relative to its total outlay (out of the total budget outlay of Rs 2.17 trillion, this 48 billion rupees shortfall translates to a fiscal deficit of approximately 2.2 percent of the total KPK budget size). Be that as it may, the province’s lament for the failure of the Centre to give its due share under the award may echo the same concerning sentiments expressed by other provinces though no doubt shared mostly behind closed doors and quickly resolved. The KPK’s lament focused on three major failures of the Centre: (i) the continued application of horizontal distribution parameters based on pre-merger demographics does not reflect KPK’s concurrent constitutional and administrative responsibilities with 964.158 billion rupees outstanding for 8 years. The dig at the Centre, for failing to proactively engage in the eleventh NFC award is implied in the White Paper. The KPK government has sought 3 percent of share of the divisible pool of the NFC award in line with the national consensus reached at the time of the merger to address the decades of underinvestment and accelerate the merged districts socio-economic convergence with the rest of the country; (ii) the implementation of the KPK Local Government Act 2013 in line with Article 37(i) of the Constitution the provincial government approved an Interim Finance Commission Award covering the period from 1 July to 30 June 2027, which provides the framework for the transfer of allocable resources for the Provincial Consolidated Fund to local governments; and (iii) like the other three provinces the sales tax receipts, as pledged to the IMF, are projected to rise from 57 billion rupees in the revised estimates of the outgoing year to 80- billion rupees for next year – a 40 percent rise however the revenue from agricultural income tax remains insignificant – 3 billion rupees next fiscal year against – or in other words political considerations outweighed economic considerations – in common with the other three provinces. The heavy reliance on the divisible pool taxes as well as reliance on indirect taxes, whose incidence on the poor is greater than on the rich, as the major source of province’s own revenue continued in the budget for next fiscal year in common with the two other but richer provinces, notably Punjab and Sindh, a reliance that the provinces had pledged to the IMF that they would reduce. Copyright Business Recorder, 2026
CAP WARNS THIRD SCHEDULE EXPANSION WILL OVERTAX CONSUMERS
Date: 2026-06-23
Details: Published June 23, 2026 Updated about an hour ago By Press Release KARACHI: The Chainstore Association of Pakistan (CAP) has expressed serious concern over the proposed inclusion of non-FMCG items, including everyday footwear, school backpacks, bags, wallets and other PCT 42.02 goods, in the Third Schedule of the Sales Tax Act, 1990, warning that the measure will raise prices by taxing consumers on notional retail prices instead of actual transaction values. CAP, representing tax-compliant Tier-1 retailers, has consistently supported formalisation and broadening of the tax base. However, Third Schedule treatment for price-variable, retailer-led categories will overtax consumers and place pressure on documented retailers and manufacturers. Public reports estimate that the proposed expansion through the Finance Bill 2026 will generate between Rs 50 billion and Rs 91 billion, indicating the scale of cost that is likely to be reflected in higher prices for end customers, while informal operators selling undocumented or smuggled goods will gain a price advantage. CAP warned that charging tax on the original retail price can turn 18 percent sales tax into a much higher effective tax burden for consumers. Retail brands often apply end-of-season and other discounts on a significant share of products; for a product sold at a 30 percent discount from its original price, this can result in an effective GST rate of approximately 26 percent instead of 18 percent. The association has urged the Government to limit Third Schedule treatment to branded, retail-packed and standardised goods only, where the manufacturer or importer fixes a stable retail price and goods are sold through third-party retail channels. It has also urged the Ministry of Finance, Tax Policy Office and FBR to retain actual POS transaction-value taxation for FBR POS-integrated Tier-1 retailers. Copyright Business Recorder, 2026
FBR CHAIRMAN PRAISES BUDGET TEAM FOR SMOOTH DELIVERY OF FEDERAL BUDGET 2026-27
Date: 2026-06-23
Details: Budget 2026-27 Taxation June 23, 2026Faisal Shahnawaz Rashid Langrial commends officials for crafting a growth-oriented budget through extensive coordination and stakeholder engagement ISLAMABAD: Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial and Finance Secretary Imdad Ullah Bosal hosted a luncheon on Monday to honour the core team responsible for preparing the Federal Budget 2026-27, praising officials for successfully delivering a complex, growth-oriented and people-centric budget. The event was attended by FBR board members and senior officials from the Ministry of Finance and the Federal Board of Revenue, recognising the collaborative effort behind the formulation of the country’s fiscal plan for the upcoming year. Addressing the gathering, FBR Chairman Rashid Mahmood Langrial commended the team for its professionalism, dedication and hard work throughout the budget preparation process. He said the budget was designed to promote economic growth while providing relief to citizens and supporting the government’s broader reform agenda. Langrial noted that the budget-making exercise involved extensive consultations with a wide range of stakeholders, including revenue authorities, the Tax Policy Office (TPO), various federal ministries, parliamentary standing committees and provincial governments. Despite the complexity of the process and the numerous consultations involved, he said the budget was prepared and finalised smoothly, with all major policy measures envisioned by the government successfully incorporated into the final document. He particularly appreciated the close coordination between the FBR and the Tax Policy Office, describing the partnership as highly effective throughout the budget cycle. Finance Secretary Imdad Ullah Bosal also congratulated members of the budget team, describing the Federal Budget 2026-27 as both people-centric and growth-oriented. He emphasised that successful budget preparation requires not only sound policy formulation but also strong coordination among institutions working towards common economic objectives. During the ceremony, senior officials acknowledged the contributions of several officers who played key roles in shaping the budget. Member Strategic Transformation Dr Hamid Ateeq Sarwar was recognised for leading the overall budget process and representing the government’s position during negotiations with the International Monetary Fund (IMF), as well as engagements with Senate and National Assembly standing committees and other stakeholders. Director General Tax Policy Office Dr Najeeb Memon received appreciation for advocating relief measures within the framework of Pakistan’s IMF commitments and for supporting policies aimed at promoting economic growth and public welfare. Member Customs Policy Ashad Jawad was commended for managing negotiations on customs-related measures, while Member Administration Muhammad Iqbal Khan was recognised for ensuring smooth logistical arrangements, including the printing and timely distribution of budget documents. TPO Directors Ajaz Hussain and Chaudhry Munir Ahmed were praised for their professionalism and dedication throughout the budget preparation process. Project Director Tax Data Unit Dr Najeebullah was acknowledged for his technical expertise, analytical contributions and commitment during the budget exercise. Special Assistant to Member Strategic Transformation Dr Zehra Farooq received recognition for her research work, policy briefs and technical support, while Special Assistant to Member Policy Ali Abbas was commended for drafting legislative proposals and coordinating contributions from various departments into a comprehensive Finance Bill. Officials said the luncheon reflected the government’s appreciation for the technical expertise, coordination and commitment demonstrated by the budget team in formulating the Federal Budget 2026-27, one of the country’s most important policy documents guiding economic management and fiscal strategy for the coming year.
IRANIAN TRADE DELEGATION VISITS KATI
Date: 2026-06-23
Details: Published June 23, 2026 Updated about 3 hours ago By Recorder Report KARACHI: A trade delegation from Iran’s Khorasan province visited the Korangi Association of Trade and Industry (KATI), where both sides agreed to strengthen industrial, trade, and investment ties, promote business-to-business linkages, and enhance bilateral trade between Pakistan and Iran. The meeting was attended by Commercial Attaché of the Consulate of Islamic Republic of Iran Murad Nemati, Executive Director of Dispatching Trade Delegation Mohsen Fallah, members of the trade delegation from Iran’s Khorasan Razavi Province, KATI Vice President Muhammad Talha Ali, former KATI President Junaid Naqi, and other business leaders. Addressing the gathering, KATI President Muhammad Ikram Rajput said that Pakistan and Iran enjoy significant untapped potential for expanding bilateral trade and emphasized the need for practical measures to unlock these opportunities. He called for the facilitation of border trade, strengthening of banking channels, improvement of customs and logistics infrastructure, and greater participation of the private sector to ensure that the benefits of economic cooperation reach the people of both countries. Rajput proposed the activation of joint business councils and industrial forums, the regularization of business-to-business (B2B) meetings, and the promotion of joint investments in key sectors including food processing, pharmaceuticals, textiles, energy, and infrastructure. He also stressed the importance of creating collaborative platforms for young entrepreneurs and startups to foster innovation and cross-border business partnerships. Paying tribute to the Iranian nation, Rajput praised Iran’s diplomatic efforts aimed at reducing global tensions and promoting dialogue and peace. He said the Iranian people had demonstrated unity, resilience, and steadfastness under challenging circumstances, presenting an example of dignity and determination to the world. He also commended the efforts of the Prime Minister of Pakistan, Field Marshal Asim Munir, and other stakeholders for their contributions toward regional peace and stability. Iranian Commercial Attaché Murad Nemati emphasized the need for a new era of economic integration between Pakistan and Iran. He said the two brotherly countries should capitalize on their strategic geographic locations and transform their relationship into a long-term strategic economic partnership through joint ventures and enhanced economic cooperation. Nemati noted that such collaboration would open new avenues for trade, investment, and prosperity not only for Pakistan and Iran but for the wider region. He thanked the Government of Pakistan and the Pakistani people for their support and solidarity with Iran during difficult times, adding that recent developments had further strengthened the deep-rooted brotherly relations and mutual trust between the two neighbouring countries. Copyright Business Recorder, 2026
PSX SEES STRONG BULL RUN
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By Recorder Review KARACHI: The Pakistan Stock Exchange (PSX) witnessed a strong bull run during the outgoing week as easing geopolitical tensions in the Middle East, coupled with investor-friendly fiscal measures announced in the FY27 budget, significantly boosted sentiment and triggered aggressive buying across major sectors. The benchmark KSE-100 Index surged by 6,522.84 points, or 3.8 percent, on a week-on-week basis to close at 178,922.75 points, compared with 172,399.91 points a week earlier. The BRIndex100 advanced from 19,067.69 points to 19,844.46 points, registering a gain of 776.77 points during the week. Total turnover in the index stood at 4.32 billion shares, translating into an average daily turnover of approximately 864.81 million shares. Similarly, the BRIndex30 rose from 69,412.84 points at the beginning of the week to 72,590.00 points at the close, posting a substantial gain of 3,177.16 points. Weekly turnover in the index reached 2.60 billion shares, averaging around 519.48 million shares per trading day, indicating strong participation in blue-chip stocks. Investors welcomed the landmark Islamabad Memorandum of Understanding (MoU) signed between the United States and Iran, which substantially reduced regional uncertainty and eased concerns over global energy supplies. The reopening of the Strait of Hormuz and the subsequent decline in international oil prices further supported market sentiment, with Brent crude falling to around $80 per barrel, encouraging investors to rebuild positions in Pakistani equities. Domestic policy developments also emerged as a key catalyst for the rally. The government unveiled the FY27 Finance Bill, introducing several measures aimed at improving corporate profitability and stimulating economic activity. Among the major announcements was the complete abolition of the Super Tax for companies with annual earnings of up to Rs500 million, alongside a 2 percent reduction in corporate tax rates for higher-income firms, significantly improving earnings prospects for listed companies. Investor confidence was further reinforced after the State Bank of Pakistan (SBP) kept the benchmark policy rate unchanged at 11.5 percent during its June Monetary Policy Committee meeting. The central bank maintained that recent inflationary pressures were largely driven by external factors, particularly elevated oil prices stemming from earlier geopolitical tensions in the Middle East, rather than excessive domestic demand. Pakistan’s external sector also continued to improve. The country recorded a current account surplus of USD459 million in May 2026, driven primarily by robust workers’ remittances, taking the cumulative current account surplus during 11MFY26 to USD255 million. Industrial activity also showed signs of strengthening. Large-Scale Manufacturing (LSM) expanded by 6.1 percent year-on-year in April 2026, while cumulative growth during 10MFY26 reached 6.44 percent, indicating sustained recovery in industrial output. Meanwhile, the government’s latest Pakistan Investment Bond (PIB) auction attracted strong investor participation, with authorities raising Rs649 billion. Yields across various tenors declined by 34 to 116 basis points, reflecting improving confidence in the country’s inflation and interest rate outlook. The robust market rally significantly boosted investor wealth. Total market capitalization increased by 4.6 percent, rising to Rs19.99 trillion from Rs19.12 trillion a week earlier, representing an increase of approximately Rs874.40 billion. In dollar terms, market capitalization climbed to USD71.86 billion from USD68.70 billion. Trading activity also strengthened considerably during the week, reflecting renewed investor confidence and aggressive accumulation across the broader market. Average daily traded volume (ADTO) in the ready market surged 47.8 percent to 1.15 billion shares, compared with 775.96 million shares a week earlier. In value terms, average daily traded value more than doubled, rising 118.4 percent to Rs63.01 billion from Rs28.86 billion recorded in the previous week. In dollar terms, average daily turnover similarly jumped 118.4 percent to USD226.44 million, compared with $103.67 million a week earlier, underscoring a sharp improvement in market liquidity and institutional participation. Market participants said the combination of geopolitical de-escalation, a stable monetary policy stance, improving external account indicators and growth-oriented tax measures provided a strong foundation for the market’s upward trajectory. Going forward, analysts expect investor focus to remain on the implementation of budgetary measures, progress on structural reforms and developments on the international geopolitical front. Sustained stability in global oil prices and continued improvement in macroeconomic indicators are likely to remain key drivers of market sentiment in the coming weeks. Copyright Business Recorder, 2026
KP PRESENTS RS121.74BN SUPPLEMENTARY BUDGET
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By Amjad Ali Shah PESHAWAR: The provincial government of Khyber Pakhtunkhwa presented a supplementary budget of Rs121.74 billion. The estimated current expenditure for the financial year 2026–27 had been set at Rs1,415 billion. However, due to additional requirements in various sectors, it increased to Rs1,433 billion, according to budget documents. The documents said under current expenditures, an additional Rs1.38 billion was earmarked for the Tribal Affairs Department, Rs1.29 billion for the local government, Rs7.5 billion for the local bodies, and Rs7.35 billion for relief activities. Similarly, Rs3 billion were earmarked for the merged districts and Rs1.46 billion for the transport sector. According to the budget document, the development budget was Rs547 billion, but through the supplementary budget it was increased to Rs608 billion. This represents a total increase of Rs71.73 billion in development expenditures. To further improve the law and order situation, an additional Rs7.1 billion had been allocated for the purchase of armoured vehicles for the police, the budget documents revealed. The documents said an additional Rs40.43 billion had been released for the Peshawar Revitalization Project to further improve infrastructure and urban facilities in the provincial capital. Additional funds have also been allocated for education, irrigation, and energy sectors. Rs1.95 billion were to be spent on primary and secondary education, while Rs2.97 billion on irrigation and energy projects. The Chief Minister of Khyber Pakhtunkhwa, Sohail Afridi, said the purpose of the supplementary budget was to ensure public welfare, timely completion of development projects, improvement of law and order, and provision of basic facilities so that the pace of development in the province could be accelerated. Copyright Business Recorder, 2026
AURANGZEB URGES PTI TO RETURN TO STANDING COMMITTEES
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: In a pointed yet conciliatory overture to the opposition, Finance Minister Muhammad Aurangzeb on Sunday urged Pakistan Tehreek-e-Insaf (PTI) to return to the standing committees of both National Assembly and Senate, praising their input during last year’s budget cycle as “commendableâ€. Winding up the debate on cut motions on the different ministry’s demands for grants, Aurangzeb struck a noticeably inclusive tone on the floor of the House. Addressing PTI lawmakers Mubeen Arif and Osama Mela – whom he singled out for their command of economic jargon – he said the government valued “constructive opposition†at committee level and would welcome their return “without hesitationâ€. “We felt the absence of members Mubeen Arif and Osama Mela this year,†he remarked, adding that their proposals would not merely be heard but actively considered should they rejoin the process. The minister maintained that ongoing reforms at the Federal Board of Revenue (FBR) would help the government meet next fiscal year’s tax targets. He insisted the policy direction was shifting away from simply increasing the tax burden towards structural reform – both in taxation and in the energy sector, as highlighted by the Power Ministry – alongside changes in debt servicing and pension systems. Aurangzeb said economic indicators had improved markedly compared to “two to two-and-a-half years agoâ€, crediting the direction of the government under Prime Minister Shehbaz Sharif. He recalled that when the government assumed office in 2022, no allocations had been made for the Public Sector Development Programme (PSDP), with development funding reportedly constrained to the point of quarterly disbursement difficulties. On macroeconomic indicators, he cited growth at 3.7 per cent, while claiming debt servicing had been reduced progressively from 75 per cent of GDP to 70 per cent and then to 68 per cent. He further said tax revenues had doubled compared to last year and insisted no new taxes had been imposed on the masses. Turning to youth employment, Aurangzeb said the government was pursuing an “ecosystem-based†approach and urged provinces to replicate Sindh’s public-private partnership model in development planning. He expressed confidence that ongoing reforms would enable the government to meet its revenue targets in the coming fiscal year. On regional developments, he referenced the ceasefire between the US and Iran, saying its early impact was already visible through recent reduction in petroleum prices, and expressed cautious hope that stability would hold. The otherwise technocratic tone of the debate was repeatedly punctured by opposition interventions. PTI’s Zain Qureshi questioned the performance of the FBR’s Point of Sale system and warned that debt had become an increasingly heavy drag on the economy. Shahida Akhtar Ali of JUI-F called for salary increases for public sector employees in line with inflation, while other lawmakers raised a familiar catalogue of grievances: unpaid salaries for university staff in Balochistan, limited development gains from CPEC projects, concerns over Independent Power Producers, delays in the merged districts, and demands for widening the tax base instead of increasing rates. Calls also echoed across the House for infrastructure development in under-served regions, including highways, bridges and interchanges, alongside criticism of unemployment, fiscal mismanagement and what several members described as persistent neglect of southern Punjab. Planning Minister Ahsan Iqbal stepped in to dispel what he called “longstanding confusion†over the Lahore Orange Line Metro Train project, insisting it was fully financed by the Punjab government and did not draw from the federal exchequer. He categorically stated the project lay outside the China-Pakistan Economic Corridor (CPEC) financing framework, adding: “The federal government did not contribute a single rupee.†In a brief departure from the chamber’s usual temperature, Power Minister Awais Leghari personally crossed the floor to receive an electricity bill presented by PTI’s Sanaullah Mastikhail, who had highlighted a sharply inflated charge of 1,200 units linked to an overseas acquaintance’s household. The gesture drew rare appreciation from the opposition lawmaker, with the minister thanking him for raising the issue – a fleeting moment of procedural civility in an otherwise combative sitting. Earlier, Defence Minister Khawaja Asif delivered one of the day’s most politically charged interventions, warning against what he described as a growing “Vigo Dala culture†around Parliament – a reference to expanding convoy-style security movements using Toyota Hilux vehicles. He cautioned that increasingly elaborate protocol arrangements and security-linked privileges were projecting an image of unchecked authority rather than accountable governance. He also criticised symbolic displays such as flag-laden ministerial convoys, calling for what he termed a “cultural reset†in political conduct. Asif further raised concerns over parliamentary discipline, alleging lax control over visitor access to sensitive areas and the casual recording of proceedings. NA Speaker Ayaz Sadiq responded by directing members to strictly observe entry protocols, stressing that parliamentary rules were not optional etiquette but binding procedures requiring full compliance. In a separate development, the House approved a motion moved by PTI acting chairman Barrister Gohar Ali Khan to restore PTI lawmaker Iqbal Afridi, ending his suspension. Copyright Business Recorder, 2026
NFC AWARD: A SYSTEM UNDER STRAIN
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago EDITORIAL: A recent media report has highlighted a view gaining traction within policymaking circles that the NFC Award’s vertical resource-sharing formula between the Centre and the provinces has become unsustainable, and must be revised to reflect the fiscal realities confronting the federal government. Proponents argue that the current arrangement leaves the Centre with insufficient resources to meet its core obligations, particularly defence and debt-servicing. The debate centres on the fiscal framework established under the seventh NFC Award following the 18th Amendment’s passage, which raised the provincial share of the divisible tax pool to 57.5 percent and reduced the federal share to 42.5 percent. Crucially, it also mandated that any future NFC Award cannot reduce the provincial share below its existing level, effectively making any change to the vertical distribution contingent upon a constitutional amendment. However, given the sensitivity of the issue, the provinces so far haven’t been able to agree to such an amendment. A workaround was instead devised during recent budget-making sessions, whereby the provinces voluntarily surrendered Rs1.035 trillion to the Centre from their share of the divisible tax pool. Yet influential quarters remain convinced that the underlying imbalance will eventually require a constitutional amendment. What is often overlooked in this debate, however, is that the existing formula was grounded in specific assumptions: that the economy would grow at a pace sufficient to expand the overall fiscal pie, and that the devolution of subjects such as education and health to the provinces, as mandated by the 18th Amendment, would be matched by the abolition of corresponding federal ministries. Neither expectation materialised. Growth remained below projections, while many devolved ministries continued to operate at the Centre, forcing the federal government to finance responsibilities that were expected to disappear. Had these assumptions held, the fiscal pressures now cited as evidence of the vertical formula’s unsustainability may have been far less severe. Yet even as attention focuses on the vertical distribution of resources, far too little is being said about what is arguably an even more unsustainable aspect of the NFC framework: the horizontal formula governing resource distribution among the provinces. Under this arrangement, population accounts for a massive 82 percent of the weight used to distribute resources among provinces. Such overwhelming reliance on this metric effectively rewards rapid population growth. This is particularly alarming as Pakistan’s population growth rate is perhaps the country’s most pressing existential challenge. At 2.55 percent annually, the population is expanding at a pace that requires GDP growth of at least six percent every year simply to keep up with the demands generated by a rapidly growing population. And, given Pakistan’s current productive capacity, that is unlikely to happen. The consequences are already visible. Hundreds of thousands of young people enter the labour force every year, yet the economy lacks the capacity to absorb them. Unemployment remains rampant, social pressures continue to mount and Pakistan contends with an accelerating brain drain, with many of its brightest minds choosing to build their futures elsewhere. When population remains a dominant factor not only in resource allocation but also in federal job quotas and other governance structures, the incentive for effective population control inevitably weakens. If Pakistan is serious about addressing its long-term challenges, reforming the horizontal distribution formula deserves as much attention as the debate over the vertical one. Unlike changes to the federation-province resource split, revising the horizontal formula does not require a constitutional amendment. It requires consensus among the federating units through the NFC process. Given the political and constitutional hurdles involved in altering the vertical formula, building agreement around a more balanced horizontal formula may be both the more achievable and the more critical reform, and must be urgently pursued. Copyright Business Recorder, 2026
KP GOVT EARMARKS RS524.3BN UNDER ADP FOR 2026-27
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By Amjad Ali Shah PESHAWAR: The Khyber Pakhtunkhwa government has earmarked Rs 524.3 billion under Annual Development Programme for the Fiscal Year 2026-27, including Rs 235 billion for settled areas with an increase of 21 percent. For the settled tehsil, ADP budget was Rs 47 billion showing an increase of 21 percent and ADP of merged districts is Rs 34.8 billion with an increase of 13 percent. A significant portion of the budget had been directed towards infrastructure and development initiatives, according to the budget documents. The education sector had been allocated Rs 468 billion, while health has received Rs 334 billion, underlining continued investment in human capital. For district governments, Rs 52.8 billion had been proposed, while Rs 29 billion had been allocated for merged tribal districts. Additionally, Rs 52 billion had been set aside under the Accelerated Implementation Programme (AIP), targeting faster execution of development schemes in sensitive regions. Rs 524 billion had been proposed for the Annual Development Programme (ADP), while Rs 1.64 trillion had been earmarked for current expenditures. An allocation of Rs 35 billion had been proposed for the merged tribal districts, reflecting continued focus on their development integration. The government has proposed a 7 percent increase in salaries and pensions of government employees, along with an increase of Rs 5,000 in the minimum monthly wage, raising it to Rs 45,000. For law and order, Rs 191 billion had been proposed, while Rs 200 million had been allocated for the Good Governance Roadmap initiative. Sector-wise allocations include Rs 334 billion for health, Rs 468 billion for education, Rs 90 billion for local government, Rs 29 billion for home affairs, Rs 14 billion for transport, Rs 29 billion for agriculture, Rs 42 billion for energy, and Rs 28 billion for the Zakat Fund. Under social protection initiatives, Rs 15 billion had been proposed for the Ehsaas Mustahiq Programme, Rs 50 billion for the Health Card Programme, Rs 2 billion for the Ehsaas Kisan Programme, and another Rs 2 billion for interest-free loans to facilitate overseas employment seekers. Additionally, Rs 51 million had been allocated for self-reliance initiatives for minority communities. For health infrastructure, Rs 80 billion had been proposed for MTI hospitals across the province. In the development sector, Rs 36 billion had been allocated for the Peshawar Revival Programme, Rs 7.5 billion for the Peshawar Bus Rapid Transit (BRT) project, and Rs 4 billion for the Khushhal Hazara Programme. The provincial government has also proposed Rs 2.5 billion for electric bikes and rickshaw schemes to promote eco-friendly transport. The KP chief minister said that revenue performance had shown improvement, with Rs 102 billion collected in the first 10 months of FY2025–26, including Rs 69.7 billion in tax revenue and Rs 32.3 billion in non-tax revenue. Copyright Business Recorder, 2026
CHARTER OF ECONOMY: A REDUNDANT CONCEPT
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By Anjum Ibrahim The Minister of Information and Broadcasting Ataullah Tarar referred to the federal budget 2026-27 as “sagacious†and invited the opposition to sign a charter of the economy – a suggestion that was initially aired by former Finance Minister and current Foreign Minister, Ishaq Dar who drew inspiration for the title from the Charter of Democracy that was signed between Benazir Bhutto and Nawaz Sharif on 14 May 2006. About 93 percent of the total budget for this country consists of current expenditure – the outlay an amalgam of the rising mark-up on 83.285 trillion rupees (298 billion dollars) domestic debt and another 137.5 billion dollars in external obligations, followed by allocation for influential sectors (inclusive of annual civilian and defence pay raises at the taxpayers’ expense), flawed policies (particularly the over one trillion-rupee allocation for pensions next year though employee contributions became mandatory for those hired in 2024 onwards though the amount is not known – a time period that will take decades before it begins to pay dividends), the applicable National Finance Commission (NFC) Award that provides 42.5 percent of total taxes collected by the Federal Board of Revenue (FBR) for the Centre’s use, and for Benazir Income Support Programme (BISP) allocated under 5 percent of total current expenditure. Development expenditure by the Centre is where serious differences arise, requiring constant adjustment if the Centre is politically weak and not at all if it is strong – a principle that also applies to the economically disastrous policy of allocating funds to members of parliament for projects specific to their constituency. It is, however, the source of revenue that is probably where the charter of the economy can best be applied. Each administration has its “favourites†– easily gleaned from the grant of tax exemptions extended to specific sectors. The PML-N, for example, favours its support base, the traders, the Khan administration favoured real estate activity, and the PPP has typically favoured its grass-root workers and used state-owned entities as recruitment centres. All these policies are under process of being phased out under the ongoing IMF programme though the process remains painstakingly slow. There is therefore a need to undertake empirical studies to assess whether the policies that prompted the Charter of Democracy are still applicable today and, more importantly, whether they were ever implemented. The latter query can be easily answered with a resounding ‘no’ though the two parties have since worked in partnership at the Centre. The common thrust of all the national parties, including the decision makers today, is to attract foreign direct investment (FDI), which has remained elusive to-date. The plea today should no longer be to agree to a charter of the economy dated twenty years ago but instead to understand the massive geopolitical changes in the international world order since and to adjust accordingly. Three exogenous changes in the international world order are having far-reaching global consequences, including in Pakistan. First, the emergence of a unipolar world subsequent to the collapse of the Soviet Union in 1991 that initially continued the military and financial dominance of Western democratic countries, all with robust economies, with the institutional framework to sanction all those countries with impunity that failed to follow their dictates. But by 2017 a multipolar world had emerged as Russia reaffirmed its superpower credentials as did China though Western countries continue to look towards the US for guidance that is increasingly coming at a high economic cost. Second, the expansion of North Atlantic Treaty Organisation (NATO) eastward, in spite of Russian warnings that it would be its red line; it is little wonder that when the US and its allies proceeded to announce Ukraine’s imminent inclusion into the security bloc triggered the conflict with Russia that continues to this day. The subsequent sanctions on Russia led to deindustrialisation in European countries, particularly Germany, and by following the US foreign policy dictates the European Union began to procure fuel at more than double the cost of gas from Russia, making it uncompetitive in the international market, especially as it related to China. The Memorandum of Understanding between Iran and the US signed this week past indicates a change in warfare, asymmetric where the militarily more powerful country is unable to declare victory, as opposed to kinetic – a change that can compel the more powerful country to concede on more than four-decade-long sanctions. What is increasingly evident is the truth behind Vladimir Putin’s assertion in his interview with Le Figaro on 29 May 2017 published two days later: I have already spoken to three US Presidents. They come and go, but politics stay the same at all times. Do you know why? Because of the powerful bureaucracy. When a person is elected, they may have some ideas. Then people with briefcases arrive, well-dressed, wearing dark suits, just like mine, except for the red tie, since they wear black or dark blue ones. These people start explaining how things are done. And instantly, everything changes. This is what happens with every administration. Putin’s reference was to the deep state, consisting of unelected officials, including wealthy private individuals, who can and do manipulate policy. The US support for Israel and anti-Russian stance epitomizes the deep state’s control of US policy, and therefore it was a very astute observation that explains why US foreign policy has not adapted to the changing geopolitical considerations. In Pakistan, the deep state’s existence has long been acknowledged though not openly until very recently with the reference to the hybrid system. This does not make Pakistan the exception but rather the norm. Third, globalisation, relative ease of movement of capital, led to the US oligarchs investing capital in countries that could produce at cheaper cost enabling them to realise higher profits, while controlling all multilateral donor agencies that led to the formalisation of global rules. The dollar hegemony, dating back to Bretton Woods, 1944, consisted of the dollar as the world’s primary reserve currency, medium of exchange, and unit of account. With the establishment of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in 1973 transfers by any individual or country could be stopped with accounts frozen as happened to Iran in 1979 or to Russia since the start of the war while it provided the US with cheap credit. Today there is little debate on the emergence of a multipolar world, with the increasing use of yuan as an alternate currency, and the increasing use of real time transfers through the Chinese Cross-Border Interbank Payment System (CIPS) – a system resilient to sanctions as well as cheaper – instead of SWIFT. In spite of Pakistan’s close and long-standing ties to China our reserves are still held almost entirely in dollars (though they are almost entirely debt based with over 10 billion-dollar rollovers held by Saudi Arabia and China), the bulk of trade is in dollars (except some barter trade), remittances emanate from the Middle East and the West and imports are largely from the West though imports from China are at a high of 18 billion dollars while our exports are no more than 3 billion dollars. So what can a charter of the economy consist of? All political parties’ have the same objective notably development, low inflation, and high employment though the way forward may vary based on which economic theory the administration may support. But what about a country like Pakistan that is shackled by domestic and international debt and where elite capture continues to prevail in terms of allocations and policy decisions? And with a resurfacing threat to default compelling administration after administration seeking an IMF programme with its associated conditions? The best option would be to seek a consensus on foreign policy objectives that are linked inextricably to economic objectives, curtail elite capture of the taxpayers’ money, which continues in next year’s budget, and implement pro-poor growth policies across the board instead of limiting them to BISP. Copyright Business Recorder, 2026
BALOCHISTAN ASSEMBLY APPROVES RS1.089TRN BUDGET
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 2 hours ago By NNI QUETTA: The Balochistan Assembly on Sunday approved the provincial budget for the 2026-27 fiscal year, clearing expenditure proposals worth total of Rs1.089 trillion. During the session, lawmakers approved 98 demands for grants presented by Provincial Minister Mir Shoaib Nosherwani. The budget was passed after the assembly endorsed both development and non-development spending allocations for the coming financial year. According to the approved budget, Rs291 billion has been allocated for development projects through 45 demands for grants. Meanwhile, 53 demands for grants amounting to Rs797.88 billion were approved for non-development expenditures. The proceedings moved swiftly, with the assembly approving the high-value budget within approximately one hour of debate and consideration. Notably, opposition members did not submit any cut motions seeking reductions in the proposed expenditures, allowing the demands for grants to pass without amendment. The approval marks a significant step in finalising the province’s fiscal framework for the next financial year, with the government expected to focus on both development initiatives and the financing of routine administrative operations. The Balochistan government on Wednesday unveiled a Rs1.089 trillion surplus budget for fiscal year 2026-27, increasing salaries and pensions of government employees by seven percent, expanding allocations for health and education, and announcing a series of tax relief measures without imposing any new taxes. Provincial Finance Minister Mir Shoaib Nosherwani presented the budget in the Balochistan Assembly during a session presided over by Speaker Captain Abdul Khaliq Achakzai (retd). He said the budget reflected the government’s commitment to fiscal discipline, development and public welfare despite economic challenges. The minister also claimed that 115 percent of the allocated development funds had been utilised during the outgoing fiscal year, describing it as the highest utilisation rate in the province’s history. Nosherwani told the assembly that the total budget outlay for FY2026-27 had been fixed at Rs1,089.26 billion, while total revenues were estimated at Rs1,134.92 billion, creating a surplus of Rs45.66 billion. He said the province expected to receive Rs800.13 billion through federal transfers, while revenue from provincial resources had been projected at Rs170.09 billion. The government expects to receive Rs65.34 billion for foreign-funded projects, while project financing and capital receipts are estimated at Rs68.75 billion. Cash carry-forward balances amounting to Rs30.61 billion will also contribute to provincial revenues. The finance minister said the positive balance between income and expenditure reflected prudent financial management and fiscal discipline. The minister said Rs797.82 billion had been allocated for current expenditure during the next fiscal year. Foreign-funded projects will account for Rs40.38 billion in spending, while federal development projects will receive Rs44.56 billion. The Provincial Public Sector Development Programme (PSDP) has been set at Rs206.61 billion. According to budget documents, the overall development budget stands at Rs291.55 billion, including federal and foreign-funded projects, underscoring the government’s focus on infrastructure and public service delivery. Providing relief to government employees, the provincial government announced a seven percent increase in salaries and pensions on the pattern of the federal government. Nosherwani said the increase had been approved despite fiscal pressures and reflected the government’s commitment to supporting public servants amid rising living costs. The finance minister described the budget as a tax-free budget, emphasising that no new taxes were being imposed. Instead, the government introduced several incentives aimed at encouraging investment and economic activity. Capital value tax and stamp duty on property transfers have been reduced from two percent to one percent. Sales tax on educational services has been reduced to zero percent, while taxes on new electric vehicles have been waived. The government has also abolished sales tax on public transport and public property insurance. In addition, provincial taxes on foreign investment in export processing zones have been waived to attract industrial investment and stimulate economic growth. Education emerged as one of the largest recipients of public spending in the new budget. The government has allocated Rs127 billion for school education and Rs31 billion for higher and technical education. Budget documents show that total spending on the education sector will reach Rs157.28 billion during FY2026-27. To support students from disadvantaged backgrounds, the government has earmarked Rs2.82 billion for the Balochistan Education Support Fund and Rs54 million for the Shaheed Benazir Bhutto Scholarship Programme. The finance minister said these initiatives were aimed at improving access to education and reducing barriers faced by deserving students. The health sector also received a substantial increase in funding. Nosherwani announced an allocation of Rs96 billion for health services, including Rs6 billion for development schemes and Rs90 billion for non-development expenditure. The government has also added Rs1.5 billion to the Balochistan Health Card Programme to improve healthcare access for citizens. The minister said strengthening hospitals, expanding medical facilities and improving healthcare services remained among the government’s priorities for the coming fiscal year. Maintaining law and order remains a major focus of the provincial government. The finance minister proposed Rs243 million for development projects in the law and order sector and Rs1.2 billion for operational expenditure. Budget documents show that the broader law and order sector will receive Rs107.92 billion during FY2026-27, highlighting the government’s commitment to security and public safety. Agriculture and allied sectors received significant allocations in the new budget. The agriculture sector has been allocated Rs23.6 billion overall, including Rs4.4 billion for development projects and Rs19.2 billion for non-development expenditure. The livestock sector will receive Rs1 billion for development activities and Rs8 billion for operational expenditure. The Irrigation Department has been allocated Rs12.8 billion for development projects and Rs5.79 billion for non-development spending, while the drinking water sector will receive Rs7.6 billion for development projects and Rs12.4 billion for operational expenditure. The government said these allocations would support food security, agricultural productivity and access to water resources across the province. The government has earmarked substantial resources for infrastructure development. The Communications and Works Department will receive Rs27 billion for development projects and Rs20 billion for operational expenditure. The Transport Department has been allocated Rs1.5 billion for development schemes and Rs1.29 billion for non-development spending.
EDUCATION, HEALTH, AGRI, INDUSTRY: ‘HIGHER SPENDING YET TO TRANSLATE INTO VISIBLE IMPROVEMENTS’
Date: 2026-06-22
Details: Published June 22, 2026 Updated about 24 hours ago By Hassan Abbas LAHORE: The federal government and the Punjab government have unveiled their budgets for fiscal year 2026-27, raising total outlays at both levels even as economists cautioned that higher spending has yet to translate into visible improvements in education, health, agriculture, and industry. The two budgets have been presented at a time when Pakistan’s economy appears to have regained a degree of stability after several turbulent years, with inflation declining, foreign exchange reserves improving, and concerns regarding an immediate balance-of-payments crisis easing. At the federal level, the government has presented a budget of approximately Rs 18.77 trillion compared with Rs 17.57 trillion in FY2025-26, with revenue targets increased to Rs 15.26 trillion. Debt servicing continues to consume more than Rs 8 trillion annually, while defence expenditure has increased to approximately Rs 3 trillion. Commenting on the budget, prominent economist and Advisor on political and economic affairs to President Pakistan Peoples Party Central Punjab Rao Babar Jamil said the continuation of programmes such as the Benazir Income Support Programme, with allocations approaching Rs 845 billion, reflects the government’s recognition that many households continue to face significant economic hardship. He observed that while inflation has slowed, prices have not actually fallen, meaning the relief felt by ordinary citizens remains limited. Punjab, meanwhile, has announced a budget of approximately Rs 5.9 trillion compared with roughly Rs5.3 trillion in FY2025-26. Notably, the province’s Annual Development Programme has fallen from approximately Rs 1.24 trillion to around Rs752 billion, a decline that has raised questions regarding the government’s development priorities going forward. In this context, the question Punjab’s citizens are entitled to ask is a simple one: where is the performance? If education spending continues to increase every year, it remains unclear why millions of children are still out of school, why parents increasingly rely on private schools despite the existence of a vast public education system, and why employers continue to complain about the quality of graduates entering the labour market. Similarly, despite substantial healthcare allocations, government hospitals remain overcrowded, and many citizens continue to rely on costly private healthcare out of necessity rather than choice. Agriculture and industry are also areas that observers believe deserve far greater attention than they have received. Punjab’s farmers continue to face rising input costs, uncertain crop prices, water shortages, and increasing climate-related risks, and the budget could have done more to support farmer productivity through water-efficient irrigation, wider adoption of agricultural technology, crop insurance, and stronger income protection mechanisms for growers. Punjab remains Pakistan’s largest industrial province, yet businesses operating there continue to grapple with high energy costs, regulatory complexity, limited access to finance, infrastructure bottlenecks, and weakening international competitiveness. Artificial intelligence and digital transformation represent another area where the Punjab government has yet to demonstrate meaningful progress. Analysts argue that the province should be investing aggressively in AI research centres, technology parks, university-industry partnerships, digital skills training, startup incubation, and innovation-driven entrepreneurship if it hopes to remain competitive in the coming years. Greater emphasis is also needed on water security, groundwater recharge, wastewater treatment, and the modernisation of irrigation systems across the province. At the same time, local governments should be strengthened so that municipal services can be delivered more effectively to citizens at the grassroots level. Ultimately, the prevailing view among economic observers is that governments should be judged not by how much they spend but by how effectively they spend it. The debate, they argued, must move from budgets to performance, from announcements to delivery, and from spending to results. Copyright Business Recorder, 2026
GOVERNMENT FACES BACKLASH OVER RS50 BILLION TAX RELIEF FOR HIGH-PAID EXECUTIVES
Date: 2026-06-22
Details: Budget 2026-27 Taxation June 22, 2026 Faisal Shahnawaz Finance Bill 2026 accused of favouring top earners while lower-income salaried workers receive no meaningful relief ISLAMABAD: The federal government is facing growing criticism after proposing tax measures in the Finance Bill 2026 that are expected to cost the national exchequer more than Rs50 billion, largely benefiting highly paid corporate executives and top-income salaried individuals. While the government has presented the measures as tax relief for the salaried class, analysts and tax experts argue that the overwhelming share of the benefits will accrue to individuals earning millions of rupees annually, leaving lower and middle-income employees with little or no relief despite persistent inflation and rising living costs. Under the proposed amendments, the government has revised income tax slabs for salaried individuals and reduced the tax burden on higher-income groups. Although the maximum tax rate of 35 percent remains unchanged for annual taxable income exceeding Rs7 million, the structure of upper tax brackets has been altered to lower the effective tax liability for top earners. A key change involves splitting the existing tax slab applicable to salaried individuals earning above Rs4.1 million into multiple brackets, thereby reducing the progressive tax burden on those falling within higher income categories. The government has also proposed abolishing the 9 percent surcharge imposed under Section 4AB of the Income Tax Ordinance on salaried individuals earning more than Rs10 million annually, effective from tax year 2027. According to estimates, these two measures alone are expected to result in a revenue loss exceeding Rs50 billion, providing substantial tax savings to a relatively small segment of affluent taxpayers. Critics argue that the proposed relief package reflects a significant imbalance in fiscal policy at a time when ordinary wage earners continue to struggle with elevated inflation, increasing utility costs and declining purchasing power. The government has come under particular scrutiny for declining to raise the income tax exemption threshold despite repeated recommendations from business groups, tax practitioners and economic experts. Several proposals submitted to the Ministry of Finance had called for increasing the annual tax-free income threshold from Rs600,000 to Rs1.2 million in order to provide relief to lower-income employees affected by inflation. However, the Finance Bill 2026 retains the existing threshold, meaning individuals earning slightly above Rs600,000 annually will continue to remain within the tax net despite mounting financial pressures. Observers note that while the government has extended significant concessions to high-income salaried individuals, workers in lower income brackets have received no comparable support. The contrast has fuelled concerns that the tax policy disproportionately favours corporate executives and senior management personnel while offering limited assistance to the broader salaried population. Economists warn that such measures could further deepen perceptions of inequality, particularly as the government continues to pursue fiscal consolidation and revenue mobilisation efforts under broader economic reform programmes. With inflation still weighing heavily on household budgets, the proposed tax relief package is expected to remain a contentious issue as lawmakers continue their review of the Finance Bill 2026 before its final approval.
GOVT ESTIMATES OVER 40% DECLINE IN SBP PROFIT DURING FY2026-27
Date: 2026-06-21
Details: Budget 2026-27 Money & Banking June 21, 2026Hamza Shahnawaz Lower State Bank profits expected to cut federal non-tax revenue by nearly Rs1 trillion in the upcoming fiscal year ISLAMABAD: The federal government has projected a sharp decline in profits transferred by the State Bank of Pakistan during fiscal year 2026-27, highlighting the potential impact on non-tax revenue collections and overall fiscal resources. According to budget documents, the government expects SBP profits to fall to Rs1.44 trillion in FY2026-27, compared with Rs2.43 trillion estimated for the outgoing fiscal year 2025-26. The projected decrease represents a decline of more than 40 per cent and is expected to significantly reduce one of the government’s largest sources of non-tax revenue. SBP remains major contributor to non-tax revenue Profits transferred by the State Bank of Pakistan have become an increasingly important component of federal revenues in recent years, helping the government finance expenditure and manage fiscal pressures. Budget documents show that receipts from civil administration and other functions are expected to total Rs1.48 trillion in FY2026-27, down from Rs2.47 trillion in the current fiscal year. The decline is primarily attributed to the anticipated reduction in SBP profits. Economists note that central bank profits are influenced by monetary policy conditions, interest rates, returns on government securities and exchange-rate-related factors. Lower revenue expected from civil administration receipts The government’s revenue projections indicate that despite improvements in several administrative revenue streams, the sharp fall in SBP profits will outweigh those gains. According to the budget estimates: • General administration receipts are projected to increase to Rs5.89 billion from Rs5.18 billion. • Defence services receipts are expected to rise to Rs31.47 billion from Rs28 billion. • Law and order receipts are estimated at Rs4.09 billion compared with Rs3.35 billion in the current year. • Social services receipts are projected at Rs1.34 billion, slightly lower than Rs1.55 billion recorded previously. Despite these increases in certain categories, the overall revenue position is expected to weaken because of the substantial reduction in central bank profit transfers. Impact on fiscal position The projected fall in SBP profits comes at a time when the government faces rising expenditure commitments, including record debt-servicing obligations and increased spending requirements across various sectors. Fiscal experts say lower non-tax revenues could increase pressure on authorities to boost tax collection, improve compliance and expand the tax base to compensate for the anticipated shortfall. The government has assigned an ambitious revenue target to the Federal Board of Revenue for FY2026-27 as part of its broader fiscal consolidation strategy. Monetary policy may influence earnings Analysts believe the decline in SBP profits is partly linked to changes in the interest rate environment. Following a period of exceptionally high policy rates, the central bank has gradually eased monetary conditions, which may affect the profitability generated from its holdings of government securities and other financial assets. As a result, profit transfers to the federal government are expected to normalise after reaching unusually high levels in recent years. The budget projections underscore the government’s continued reliance on both tax and non-tax revenues to manage fiscal challenges, while highlighting the importance of sustainable revenue mobilisation in maintaining long-term fiscal stability.
CUSTOMS ANNOUNCES AUCTION OF OVERSTAY HYDROCARBON SOLVENT AT TAFTAN AND QUETTA DRY PORT
Date: 2026-06-21
Details: Energy Taxation June 21, 2026Hamza Shahnawaz Seven consignments of White Spirit tanker cargo to be auctioned as Customs moves to clear long-stored imported goods QUETTA: Pakistan Customs has announced the auction of multiple overstay consignments of Light Aliphatic Hydrocarbon Solvent, commonly known as White Spirit, stored at Custom House Taftan and the NLC Dry Port Quetta between June 17 to June 28. The consignments, which have remained uncleared beyond the permissible storage period, will be disposed of through a public auction process in accordance with customs regulations. Seven consignments to be auctioned According to auction details, a total of seven consignments of the chemical product, loaded in tanker vehicles, will be offered for bidding. The largest consignment includes 57,840 kilograms of hydrocarbon solvent transported in tanker TLD-661. This lot carries assessed duties and taxes of Rs5.76 million, with a reserved price set at Rs8.69 million. Another major consignment consists of 47,540 kilograms in tanker TLQ-230, with duties and taxes amounting to Rs4.73 million and a reserve price of Rs7.14 million. A third shipment of 46,430 kilograms in tanker TMM-650 has been assigned a reserved price of Rs6.97 million. Additional consignments listed Customs authorities have also included a 45,120-kilogram consignment in tanker TMA-375, carrying a reserve price of Rs6.78 million. Two further consignments weighing 34,950 kilograms and 34,890 kilograms, transported in tankers TLL-764 and TMP-837 respectively, have been assigned reserve prices exceeding Rs5.2 million each. The final consignment, weighing 32,470 kilograms in tanker LSC-779, has been placed for auction with a reserve price of Rs4.88 million. Revenue recovery and storage clearance Officials said the auction is part of ongoing efforts to recover government revenue and clear valuable storage space occupied by uncleared imported goods. Under customs procedures, goods that remain unclaimed beyond the allowed period are liable for disposal through auction to prevent congestion at ports and dry ports. The process also ensures partial recovery of duties, taxes and other charges associated with imported consignments. Expected interest from industrial buyers Authorities expect strong interest from chemical traders, industrial users and solvent distributors who may utilise bulk quantities of hydrocarbon solvent for commercial applications. Light Aliphatic Hydrocarbon Solvent, commonly used in industrial cleaning, paint thinning and manufacturing processes, is regularly traded in bulk volumes within the chemical supply chain. Customs officials have urged interested bidders to comply with auction rules and complete all required documentation before participating in the bidding process. The auction is expected to proceed under standard customs procedures aimed at ensuring transparency, revenue recovery and efficient clearance of overstay goods.
KAYANI TELLS NA: APPROX 3.5M SHOPKEEPERS TO BE BROUGHT INTO TAX NET
Date: 2026-06-20
Details: Published By Naveed Butt ISLAMABAD: Minister of State for Finance and Revenue Bilal Azhar Kayani announced on Friday that approximately 3.5 million shopkeepers will be brought into the tax net during the fiscal year 2026-27 as part of the government’s efforts to broaden the tax base and enhance revenue collection. The Minister expressed these views in the National Assembly debate on the federal budget 2026-27. He said the government’s economic policies are focused on strengthening the economy and promoting inclusive growth. He said a new scheme had been introduced to bring small traders into the formal tax system. He said that shopkeepers with annual sales of up to Rs20 million will pay a one percent tax through a simplified registration process, adding the government aims at bringing 3.5 million shopkeepers into the tax net. Highlighting relief for salaried individuals, he said income tax rates had been reduced across several income slabs, adding the tax rate for annual incomes between Rs2.2 million and Rs2.3 million was reduced from 23 percent to 20 percent, while rates for higher income groups were also lowered. He said that for those earning Rs3.2 to Rs4.1 million, the rate was reduced from 30 percent to 25 percent, while for income between Rs4.1 to Rs5.6 million it was reduced from 35 percent to 29 percent. For those earning Rs5.6 million to Rs7 million, the rate was cut from 35 percent to 32 percent. He also said the super tax had been abolished. He congratulated Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir, and the economic team for improving Pakistan’s economic position and international standing. Describing the budget as people-friendly, Kayani said it provides relief to various sectors of society. He recalled that when the government assumed office in February 2024, the economy was facing serious challenges and uncertainty. However, under the PM’s leadership, economic stability was restored, inflation was brought down, foreign exchange reserves increased, and the IMF programme was completed, he said. He said the government achieved all fiscal targets during FY2025 without introducing any supplementary or mini-budget. Kayani said exporters had been granted tax relief to enhance competitiveness, while tax incentives for the IT sector had been extended for another three years. Measures were also introduced to support the construction sector, including subsidised housing loans under the Apna Ghar Scheme, he said. He said Rs300 billion had been allocated for agriculture, along with Rs110 billion under the PM’s Agriculture Youth Initiative, adding customs duty on agricultural machinery has also been abolished to support farmers. Copyright Business Recorder, 2026
LAWMAKERS SEEK ‘ADEQUATE’ RELIEF FOR SALARIED, LOW-INCOME GROUPS
Date: 2026-06-20
Details: Published June 20, 2026 Updated about an hour ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: The National Assembly erupted into a heated budget debate on Friday as lawmakers tore into the federal budget 2026-27, demanding tougher relief for salaried class and struggling low-income families battered by soaring inflation. While criticism dominated much of the budget debate, the government stood its ground, describing the financial plan as tightly constrained yet broadly balanced within the country’s difficult macroeconomic environment. Taking part in the ongoing budget debate, senior Pakistan People’s Party (PPP) leader and former prime minister Raja Pervaiz Ashraf set the tone for the day’s deliberations by declaring the proposed 7 per cent salary increase for government employees “wholly insufficient.†He argued that, given the current cost-of-living pressures, salaries should have been raised by at least 10 per cent to meaningfully offset inflationary shocks hitting public sector households. Ashraf drew a comparison with the PPP’s previous tenure, recalling that salaries had once been raised by as much as 50 per cent despite economic strain. He implied that bold fiscal decisions were still possible if there was political will. Beyond the numbers, he stressed that economic recovery could not be achieved in isolation from political stability, continuity of policy, and national consensus. Without these, he warned, even well-designed budgets risked falling short of their goals. Urging restraint in political rhetoric, he cautioned that polarising narratives were undermining economic confidence. Turning to recent developments in Azad Jammu and Kashmir (AJK), he described the situation as “deeply distressing,†though he noted that negotiations had produced substantial progress following directives from the prime minister. According to him, nearly 80 per cent of the demands raised had been addressed, including subsidised electricity at Rs3 per unit and relief on flour prices. However, he acknowledged that sensitive issues – particularly those relating to refugee representation – remained unresolved. He called for continued dialogue through a newly constituted negotiation committee while emphasising that “state red lines†could not be crossed. Adding a different dimension to the debate, PPP MNA Nafisa Shah highlighted the country’s recent diplomatic outreach, suggesting that renewed international engagement had helped improve the country’s global standing. She linked expanding ties with Gulf nations to the long-term vision of former prime minister Zulfikar Ali Bhutto, arguing that such relationships could serve as a stabilising force for the economy. At the same time, she urged the government to reduce dependence on International Monetary Fund (IMF) programmes, calling instead for a strategic pivot towards domestic productivity. Under the “Uraan Pakistan†framework, she emphasised agriculture and industry as the twin engines of growth. Describing agriculture as the backbone of the economy, she called for urgent relief for farmers and the removal of structural bottlenecks hindering exports, warning that such constraints were continuing to strain foreign exchange reserves. From the opposition benches, Pakistan Tehreek-e-Insaf (PTI) MNA Muhammad Nawaz offered a sharply critical assessment, arguing that the budget provided little tangible relief to ordinary citizens already burdened by inflation. While advocating for national unity, he pointed to what he described as stagnation in development initiatives in Battagram, citing delays in a grid station project and key road infrastructure schemes. He urged greater investment in tourism and forest conservation as potential avenues for job creation and local economic development. Separately, Ejazul Haq of PML-Z questioned the government’s growth assumptions, stating that the projected 4 per cent GDP growth rate was insufficient to address rising unemployment and entrenched poverty. He argued that the country required sustained growth in the range of 6 to 7 per cent to produce meaningful improvements in living standards. Responding on behalf of the government, Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry defended the budget, stating that it had been prepared after extensive consultations with stakeholders and reflected prevailing fiscal constraints. He described it as the “best possible†financial plan under current economic realities, while assuring lawmakers that viable proposals from both treasury and opposition benches would be considered. He also revealed that the prime minister would soon meet opposition leaders to further address their concerns. Other legislators who took part in the budget debate included Arshad Abdullah, Nosheen Iftikhar, Nafisa Shah, Naseer Ahmed Abbas, Khurram Manj, Sanjay Perwani, Dr Darshan, Zubair Khan, Hafeez-ur-Rehman Drishak, Muhammad Shahbaz Babar, Fazal Muhammad Khan, Shamsher Ali Mazari, Rana Iradat Sharif, Muhammad Saad Ullah, Malik Asad Sikandar, Zulfiqar Ali Bhatti, Babar Nawaz, Rabia Naseem Farooqi, Muhammad Khan Daha, and Ahmad Raza Maneka. Meanwhile, official data presented before the House showed that 206 members participated in the six-day budget debate, which stretched across nearly 48 hours of discussion. Treasury lawmakers spoke for 29 hours and 23 minutes, while the opposition contributed 18 hours and 16 minutes, underscoring the intensity and breadth of the proceedings that marked the budget session. Copyright Business Recorder, 2026
KP UNVEILS RS2.17TRN DEFICIT BUDGET
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago By Recorder Report PESHAWAR: The government of Khyber Pakhtunkhwa has presented an annual budget of Rs2.17 trillion for financial year 2026-27 with an estimated deficit of Rs48 billion, comprising current expenditure of Rs1.65 trillion and development expenditure of Rs524.3 billion. Chief Minister Khyber Pakhtunkhwa Muhammad Sohail Afridi who also holds the portfolio of the finance presented the budget 2026-27 in the provincial assembly here on Friday. Speaker KP Assembly, Babar Saleem Swati was presiding the proceeding of the house. Out of total current budget, Rs1.47 trillion allocated to settled districts whereas Rs179.9 billion to Merged Districts. The salaries will cost an amount of Rs53.8 billion and another amount of Rs684.9 billion allocated for non-salary expenses and while the payment of pension to retired government employees cost Rs207.1 billion. To strengthen fiscal sustainability and reduce reliance on external resources, Provincial Own Source Revenue (OSR) has been budgeted at Rs182.4 billion for FY 2026-27, up from Rs129 billion for FY 2025-26. The receipt includes the collection of Rs80 billion through Khyber Pakhtunkhwa Revenue Authority (KPRA), other tax receipts of Rs35.9 billion and Non-tax receipts of Rs66.5 billion. Federal tax assignments are estimated at Rs1.24 trillion, war on terror receipts Rs149.1 billion, straight transfers Rs53.6 billion, windfall levy Rs24.9 billion and receipts from Net Hydel Profits at Rs116.8 billion. Under the foreign project assistance (FPA), the province will receive an estimated amount of Rs150 billion. Health, education, and security continue to receive the largest share of the budget, accounting for nearly 50 percent of total spending, reflecting the Government’s priority on human development, service delivery, and peace and security. Key flagship allocations include Sehat Card Programme, Medical Teaching Institutions, and Social Safety Net programmes, alongside funding for food security, medicines, public sector universities, public transport, police modernisation, support for Temporarily Displaced Persons, and the Good Governance Roadmap. To strengthen public finances and build resilience against future shocks, the KP Government introducing reforms including the establishment of a Khyber Pakhtunkhwa Takaful Insurance Company, a Disaster Risk Management Fund, a strengthened Debt Management Fund, and improved cash, investment, and fiscal risk management. The Merged Districts remain a major priority, with a total allocation of Rs272.8 billion, comprising Rs179.9 billion for current expenditure and Rs92.9 billion for development, to support service delivery, infrastructure, social programmes, and economic opportunities. Copyright Business Recorder, 2026
AURANGZEB TO WIND UP BUDGET SPEECH TODAY
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb is set to present expenditures amounting to Rs40.742 trillion, charged to the Federal Consolidated Fund, in the National Assembly today (Saturday), after his winding-up speech on the Budget 2026–27. According to the order of the day, the minister will also present the recommendations made by Senate during his winding-up speech on federal budget 2026–27. The minister will also present the Rs40.742 trillion expenditures charged upon the Federal Consolidated Fund, included in the demands for grants and appropriations for the financial year ending June 30, 2027, before the House for discussion. The breakdown includes Rs6.983 trillion for servicing of domestic debt – Rs25.992 trillion for repayment of domestic debt, Rs1.071 trillion for servicing of foreign debt, Rs5.836 trillion for repayment of foreign loans, and Rs5 million for Pakistan Post Office Department. Other allocations include Rs6.936 billion for superannuation allowances and pensions – Rs57 billion for grants, subsidies and miscellaneous expenditure, Rs500 million for foreign missions, Rs539.407 million for the Law and Justice Division, Rs7.969 billion for the National Assembly, and Rs6.453 billion for the Senate. The breakdown also includes Rs607.309 billion for external development loans and advances by the federal government, Rs963.799 million for staff household and allowances of the President (public), Rs1.837 billion for staff household and allowances of the President (personal), and Rs130.292 billion for repayment of short-term foreign credits. Additional allocations include Rs9.820 billion for audit, Rs7.441 billion for the Supreme Court, Rs6.048 billion for the Federal Constitutional Court of Pakistan, Rs2.367 billion for the Islamabad High Court, and Rs10.578 billion for election-related expenditure. Further allocations include Rs258.541 million for the Federal Ombudsman Secretariat for Protection against Harassment of Women at the Workplace, Rs2.124 billion for the Wafaqi Mohtasib, and Rs645.572 million for the Federal Tax Ombudsman. Copyright Business Recorder, 2026
BUDGET 2026-27 IN FOCUS: CHALLENGES, CHOICES & CHANGE: KCFR HOSTS SEMINAR ON ASSESSING GOVT’S FISCAL PRIORITIES, ECONOMIC CHALLENGES
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago By Press Release KARACHI: The Karachi Council on Foreign Relations (KCFR) hosted a seminar at a local hotel, bringing together leading economists, policymakers, and experts for an in-depth discussion of the Federal Budget 2026–2027. The seminar featured distinguished speakers including Ikram Sehgal Defense Analyst, and Chairperson KCFR Nadira Panjwani, Dr Kaiser Bengali, Dr Khaqan Hassan Najeeb, along with other prominent economists and policy experts. The session focused on assessing the government’s fiscal priorities, economic challenges, and the broader socio-economic impact of the upcoming budget. Speakers highlighted key concerns, including persistent inflation, challenges in tax collection, and the need for structural tax reforms to strengthen fiscal sustainability. Discussions also examined the government’s efforts to provide relief to citizens while managing economic stabilization. A key focus of the seminar was budgetary allocations for education, health, and infrastructure, particularly amid rising debt-servicing obligations and IMF-related fiscal constraints. Participants also evaluated the budget’s impact on middle- and low-income groups, particularly inflation and cost-of-living pressures. The dialogue further explored revenue-generation measures and whether they promote economic documentation and growth or create challenges for businesses. Opportunities and constraints for entrepreneurs, SMEs, and technological adoption were also discussed. The seminar concluded that while the budget presents certain avenues for reform and growth, significant challenges remain in ensuring inclusive development and meaningful relief for vulnerable segments of society. The KCFR reiterated its commitment to fostering informed dialogue on national and international policy issues through such engagements. Copyright Business Recorder, 2026
KP SETS RS182BN COLLECTION TARGET
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago By Amjad Ali Shah PESHAWAR: Khyber Pakhtunkhwa government has set a massive revenue collection target Rs182.41 billion for the next fiscal year 2026-27, with 41.4 percent increase as compared to outgoing the financial year. In the outgoing fiscal year, the revenue collection target was estimated at Rs129,000 million, including Rs83,500 million on tax and Rs45,500 million non-tax revenues, according to a finance bill approved by the provincial cabinet during its meeting, chaired by Chief Minister Muhammad Sohail Afridi here on Friday. The meeting approved all proposals presented before the provincial cabinet. The Finance Bill accompanying the budget proposes several new taxes and compliance measures. Under the proposed legislation, taxes will be imposed on leased properties of Auqaf lands, while a new tax has been introduced on five-marla residential houses. Amendments to the Motor Vehicles Act, 1958, introduce revised taxation rates for commercially operated vehicles. Rickshaws will be taxed at Rs1,000 annually, four-seater vehicles at Rs1,500, and six-seater vehicles at Rs2,000. For larger public transport vehicles, the bill proposes an annual tax of Rs400 per seat for 15-seater vehicles and Rs500 per seat for vehicles with more than 15 seats. In the hospitality sector, hotels will be required to pay a 5 percent tax based on annual room capacity and actual occupancy. Hotels without a point-of-sale (POS) system will be assessed on the basis of 50 percent occupancy of residential units and 10 percent of actual room rent. The Finance Bill also introduces stricter enforcement measures for tax compliance. Individuals who fail to file tax returns by the prescribed deadline will face penalties and additional surcharges. A minimum fine of Rs400,000 has been proposed for those who fail to register before providing taxable services. Those who fail to register within 90 days of providing taxable services could face up to one year in prison, a fine equal to the tax payable, or both. Additional penalties include a Rs25,000 fine for unauthorised changes to registration details and a daily penalty of Rs300 for late filing of tax returns. The bill further proposes a Rs500,000 fine, or a penalty equal to 5 percent of the tax amount, for failing to install a restaurant invoice management system. Copyright Business Recorder, 2026
HEALTH SPENDING: THE COST OF NEGLECT
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago EDITORIAL: The latest Pakistan Economic Survey 2025-26 presents a disturbing picture of the country’s public health landscape. While the government points to modest improvements in some indicators, a comparison with South Asian averages shows that Pakistan continues to lag behind its regional peers on several critical measures. More worrying is that these gaps persist despite repeated warnings from health experts and development practitioners about the consequences of chronic under-investment in the health sector. The survey’s statistics are sobering. Pakistan’s life expectancy at birth stands at 67.8 years, nearly five years below the South Asian average of 72.6 years. Maternal mortality remains alarmingly high at 155 deaths per 100,000 births, compared to 120 in the region, while the infant mortality rate is more than double the regional average, pointing to serious deficiencies in maternal and child healthcare services. Equally troubling are the levels of undernutrition and stunting, which continue to affect millions of children and undermine their physical and cognitive development. These challenges are compounded by the country’s comparatively high birth rate. Rapid population growth places immense pressure on already overstretched health, education and social welfare systems. Without effective family planning services and greater investment in reproductive health, Pakistan risks falling even further behind its neighbours in human development outcomes. The government’s economic managers frequently cite fiscal constraints to justify limited social-sector spending. Yet the real issue is one of priorities. Countries that have made significant gains in health outcomes have done so by treating healthcare as an investment rather than expenditure. As a matter of fact, better health produces a more productive workforce, reduces poverty and lowers long-term pressures on public finances. Pakistan’s health indicators are not merely statistics; they reflect the lived realities of millions of citizens. Unless health — alongside education — is placed at the centre of national development planning and supported by substantially greater public investment, the country will continue to pay a heavy economic and social price for this neglect. Copyright Business Recorder, 2026
KP PRESENTS RS2.17 TRILLION BUDGET WITH FOCUS ON DEVELOPMENT, WELFARE
Date: 2026-06-20
Details: Budget Budget 2026-27 National June 19, 2026Hamza Shahnawaz KP government announces salary hike, major welfare spending and Rs524 billion development programme in FY2026–27 budget Khyber Pakhtunkhwa Chief Minister Sohail Afridi on Friday presented a Rs2.170 trillion provincial budget for fiscal year 2026–27, outlining major allocations for development projects, social welfare, healthcare, education and law and order, alongside a projected deficit of Rs48 billion. The KP Budget 2026–27 places strong emphasis on public service delivery and infrastructure expansion, with Rs524 billion allocated for the Annual Development Programme (ADP) and Rs1.645 trillion earmarked for current expenditures. An additional Rs35 billion has been set aside for merged tribal districts. The government also announced a 7 per cent increase in salaries and pensions for public sector employees, alongside an increase in the minimum monthly wage by Rs5,000, taking it to Rs45,000. Development and fiscal priorities The KP Budget 2026–27 reflects a continued focus on development-led growth, with authorities highlighting investments in infrastructure, governance reforms and service delivery improvements across the province. Officials said the fiscal plan aims to balance development needs with fiscal discipline, while ensuring targeted relief for government employees and low-income workers. Law and order and governance spending Under the KP Budget 2026–27, Rs191 billion has been allocated for law and order, along with Rs200 million for the Good Governance Road Map initiative aimed at improving administrative efficiency. The budget also prioritises institutional strengthening and public safety measures to enhance overall governance outcomes. Social welfare and healthcare expansion A key feature of the KP Budget 2026–27 is its strong social protection component, including Rs15 billion for the Ehsaas Mustahiq Programme and Rs50 billion for the Health Card Programme. Health services have been further strengthened with Rs80 billion allocated for MTI hospitals, while Rs36 billion has been earmarked for the Peshawar Rehabilitation Programme. Education and human development focus Education remains a top priority in the KP Budget 2026–27, with Rs468 billion allocated to the sector, alongside Rs334 billion for health spending, underscoring the government’s emphasis on human capital development. Additional initiatives include funding for transport, agriculture, energy and local government services to support broader economic activity. Welfare-driven initiatives The KP Budget 2026–27 also includes allocations for minority empowerment, interest-free loans for overseas employment and a Rs2.5 billion electric bikes and rickshaws scheme aimed at promoting affordable and environmentally friendly transport. Officials said the budget reflects a mix of fiscal prudence and social uplift, focusing on development, welfare and long-term economic stability across the province.
‘PAKISTAN IMPORTS ABOUT USD800M WORTH OF US COTTON’
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 3 hours ago By Zulfiqar Ahmad ISLAMABAD: The textile sector remains a central component of trade between Pakistan and the United States, with Pakistani exports of apparel to the US averaging more than USD4 billion annually over the past five years, the US Chargé d’Affaires said on Friday. Speaking at an “Arts Entrepreneurship Showcaseâ€, US Chargé d’Affaires Natalie Baker said the two countries’ textile industries are closely linked, with much of Pakistan’s apparel production relying on American cotton. She said Pakistan imports about USD800 million worth of US cotton and other raw materials each year, making the US the country’s second-largest cotton supplier. “These supply chains stretch from American farms to Pakistani factories and ultimately to retail shelves around the world,†she said. She also noted Pakistan’s role as a major producer of denim fabric and garments, saying many jeans sold in US stores are manufactured in Pakistan. “Just look at a pair of Levi’s jeans for a powerful reminder that the US-Pakistan relationship is woven into the everyday lives of people in both countries,†she added. She also highlighted broader US support for creative industries, describing them as a source of economic opportunity and entrepreneurship. “The US has long believed in the power of creative industries to fuel progress and economic growth,†she said. “It has been part of our national identity since 1776.†She added that American success in arts and design is driven by a culture that encourages experimentation and entrepreneurship. Copyright Business Recorder, 2026
INDIAN SHARES SNAP 5-SESSION RALLY
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 3 hours ago By Reuters MUMBAI: Indian shares snapped a five-day rally on Friday on Accenture-led IT weakness, while heavyweights HDFC Bank and Reliance Industries also fell. The IT index dropped 3.7 percent to a three-year low, taking the wheels off the benchmarks’ rallies so far supported by lower oil prices after a US-Iran deal, and India’s moves to stabilise the rupee and curb foreign outflows. The Nifty 50 fell 0.64 percent to 24,013.1, while the BSE Sensex shed 0.78 percent to 76,802.90, after gaining 4.3 percent and 4.8 percent, respectively, over the previous five sessions. “Accenture has effectively confirmed that clients remain highly cautious with their wallets,†said Shashwat Singh, fundamental analyst at Bajaj Broking. “Because Indian IT firms rely heavily on the same global pipeline for discretionary tech projects, Accenture’s forecast is a warning for the entire sector.â€
TELEGRAM LOSES BID TO OVERTURN INDIA’S TEMPORARY BLOCKING OF THE APP
Date: 2026-06-20
Details: Published June 20, 2026 Updated 28 minutes ago Comments By Reuters NEW DELHI: Telegram on Friday lost its bid to overturn an Indian government order temporarily banning the messaging app, with a New Delhi court ruling that the government’s actions, aimed at preserving the integrity of a key med school exam, were legal and reasonable. The ban of the app from June 16 to June 22 has stirred an intense debate in the world’s most populous nation. Free speech rights activists say it has set a worrying precedent that cements government powers to curb the use of any messaging platform whenever it sees fit. The government put the block in place after the results of the country’s exam for students hoping to get into medical schools were scrapped last month amid allegations that the question paper had been leaked. The government is “empowered … to issue directions for blocking the public access to Telegram,†Delhi High Court Justice Tejas Karia said in his ruling. Telegram, which has more than 150 million users in India and counts the country as its biggest market, did not immediately respond to a Reuters request for comment on the verdict. The Indian government also did not respond to a request for comment. “It sets a concerning precedent with consequences for the open internet that extend well beyond this case,†digital rights group Internet Freedom Foundation said on X after the verdict. The block only affected Telegram, with the government arguing that the app represented a unique case, citing features such as the easy recreation of blocked channels and the way phone numbers and username-based interactions can be concealed, which create “a persistent enforcement challengeâ€.
BRENT SET FOR 8PC WEEKLY FALL
Date: 2026-06-20
Details: Published June 20, 2026 Updated about 2 hours ago By Reuters CALGARY, (Alberta): Brent crude ticked higher on Friday, but stayed set for a weekly fall of around 8 percent, after Israel and Hezbollah agreed on a ceasefire in Lebanon but Iran set conditions for using the vital Strait of Hormuz. Brent crude futures were up 66 cents, or 0.53 percent, at USD 80.38 a barrel by 1:30 p.m. ET, while US West Texas Intermediate crude CLc1 was up 94 cents, or 1.23 percent, at USD 77.54 per barrel. Trading volumes were light due to a US federal holiday. Gulf producers were preparing to raise exports after Israel and Hezbollah agreed to a ceasefire which began at 4 p.m. local time (1300 GMT) on Friday. At least four tankers carrying crude, oil products and liquefied petroleum gas entered the Strait of Hormuz on Friday, heading for Iraqi Gulf ports, MarineTraffic data showed. Despite the uptick in activity, however, Iran signalled tighter control over shipping, with state TV reporting that vessels must coordinate transit with the Revolutionary Guards navy. In an undated advisory circulated to the maritime industry in the last 24 hours and seen by REUTERS, Iran’s Persian Gulf Strait Authority said “no vessel is permitted to pass through the Strait of Hormuz without a valid passage permit issued by the PGSAâ€. Concerns around Iran’s conditions for using the strait helped push oil prices higher on Friday, said Rory Johnston, founder of the Commodity Context newsletter. “The market was pricing in a deal and pretty seamless execution, and that doesn’t seem to be what we’re getting thus far,†Johnston said. In spite of Friday’s gains, Brent was down about 8 percent week-over-week, reflecting a significant easing of supply concerns in the wake of the US-Iran deal to end the war. “Though (oil prices) haven’t got to the point to where they were before the war started, it looks like we’re headed in that direction,†said Phil Flynn, senior analyst with Price Futures Group, adding more supply is expected to flow in coming days. “The backlog of ships can move quicker than some people think and if there’s cooperation between Iran and the US, it can move quite quickly,†Flynn added. A planned meeting between Iranian and US officials in Switzerland on Friday has been postponed, with arrangements underway for talks in the coming days, Iran’s Foreign Ministry said on Friday.
INDUSTRIES, AGRICULTURE: FEDERAL GOVT FAILS TO PROVIDE MEANINGFUL RELIEF: PBF
Date: 2026-06-19
Details: Published June 19, 2026 Updated 27 minutes ago By Recorder Report PESHAWAR: Pakistan Business Forum (PBF) has said that government has failed to provide meaningful relief to the industrial and agricultural sectors of the economy in the annual budget for fiscal year 2026-27. Addressing a press conference here at Peshawar Press Club (PPC) on Thursday, the Chief Organiser PBF, Ahmed Jawad, KP Chairman Ashfaq Paracha, Peshawar Region President Arif Yousaf, and other office-bearers. Expressing concerns over the federal budget and the economic challenges facing businesses, industry, and agriculture. He emphasized that Pakistan requires an annual economic growth rate of at least 6 percent to address its mounting economic challenges, yet the budget lacks effective measures to achieve this target. They commended Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir for their statesmanship and diplomatic efforts in promoting peace, stability, and regional harmony. The PBF leadership appreciated Pakistan’s constructive and balanced diplomatic role during the recent tensions involving the United States and Iran, stating that Pakistan demonstrated responsible and effective diplomacy aimed at de-escalation and dialogue. The PBF leadership highlighted that Pakistan’s economy requires the creation of at least three million new jobs annually, but the current fiscal framework offers no clear roadmap to stimulate employment generation. Referring to the Economic Survey, Jawad noted that more than 72 million Pakistanis are living on less than Rs8,000 per month and questioned what tangible relief the budget offers to ordinary citizens beyond additional taxation. PBF representatives expressed concern that tax revenues continue to increase every year while the country’s average economic growth remains around 3 percent. They argued that sustainable economic expansion cannot be achieved without reducing the cost of doing business and promoting industrial productivity. The Forum criticised the high cost of energy, questioning how exports could be increased under the prevailing electricity and gas tariffs. It also pointed out that businesses in Khyber Pakhtunkhwa face operating costs approximately 34 percent higher than competitors in other regions, undermining their competitiveness. On fiscal matters, PBF noted that approximately Rs8 trillion—equivalent to 43 percent of the total federal budget will be spent on debt servicing in the coming fiscal year, while insufficient attention has been paid to reducing this burden. However, the Forum welcomed the government’s decision to amend the Super Tax, noting that it was originally introduced as a temporary one-year measure. The business body called for the abolition of the Petroleum Levy and its replacement with an 18 percent General Sales Tax (GST) on petroleum products to provide relief to consumers. It further demanded the removal of GST on dairy products and stressed the need for a national programme to increase local edible oil production, noting that edible oil remains one of Pakistan’s largest import categories after petroleum products. Regarding agriculture, PBF maintained that agricultural input costs could have been reduced through lower duties and taxes on fertilizers. The Forum warned that the lack of incentives for the agriculture sector could negatively impact GDP growth targets and food security. Addressing tax policy, Ahmed Jawad urged the government to withdraw recent amendments relating to delayed filing of tax returns under the Active Taxpayers List (ATL). He argued that such measures discourage potential taxpayers and weaken confidence in the tax system. Khyber Pakhtunkhwa Chairman Ashfaq Paracha said that the province’s business community has become a casualty of the prevailing political environment. He called for a change in the Provincial Advisor on Finance, emphasizing the need for a local representative who possesses a thorough understanding of the province’s economic realities, business landscape, and development priorities. Paracha also criticized the provincial authorities for their lack of engagement with key stakeholders, stating that the business community is not being adequately consulted on important economic and fiscal matters. He stressed that meaningful dialogue with the private sector is essential for formulating policies that can promote investment, industrial growth, and economic stability in the province. Ashfaq Paracha called for greater clarity regarding the provincial government’s industrial policy and questioned its strategy for promoting industry and commerce in the province. He urged the provincial government to present its budget without delay, stating that a province cannot be managed on a temporary basis. The PBF leadership also expressed concern over funds belonging to Pakistani businesses that remain stuck in Afghanistan and called upon the Government of Pakistan to take up the issue with the Afghan authorities. Peshawar Region President, Arif Yousaf stressed that providing economic direction to the province is the responsibility of the provincial government. He lamented the deteriorating condition of Peshawar, stating that even the provincial capital lacks adequate attention and development. PBF called for a comprehensive pro-growth economic strategy, meaningful engagement with stakeholders, lower energy costs, support for agriculture and industry, tax reforms, and measures aimed at restoring business confidence and accelerating economic growth. Copyright Business Recorder, 2026
REFLECTIONS ON FEDERAL BUDGET FY27—I
Date: 2026-06-19
Details: Published June 19, 2026 Updated about an hour ago By Dr Omer Javed In line with the overall economic policy, the important thing for a budget is to employ its tools – revenue and expenditure – to meet both over-arching goal of enhancing sustainability of macroeconomic stability, economic growth, resilience in terms of greening the economy, and welfare. For this, it is important to prioritize both outcomes, and plan revenues and expenditures in a way that enhances productive and allocative efficiencies, and puts the burden of taxation in an equitable way. Important outcomes as per the author for Federal Budget 2026-27, for instance, include, as pointed out in my June 12 article ‘Policy philosophy correction budget–I’ published by BUSINESS RECORDER (BR) ‘…water resource management, and security, energy sustainability, poverty, unemployment, and high interest payments… fiscal federalism needs to be fixed to better match responsibilities with regard to subjects shifted under the 18th Constitutional Amendment to the federating units, with the expenditure responsibilities they should incur from the transferred resources under the National Finance Commission (NFC) award for those devolved responsibilities. That would better rationalize expenditure side, and revenue raising needs of the centre, and federating units.’ Here, the overall efficiency and equitability aspects of the budget are reflected through the ‘way’ expenditure is allocated, and before that ‘how’ revenues are collected through providing positive and negative incentives in this regard to set the direction of the overall economy. In the Federal Budget 2026-27, the first thing to realize about the budget is that it is not presented as an outcomes-based budget in terms of main goals being targeted – in particular climate change related resilience enhancing expenditure, including subsidies, and taxation – how the budget overall in terms of expenditure allocations, and domestic resource mobilization, or revenues reflects expectations. As a related point, the chapter on climate change is among the last few chapters of the Economic Survey for fiscal year 2025-26, which is strange to say the least, given Pakistan is among the top-ten most climate change challenged countries and is currently under an International Monetary Fund’s (IMF) ‘Resilience and Stability Facility’ (RSF) programme with IMF that mainly focuses on enhancing climate change related resilience. Moreover, a generic statement in the Annual Budget Statement (ABS) by finance secretary that ‘In framing the budget, priority has been accorded to key sectors including health, education, social protection, climate resilience, gender equity and human capital development. …to support economic recovery and inclusive growth through sustained support for productive sectors, including agriculture, industry, and small and medium enterprises, alongside measures to enhance competitiveness, employment generation, and private sector participation’ needs to be quantified in terms of indicating upfront expenditure, and revenue proposals with regard to each of these priority areas, including indicating proposed expectations by federal government for the provinces in these areas, as an overall effort by the Centre to provide guidance to the provinces with regard to bringing greater harmony in budget proposals of the federal government, and federating units. Also, the statement does not sequence priorities in terms of allocations, highlighting the order of importance of emphasis; for instance, perhaps makes sense to prioritize higher the existential threat of climate change crisis. Before that the finance minister in his speech did not centre-stage the budget speech around highly important objectives facing the economy, where climate change – given the country has seen two catastrophic flooding during the last four years, or so – and water resource management should have been one of the most emphasized aspects of the budget, along with exorbitant level of interest payments, high level of poverty, and unemployment, for example. Moreover, the prioritization should have followed a deep focus in terms of specific expenditure, and revenue proposals, including foreign assistance-related inflows, including climate finance, the government expected to receive. Here, borrowing with regard to financing expenditure-revenue gap requires overall economic policy orientation – including that of the International Monetary Fund (IMF) programmes – away from over-board use of monetary austerity policy – squeezing aggregate demand through employing policy rate in an over-board way, rather than employing a more balanced aggregate demand- and supply-side policy emphasis, for instance – as an important determinant to effectively rationalize interest payments-related expenditure and, in turn, overall fiscal space, while overall adding to the sustainability aspect. Moreover, with regard to boosting the equitability aspect of revenues, and for enhancing productive- and allocative efficiencies, requires shifting from consumption-based (indirect) taxes – which are regressive in nature and also distort prices, adding to cost-push inflation – to income-based (direct) taxes. On the contrary, neither the budget speech nor the ‘statement of purpose’ in the ‘annual budget statement’ (ABS) emphasizes the need to make this needed shift in a mission-oriented way, especially when poverty has seen drastic increase over the last few years, and there is urgent need to move away from regressive, indirect taxes. Moreover, the revenue shortfall from this shift, requires, in turn, announcing revenue measures that enhanced tax base, and introducing creative tax policy measures. In addition, this shift will, in turn, set a much-needed tone for provinces to reflect similar emphasis, in terms of moving away from indirect taxes, and enhancing direct tax base, in their respective budgets. Unfortunately, rather than not only any significant intent shown with regard to making this shift, the current direction has, in fact, been perpetuated whereby as per budgetary estimates for FY2026-27, indirect taxes are more than direct taxes. Hence, while rather direct taxes related budget estimates for 2026-27 were slightly increased to Rs7.6 trillion, from budget estimates for FY2025-26 of Rs.6.9 trillion, and revised estimates of Rs6.4 trillion. On the other hand, budgeted indirect taxes for the upcoming fiscal year (FY) saw an increase from revised estimates of the ongoing fiscal year by Rs1.1 trillion, to stand at Rs.7.7 trillion; here, budgeted estimates for the ongoing fiscal year stood Rs7.2 trillion. In addition, the budget process needs to have a better learning curve – and overall economic policy, and IMF programmes for that matter – whereby over the medium-term pro-cyclical budgets – enhancing tax- and policy rates to rein-in aggregate demand – have not lent sustainability to even, at best, short-term achieved macroeconomic stability, while unduly giving so deep and prolonged sacrifice of economic growth, and reaching a very low level of foreign direct investment (FDI), which, in turn, has led to hardship in terms of rising levels of unemployment, inequality, and poverty. It is, indeed, overdue then to shift away to move towards taking a counter-cyclical orientation of budget by providing a much more balanced aggregate demand, and supply-side focus of the budget. This means that the budget should look to have a relatively greater emphasis in terms of development spending, in particular focusing on important areas in terms of marking prioritized spending, and putting the burden of development spending, including that of the prioritized areas, on the Centre, and the federating units in line with the responsibilities as envisaged under the 18th Constitutional Amendment and the National Finance Commission (NFC) award. It is also important to note that the budget does not much underline better aligning provincial responsibilities, with expenditure rationalization, whereby, for instance, social welfare programme Benazir Income Support Programme (BISP) related allocation, which should be the concern of the respective province, given under the 18th Constitutional Amendment social welfare is a provincial subject, yet it continues to be allocated through federal budget Rs.844.8 billion for the upcoming fiscal year. At the same time, the fact that the budget estimates for the upcoming fiscal year are the same as the last fiscal year means lesser allocation in real terms, which is strange given poverty, and income inequality are rising in the country. In the same vein, for instance, education, health, and perhaps social protection, which appear similar to social welfare, all fall within the responsibility of provinces under the 18th Constitutional Amendment, yet there is duplication in terms of significant allocation of non-development current expenditure at the federal level; where directional guidance from Centre at the policy level for these subjects could be provided by the planning ministry from the already existing research staff since all development related areas are part of the overall planning of country’s economy, while running the educational, and health affairs concerning the Centre jurisdiction of Centre – including running the affairs of Higher Education Commission, which is not a devolved entity – would in turn likely be a small fraction of what is being allocated currently. Hence, in an overall budgetary estimate of current expenditure for the upcoming fiscal year at Rs.17.5 trillion, a little more than Rs.1 trillion goes to these three concerns – ‘Education Affairs and Services’ allocated Rs.117.1 billion, ‘Health Affairs & Services’ Rs.37.4 billion, and ‘Social Protection’ Rs.867.0 billion; where this saving could mean less primary surplus target, and overall greater fiscal space for enhancing development spending – where PSDP from this saving in federal budget could in fact around be doubled – along with lesser need for seeking provincial surplus, which has been budgeted Rs.1.8 trillion! Here, it needs to be indicated that even if the budgetary estimate for FY2026-27 for ‘Tertiary Education Affairs and Services’ at Rs.84.5 billion are taken out of the total current expenditures, they still stand close to Rs.1 trillion, or Rs.927.1 billion to be more precise. It is strange that most of the tertiary level Rs84.5 billion expenditure will likely be with regard to providing research grants, and should therefore be part of the development expenditures of the federal government, and not current expenditure. Moreover, the budget should focus on reaching primary deficit, while reducing fiscal deficit. This is important to avoid fiscal austerity in the overall effort to provide a counter-cyclical budget, which is, in turn, essential for both stability and growth; and should not be wrongly seen as a matter of trade-off between the two, at least not over the medium-term. This is because targeting inflation should not mean primarily aggregate demand squeeze emphasis, given both traditionally inflation being an equally fiscal phenomenon in developing countries, and more so, in the wake of elevated level, and frequency of aggregate supply shocks due to fast-unfolding climate change crisis, increasing probability of related ‘Pandemicene’ phenomenon, and heightened level of conflict globally. (TO BE CONTINUED ON SUNDAY) Copyright Business Recorder, 2026
FINANCE BILL 2026: EXTRACTION CANNOT DELIVER!
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By Huzaima BukhariDr Ikramul HaqAbdul Rauf Shakoori Every Finance Bill is presented as an instrument of reform! Governments speak of documentation, broadening the tax base, digitisation and fairness. However, the real test of any Finance Bill is not the number of amendments it contains, but whether it can help create a productive economy capable of generating sustainable revenues. Judged by that standard, the Finance Bill 2026 raises a more fundamental question: can Pakistan continue financing the State through intensified extraction from a narrow documented sector while leaving the underlying political economy largely untouched? The debate surrounding the Finance Bill 2026 has focused on tax rates, relief for salaried persons, withdrawal of certain provisions, tariff rationalisation and introduction of new enforcement tools. These matters are important, but they do not answer the central fiscal question. Can these measures alone enable the Federal Board of Revenue (FBR) to achieve its ambitious collection target of Rs 15.264 trillion for the coming fiscal year 2026-27? The answer requires a broader historical perspective. Pakistan’s tax problem has never been merely administrative. It is fundamentally political and structural. For decades, successive governments have attempted to increase revenues without confronting distribution of economic power. Taxation has therefore evolved into a system where the documented sectors of the economy bear a disproportionately large burden while politically influential sectors remain undertaxed or escape effective scrutiny altogether. The result is a tax system characterised not by universality but by concentration. Banks, corporations, salaried individuals, exporters, manufacturers, importers and formal service providers continue to shoulder the bulk of the burden. Meanwhile, large segments of retail trade, wholesale commerce, real estate speculation, agricultural rent and the informal economy remain outside effective taxation. This imbalance becomes particularly significant when examining the assumptions underlying Budget 2026-27. Historically, revenue growth in Pakistan has been driven by four factors: economic growth, inflation, import expansion and new taxation measures. During the high-growth years between 2002 and 2007, tax collections increased largely because economic activity expanded rapidly. Banking, telecommunications, construction and consumer markets generated taxable incomes and transactions. Revenue growth was a consequence of economic expansion. The pattern changed during subsequent years. Increasingly, revenue growth came from withholding taxes, advance taxes, presumptive taxation, petroleum levies, minimum taxation and administrative enforcement. Instead of taxing new economic activity, the State intensified extraction from existing activity. The Finance Bill 2026 continues this trend. Many of its most significant provisions are not tax policy measures but revenue administration measures. Faceless audits, faceless assessments, algorithmic risk profiling, electronic invoicing, digital monitoring, banking data integration, third-party information systems and automated scrutiny all seek to improve enforcement capacity. They may well increase short-term collections. They may even help the government meet certain quarterly targets. However, enforcement should not be confused with reform. No country has ever achieved long-term revenue sustainability through enforcement alone. Sustainable tax growth emerges from investment, productivity, profitability and expansion of the tax base. Tax administrators can collect taxes from economic activity. They cannot create economic activity. This distinction is particularly relevant in Pakistan’s present circumstances. The government expects FBR to collect Rs 15.3 trillion while economic growth remains modest, private investment remains subdued, manufacturing struggles with high energy costs and businesses face unprecedented regulatory uncertainty. The contradiction is obvious. The State expects historic revenue growth from an economy that itself remains constrained. The Finance Bill 2026 attempts to bridge this contradiction through technology. The language of reform has shifted from legislation to algorithms. Faceless adjudication, automated risk assessment and digital compliance have become the preferred instruments of revenue administration. Technology undoubtedly has an important role in modern taxation, yet it cannot substitute for legitimacy. Pakistan appears increasingly attracted to the Indian model of faceless assessment and digital tax administration. However, India introduced such reforms after extensive digitisation of economic activity, integration of taxpayer identification systems, widespread banking penetration and the establishment of robust information networks. Even then, the Indian experience generated significant criticism regarding procedural fairness, algorithmic opacity and denial of meaningful hearings. Pakistan seeks to replicate the model without first creating the underlying foundations. Facelessness may reduce direct interaction between taxpayers and officials, but it does not automatically eliminate arbitrariness. An opaque algorithm can be as intimidating as a discretionary officer. Digital notices can multiply harassment if underlying data remains unreliable. Automated mismatch detection can become automated coercion unless taxpayers enjoy effective rights of appeal and transparent procedures. The deeper problem lies elsewhere. The Finance Bill 2026 continues to assume that documentation can be achieved through surveillance. All said and done, documentation is not merely a technological exercise! It is fundamentally a fiscal relationship between citizens and the State. Citizens willingly enter documented systems when taxation is perceived as fair, predictable and connected to public services. Conversely, excessive reliance on coercive measures deepens distrust and encourages further informality. Pakistan’s experience over the past two decades demonstrates this clearly. Despite an ever-expanding network of withholding taxes, advance taxes, presumptive taxes and information reporting requirements, tax base has not broadened proportionately. The system has become more intrusive without becoming significantly more inclusive. This is where the Finance Bill intersects with a larger political economy issue. Pakistan increasingly resembles what economists describe as a rentier fiscal structure. Revenue extraction relies less on expanding productive capacity and more on extracting resources from captive sectors of the economy. Growing dependence on petroleum levy, withholding taxation and administrative enforcement reflects this tendency. Fiscal policy becomes detached from production and increasingly dependent upon mechanisms that transfer resources from existing taxpayers rather than creating conditions for new taxpayers to emerge. Debt servicing intensifies this dynamic. A substantial portion of federal revenues is pre-committed before development priorities are even considered. Consequently, revenue authorities face relentless pressure to maximise collections regardless of broader economic consequences. Tax administration gradually transforms into an instrument of fiscal survival rather than economic development. In such circumstances, every Finance Bill risks becoming an exercise in revenue extraction rather than a blueprint for growth. Relief granted to salaried taxpayers illustrates this contradiction. While reductions in tax rates are welcome, salaried individuals were never the principal source of Pakistan’s fiscal imbalance. They represent perhaps the most compliant segment of the taxpaying population. Relief may mitigate resentment, but it does not address structural inequities in the distribution of tax burdens. Similarly, the proposed abolition of section 7E removes a controversial provision whose constitutional validity remained doubtful. Yet its withdrawal also highlights a recurring weakness of tax policymaking. Successive governments introduce legally questionable measures in pursuit of short-term revenue gains, only to retreat later after years of litigation and uncertainty. Such policy reversals damage investor confidence far more than any nominal tax rate. The most revealing aspect of the Finance Bill 2026 may therefore be what it does not attempt. It does not fundamentally address agricultural income taxation. It does not comprehensively reform retail taxation. It does not eliminate excessive reliance on withholding taxes. It does not create a unified national sales tax framework. It does not establish a stable, predictable multi-year tax policy. Nor does it confront the broader governance failures that discourage investment and productivity. These omissions matter because revenue targets cannot be analysed independently of economic conditions. A tax administration can only collect from what the economy produces. If growth remains weak, if investment remains hesitant, if businesses continue facing high energy costs and regulatory uncertainty, administrative measures alone will eventually reach their limits. Three scenarios therefore emerge. The first is that FBR achieves its target through aggressive enforcement, inflationary effects and intensified withholding. The target may be met, but the underlying economy remains weak. The second is that economic activity slows sufficiently to undermine revenue assumptions. In that case, the familiar cycle of mini-budgets, additional taxation and further enforcement is likely to return. The third—and presently the least discussed—is genuine structural reform. This would require broadening the tax base through politically difficult measures, harmonising federal and provincial taxation, reducing compliance costs, strengthening taxpayer rights, simplifying tax laws and linking taxation more visibly to public services. Only the third path offers durable fiscal stability. The real question, therefore, is not whether the Finance Bill 2026 contains enough amendments to help FBR collect over Rs 15 trillion. The real question is whether Pakistan can continue demanding larger and larger sums from a relatively small documented sector while postponing reforms that would expand productive capacity and create new taxpayers? The Finance Bill 2026 reflects an increasingly sophisticated revenue administration. What it does not yet reflect is an equally sophisticated understanding of growth. Until that imbalance is corrected, each successive Finance Bill may succeed in collecting more revenue, but none will resolve the fiscal crisis that makes such collections necessary in the first place. Copyright Business Recorder, 2026
SINDH BUDGET
Date: 2026-06-19
Details: Published June 19, 2026 Updated about an hour ago EDITORIAL: Sindh presented a 3,525 billion-rupee budget with the major reliance for revenue remaining on federal transfers (nearly 64 percent), but own-receipts are projected to account for 22 percent as a percentage of total revenue collected: 456 billion rupees as sales tax on services and agriculture income tax against 362 billion rupees collected in the outgoing year (26 percent rise), tax receipts other than sales tax and agricultural income tax budgeted to generate 234 billion rupees, a decline from the 261.729 billion rupees collected last year, and non-tax receipts at 85 billion rupees, a small decline from the 86.5 billion rupees collected in 2025-26. However, a closer look at this data reveals three disturbing features of the budgeted own-revenue that are common with the Punjab budget: (i) agricultural income tax is projected to generate only 6 billion rupees next fiscal year which, without doubt, is violative of the International Monetary Fund’s insistence that this sector does not pay taxes commensurate to its contribution to the Gross Domestic Product (GDP); the Punjab government has earmarked a mere 10.5 billion rupees under this head next fiscal year; (ii) it is difficult to support any reduction in collections, excluding GST and farm tax; especially, if the GDP growth rate is projected at 4 percent. Punjab has projected the same revenue as in the outgoing year under stamp duties and a reduction of 500,000 rupees in terms of fees and penalties, though the budget documents mention higher police earnings from fines and penalties; and (iii) the same questions arise with respect to the decline in the non-tax receipts. Punjab too showed a decline under this head though it was much larger than budgeted by Sindh notably nearly 29 billion rupees. The Sindh government’s Budget Strategy Paper 2026-27 to 2028-29 notes some major risks with a potential for major conflict with the Centre as follows: “Under the MTFF of term 2026-29, the Government is expected to face an operating budget deficit, with total revenues falling short of projected expenditures due to a widening gap between revenue growth and spending commitments. These pressures are likely to be further exacerbated by a number of emerging risks, including the potential implications of the 11th NFC Award, possible reduction in provincial share in the divisible pool, and the uncertainty surrounding the continuation of the Octroi and Zila Tax (OZT) grant.†The deferment of reducing the share of the provinces from the divisible pool under the operative National Finance Commission award till next year, alluded to by the Federal Finance Minister in his budget speech delivered on 12 June, would necessitate a constitutional amendment that requires a two-third support from parliament – a condition unlikely to be met without Pakistan People’s Party’s (PPP’s) support. The inclusion of this concern in the paper, however, indicates that the party is aware of the capacity of the prevailing hybrid system of government to get parliamentary approval as and when it deems appropriate. And a pet project of the leadership of the PPP is development of the public private partnership portfolio which, the budget documents claim, has “experienced a significant growth from 5 billion rupees in 2010 to around 876 billion rupees in 2025, covering multiple sectors such as Health, Road Infrastructure, Water, Tourism, Forestation, Recreation and Education etc. Currently, more than 148 billion-rupees worth of projects are operation, over 130 billion-rupees worth of projects are under construction, and more than 177 billion-rupees worth of projects are under investor solicitation and expected to be concluded by June 2026.†This was markedly absent in the Punjab budget led by the PML-N that is supportive of privatization at the federal level while in the province the focus is on promoting foreign direct investment rather than creating space for public and domestic private partnerships. The allocation for social sectors was slashed for next fiscal year like in Punjab; however, this did not lead to a projected surplus as required and reportedly agreed by all provinces under the ongoing IMF programme with the provincial budget, highlighting a deficit of 36.9 billion rupees next year instead of a surplus of 440 billion rupees. This was also the case in the outgoing year with a deficit of 27.87 billion rupees though the Centre had budgeted a surplus of 359 billion rupees for Sindh. Copyright Business Recorder, 2026
FINANCE BILL: SENATE ADOPTS 123 SUGGESTIONS
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By Sardar Sikander Shaheen ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb, Thursday, assured the Senate that its recommendations would be duly considered for the federal budget, as the Upper House of the Parliament adopted a total of 123 recommendations on the Finance Bill, 2026. Winding up the budget debate, the finance minister appreciated the Senate Standing Committee on Finance and Revenue for its input on the federal budget. “The finance panel reached out to every sector and gave its recommendations in a short span of time,†he said. Aurangzeb reiterated that several key recommendations of the Senate would be made part of the Finance Bill, 2026 that would be put up before the National Assembly in the coming days. On the economic situation in the country, he said that the situation in the Middle East impacted the pace of economic progress in Pakistan, adding that the government was taking effective steps to grapple with the situation. The minister said the government has reduced taxes on construction industry in the federal budget. The advance sales tax on the corporate sector has also been abolished in the budget, Aurangzeb said. “Also, the burden of taxes on the salaried class has been lessened,†the lawmaker said. Other significant decisions taken by the federal government in relation to the federal budget include abolition of surcharge on the information technology sector, according to the minister. The IT exports in the outgoing fiscal year would be recorded at USD 4.5 billion, Aurangzeb said, adding that the government is imparting coding training to the youth associated with the IT sector. Earlier, Chairman Senate Standing Committee on Finance and Revenue Saleem Mandviwalla said, the panel has devised 123 recommendations for the NA’s consideration. The committee, he said, has recommended increasing salaries by at least 15 percent, broadening the tax base, and avoiding the imposition of new taxes on essential commodities. The panel has proposed reducing taxes on fertilisers, seeds and agricultural machinery to support the farming sector, he said. After his speech, Mandviwalla moved a motion that the recommendations on the Finance Bill, 2026, containing the Annual Budget Statement, as reported by the committee, be adopted by the House. Subsequently, the Senate adopted the motion. Moreover, the Senate passed the Federal Board of Revenue (Amendment) Bill, 2026, presented by the finance minister. The bill seeks to shift the functioning of the FBR’s Policy Board under the ambit of the Finance Division. The bill also seeks to empower the secretary Revenue Division to appoint and transfer the FBR Members of grade 21 and above. Prime Minister’s Political Adviser Rana Sanaullah told the Senate that Pakistan had raised the issue of “India’s weaponisation of water†at the international forums. “India is constructing five dams on Chenab River and aims to complete them in the next four to five years. Once completed, these projects would enable India to halt the flow of water of Chenab for a period ranging from 60 to 90 days,†he said. Copyright Business Recorder, 2026
IMPOSITION OF TAX ON INCOME EARNED THRU SOCIAL MEDIA, CGT ON SALE OF INHERITED PROPERTIES: NA PANEL ENDORSES PROPOSAL
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Thursday approved a proposal to impose a 5 percent withholding tax on income earned through social media platforms, while also endorsing a capital gains tax (CGT) regime on the sale of inherited properties. The committee, which met under the chairmanship of Naveed Qamar here on Thursday, gave its nod to a series of tax measures proposed in the Finance Bill, 2026 aimed at broadening the tax base and documenting emerging income streams. Federal Board of Revenue (FBR) officials informed the committee that earnings generated from digital platforms such as YouTube are increasing rapidly and largely remain outside the tax net. They explained that the withholding tax would be deducted when foreign currency earnings from social media platforms are remitted through the banking system. According to FBR officials, income generated from social media activities in Pakistan is around Rs4 to 10 billion, prompting the government to introduce a mechanism for taxing digital content creators and influencers. Under the approved proposal, a 5 percent withholding tax will be charged on social media earnings received through banks. The tax is expected to help bring the fast-growing digital economy into the formal tax regime and improve revenue collection from online income sources, they added. The committee also considered amendments relating to inherited properties and family settlements. FBR officials proposed the imposition of CGT on the sale of inherited properties and plots, while introducing a clear valuation mechanism to determine taxable gains. Officials explained that the cost of an inherited property would be deemed to be its market value on the date of the original owner’s death. This benchmark would serve as the acquisition cost for calculating capital gains tax when the property is subsequently sold. Explaining the mechanism, FBR officials said that if a plot was worth Rs8 million at the time of the owner’s death and later sold for Rs10 million, capital gains tax would be charged on the Rs2 million, the amount increases in value. However, committee chairman Syed Naveed Qamar advised that the property’s original value should be calculated from the date ownership is formally transferred. The committee subsequently suggested determining the real value from the date of the transfer of ownership. The committee was informed that inherited properties transferred through family settlement arrangements would be granted legal protection under the proposed framework. The valuation date for such assets would remain the date of the owner’s death, ensuring certainty in determining the property’s original cost. Tax authorities argued that the measure would remove ambiguities surrounding inherited assets and establish a transparent system for taxing gains arising from the disposal of such properties. The standing committee also approved a proposal requiring income tax returns to be filed exclusively through electronic means. The FBR officials said taxpayers would be required to submit income tax returns electronically through the IRIS system, and companies would also have to file their financial statements in machine-readable formats. The officials also noted that the FBR has largely shifted to digital filing since 2013, although manual returns were still being submitted from certain cities, including Gujranwala, but now the proposal aims to make electronic filing mandatory. The committee endorsed another proposal of a 10 percent tax credit for digital integration. Copyright Business Recorder, 2026
NA LIKELY TO PASS FINANCE BILL ON 23RD
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The National Assembly is set to approve the Finance Bill, 2026, on June 23 (Tuesday) and the Regular and Technical Supplementary Grants for the financial years 2024-25 and 2025-26 on June 24 (Wednesday), it is learnt. According to sources, the government aims to secure approval of the Budget 2026-27 before the 9th and 10th of Muharram of the Islamic month, which fall on June 25 and 26, respectively. Sources said the debate on the Budget 2026-27 will continue until Saturday afternoon. Later in the day, Federal Minister for Finance Senator Muhammad Aurangzeb will wind up the budget debate in the National Assembly on Saturday evening (June 20). The minister will also present the Senate’s recommendations to the Lower House of Parliament during his winding-up speech on the budget debate. The finance minister will present the Demands for Grants and Appropriations for the financial year 2026-27 on Sunday for discussion and voting on cut motions. He will also present the Excess Budget Statements for the financial years 2016-17 and 2024-25 (excluding charged expenditure) before the House. In addition, the minister will present the Annual Budget Statement for the financial year 2026-27, including the revised estimates for the 2025-26 financial year. Sources said discussions and voting on cut motions relating to the demands for grants will continue on Sunday and Monday. Opposition members will move cut motions on various demands for grants, which will be debated over the two days. They said opposition parties, particularly the Pakistan Tehreek-e-Insaf (PTI) and the Jamiat Ulema-e-Islam (F) (JUI-F), are currently submitting cut motions to the legislative branch of the National Assembly Secretariat. On Tuesday (June 23), the finance minister will present the Finance Bill, 2026, for approval by the National Assembly, while the supplementary grants will be tabled for passage on Wednesday (June 24). Copyright Business Recorder, 2026
KP BUDGET TO BE PRESENTED TODAY
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By NNI ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) has announced that its government in Khyber Pakhtunkhwa will present the provincial budget for the financial year 2026–27 in the provincial assembly on Friday, 19 June. PTI Chairman Barrister Gohar Ali Khan said on Thursday that all members of the assembly would attend the budget session and support the Chief Minister in ensuring the approval of the annual financial plan. Meanwhile, Khyber Pakhtunkhwa Governor Faisal Karim Kundi said there had been no procedural delay in the presentation of the provincial budget.
ARITHMETIC OF NEGLECT
Date: 2026-06-19
Details: Published June 19, 2026 Updated about 2 hours ago By Mansoor Qaisar Pakistan is a country of contradictions. It possesses nuclear weapons but cannot guarantee a child a functioning classroom. It speaks of becoming a top economy by 2047 while cutting its education budget to levels that shame the region. It produces policy documents of impressive sophistication while millions of its citizens live and die without ever encountering a doctor, a trained midwife or a fully stocked health facility. At the heart of this contradiction lies a number so small it should embarrass every policymaker who has ever drawn a salary from the public treasury — less than one percent. According to the Pakistan Economic Survey 2025-26, public education expenditure stood at Rs962 billion in FY2025, down from Rs1,251 billion in the previous reported year — representing just 0.8 percent of GDP. Public health expenditure stands at the same level. Combined, Pakistan’s total public investment in the health and education of its 252 million people amounts to barely 1.6 percent of its national income. Not because the need does not exist. Not because the suffering is invisible. But because somewhere in the hierarchy of national priorities, the sick child, the illiterate girl and the dying patient still do not rank high enough. The education numbers are especially alarming. Pakistan was spending between 1.5 and 1.9 percent of GDP on education only a few years ago. It is now spending 0.8 percent — a collapse, not a correction. The UN-backed Incheon Declaration recommends that governments allocate between four and six percent of GDP to education. Pakistan is spending a fraction of even the lower threshold while simultaneously speaking the language of development, competitiveness and a demographic dividend. These two realities cannot coexist indefinitely. One of them will eventually win. The evidence suggests it will not be the rhetoric. There is progress — and it deserves honest acknowledgement. Pakistan’s literacy rate has risen to 63 percent, with male literacy at 73 percent and female literacy at 54 percent. Out-of-school children have declined from 38 percent in 2023 to 28 percent in 2025. Balochistan has made notable gains, with its out-of-school rate falling from 69 percent to 45 percent. But 28 percent of children still out of school in a country of 252 million means millions of futures remain compromised before they begin. Progress measured against decades of underinvestment should not become a sedative. It should be a warning — we are moving, but nowhere near fast enough for the scale of this crisis. Health tells an equally disturbing story. Life expectancy has improved to 67.8 years, infant mortality has fallen from 60 to 47 per 1,000 live births, and immunisation coverage has increased. Yet Pakistan still trails South Asian benchmarks on several critical indicators. Around one-third of children under five continue to suffer from stunting — chronic malnutrition that permanently impairs physical growth and cognitive development. A stunted child is not merely a health statistic. It is a lost opportunity, a weakened future workforce and a moral failure written into the body of a citizen before that citizen has had any chance to choose their own path. The poverty numbers deepen the indictment. The national poverty headcount has climbed from 21.9 percent to 28.9 percent, reversing years of fragile progress and pushing millions back below the poverty line. Urban poverty rose from 11 percent to 17.4 percent. This is the arithmetic of neglect — when a state does not invest in people’s health and education, it does not merely fail to lift them out of poverty. It drives them back in. The two failures are not separate. They are the same failure, compounding across generations. Mental health, too, remains almost invisible in Pakistan’s public financing debate. Depression, anxiety, trauma and suicide affect families across every province, every class and every age group in Pakistan. According to WHO Eastern Mediterranean Region data, mental disorders account for more than 4 percent of Pakistan’s total disease burden, with the burden higher among women. An estimated 24 million people in the country need psychiatric assistance, yet resources for screening and treatment remain deeply inadequate. The WHO has also reported that Pakistan has only 0.19 psychiatrists per 100,000 inhabitants — among the lowest ratios in the Eastern Mediterranean Region and globally. Its absence from serious budgetary attention shows how narrowly the state still defines human development. Pakistan’s population has reached 252 million and is growing at 2.07 percent a year. More than half the population falls within the working-age bracket, while more than a quarter is aged 15 to 29. This could be a demographic dividend of historic proportions. But dividends are not automatic. They require schools that actually teach, clinics that are actually staffed, skills programmes that produce actual employment, and public systems genuinely designed to help young people become productive citizens. Without that investment, a young population is not an asset. It is a pressure point — and pressure, when ignored long enough, does not dissipate. It detonates. Budgets are never merely accounting documents. They are moral documents. They reveal what a state protects, what it neglects and what it is willing to sacrifice. Even under fiscal stress — and Pakistan’s fiscal stress is real, with debt servicing consuming more than half of federal revenue — choices are made. Defence is protected. Administrative costs are maintained. Subsidies flow to those with influence. And health and education are quietly adjusted downward, year after year, in the comfortable knowledge that the people most affected by these cuts have the least power to resist them. Pakistan does not merely need more money for its people. It needs a different hierarchy of priorities. It needs a governing class willing to believe that a child in a Balochistan village, a girl sitting in a crumbling government school, a mother in a rural Sindh hospital and a young man searching for dignified work are as central to national survival as roads, weapons, trade delegations and debt rollovers. A nation that cannot afford its own children is not building a future. It is consuming one. Every child who leaves school without learning to read, every patient who dies outside an understaffed hospital, every woman who never receives prenatal care, every young person pushed into unemployment without skills — these are not accidents of poverty or fate. They are policy outcomes, produced by deliberate decisions, repeated across decades, dressed in the language of fiscal constraint and institutional inevitability. The Pakistan Economic Survey 2025-26 contains all the evidence anyone needs to understand what has gone wrong and what must change. The tragedy is that it will be quoted for a few days, cited in a few seminars, filed away — and forgotten, just like every survey before it, while next year’s budget quietly cuts a little more from the people who can least afford to lose anything at all. The question is no longer whether Pakistan can afford to invest in health and education. The question is whether it can afford not to. And the answer — written in the stunted body of a child, in the illiteracy of a mother, in the silence where a mental health budget should be — is already before us. It has always been before us. We have simply chosen, year after year, not to read it. Copyright Business Recorder, 2026
‘UNDERSTANDING OF BUDGET DOCUMENTS ESSENTIAL FOR LEGISLATION’
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Recorder Report LAHORE: Effective oversight of public resources is a guarantee of a strong democracy while a proper understanding of budget documents is essential for informed and effective legislation. Speaker Punjab Assembly Malik Muhammad Ahmad Khan expressed these views while addressing, as chief guest, a two-day ‘budget literacy workshop’ organized for members of the Punjab Assembly to promote effective legislation on the budget, sound financial management, and effective oversight of public resources. A large number of honorable members of the Punjab Assembly participated in the workshop. The Speaker stated that the protection of public interest can be ensured through constructive debate, transparent accountability, and effective parliamentary oversight. He observed that enhancing the capacity of elected representatives is the need of the hour and that effective parliamentary oversight during the budget-making process promotes transparent governance. During the workshop, renowned economist Dr. Hafiz A. Pasha delivered a detailed briefing on the current economic situation in Punjab. He stressed the importance of safeguarding investment in the education, health, and development sectors. Furthermore, former Provincial Irrigation Minister Mohsin Laghari conducted a special session on understanding budget documents in a simple and practical manner. The objective of the workshop was to enhance the capacity of members of the assembly in financial oversight, budget analysis, and effective legislation, enabling them to play an active role in ensuring the transparent, efficient, and responsible use of public resources. The workshop was organized in collaboration with UNICEF and the United Nations Population Fund (UNFPA). Copyright Business Recorder,
PUNJAB BUDGET
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago EDITORIAL: The Punjab budget envisages total revenue of 1209 billion rupees from own resources (only 749 billion rupees from taxes and 461 million rupees as non-tax revenue) against the revised estimates of 820 billion rupees in the outgoing fiscal year – a significant rise of 47.5 percent. Sales tax collections on services, passed on in its entirety to the clients/consumers, an indirect tax, to boot, whose incidence on the poor is greater than on the rich, are budgeted to rise to 521 billion rupees next year against 363.5 billion rupees collected in the revised estimates of the current year (though the budgeted target for the current year was lower at 333.5 billion rupees) – a 43 percent rise. This encapsulates higher tax on IT services, transport and professional services (from 5 to 8 percent), a 3 percent new tax on foreign exchange services (that is likely to impact the middle to lower income levels) and 8 percent on event management (though input tax adjustment has not been factored in). Actual collection with respect to agriculture income tax for next fiscal year is a paltry 12.5 billion rupees against 3.99 billion rupees collected in the outgoing year though the budgeted amount was 10.5 billion rupees. The budget, however, claims upward revisions in this tax: those with more than 12.5 acres of land would pay a flat rate of 1,000 per acre, up from 300 rupees per acre for 12.5 to 25 acres, 400 rupees per acre for 25 to 50 acres, and 500 rupees per acre for above 50 acres. Tax on irrigated orchards would rise from 600 rupees to 1,000 rupees per acres and on non-irrigated orchards from 300 rupees to 500 rupees per acre. This is a far cry from the need to bring the tax at par with a specific farm’s income to be levied at the same rate as payable by the salaried. Given that Punjab is the bread basket of the country with a large number of absentee landlords who are overwhelmingly represented in the provincial assembly, the small projected revenue from this source may not be met at the end of next fiscal year – a projection based on the outgoing year’s collection of only 38 percent of what was budgeted. The agricultural income tax collection must be seen in the context of 10.6 billion-rupees subsidy to the farm sector, and included in the Fiscal Risks Statement 2026-27 is the following: 7.3 billion rupee subsidized diesel to support farmers, 1.7 billion rupees for subsidized petrol to motorcyclists and 0.75 billion rupee free public transport services throughout Punjab. These higher than the outgoing year’s budgeted projections are not in line with the pledge made to the International Monetary Fund (IMF) noted in the May 2026 staff level agreement on the third review of the ongoing Extended Fund Facility programme: “At the provincial level, revenue mobilization will continue to focus on broadening the GST tax base on services and the application of higher income tax rates on agricultural income.†The budget envisages a 19 percent increase in non-tax revenue mainly from Cash Management Fund that was set up under the Punjab Public Financial Management Act 2022 to manage Punjab’s liquidity and budget execution and has increased from 800 billion rupees to 1.2 trillion rupees. It is funded and replenished from productive investments and parking of idle cash balance, surplus provincial revenue and unutilized funds from the provincial consolidated fund. In addition, higher revenue is budgeted to be generated from police due to enhanced traffic fines (2.8 billion rupees), increased revenue from royalties, release of NHP arrears by the Centre and anticipated profits from Punjab Pension Fund established in 2024 through employee contributions effective for those hired from 2024 onwards, though the exact amount has not been quantified. The budget shows a surplus of 910 billion rupees, higher than the total provincial tax receipts of 749 billion rupees, a surplus that was required to meet the federal budget’s demands geared to meeting the commitment with the IMF. The expenditure outlay is mainly on current expenditure at 3.29 trillion rupees while development outlay is budgeted at 752 billion rupees or 12.7 percent of the total – lower than the Centre’s percentage allocation of 93 percent on current expenditure. It is relevant to note that the rise in development outlay, supported as it is, gives Punjab’s share in the downward revised provincial public sector development programme as noted in the federal budget at only 38 percent – lower than its share in the divisible pool, which is 51.74 percent – a share that no doubt is rooted in Punjab budget’s overarching objective to meet the federal budget’s requirements as pledged to the IMF. To conclude, this may not be the final outlay if there are unforeseen liabilities associated with exogenous factors and the Punjab budget echoes what is in the federal budget: “expenditure restraint will also be essential, with primary spending remaining flat as a share of GDP in FY27, while increasing targeted cash transfers and health and education spending ratios. Further, expenditure compression (including lower-priority capital spending) may be needed if risks to revenue mobilization materialize.â€
PUNJAB’S WELFARE BUDGET VISION
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Qudrat UllahPartner Content Punjab’s Budget 2026-27, presented by Finance Minister Mian Mujtaba Shuja-ur-Rehman in the Provincial Assembly, reflects the provincial government’s effort to combine fiscal discipline with an expansive social and development agenda. With a total outlay of Rs 5,903.5 billion, the budget is the largest in Punjab’s history and represents a 10.7 percent increase over the previous fiscal year. More than a statement of accounts, it offers a clear indication of the government’s priorities under Chief Minister Maryam Nawaz Sharif: public welfare, infrastructure development, human capital investment and economic modernisation. A notable feature of the budget is the continuation of the government’s policy of avoiding new taxes. At a time when households and businesses continue to face economic pressures, the decision not to impose additional provincial taxes has been presented as an effort to support economic activity while relying on improved governance, digitisation and enhanced compliance to strengthen revenue collection. Provincial own-source revenues are projected at Rs 1,209.9 billion, while federal transfers under the NFC Award are expected to remain the principal source of revenue. The province has also committed a surplus of Rs 546 billion in line with national fiscal commitments. The development agenda remains substantial. The Annual Development Programme (ADP) has been set at Rs 752 billion, including significant allocations for foreign-funded projects. Despite fiscal constraints, the provincial government has maintained a strong focus on sectors that directly affect citizens’ quality of life. Education emerges as one of the foremost priorities. The sector has been allocated Rs 750 billion, accounting for a significant share of provincial spending. The allocation supports initiatives aimed at improving access, quality and digital learning opportunities. Programmes such as the Chief Minister’s Laptop Scheme, merit-based scholarships, new higher education projects and investments in science and technology education reflect a long-term commitment to preparing Punjab’s youth for a competitive economy. At a time when knowledge and innovation increasingly drive economic growth, such investments carry strategic significance. Healthcare also receives major attention, with approximately Rs 500 billion allocated for the sector. The budget includes substantial funding for the provision of free medicines in public hospitals and for the expansion of specialised healthcare facilities. Ongoing investments in cancer treatment centres, children’s healthcare and primary healthcare services seek to improve both access and quality of care. The government’s emphasis on health infrastructure acknowledges that social development and economic productivity are closely linked to the well-being of citizens. Agriculture, the backbone of Punjab’s economy, remains a key beneficiary of public spending. Resources have been earmarked for farmer support initiatives, including the Kisan Card, Green Tractor Scheme and measures to reduce production costs. Continued support for tube-well solarisation and livestock development programmes demonstrates recognition of the sector’s central role in employment, food security and rural prosperity. These interventions are designed not only to provide relief but also to improve productivity and sustainability in the long run. The budget also reinforces Punjab’s social protection framework. Allocations for targeted subsidies and welfare programmes aim to support vulnerable groups and low-income households. Schemes such as Himmat Cards, Minority Cards and other social assistance initiatives reflect an effort to extend the benefits of economic development to segments of society that often remain excluded from growth. Youth empowerment features prominently in the Punjab government’s policy vision. Investments in AI and IT, entrepreneurship, skills development and employment generation seek to equip young people with market-relevant capabilities. Such programmes are particularly important in a province where a large proportion of the population is under the age of thirty and where employment opportunities must expand in line with demographic realities. Punjab Government employees have also been provided relief through a proposed seven percent increase in salaries and a 3.5 percent increase in pensions. While modest in comparison with inflationary pressures, these measures nonetheless acknowledge the financial challenges faced by public servants and pensioners. Taken together, Punjab’s Budget 2026-27 presents a governance philosophy centred on welfare, holistic development and institutional reform. It attempts to balance fiscal responsibility with ambitious public investment while avoiding additional tax burdens on citizens. Whether measured through schools, hospitals, agricultural support programmes or social protection initiatives, the budget seeks to translate public resources into tangible improvements in people’s lives. In that sense, it is not merely a new financial document but a statement of priorities and an indicator of the direction in which the province intends to move during the coming year. Copyright Business Recorder, 2026
HEATED EXCHANGES DISRUPT NA BUDGET PROCEEDINGS
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: A routine sitting of the National Assembly’s budget session on Wednesday descended into heated exchanges between government and the opposition Pakistan Tehreek-e-Insaf (PTI) lawmakers, with repeated interruptions, raised voices and procedural disputes disrupting proceedings. The flashpoint erupted during proceedings when Federal Minister for National Food Security & Research Rana Tanveer Hussain engaged in a heated verbal exchange with lawmakers from the opposition Pakistan Tehreek-e-Insaf (PTI), turning what began as policy criticism into a full-blown shouting match on the House floor. What started as routine opposition grilling escalated rapidly into a barrage of interruptions and pointed remarks, with the Speaker repeatedly struggling – and largely failing – to restore order as voices from both sides drowned out formal proceedings. The confrontation soon moved well beyond legislative debate. In a particularly charged moment, Rana Tanveer Hussain challenged PTI lawmakers to put forward their incarcerated founding chairman and former prime minister Imran Khan in an electoral contest against him, while accusing the opposition of “reaping what it has sown†amid the country’s ongoing political turbulence. The remarks further inflamed an already volatile atmosphere, with the chamber echoing with interjections as the minister’s claim that “we are also elected representatives†was effectively lost in the noise of ongoing disruptions. The Speaker made repeated attempts to bring proceedings back under control, issuing calls for order as tempers refused to cool. A brief moment of calm followed after Rana Tanveer Hussain expressed regret over his remarks, an apology later accepted by PTI’s acting chairman Barrister Gohar Ali Khan – offering only a temporary pause in an otherwise combustible session. But the restraint did not last long. Minister of State for Interior Talal Chaudhry soon became embroiled in a separate confrontation again with opposition PTI lawmakers, accusing them of deliberately sabotaging proceedings through constant heckling and refusing to be silenced. “If debate is underway, it is the opposition that creates noise,†he said – a remark that instead of cooling tensions appeared to pour fuel on them, drawing sharper responses from across the benches. As disorder spread again through the chamber, Pakistan People’s Party (PPP) MNA Mir Aamir Ali Khan Magsi stepped in to urge immediate intervention from the NA Speaker, warning that the House was rapidly slipping into “unmanageable chaos†and needed urgent restraint before the situation deteriorated further. What remained of the sitting continued under a cloud of disorder, underscoring once again how fragile parliamentary decorum has become amid deepening political hostility. Copyright Business Recorder, 2026
NA WITNESSES HEATED DEBATE ON FEDERAL BUDGET
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: The National Assembly witnessed a heated clash over Federal Budget 2026-27, with opposition calling it “anti-poor†amid inflation and debt fears, while the government defended it as reform-driven, agriculture-focused, and macroeconomic stabilisation under tight external constraints. The ongoing budget debate, marked by sharp exchanges, political undertones and repeated references to electoral legitimacy, saw acting PTI chairman Barrister Gohar Ali Khan lead the opposition’s charge, while Minister for National Food Security Rana Tanveer Hussain mounted a forceful defence of the government’s agriculture-centred economic strategy. Taking part in the budget debate, Barrister Gohar opened his remarks by lamenting what he called a strained and mistrustful parliamentary atmosphere, saying the House had failed to begin its proceedings on a constructive footing. Welcoming what he described as an overture for dialogue by Prime Minister Shehbaz Sharif, he questioned the apparent stagnation in negotiations and sought clarity on what was holding the process back. He also reiterated the opposition’s demand for access to jailed PTI founder Imran Khan, keeping political grievances firmly on the table alongside the budget debate. He also raised the issue of internal parliamentary tensions, criticising the suspension of MNA Iqbal Afridi and arguing that elected members should not be sidelined in such a manner. On the budget itself, Gohar dismissed it as structurally indifferent to lower-income groups, arguing that it offered “nothing for the poor†and would likely intensify inflationary pressures. He warned that essential commodities – including wheat flour, electricity and medicines – would become more expensive in the coming months, further squeezing already strained household budgets. Despite the presence of the Benazir Income Support Programme (BISP), he argued, poverty indicators continued to worsen. In one of the more politically charged moments of his speech, he responded to remarks by Defence Minister Khawaja Asif, questioning whether the minister’s “conscience was not burdened†by the events surrounding the 8 February elections, which he again characterised as deeply controversial. He further alleged that around 100 PTI members had been disqualified and replaced through what he described as engineered judicial and electoral processes. Responding for the government, Rana Tanveer Hussain defended the budget as a “balanced and reform-oriented†package that had been positively received by the business community despite difficult fiscal space under ongoing IMF-linked arrangements. He stressed that agriculture remained the “centre of gravity†of the government’s economic strategy, both for growth and food security. He outlined an ambitious reform agenda for the sector, including mechanisation, seed regulation, institutional restructuring and expansion of value-added exports. Cooperation with Chinese agricultural institutions, he said, was helping modernise the Pakistan Agricultural Research Council (PARC) and develop climate-resilient seed varieties suited to changing environmental conditions. Providing details of regulatory action, he told the House that the government had reviewed the seed sector after taking office in 2024, cancelling licences of around 450 companies found involved in irregularities out of nearly 1,100 registered firms. A new National Seed Regulatory Authority, he said, had been established to tighten oversight and ensure certified inputs for farmers. He also said that the “Zarkhaiz Schemeâ€, under which small farmers owning less than 25 acres would be provided collateral-free loans, while tenant farmers and sharecroppers would also be eligible through personal guarantees. The State Bank of Pakistan (SBP), he added, had been directed to ensure that agricultural credit actually reached smallholders rather than being captured by large agribusinesses. He noted that long-delayed National Seed Policy and Biotechnology Policy had finally been approved after nearly four decades of administrative stagnation. Highlighting diversification efforts, he said the olive sector had emerged as a surprise success story, generating exports worth $80 million, with ambitions to scale this to $1 billion in the coming years. He also announced a district-level development initiative targeting 10 underdeveloped districts, offering direct financial support, livestock assistance and Rs15,000 per acre in input subsidies. He said farmers’ producer organisations would be encouraged to form cooperatives to cut costs and improve machinery access, noting 95pc are smallholders, alongside a 60pc subsidy on agricultural machinery to boost mechanisation. He said no new agriculture taxes were imposed and fertiliser supply remained stable despite global disruptions, while highlighting Punjab’s Kissan Card for around 800,000 farmers, Sindh’s Rs52 billion allocation, KP’s Rs26 billion package, and Balochistan’s focus on storage and value addition. PPP MNA Shazia Marri highlighted her party’s alignment with the Charter of Democracy and pointed to the BISP as a globally recognised model of social protection and women’s empowerment. However, opposition voices remained unconvinced. Rana Ansar Muttahida Qaumi Movement-Pakistan (MQM-P) criticised the budget for inadequate attention to women’s welfare and said the proposed seven per cent salary increase was insufficient amid persistent inflation. Khurram Shahzad of PPP called for urgent reforms in public education, warning that deteriorating infrastructure and teacher training gaps were undermining learning outcomes. Naz Baloch, another PPP MNA, pressed for stronger investment in climate resilience and information technology, describing both as essential pillars of future employment generation. PML-N’s Riazul Haq supported relief measures for the construction sector but cautioned that Pakistan required sustained growth of six to seven per cent to ensure long-term economic stability. PTI’s Shafqat Abbas dismissed the economic and agriculture strategy as ineffective in delivering meaningful relief. Mahreen Razzaq Bhutto of PPP urged a reduction in non-development expenditure to expand the Public Sector Development Programme (PSDP), while endorsing increased allocations for BISP. Muhammad Numan of PML-N, however, supported the budget, calling it growth-oriented and focused on reviving both agriculture and industry, with potential to generate employment for young people. Zain Qureshi, viewed as a controversial figure within PTI ranks and previously linked to internal disputes over the 26th Constitutional Amendment in October 2024, rejected the budget as “anti-poorâ€, saying macroeconomic stabilisation had come at the expense of rising social distress. He said this was the fifth budget under Prime Minister Sharif, yet growth had remained stuck between two and three per cent. He claimed poverty had risen from 21 to 23 per cent, unemployment was worsening, and nearly 700,000 young people were leaving the country each year in search of opportunities abroad. He also questioned the value of international praise for Pakistan’s leadership, including remarks attributed to US President Donald Trump, asking what tangible benefit such endorsements brought to ordinary citizens. He further claimed Pakistan had accumulated more debt in four years than in the previous seven decades combined, citing rising electricity tariffs, ballooning circular debt and inefficiencies in the power sector. Lawmakers from both the treasury benches and the opposition joined the ongoing budget debate, turning the proceedings into a heated exchange of accusations and counterclaims, with rhetoric often overshadowing substantive policy discussion as political fault lines deepened on the assembly floor. Copyright Business Recorder, 2026
PVMA CONCERNED OVER NEW SALES TAX MECHANISM
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Recorder Report KARACHI: Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), Sheikh Umer Rehan, has expressed serious concerns over the new sales tax mechanism introduced in the federal budget for ghee and cooking oil, warning that prices could rise by up to Rs10–15 per kilogram. He stated that the ghee and cooking oil industry is already operating under a heavy tax burden, but instead of providing relief, the government has further increased financial pressure on the sector through additional taxation measures. According to him, the budget has expanded the scope of the Third Schedule by shifting sales tax collection on ghee and cooking oil to a mechanism based on the Maximum Retail Price (MRP). He said this change will significantly increase the tax burden on the industry. Sheikh Umer Rehan warned that as a result, the prices of ghee and cooking oil are likely to increase by Rs10 to Rs15 per kilogram, which would directly impact consumers across the country. He added that PVMA had already urged the government prior to the budget to reduce taxes on the edible oil and ghee sector in order to provide relief to the public. However, instead of easing the burden, the new fiscal measures have further increased taxation on the industry. He cautioned that higher taxes will raise production costs, making it increasingly difficult to maintain price stability in the market. The PVMA chairman urged the government to review the proposed sales tax collection system and withdraw the changes related to the Third Schedule to protect both the industry and consumers from additional financial strain. He emphasized that ghee and cooking oil are essential daily-use commodities, and any additional taxation on them will contribute to inflation and further increase the financial difficulties of the common man. Copyright Business Recorder, 2026
NO DELAY IN PRESENTATION OF KP BUDGET: KUNDI
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By NNI PESHAWAR: Khyber Pukhtunkhwa (KP) Governor Faisal Karim Kundi on Wednesday said that there is no delay in the presentation of the provincial budget for fiscal year 2026-27. Talking with media persons in the Parliament House, Governor Faisal Kundi said, “The sister of the PTI founder said that the KP government will not present the budget without holding a meeting with the PTI founder.†He said that in his opinion, PTI founder’s sister does not know the constitution, and it is the government’s failure if PTI does not present the budget. Governor Faisal Karim Kundi said that there is talk that the KP government will present the budget on Friday. He further said that last year, PTI said that they would not present a budget. Taking a jab at former Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur, Governor Kundi said that Gandapur did not convert Dera Ismail Khan into Switzerland. Governor Faisal Karim Kundi said that there were issues like terrorism, kidnapping for ransom, and other issues in Dera Ismail Khan. He assured that if PTI talks about the development and progress of the province, then they will join hands with them. He said that KP is facing a wheat shortage issue. Governor Faisal Karim Kundi appealed to Prime Minister Shehbaz Sharif to take notice of this situation and remove the hurdles. He predicted that a Jayala chief minister will be sworn in Gilgit-Baltistan soon. In another development, the Supreme Court of Pakistan (SCP) fixed the hearing of the contempt of court petition filed by Uzma Khan, the sister of PTI founder. A three-member bench of the Supreme Court will hear the contempt of court petition tomorrow.
CHINA STOCKS CLOSE HIGHER ON CHIP RALLY
Date: 2026-06-18
Details: Published June 18, 2026 Updated about an hour ago By Reuters SHANGHAI: China stocks ended higher on Wednesday, as gains in AI supply-chain shares outweighed losses in consumer and financial shares, pointing to a deepening divergence between the new and old economies. Hong Kong shares fell. China’s blue-chip CSI300 Index closed up 1 percent, while the Shanghai Composite Index rose 0.4 percent. Hong Kong benchmark Hang Seng was down 0.7 percent. Semiconductor shares jumped 6 percent to an all-time high, leading gains onshore, while the 5G Communication Index climbed 2.5 percent. In contrast, traditional sectors such as consumer staples and financials fell 1 percent and 0.6 percent, respectively. The coal index dropped 2.1 percent. China’s May activity data points to a deepening “K-shaped†(where different parts of the economy move at different speeds or directions) divergence in the economy, with industrial output edging up but still near multi-year lows and domestic demand cooling notably in the second quarter, analysts at Huatai Securities said in a note. But the K-shaped divergence could still widen further - not only between the new and old economy and between domestic and external demand, but potentially also between goods and services within domestic demand, between tier-one and nationwide property markets, and across regions - making the economy’s structural significance greater than its headline trajectory, they said. Investors are also digesting remarks from top regulators at an annual forum in Shanghai. ** China’s top banking regulator vowed on Wednesday to prevent systemic financial risk and channel resources to emerging industries, as the country undergoes a painful economic restructuring. The country’s central bank said that it would improve the mechanism for regulating short-term interest rates and promote the offshore yuan business in Shanghai. Tech majors listed in Hong Kong were up 0.2 percent.
DOCUMENTED INDUSTRY: LCCI, PFMA HIGHLIGHT NEGATIVE IMPACT
Date: 2026-06-18
Details: Published June 18, 2026 Updated about 2 hours ago By Recorder Report LAHORE: The Pakistan Footwear Manufacturers Association (PFMA) has expressed serious concern over the proposal in the Finance Bill 2026 to place the footwear sector under the Third Schedule, stating that the move may create serious practical difficulties for the industry, discourage documentation efforts, and place additional pressure on one of Pakistan’s most labour-intensive manufacturing sectors. Addressing a press conference at the Lahore Chamber of Commerce and Industry (LCCI), LCCI President Faheem-ur-Rehman Saigol said the footwear sector is an extremely important part of the economy and its input in industrial growth and employment generation is significant. Chairman PFMA Rashad Islam, former chairman Mansoor Ahsan Sheikh, and Executive Committee Member Ahmed Hussain were present. The LCCI President further said that placing the sector under the Third Schedule would have serious negative consequences. “Footwear is an extremely important sector, and its input in the economy is very high. Including it in the Third Schedule will have negative effects,†he said. “No consultation was held with stakeholders while making this policy. Documented businesses are being disturbed, while the undocumented economy is being encouraged,†he said. He urged the government to immediately reconsider the proposal. Chairman PFMA Rashad Islam said the footwear industry fully supports documentation, taxation, and national revenue objectives, but emphasized that taxation policy must remain practical, rational, and aligned with industrial realities. He said the sector is not demanding exemptions but a fair and workable system that does not undermine compliant businesses. “The footwear industry supports documentation and national revenue generation. However, placing the sector under the Third Schedule may unintentionally push business back towards the undocumented economy instead of expanding the tax base,†he said. The PFMA reiterated its readiness to cooperate with the government in strengthening POS integration, digital traceability, and documentation, but stressed that focus should remain on bringing the undocumented sector into the tax net rather than burdening compliant businesses. The PFMA Chairman warned that nearly 75 percent of the sector remains undocumented, making it difficult for compliant businesses to compete under increased regulatory pressure. He urged the prime minister, finance minister, FBR authorities to reconsider the proposal in consultation with stakeholders. Copyright Business Recorder, 2026
‘KMC BUDGET BASED ON ‘UNREALISTIC’ REVENUE ESTIMATES’
Date: 2026-06-17
Details: Published June 17, 2026 Updated about an hour ago By Recorder Report KARACHI: Opposition leader in the Karachi Metropolitan Corporation (KMC), Saifuddin Advocate, has criticised the proposed KMC budget for 2026–27, terming it “unrealistic†and detached from actual revenue prospects. He warned that inflated estimates and weak utilisation of funds could further aggravate Karachi’s civic problems. In budget proposals submitted to the mayor, municipal commissioner and KMC financial adviser, Saifuddin urged the city administration to frame the fiscal plan strictly in line with realistic income projections rather than increasing its overall size on paper. He said greater empowerment of elected representatives, union committees and council standing committees could help improve revenue collection and oversight of development schemes. He expressed serious concern over the low spending of last year’s development funds. Of the Rs7.4 billion allocated for CLICK projects, only Rs3.57 billion was spent, while nearly half of the Rs9bn set aside under the District Annual Development Programme remained unused. The opposition leader noted that the previous fiscal year’s budget stood at around Rs55.5 billion, whereas the proposed outlay for 2026–27 has been increased to about Rs60 billion, despite a reduction of nearly Rs7 billion in CLICK-related allocations. He said this reflected an attempt to artificially inflate the budget size. Saifuddin demanded that all KMC development projects should be monitored by the relevant union committees. He also called for revenue generated through Municipal Utility Charges and Tax (MUCT) and marriage hall fees to be spent in consultation with local elected bodies, as earlier promised by the mayor. Pointing out that the council was likely entering its final year, he said roads, sewerage lines and other civic infrastructure were in poor condition across most union committees. He proposed a special development package of Rs100 million for each union committee, with Rs50 million to be provided by the KMC and another Rs50 million by the Sindh government, and spending decisions to be made with local representatives. He further proposed the formation of cross-party oversight committees for major city projects, comprising representatives of all parliamentary groups in the council. Such committees, he said, would ensure transparency, quality control, timely completion of schemes and help curb corruption. Saifuddin also suggested placing graveyards under the administrative control of relevant union committees, with revenue to be shared equally between the KMC and local bodies. He called for council committees to be given oversight and decision-making powers in revenue-generating departments such as advertisements and land management, with 25 percent of the collected revenue allocated to union committees to improve accountability and collections. He stressed that development schemes should be planned and implemented in consultation with union committees to ensure fair distribution of projects across the city. He also demanded that complete details of all tenders, including project locations and costs, be published on the KMC website and displayed at project sites. Questioning revenue projections, Saifuddin noted that last year’s expected income from Octroi and Zila Tax, grant-in-aid and Sindh government transfers was estimated at Rs28 billion, but actual receipts were only Rs22 billion. Despite this shortfall, the new budget projects Rs38 billion under the same heads without clear justification. He criticised the inclusion of Rs850 million in expected recoveries from K-Electric dues, noting that no such recoveries had been made over the past three years. He also pointed out that KMC’s own-source revenue was projected at Rs12 billion, while actual collections in the previous year stood at only Rs5.7 billion. Saifuddin said no revenue was received last year from betterment charges payable by the Sindh Building Control Authority or from toll tax collected through the excise department. Advertisement revenue also fell far short of targets, with only Rs150 million collected against an expected Rs350 million, despite widespread advertising across the city. He estimated that annual advertisement income should be between Rs700 million and Rs800 million. He added that only Rs250 million was received from the sale of a property against an expected Rs1.4 billion. Concluding, the opposition leader said revenue collection remained weak across almost all departments. He blamed inadequate funding by the Sindh government and poor utilisation of available resources for worsening civic conditions. He also expressed concern that KMC employees had not received outstanding dues despite a Rs2.7 billion provincial bailout package provided for this purpose. Copyright Business Recorder, 2026
LCCI HAILS PUNJAB GOVT FOR PRESENTING GROWTH-ORIENTED BUDGET
Date: 2026-06-17
Details: Published June 17, 2026 Updated about an hour ago By Recorder Report LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has appreciated the Punjab government for presenting a growth-oriented, development-focused and infrastructure-driven provincial budget 2026-27. In a statement, LCCI President Faheem Ur Rehman Saigol said that the proposed Annual Development Programme reflects a strong commitment towards infrastructure development, connectivity, urban services, irrigation, and public welfare projects. They stated that the infrastructure allocation will significantly contribute to improving roads, bridges, transport systems, and other basic facilities, thereby strengthening economic activity across the province. LCCI President observed that enhanced development spending is expected to provide a positive boost to key industries including construction, cement, steel, engineering, and allied sectors, while also generating new employment opportunities for the people of Punjab. However, he emphasized the importance of timely utilization of development funds and efficient completion of projects to ensure maximum impact. Senior Vice President LCCI Tanveer Ahmed Sheikh and Vice President Khurram Lodhi also appreciated the government’s efforts to improve revenue generation, highlighting the ambitious provincial tax revenue target of Rs. 748 billion. They acknowledged that strengthening the tax base through services, property, motor vehicle taxes, and other sources reflects a move towards greater fiscal stability. The LCCI urged the government to focus on documentation of the economy and facilitation of taxpayers to ensure sustainable revenue growth. The LCCI President further said that the projected budget surplus reflects a positive fiscal outlook for the province. However, he urged that surplus resources should be strategically reinvested into productive sectors such as industry, agriculture, SMEs, IT, education, and healthcare to ensure inclusive and long-term economic growth. Copyright Business Recorder, 2026
NA BODY ENDORSES CREATION OF ‘INDEPENDENT CASE SCRUTINY COMMITTEES’
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: To end litigation of trillions in court against taxpayers, National Assembly Standing Committee on Finance Tuesday endorsed Finance Bill’s 2026 proposal to create “Independent Case Scrutiny Committees†in all federal taxes to end filing of frivolous appeals at the High Courts by the Federal Board of Revenue (FBR). Tax authorities informed the committee on Tuesday that it is a practice in the field formations of the FBR to file appeals against the orders of the taxpayers in high courts whether the appeal has legal grounds or not. This is due to fear of NAB, suspension or disciplinary proceedings against the tax officials in case appeals are not filed in higher courts against the taxpayers. To end this practice, Finance Bill 2026 has introduced “Independent Case Scrutiny Committees†in all federal taxes to end filing of frivolous appeals by the tax department before the High Courts. The Standing Committee on Finance and Revenue, chaired by Syed Naveed Qamar, MNA, met Tuesday at Parliament House, Islamabad, to continue its clause-by-clause consideration of the Finance Bill, 2026. The Committee reviewed a range of proposed amendments relating to customs and sales tax laws, tax administration reforms, penalty regimes, enforcement mechanisms, and measures aimed at improving compliance and dispute resolution. The Committee examined various reform proposals, including the introduction of faceless adjudication and faceless appeals to minimize direct interaction between taxpayers and tax officials, algorithm-based settlement mechanisms for the resolution of tax disputes. The Committee also reviewed amendments to the definition of Tier-1 retailers by removing the condition relating to debit and credit card machines, a proposal for reward-based tax collection for digitally compliant taxpayers, and the establishment of an Independent Scrutiny Committee headed by a retired Judge of the Supreme Court or High Court to determine whether tax litigation should be pursued. The Committee deliberated extensively on a proposal to increase the penalty on terminal operators from Rs. 0.5 million to Rs. 10 million for non-compliance with customs certificates exempting demurrage charges. The Committee Members expressed serious reservations regarding the magnitude of the proposed increase, observing that such a steep penalty could discourage investment, create uncertainty for businesses, and potentially lead to discretionary enforcement practices. Emphasizing the need for proportionality and fairness, the Committee recommended reducing the proposed penalty to Rs. 5 million and establishing an impartial forum or committee to adjudicate disputes, thereby ensuring a balanced approach that protects the interests of both importers and terminal operators. A detailed discussion was also held on the proposal to permit third-party outsourcing of customs auctions. The Committee was informed that the measure was intended to facilitate the disposal of accumulated goods and reduce congestion at ports. FBR Member said that complicated audits of telecom and banking sectors would be done by external audit firms. While acknowledging the need to address operational bottlenecks, Members stressed that transparency, competition, and accountability must remain paramount. The Committee therefore emphasized that all outsourcing arrangements should strictly comply with PPRA rules and recommended the inclusion of pre-qualification criteria for auction houses to safeguard the integrity of the process. The Committee further considered a proposal empowering customs authorities to take possession of non-duty-paid goods seized by other law enforcement agencies without awaiting the conclusion of criminal proceedings. The Committee expressed concern that such a provision could adversely affect ongoing investigations, compromise evidentiary requirements, and interfere with the administration of justice. The Chairman observed that the proposal required further examination and directed that appropriate safeguards be incorporated, including conditions ensuring that any goods disposed of through auction remain traceable and available for judicial proceedings whenever required. While discussing the proposed retailer scheme, Members underscored the importance of understanding its operational framework, enforcement safeguards, technological architecture, and compliance mechanisms before reaching a final decision. The Committee, therefore, directed that a detailed presentation be arranged prior to the next meeting. The Hon. Chairman agreed to allocate dedicated time for a comprehensive briefing to enable informed consideration of the proposal. Committee Members also raised broader concerns regarding the continued reliance on advance taxes, withholding taxes, and minimum tax regimes. It was observed that a significant portion of revenue collection is increasingly dependent upon upfront extraction of taxes rather than assessments based on actual income and profitability. Members emphasized that such practices place undue burdens on businesses and taxpayers, particularly those operating with low profit margins or facing financial difficulties. The Committee would undertake a detailed examination of these issues during the ongoing review of the Finance Bill, with a view to promoting a more equitable, transparent, and growth-oriented taxation framework. Copyright Business Recorder, 2026
STATIONERY ITEMS: SENATE BODY RECOMMENDS ST RELIEF
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: The Senate Standing Committee on Finance on Tuesday accepted a major proposal of the stationery industry to restore sales tax exemption on stationery items from July 1, 2026. The Committee meeting, chaired by Saleem Mandviwalla, continued deliberations on the Finance Bill 2026-27 during its fourth consecutive session at Parliament House, reviewing a wide range of fiscal, trade, industrial and taxation matters aimed at strengthening economic growth, supporting exports and addressing public concerns. Dr. Najeeb Memon, Director General of the Tax Policy Unit at the Ministry of Finance, informed the committee that the International Monetary Fund (IMF) had urged Pakistan to reduce its reliance on sales tax exemptions. He further stated that stationery items do not fall under the category of essential food items and, therefore, do not qualify for sales tax exemption. However, committee members expressed serious concern over the proposed tax on essential educational supplies, including pencils, pens, geometry boxes and other items used by students in schools. Representatives of the Federation of Chambers of Commerce and Industry’s Stationery and Taxation Committee also urged lawmakers to reconsider the proposal and exempt educational materials from taxation. Riyaz-ud-Din, speaking before the committee, called for exemptions on items such as sharpeners, exercise books, glue, writing pads and colour pencils used for educational purposes. He said the government had earlier decided not to impose the full 18 percent sales tax on stationery and argued that any such levy would be inappropriate given its impact on education costs. Members of the committee echoed these concerns, stating that the proposed measure would further increase the cost of education for families already facing financial pressures. The committee recommended that essential educational materials be exempted from the proposed tax to prevent additional financial strain on students and ensure access to affordable learning resources. The committee also examined taxation measures relating to education and charitable institutions. Members discussed proposals aimed at supporting educational access and reviewing existing tax exemption mechanisms. Following consultations with relevant authorities, the committee recommended amendments to the applicable legal provisions to ensure greater transparency, effectiveness and alignment with public interest objectives. Copyright Business Recorder, 2026
PUNJAB MADE SIGNIFICANT FINANCIAL SACRIFICE: AZMA
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Provincial Minister for Information and Culture Azma Bokhari has said that Punjab made a significant financial sacrifice during the budget process by transferring a substantial amount of resources to the federal government. “This naturally created challenges in maintaining a balanced provincial budget. Despite these constraints, the Punjab Revenue Authority achieved record tax collection, setting a new benchmark for revenue generation,†Azma said, adding: “The Punjab Government, under the leadership of Chief Minister Maryam Nawaz, has presented its third historic surplus budget that was formulated and presented under exceptionally difficult economic circumstances. On one hand, Pakistan’s economy was affected by global tensions between the United States and Iran, while on the other, the devastating floods of recent years created significant economic challenges.†Speaking to the media, Azma Bokhari said that a peace agreement is now moving towards formalization, which is expected to mark a historic milestone for Pakistan’s economic stability, sovereignty, and future growth. Referring to the past, she remarked that there was a time when even calls from Pakistan’s Prime Minister were ignored internationally. Today, however, owing to the successful policies of Maryam Nawaz and the current government, the world is looking toward Pakistan with renewed confidence and optimism. Highlighting key budgetary measures, the minister stated that PRA’s tax target has now been increased further so that Punjab can finance more of its development projects and public initiatives through its own resources. The budget places special emphasis on the social sector, including social welfare, farmers, and underprivileged segments of society. Azma Bokhari noted that petroleum prices are witnessing a noticeable decline, which is expected to help eliminate artificial inflation in the country. She emphasized that during the last two years, the Punjab Government, under Chief Minister Maryam Nawaz, successfully prevented excessive price hikes and profiteering. She further stated that efforts are underway to broaden the tax net, enabling the province to move steadily toward greater economic self-reliance. Praising the Chief Minister’s dedication, Azma Bokhari said that constitutionally, Maryam Nawaz had the option of not attending the Assembly session due to her health condition, and there are several precedents for such an arrangement. However, despite serious health issues, the Chief Minister personally attended the session, supervised the budget proceedings, and fulfilled her responsibility to represent the people. Responding to remarks made by Ali Haider Gilani, Azma Bokhari said “ Multan already benefits from its Metro Bus system and that the Punjab Government is now introducing 1,100 new buses across the province. Multan will receive its fair share of these vehicles.†She urged Ali Haider Gilani to set aside political prejudice and acknowledge the government’s transformative initiatives in the public transport sector. She also revealed that CM Maryam Nawaz will soon take a final and balanced decision regarding the policy on early market closures. Azma Bokhari recalled the flood crisis, describing it as a major test for the government. She said that ministers and administrative officials worked tirelessly on the ground, serving not as bureaucrats but as dedicated workers to provide relief to affected communities. In a light-hearted remark, she thanked the opposition for the peaceful conduct of the budget session, saying she appreciated opposition leaders for listening to the entire budget without disruption and maintaining decorum throughout the proceedings. Concluding her remarks, Azma Bokhari reaffirmed that budgets are always prepared according to the best available projections and resources. She maintained that the Punjab Government has once again presented a model surplus budget and pledged that all fiscal reserves and surplus funds generated under this budget will be utilized exclusively for the welfare and development of the people of Punjab. Copyright Business Recorder, 2026
BUDGET: PUNJAB CLOSELY FOLLOWS IN CENTRE’S FOOTSTEPS
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By Saeed Akhtar Baloch LAHORE: The Punjab government presented its annual budget for the fiscal year 2026-27 in the Provincial Assembly, with a projected total outlay of Rs 5.903 trillion and an allocation of Rs 752 billion under the Annual Development Programme (ADP), placing special emphasis on the development of social sector, health, education and economic growth. Finance Minister Mujtaba Shuja-ur-Rehman presented the budget in the House amid protests by opposition members, who termed it an anti-people budget. Chief Minister Maryam Nawaz was also present during the session. Highlighting the salient features of the budget, the finance minister said that significant increases had been made in allocations for the health, education, and social sectors. He said the total outlay of Rs 5.903 trillion for the fiscal year 2026-27 marks a 10.7 percent increase over the current fiscal year’s budget. The finance minister stated that total current expenditures have been estimated at Rs1.962 trillion, reflecting a 3.1 percent decrease compared to the ongoing fiscal year. He attributed the reduction to the government’s austerity and expenditure rationalization policies. The budget proposes a 7 percent increase in salaries for government employees. Despite the pay raise, salary expenditures are expected to increase by only 1.4 percent, reaching Rs 638.93 billion, which the minister credited to the government’s rightsizing policy. Pension payments for retired government employees are proposed to increase by 3.5 percent, bringing total pension expenditures to Rs 500.12 billion. To strengthen grassroots governance and public service delivery, the government has proposed Rs 803.88 billion for local governments, under the Provincial Finance Commission (PFC) Award, representing a 5.2 percent increase. Service delivery expenditure has been estimated at Rs 783.62 billion, including Rs578.62 billion for operational expenses of institutions, which is 5.1 percent lower than the previous fiscal year. Capital expenditures worth Rs679.01 billion have also been proposed. The finance minister said the government had maintained fiscal discipline despite economic challenges, enabling the allocation of Rs752 billion for development projects through improved revenue generation, efficient resource utilization and expenditure rationalization. Under the National Finance Commission (NFC) Award, Punjab is expected to receive Rs4.391 trillion from the federal government, an increase of 8.1 percent over the outgoing fiscal year. The province has also set an ambitious target of Rs1.210 trillion in own-source revenues. The Punjab Revenue Authority (PRA) has been assigned a revenue target of Rs528.5 billion, a 55.4 percent increase from the current year. The Board of Revenue is expected to collect Rs86.19 billion, while the Excise and Taxation Department has been given a target of Rs124 billion, representing a 77 percent increase. Non-tax revenues are projected at Rs461.17 billion, up 52 percent from the current fiscal year. The minister said these targets would strengthen the province’s financial self-reliance and ensure the availability of resources for development priorities. The government has proposed Rs750 billion for the education sector in FY2026-27, including Rs63.3 billion for development projects and Rs686.8 billion for non-development expenditures. Education will account for more than 15 percent of the total provincial budget. The allocation aims to improve educational infrastructure, promote modern skills, expand digital facilities and enhance access to quality education. Under the Chief Minister Punjab Laptop Programme, a project worth Rs27 billion has been launched to distribute 110,000 modern laptops. So far, 42,000 laptops have already been distributed. Additionally, Rs15 billion has been allocated for the Honhaar Scholarship Programme, benefiting approximately 108,000 students. The health sector has been allocated Rs500.62 billion, comprising Rs424.32 billion in non-development expenditures and Rs76.3 billion for development projects. The allocation is 10 percent higher than the current year’s budget. Construction of the Nawaz Sharif Institute of Cancer Treatment and Research, a project costing Rs75 billion, is continuing with Rs20 billion allocated for the coming fiscal year. The government also plans to begin work on the Nawaz Sharif Medical District, a Rs169 billion initiative that will include a children’s hospital, orthopedic and surgical hospital, center of excellence and a burn unit. To enhance exports and value addition, the government plans to establish plug-and-play factory parks for the garments sector at a cost of Rs13.3 billion. The initiative is expected to generate an additional $300 million in annual exports, create 20,000 jobs, and facilitate the establishment of 40 new garment units. Agriculture, livestock and aquaculture sectors have been allocated Rs133.54 billion in development and non-development spending. Over the next three years, the government plans to invest approximately Rs482 billion under economic transformation initiatives focused on agricultural value addition, livestock development and aquaculture. Copyright Business Recorder, 2026
‘B’-RATED COUNTRIES: BUDGET’S INTEREST-TO-REVENUE RATIO HIGHER THAN MEDIAN RATE: FITCH
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: The 2026-27 budget’s interest-to-revenue ratio, projected at 39.1 percent, is substantially higher than the median ratio of 12.1 percent for ‘B’-rated peers. This limits fiscal flexibility and crowds out priority spending, constituting a key weakness in Pakistan’s ‘B-’ sovereign rating with a Stable Outlook, Fitch Ratings said. The ratings agency further noted that Pakistan’s overall fiscal deficit, projected at 3.6 percent of GDP in fiscal year 2027, also remains higher than the median deficit of 3 percent for ‘B’-rated countries. Fitch Ratings sees Pakistan’s budget for the fiscal year ending 30 June 2027 (FY27) as maintaining a clear commitment to fiscal discipline under the International Monetary Fund (IMF) Extended Fund Facility by targeting a primary surplus of 2 percent of GDP and an overall deficit of 3.6 percent of GDP. “This follows a strong fiscal year 2026 performance, with a projected primary surplus of 2.5 percent of GDP, driven by aggressive spending cuts and a provincial surplus of 1.1 percent of GDP, exceeding our expectationsâ€, the ratings agency added. Fitch says this policy momentum improves near-term fiscal prospects, but Pakistan remains relatively vulnerable to inflation and under-performance on tax collection.The ratings agency stated that “Our fiscal projections remain more cautious than those of the government, illustrating risks around the key targets. Achieving the fiscal year 2027 primary surplus will depend on sustained revenue performance relative to historical trends, which we view as challenging given structural weaknesses in tax administration and a limited pipeline of new tax measuresâ€, it added. Federal tax collections in fiscal year 2026 are officially projected to be 0.7pp of GDP below target, underscoring persistent challenges in meeting ambitious revenue goals. The fiscal year 2027 tax revenue target (10.6 percent of GDP) would be a record, building on improved collection in fiscal year 2026. Non-tax revenues, including profit transfers from the State Bank of Pakistan, are, meanwhile, set to decline in fiscal year 2027. The reliance on a large provincial surplus is another source of uncertainty, given historical variability and coordination challenges between federal and provincial governments. The ratings agency stated that amid revenue challenges, fiscal consolidation has relied heavily on expenditure compression, particularly cuts to capital spending, as in FY26. While this has supported short-term deficit reduction, it will be difficult to sustain as a medium-term strategy. Persistently low capex may weigh on medium-term economic growth, limit future revenue mobilisation and complicate debt dynamics. The scope for further reductions is narrowing, heightening the trade-off between fiscal adjustment and growth as spending pressures rise from a suppressed base. It further stated that interest costs remain structurally elevated due to Pakistan’s large stock of short-maturity domestic debt and high market yields. A rising policy rate as inflation rises due to higher world energy costs compounds the risk of overspending on interest payments. On the external side, Pakistan’s recent US dollar bond issuance at just under 7 percent yield demonstrates improved access to international capital markets and bolsters near-term liquidity. Pakistan also issued a panda bond in 2026, further marking improved external market access. However, maturities have been short (three years), and medium-term external refinancing risks and structural vulnerabilities in Pakistan’s debt profile remain. Continued dependence on multilateral funding and financial assistance from bilateral partners—particularly from China and the Gulf Cooperation Council—leaves Pakistan exposed to shifts in creditor confidence and FX reserve adequacy. Fiscal consolidation remains dependent on sustained primary surpluses and improved revenue performance, with the credibility of budget targets, sustainability of provincial surpluses, and the developments around growth and interest costs central to the success of Pakistan’s IMF programme and our rating consideration, Fitch Ratings added. Copyright Business Recorder, 2026
A TAX BREATHER – NOT A DIGITAL LEAP
Date: 2026-06-17
Details: Published June 17, 2026 Updated about 2 hours ago By BR Research Budget FY27 is broadly positive for Pakistan’s IT exporters but calling it a technology budget would be an overstatement. Its biggest contribution is not a bold new digital growth programme, but the continuation of an existing tax concession that gives export-oriented companies some much-needed certainty. The key measure is the extension of the 0.25 percent Final Tax Regime on the export proceeds of registered IT and IT-enabled services companies until June 2029. The concession was due to expire in June 2026. Its extension removes an immediate source of uncertainty and gives companies another three years to plan contracts, set prices and expand overseas without worrying about a sudden increase in their tax burden. For Pakistani technology companies competing globally on multi-year foreign-currency contracts, tax certainty protects margins, pricing, and competitiveness, making the extended concession more valuable than a short-lived subsidy. Larger technology companies may also benefit from the reduction in super tax. The government has abolished super tax for companies earning up to Rs500 million and reduced the maximum rate from 10 percent to 8 percent for companies above that level. Banks, exploration and production companies and fertiliser manufacturers have been excluded from the relief, but technology companies have not. The broader exporter package is also supportive. The government has removed the 1 percent advance tax on export proceeds while increasing withholding tax from 1 percent to 1.25 percent. Since the advance tax was adjustable, exporters often had to wait for settlement or refunds, tying up their cash in the process. Its removal should improve cash flows. The exact impact on IT exporters will depend on how this measure is applied alongside their separate 0.25 percent final tax regime. Still, the broader message is encouraging. The picture becomes less clear once one moves beyond established software exporters. For larger e-commerce sellers with annual revenues above Rs200 million, tax deducted on online marketplace transactions will now be adjustable. This should reduce the risk of the deduction becoming an extra cost, but smaller online businesses will benefit less as many still face problems with registration, bookkeeping, and access to finance. Banks will also deduct 5 percent withholding tax on income received by digital creators and social-media influencers from platforms such as YouTube, Facebook, Instagram, and TikTok. Bringing online income into the tax net is reasonable, but without a simple refund or adjustment process, the deduction could hurt the cash flow of smaller creators and freelancers with irregular earnings. Advance tax on mobile-phone distributors has also been increased from 0.25 percent to 0.5 percent. Although the tax is adjustable and may have little long-term impact on large distributors, it could still raise working-capital costs for smaller businesses operating on thin margins. The federal development programme allocates Rs20 billion (although modest within a federal PSDP of Rs1 trillion) to the Information Technology and Telecom Division. This provides some room for public-sector technology, connectivity, and digitalisation projects. The budget offers little direct response to other constraints of the sector like no relief for broadband expansion, spectrum investment, data centres, cloud infrastructure, cybersecurity etc.Extending a concessionary tax rate can preserve momentum, but it cannot by itself move the industry from outsourcing and freelancing towards higher-value software products, intellectual property, artificial intelligence, cloud services, and regional technology platforms. The government expects total services exports to rise from $10.9 billion in FY26 to $11.3 billion in FY27, supported mostly by continued IT-sector growth. Its progress, but it is hardly a major leap. The modest increase (3.7%) suggests that the budget is designed to protect the existing trend rather than trigger a new phase of expansion. Overall, Budget FY27 is positive for listed and export-oriented IT companies, mixed for e-commerce and digital creators, and largely neutral for telecom and communications. The sector has received tax certainty and some breathing space. What it has not received is a credible roadmap for turning Pakistan from a low-cost technology-services provider into a deeper, investment-led, and product-oriented digital economy.
END THE BUDGET ‘CIRCUS’
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Nadeem ul Haque Pakistan has turned the budget into an annual suspense drama. Businesses wait. Markets speculate. Consultants guess. Television studios ask who will be taxed, spared, punished or rewarded. For weeks, the economy pauses to read signals from Islamabad. This is not how a serious economy should run. A budget should not be the annual moment when government reinvents economic policy. It should be a routine fiscal statement, showing how taxes finance a policy direction already announced, debated, legislated and institutionalized. Policy should come first. Budget should finance it. In Pakistan, the order has been reversed. The budget has become the policy. This is why uncertainty never ends. Firms do not know next year’s tax treatment. Investors do not know whether incentives will survive. Exporters do not know whether refunds, energy prices or import rules will change. Salaried taxpayers wait to be squeezed again. Retailers expect another scheme. Real estate waits for another bargain. Everyone watches the budget because no one trusts the policy path. Everyone discusses the fiscal deficit. Few discuss the uncertainty deficit. When policy changes every June, investment becomes speculation. Business planning becomes budget forecasting. Instead of thinking about productivity, technology, expansion and exports, firms guess what the state will do next. This hidden tax on growth does not appear in the budget, but every serious enterprise pays it. The government speaks of transformation, exports, equity, energy, environment, digital development, stability, investment, productivity and growth. These words are fine. But a vision is not policy unless translated into rules, institutions, priorities, budgets and discipline. If the budget contradicts the vision, the vision is decoration. A government that wants exports cannot surprise exporters every year. A government that wants investment cannot keep changing tax rules. A government that wants documentation cannot harass the documented while bargaining with the undocumented. A government that wants productivity cannot keep feeding low-return projects. A government that wants energy reform cannot treat circular debt as accounting. A government that wants private sector growth cannot keep expanding the discretionary state. This is where the EPBD Shadow Budget is useful. Its value lies less in its exact numbers and more in the questions it raises. It shifts debate from revenue extraction toward growth, YouTube expenditure control, SOEs, energy, debt, taxation, parliamentary scrutiny and private investment. It recognizes that Pakistan’s fiscal crisis is not simply a revenue problem. It is a state problem. For too long, the formal taxpayer has been treated as the residual claimant for state failure. SOEs lose money; the taxpayer pays. Energy governance fails; the taxpayer pays. Pensions rise; the taxpayer pays. PSDP becomes a political shopping list; the taxpayer pays. Provinces avoid their own tax effort; the taxpayer pays. This is extraction without reform. EPBD is right to call for tax rationalisation, expenditure reform, SOE restructuring, Treasury Single Account implementation, pension reform, subsidy rationalisation, PSDP cleansing and energy reform. These are not side issues. They are the reform agenda. Without them, every budget merely finances an unreformed state. But EPBD also reveals the weakness of Pakistan’s reform culture. It lists the right reforms but does not explain the process of reform. Who will do it? Through what law? With what information? Against whose resistance? With what compensation for those who lose? These questions matter because reform is not arithmetic. It is political economy. Tax reform requires evidence on revenue loss, behaviour and enforcement capacity. Compliance reform requires protection against FBR discretion. Expenditure control requires identifying waste and confronting beneficiaries. SOE reform creates losers in ministries, boards, unions and procurement networks. Pension reform affects powerful insiders. NFC reform requires a federal bargain. Energy reform threatens protected interests. PSDP cleansing disturbs politicians, contractors and departments. Banking reform affects finance. This is the deeper political economy that EPBD and similar efforts must examine. Pakistan has remained trapped in repeated IMF programmes because stabilization has never become structural reform. Each crisis produces another package, another donor loan, another committee, another project office and another promise. The state expands even when every diagnosis says it must shrink. To my mind the lynchpin reform is the civil service monopoly—something that most efforts such as EPDB miss. Pakistan’s colonial, secretary-led state controls policy, regulation, appointments, boards, authorities, project offices and implementation. It writes rules, manages files, sits on committees, approves projects, controls budgets, negotiates with donors, supervises regulators and then claims to reform the system it dominates. It is both player and referee. This monopoly is driven and supported by the lenders who control our policy. Project offices, special units, authorities and reform cells become a parallel government, usually cleared, chaired, staffed or controlled by the same administrative structure. But the underlying power structure remains untouched. No reform agenda can succeed without confronting this. The secretary-led state will not voluntarily close its own agencies, discipline SOEs, professionalize boards, devolve authority, empower markets, release cities, respect universities or surrender budgetary discretion. It will produce reports, invite consultants and create reform cells. But it will not end its monopoly. The way out is to end the budget circus and identify the lynchpin reform. The budget should become boring. That would be progress. A boring budget means businesses know the tax path. Investors know the policy direction. Provinces know their responsibilities. Citizens know what services are being financed. Ministries know old schemes must be evaluated before new ones are added. The private sector knows June will not overturn January. Pakistan must stop using the budget to announce a new economy every year. Use it to show how taxes finance a stable, credible and already declared reform path. Until then, businesses will speculate, media will dramatize, consultants will guess, donors will lend, committees will meet, and the economy will wait for Islamabad’s annual surprise. Copyright Business Recorder, 2026
BUDGET TAXATION & RELIEF MEASURES: GOVT REFUSES TO SHARE REVENUE IMPACT FIGURES WITH NA PANEL
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The federal government Monday categorically refused to share revenue impact of taxation and relief measures taken in budget (2026-27) with the members of the National Assembly Standing Committee on Finance. The tax relief provided to the salaried class, including the abolition and gradual reduction of super tax, as well as a slashing of tax rates for exporters and real estate transactions, is expected to have a revenue impact of approximately Rs 360 billion for the next fiscal year. When MNA Sharmila Farooqi and Hina Rabbani Khar, belonging to PPP, insisted upon for sharing the exact revenue impact and inquired whether it stood at Rs 360 billion, the Chairman of the NA Panel on Finance said that it seemed quite close to the figure shared by the government with him on the pretext that it would not be shared publicly when the media is covering the proceedings of the committee. Secretary, Ministry of Finance informed National Assembly Standing Committee on Finance that the revenue impact of the relief measures has been shared with the Chairman of committee Syed Naveed Qamar. The committee members can directly obtain figures of revenue impact from the Chairman of the NA Finance Committee. The numbers cannot be shared publicly. However, the committee can arrange an in-camera briefing on the revenue impact for the members of the committee, he added. Finance Secretary further informed the committee that the government cannot disclose the total amount of relief figures at this stage. The committee member MNA Hina Rabbani Khar criticized the government’s position, saying it should clearly state if it did not want to provide details to the committee. The issue came to the light when committee members inquired about the revenue impact of relief measures from officials of the Federal Board of Revenue (FBR) and Ministry of Finance. Both the Ministry of Finance and senior officials of the FBR were not ready to share the revenue impact chart of relief and policy measures taken in budget (2026-27). During a presentation on Finance Bill 2026, a senior FBR official informed the committee about the relief provided to the salaried class in budget (2026-27). The committee members asked about the exact revenue impact of the relief provided to the salaried class. The FBR official informed that the government has taken 11 relief measures, 10 tax rationalization measures and five administrative measures through Finance Bill 2026. The FBR official responded that the numbers have been estimated based on last year’s contribution of salaried class. We assumed that the last year tax relief of Rs 57 billion would be provided to the salaried individuals, but the actual figure of collection was much higher at Rs 625 billion against the estimated amount of Rs 500 billion. Similarly, this year a tax relief of around Rs 55 billion has been estimated for the salaried class, but the figures are merely based on assumptions. When the FBR official shared the revenue impact of proposed relief provided to the salaried class for 2026-27, Naveed Qamar pointed out that the FBR is the custodian of the revenue impact figures. MNA Hina Rabbani Khar stated that the government can simply refuse to share numbers with us, but do not divert discussion by saying that figures are based on assumptions. The annual budget estimates are always based on last year data, economic indicators, figures and assumptions, she added. Chairman of committee Syed Naveed Qamar intervened that the revenue impact of the tax relief measures is very big. However, the government is still in the process of negotiations with the International Monetary Fund (IMF). “I have the numbers, but they (government functionaries) are still in the process of negotiationsâ€, Qamar added. Syed Naveed Qamar said that the government has negotiated with the IMF in total isolation. You (government) came here to the committee after finalizing terms and conditions with the fund. If you involve finance committee members, it will ease the government position keeping in view public interest. “Do not isolate yourselfâ€, Chairman of committee remarked. Other committee members stated that they have the right to know about the revenue impact of relief provided to the general masses and even the public needs to know about these numbers, they added. Copyright Business Recorder, 2026
REDUCING TAX INCIDENCE WITHIN IMF PROGRAMME HIGH PRIORITY: KAYANI
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: Minister of State for Finance Bilal Azhar Kayani said Monday the main focus of the federal budget (2026-27) is to reduce incidence of taxes on overburdened segments of society, particularly salaried class, within the International Monetary Fund (IMF) programme. Minister of State for Finance was briefing the National Assembly Standing Committee on Finance here on Monday on key features of the Finance Bill 2026. According to him, despite all kinds of fiscal constraints, the government has been able to provide relief to the salaried class. Last year, the government provided significant relief to the salaried individuals. This year further relief has been provided in different salary slabs along with abolition of surcharge. The Committee was informed that the relief package includes the abolition of taxes on contraceptives and selected women-related products, withdrawal of Capital Value Tax on foreign assets, exemption of sales tax for the shipping industry, and tax incentives for the modernization and upgrading of Brownfield refineries. These measures are aimed at stimulating investment, promoting exports, supporting economic activity, and easing the overall tax burden on key sectors of the economy. The Committee was also briefed on rationalization measures, including expansion of the Third Schedule, introduction of a fixed tax regime for small retailers, revision of tax treatment of coupon-washing transactions, elimination of tax arbitrage between industrial and commercial importers, enhancement of penalties for non-compliance, rationalization of withholding taxes on services, imposition of duties on luxury vehicles, and measures to curb fuel adulteration through adjustable Federal Excise Duty on solvents and related products. Syed Naveed Qamar, Chairman expressed serious concerns regarding the potential revenue implications of the proposed concessions and the adequacy of efforts to broaden the tax base. The Chair sought clarity on whether the anticipated revenue losses had been adequately quantified and requested details of the Government’s strategy to offset any resulting fiscal shortfall. Minister of State for Finance and senior officials of the Federal Board of Revenue (FBR) briefed on the proposed tax measures, fiscal reforms, and revenue initiatives contained in the Federal Budget FY 2026–27. The Committee also deliberated on relief for salaried individuals in the context of persistent inflation and rising living costs, and sought clarification on whether the proposed tax slab revisions would provide meaningful relief to middle-income groups. Copyright Business Recorder, 2026
STAKEHOLDERS DEMAND END TO EXPORT TAX ON TOBACCO
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Zulfiqar Ahmad ISLAMABAD: Tobacco growers, traders and industry representatives on Monday demanded the immediate withdrawal of Rs390 per kilogram export tax on tobacco and called for a comprehensive review of the sector’s taxation policy, warning that current measures are pushing farmers into severe financial distress. Speaking at a press conference, the group – joined by senior PTI leaders Asad Qaiser, Shahram Tarakai and others – said the issue was not political but an economic one affecting thousands of farming families, particularly in Swabi, which produces over 70 percent of the country’s tobacco crop. Qaiser said he had no business interest in the tobacco trade but felt compelled to speak for farmers facing “extreme hardship.†He criticised the taxation regime, arguing it had failed to achieve its fiscal objectives. According to him, government revenue from the sector had declined from Rs294 billion to Rs165 billion after higher taxes were imposed, calling the policy ineffective. He further argued that excessive taxation was harming growers and local dealers while strengthening monopolistic market structures. He warned that he, along with lawmaker Shahram Tarakai and other political leaders from Khyber Pakhtunkhwa, would pursue the matter through legal forums if required. While condemning tobacco smuggling, he said enforcement responsibility lay with federal and provincial authorities and called for more practical anti-smuggling measures. Tarakai said he had repeatedly raised proposals with the government but claimed tobacco growers and the domestic industry were still facing “discriminatory†policies. He called for a balanced taxation system in which small businesses are taxed less and large corporations more, arguing current policy contradicted this principle. He also alleged that two multinational companies had gained dominant control of the sector. Referring to his time in government, he said he had previously proposed Rs10 per unit tobacco levy to improve balance in the industry. He urged authorities to reduce the tax burden and adopt “national interest†policies, saying political representatives across parties were aligned on the issue. Industry representative Ayaz Khan said growers were suffering declining returns despite inflation. He claimed tobacco prices had dropped, with the current crop being purchased at rates around Rs180 per kilogram lower than last year. He also alleged that local companies were being sidelined as multinational firms expanded their market share, resulting in cancelled domestic agreements. He criticised the Pakistan Tobacco Board for weak regulatory enforcement, saying uncertainty was affecting both farmers and buyers. He added that although tobacco exports had increased by 645 percent, government policies were still discouraging exports and weakening competitiveness. He stressed that growers were not opposing taxation on cigarettes, but objected to measures they believed were harming farmers and export potential. Participants also opposed a proposed minimum indicative price (MIP) of Rs525 per kilogram for Virginia tobacco in the 2026-27 budget, urging instead that prices reflect production costs, inflation, and farmer incomes. They called on multinational companies to increase procurement of local tobacco to stabilise the market and ensure fair pricing. They also demanded a third tier in the tobacco taxation structure to support domestic industry, restoration of suspended contracts, and immediate clearance of outstanding payments to growers and dealers. The group urged the Federal Board of Revenue (FBR) to halt what they described as unnecessary raids and interference in business operations, and called on provincial and district authorities to avoid targeting warehouses and traders. Copyright Business Recorder, 2026
PRAC WELCOMES TARGETED RELIEF MEASURES
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Press Release KARACHI: The Policy Research and Advisory Council (PRAC) has acknowledged several progressive measures in the Federal Budget for Fiscal Year 2026-27, while raising critical concerns regarding fiscal sustainability, stagnant development spending, and the mounting debt servicing burden threatening Pakistan’s economic outlook. PRAC Chairman Mohammad Younus Dagha welcomed the elimination of Super Tax across several slabs for businesses earning between PKR 150 million and PKR 500 million, with the maximum rate capped at 8 percent for higher income tiers, noting that this would enhance liquidity and support investment. He similarly commended the reduction in combined advance and minimum income tax on export revenues from 2.0 percent to 1.25 percent, alongside the extension of the concessional Export Refinance Scheme at 4.5 percent, backed by PKR 88 billion — a timely intervention to ease working capital pressures and sustain export competitiveness amid elevated financing costs. Mohammad Younus Dagha also welcomed the extension of the 0.25 percent Final Tax Regime for IT and digital exporters through June 30, 2029, describing it as an important signal of policy continuity for Pakistan’s expanding digital economy, and acknowledged the budget’s emphasis on digital payments, financial inclusion, targeted farmer financing, climate-resilient housing, and green mobility, provided these initiatives are implemented transparently with measurable outcomes. Despite these positives, PRAC expressed concern over the limited relief extended to the salaried class. While selective tax rate reductions and abolition of the 9 percent surcharge are welcome, the minimum taxable threshold remains unchanged at PKR 600,000. Against renewed inflationary pressures, rising utility costs, and a projected 12 percent increase in Petroleum Development Levy collections to PKR 1.68 trillion, lower-income salaried workers may face additional burden through higher transport and essential commodity costs — despite already belonging to the documented taxpayer base. PRAC’s most serious reservations concern the budget’s failure to address Pakistan’s core fiscal vulnerabilities. Debt servicing obligations budgeted at PKR 8,054 billion constitute 68.5 percent of net federal revenues, while unfunded pension liabilities have reached PKR 1,169 billion. These fixed obligations critically constrain fiscal space for development and social spending. The Council stressed that sustainable consolidation requires expenditure rationalisation, tax base expansion, pension reform, and restructuring of loss-making state-owned enterprises — none substantively addressed in the current budget. The Public Sector Development Programme, capped at PKR 1,000 billion, also drew concern. Adjusted for inflation, this represents a contraction in real development spending, risking further deterioration across transport, logistics, urban services, and climate resilience. Mr. Dagha stressed that public investment must be protected and directed toward high-impact projects advancing productivity, exports, and employment. PRAC cautioned against the sharp reduction in withholding tax on international card transactions from 5.0 percent to 0.5 percent, warning it could pressure foreign exchange reserves by encouraging non-essential dollar outflows. On retail taxation, the Council warned that the Fixed Tax Asaan Scheme, without phased POS integration and robust verification, risks misuse by larger businesses seeking to circumvent effective compliance — undermining its documentation objectives. The Council urged stronger measures supporting industrial growth, export competitiveness, and productive investment, emphasising that Pakistan’s economic policy must transition from short-term fiscal balancing to a sustainable growth model anchored in exports, investment, innovation, and institutional reform. PRAC concluded that while Budget 2026-27 contains constructive measures across several sectors, its effectiveness will ultimately depend on disciplined implementation and the political will to pursue the structural reforms necessary to restore fiscal credibility and long-term economic stability. Copyright Business Recorder, 2026
PCDMA EXPRESSES DISAPPOINTMENT OVER BUDGET
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Chairman of the Pakistan Chemicals and Dyes Merchants Association (PCDMA), Salim Valimuhammad, has said the association had strongly advocated the abolition of the Export Facilitation Scheme (EFS), but the government chose to retain the scheme without introducing safeguards against its misuse. According to him, the continuation of EFS will further widen the disparity between industrial and commercial importers. Expressed disappointment over the Federal Budget 2026-27, stating that the government has ignored key proposals submitted by commercial importers and failed to address longstanding concerns of the trading community, he pointed out that a significant number of goods imported under industrial concessions are allegedly finding their way into the open market. He said certain importers use industrial status to bring in raw materials and other products under preferential treatment and subsequently sell them commercially, creating unfair competition for legitimate commercial importers who pay full customs duties and taxes. “This practice not only causes substantial financial losses to commercial importers but also deprives the national exchequer of much-needed revenue,†he said. The PCDMA chairman maintained that while commercial importers are required to comply with all tax and duty obligations, industrial importers benefiting from various exemptions and concessions often operate without adequate oversight. He stressed that the absence of an effective monitoring mechanism allows misuse of facilities intended solely for industrial production. Commenting on the budget’s tax measures, he said relief had been extended to the salaried class, but the broader business community and trading sector had received little to no meaningful support. He noted that high tax rates and the overall tax burden on businesses remain largely unchanged. “The budget is not attractive for traders and does not provide the incentives required to stimulate commercial activity,†he remarked. Salim Valimuhammad urged the government to establish a robust system of checks and balances for industrial imports to ensure that concessionary schemes are used strictly for their intended purpose. He emphasized that providing equal opportunities and a level playing field for all stakeholders is essential for sustainable economic growth. He warned that unless the government addresses market distortions, tax disparities and misuse of import concessions, the commercial importing sector will continue to face mounting challenges, with adverse consequences for business activity, and tax collection. Copyright Business Recorder, 2026
GOVERNOR SUMMONS BUDGET SESSION ON 17TH
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Sindh Governor Syed Muhammad Nihal Hashmi has summoned a session of the Sindh Assembly on Wednesday, June 17, under Article 109(A) of the Constitution of Pakistan. According to an official notification issued on Monday, the assembly session will commence at 2:00 p.m. at the Sindh Assembly Building in Karachi. The session has been convened for the presentation of the Sindh government’s Annual Budget for the fiscal year 2026-27, along with related budgetary documents and proposals. The budget session is expected to outline the provincial government’s fiscal priorities, development plans, and allocations for various sectors for the upcoming financial year. Copyright Business Recorder, 2026
EXPERTS SAYS A STRONGER INFRASTRUCTURE TO ACCELERATE EV INDUSTRY GROWTH
Date: 2026-06-16
Details: Published June 16, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Experts have called for long-term policy consistency, stronger infrastructure and increased investment in research to accelerate the growth of Pakistan’s electric vehicle (EV) industry, during a webinar on the federal budget 2026-27 organised by Indus Consortium. The webinar, titled “Budget 2026-27: What It Means for Pakistan’s EV Futureâ€, brought together policy experts and industry stakeholders to review the impact of the budget on the country’s transition towards cleaner transport. Yasir Hussain, Director of the Climate Action Centre (CAC) said fears of higher taxes on new energy vehicles had not materialised, as the government had left NEVP-related taxes unchanged. However, taxes on luxury vehicles worth more than Rs20 million had been increased. He said subsidies for electric two and three-wheelers would continue and added that EV bike sales had increased by 61 per cent following the Hormuz developments. He also revealed that two battery manufacturing plants were currently under development in Karachi, signaling growing local investment in the sector. Dr Aazir Khan, Director of the Integrated Engineering Centre of Excellence (IECE) at the University of Lahore, described the federal budget as a stabilisation budget with a fiscal deficit of Rs7 trillion. He said EV subsidies remained limited despite an increase in grants and development spending. He also highlighted the need for greater investment in electricity grid stabilisation, warning that expanding EV adoption would place additional demand on the power network. He said the budget reflected a stronger focus on localisation, noting that customs duties on completely built units (CBUs) remained in place. Saif Muhammad Shah, Senior Research Associate at the FPCCI, said the one-year incentive framework could create uncertainty for investors. He suggested extending the policy horizon to three to five years to provide greater confidence for businesses planning investments in the EV sector. He also called for greater investment in EV research and development, arguing that the current speed and range of electric bikes needed improvement. Shah also stressed the need for charging infrastructure development and a dedicated policy for heavy-duty vehicles, which account for a significant share of transport-related emissions. Manager Programs Indus Consortium, Dr Majid Bilal, and board member Jamshaid Farid also addressed the webinar. Copyright Business Recorder, 2026
DEBT, DISCIPLINE & RENTIER STATE
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Dr Ikramul Haq Pakistan’s economic debate with the release of Economic Survey 2025-26 and federal budget for 2026-27 has again been reduced to a familiar quarrel: more taxes, more loans, more austerity, more conditions by the International Monetary Fund (IMF). Missing from this noise is a simple principle understood by every prudent household, farmer, trader and industrialist: in hardship, first reduce waste, live within means, stop borrowing for consumption, and then work hard to repay what is owed. Borrowing is not immoral or uneconomic in itself. Borrowing to create productive capacity can be wise. Borrowing to pay interest on earlier expensive loans is slow suicide. This distinction has disappeared from Pakistan’s fiscal policy. A country may legitimately borrow for dams, railways, ports, universities, hospitals, technology, irrigation, climate resilience and reliable energy. Long-term low-rate loans for such purposes create assets. These assets raise productivity, expand incomes, improve social indicators and generate future tax capacity. Debt then becomes a bridge to development. Pakistan’s tragedy is different. Much of its borrowing now finances debt servicing, current expenditure, losses of state-owned enterprises, circular debt, subsidies, administrative sprawl and survival of an elite rentier order. New debt does not sufficiently create new productive capacity. It merely keeps yesterday’s liabilities alive until tomorrow’s loan arrives. Official fiscal operations of the Ministry of Finance tell this story year after year. Interest payments have become the largest federal expenditure. Development spending is treated as residual. The Public Sector Development Programme (PSDP) remains compressed while mark-up payments grow. The federal government celebrates primary surpluses, but the overall fiscal deficit survives because debt servicing eats the budget before development begins. This is not an accident. It is the result of a wrong economic model. Pakistan’s rulers have followed the economics of postponement. When revenue falls short, borrow. When debt servicing rises, borrow more. When creditors demand adjustment, tax the already taxed. When development is squeezed, cut PSDP. When provinces need resources for education, health and local services, create federal levies outside the divisible pool. When rentier sectors resist taxation, protect them. When loss-making state enterprises bleed, refinance them. When the next crisis arrives, call it unavoidable. Even no household can survive this way. No business can survive this way. No state can survive this way indefinitely. The first rule of fiscal recovery is discipline during hardship. It does not mean blind austerity. It means distinguishing between expenditure that sustains life and capacity, and expenditure that sustains privilege. Schools, hospitals, water, sanitation, climate resilience, agriculture productivity, digital infrastructure and justice delivery are not waste. Multiple ministries doing devolved provincial functions, subsidies for inefficiency, guaranteed returns to favoured sectors, tax exemptions for powerful lobbies and debt-funded current consumption are waste. Pakistan must therefore replace IMF-driven austerity with nationally owned prudence. The second rule is that borrowing must be tied to productive assets. Every rupee borrowed should answer three questions. What asset will be created? How will it raise productivity or improve social welfare? How will it contribute to repayment capacity? Loans that fail this test should not be contracted. This is especially important for external borrowing, where repayment requires foreign exchange. Projects financed by external debt must either earn foreign exchange, save foreign exchange, or create broad productivity gains strong enough to support future repayment. The third rule is to stop confusing taxation with extraction. Pakistan does not lack taxable capacity. It lacks the courage to tax rent. Salaried persons, compliant businesses, bank account holders, electricity consumers, mobile phone users, exporters, contractors and professionals are repeatedly squeezed through withholding and indirect taxes. Meanwhile, large agricultural rents, speculative real estate gains, wholesale and retail margins and politically protected concessions remain inadequately taxed. A state that taxes work more heavily than rent destroys productive incentives. It punishes documentation and rewards informality. It converts tax policy into a weapon against enterprise. The fourth rule is to recover the hidden budget of the elite. The official Tax Expenditure Report 2026 has placed tax concessions at Rs. 2.353 trillion. This is not a footnote. It exceeds development allocations. A country pleading fiscal emergency cannot justify such a large hidden budget for selected beneficiaries while imposing new burdens on citizens already paying through withholding, utility bills, petroleum prices and inflation. The fifth rule is to restore fiscal federalism. The growing reliance on petroleum levy instead of general sales tax (GST) on petroleum products has allowed the federation to retain revenues that would otherwise form part of the divisible pool. This may help Islamabad show better numbers. It weakens provinces and, indirectly, social services. After the Constitution (Eighteenth Amendment) of Act 2010, education, health, agriculture, water supply and local development are largely provincial responsibilities. Extracting resources through non-divisible levies while demanding provincial cash surpluses undermines the constitutional design. This is how a fiscal crisis becomes a social crisis. The sixth rule is to end the rentier state. A rentier state survives not by expanding production but by distributing privileges: plots, exemptions, guaranteed profits, protected markets, cheap public assets, regulatory favours and access to state contracts. Such a state creates clients, not citizens; monopolies, not markets; and dependence, not productivity. Pakistan’s repeated bankruptcies are symptoms of this deeper disease. The seventh rule is hard work after stabilisation. Once waste is reduced and borrowing is redirected toward productive use, the economy must move from consumption-led survival to production-led recovery. Agriculture must be modernised. Small and medium enterprises must be formalised through low-rate, simple and predictable taxes. Exports must be freed from policy uncertainty. Energy pricing must reward efficiency rather than theft and circular debt. Cities must be empowered to finance local infrastructure through property-based revenues. Human capital must be treated as investment, not charity. Debt repayment cannot come from slogans. It comes from higher productivity, higher exports, higher savings, better governance and fairer taxation. Pakistan does not need another ritual of temporary stabilisation. It needs a fiscal covenant based on prudence: live within means during hardship, borrow only for capacity creation, tax rent rather than work, remove unjustified concessions, reduce waste, and repay debt through growth generated by real production. The present model has made Pakistan dependent, indebted and externally supervised. The new model must make it self-respecting, productive and fiscally sovereign. The choice is no longer between austerity and growth. The real choice is between debt-funded rentier survival and disciplined productive reconstruction. Copyright Business Recorder, 2026
BUDGET FY27
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Anjum Ibrahim The expectations - voluntary ceding of the annual rise in the provincial share of the divisible pool to the Centre - premised on a much publicised debate between the Centre and its federating units had been raised to a fever pitch only to be dashed by the budget 2026-27 bringing to mind T S Eliot’s famous proverb in his poem titled The Hollow Man - not with a bang but a whimper. These expectations were reaffirmed a couple of hours before the budget was presented to parliament by Prime Minister Shehbaz Sharif during his televised address subsequent to formal cabinet approval of the budget as he praised his brother, the leader of his party, his niece, the Chief Minister Punjab, the leadership of the Pakistan Peoples’ Party as well as the Balochistan and last, but perhaps not least, the Khyber Pakhtukhwa governments for cooperating with the Centre in agreeing to key budgetary proposals. The declaration by Finance Minister Muhammad Aurangzeb that this measure has been postponed till next year raises questions about whether he will be able to deliver on this pledge when he clearly failed to get a consensus on other aspects of this year’s budget that required the intervention of the hybrid government as well as a 30- to 40-minute-long chat between the Prime Minister with the Managing Director of the International Monetary Fund (IMF). Nonetheless, the budget does envisage generating about a trillion rupees more from the provinces in the current year – a rise that from an economic point of view cannot be supported: a rise in provincial surplus from 1379 billion rupees (revised estimates of 2025-26) to 1794 billion rupees in 2026-27 that would generate an additional 415 billion rupees for the Centre. And a reduction in the provincial budgeted allocation for development from 2.869 trillion rupees in the budget last year to 2.224 trillion next year or an additional 649 billion rupees that would accrue to the Centre. Two observations are relevant. First, this accrual will be spent by the Centre on current non-development expenditure accounting for 93 percent of the total budget 2026-27 like last year, which is anti-growth and inflationary to boot as it is not backed by a rise in output. And second, it will further slow-down any move towards devolution, a policy that seeks to meet the needs/requirements of local communities. Instead, the Centre will take over project decision-making from the next tier of government, i.e., the provinces though one may assume that the more politically well-placed a party maybe the more the Centre will heed their demand for specific projects. The question is: is there anything that is different about the budget from previous ones? There are five takeaways that show that little was changed in the budget. First, the reliance on external borrowing is to rise to 23.3 billion dollars next year (at 290 rupees to the dollar parity) against the 19.9 billion dollars budgeted for the outgoing year but at last count only 11.068 billion dollars had been received in 2025-26 – an inflow that surely must be a source of concern to the government. This perhaps explains why the Finance Minister was at great pains during the unveiling of the Economic Survey a day prior to the budget presentation to emphasize the enhanced access to commercial borrowing, Panda ponds (only 250 million-dollars equivalent have been issued) and issuance of other debt equity instruments like Sukuk and Eurobonds. Total debt, including domestic debt and mark-up, is budgeted to rise next year by 16 percent – from the revised estimates of 6.9 trillion rupees to next year’s 8.05 trillion rupees. Not included in debt figures noted above, but a debt nonetheless is the estimated closing guaranteed debt position for the issuance of contingent liabilities on 30 June 2025 estimated at 3.950 trillion rupees in last year’s budget, understated by 372 billion rupees as per the 2026-27 budget documents. The envisaged rise till 30 June 2027 is 5.005 trillion rupees or a rise of 16 percent. Second, all components of current expenditure were raised and reflected the inability of the elite to show a reduction through either: (i) implementing reforms, pensions budgeted to receive 1.16 trillion rupees next year as opposed to 1.05 trillion rupees in the outgoing year, though facetiously the documents note a 10 billion rupee pension fund though it is not clear whether this fund is set up at the taxpayers’ expense or whether this is the outcome of the policy announced last year that envisages employee contribution effective for only new entrants. Defence was also upgraded by 412 billion rupees though the bulk of this for operational expenses due to the uptick in terror attacks (and one would assume the 7 percent pay raise for all state employees). Third the budgeted development outlay is contained at one trillion rupees in 2026-27, the same amount as budgeted in 2025-26. However, actual disbursement by the Finance Ministry (as opposed to the authorisations by the Planning Ministry) in the outgoing year has to-date been less than 50 percent. The allocations are indicative of a long-standing PML-N philosophy, notably big infrastructure projects will promote development as well as the party’s popularity. Sadly, here too the focus remained on roads rather than on water reservoirs, given that the country is now defined as severely water stressed. Fourth, Federal Board of Revenue tax collections are budgeted to rise by 17.5 percent to 15.26 trillion rupees – the 2025-26 budgeted FBR collection was 14 trillion rupees that was revised downward to 12.9 trillion rupees (though FBR sources have revealed that the shortfall may still be in excess of 800 billion rupees). This indicates that the tax target, in yet another budget, is unrealistic. In addition, the bulk of the government revenue is to be from sales tax whose incidence on the poor is greater than on the rich. It includes 4.9 trillion rupees under the head of sales tax, and another 5.3 trillion rupees from withholding taxes levied in the sales tax mode but credited under income tax (a practice that FBR does not desist from in spite of exhortation by the Auditor General of Pakistan). And kept outside the purview of the FBR (to ensure that it is not part of the divisible pool and therefore to be shared with the provinces) is the petroleum levy budgeted to generate 1.67 trillion rupees next fiscal year. In effect, the burden on the public through these three sales tax sources will be 11.8 trillion rupees next year – a fact that undermines the adequacy of the 838 billion rupees budgeted for the Benazir Income Support Programme, especially given poverty rate of 44 percent, if measured as per the calorific value. And finally, the 4 percent growth next year may have to be revised downward given the severely contractionary monetary and fiscal policies in place due to the IMF’s harsh and upfront conditions and in the words of the Annual Budget Statement 2026-27 “a one percentage point decline in real GDP growth could lower government revenues through reduced tax collections, while also increasing expenditure pressures, particularly on social safety nets.†Copyright Business Recorder, 2026
PBA HAILS ‘GROWTH-FOCUSSED’ FEDERAL BUDGET
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Rizwan Bhatti KARACHI: The Pakistan Banks Association (PBA) has welcomed the Federal Budget 2026-27, describing it as the first budget in years to shift the country’s focus from crisis management to sustainable economic growth while maintaining the fiscal discipline that underpinned Pakistan’s recent macroeconomic recovery. The PBA expressed confidence that banks are well positioned to expand financing to the private sector, citing the budget’s commitment to fiscal consolidation, tax relief measures and incentives for exporters and the IT sector as key drivers of investment and economic growth. According to PBA, the Budget keeps faith with fiscal discipline, holding the deficit at 3.6 percent of GDP and a primary surplus of 2 percent, while extending real relief through lower personal income tax, a reduction in super tax for the wider corporate sector, support for exporters, and an extension of the concessional regime for IT and IT-enabled services to 2029. Growth is targeted at 4 percent, with independent analysts seeing further upside as confidence returns. The Association sees this balance, caution on the fiscal accounts, ambition on growth, as exactly the right setting, and one in which private credit, rather than public borrowing, can do the heavy lifting. Commenting on the Budget, Zafar Masud, Chairman PBA, said that this is a Budget the industry can build on. “The conditions for priority-sector lending are the best in over a decade and we intend to use them for the benefit of our economy, our businesses, and our peopleâ€, he added. Masud said that industry commitment is concrete: to drive SME financing from Rs 882 billion towards Rs 1.5 trillion by 2028, to revive mortgage & housing finance to achieve the 500,000 units target of the government by 2028, agriculture financing to cross Rs. 3.5 trillion disbursements during a year by 2028, promoting social impact projects, particularly in education and skill development, by leveraging the budgetary allocations to meet the international health and education funding commitment standard benchmark of 5 percent+ each, and to keep export credit flowing at competitive rates. To make the most of this positive environment, we look forward to working with the Government and the State Bank of Pakistan on a consistent and predictable tax regime, documentation that reinforces financial inclusion, and risk-sharing that unlocks lending to priority sectors with both social as well as economic multipliers for sustainable growth, he added. Measures in the Budget to revive property and housing, digital payments, exports and technology are expected to support a recovery in private credit. The breadth of recent progress underscores the point: workers’ remittances reached a record USD 38.3 billion, the Roshan Digital Account has channelled over USD 12 billion through formal channels, and the banking system now serves some 103 million depositors across nearly 268 million deposit accounts. Muneer Kamal, CEO & Secretary General - PBA, said that this Budget is its shift from stabilisation towards growth, and the banking industry is ready to carry its share of that load. “We will keep credit flowing to the productive sectors — housing, exports, technology and, above all, the SMEs that will drive the next phase of job creation. The foundations are strong, the outlook is encouraging, and the industry is fully committed to building on bothâ€, he added. Over the last two years the industry has delivered in an unparalleled fashion across SME, agriculture and housing and in low-cost housing the industry approved Rs 100 billion to some 67,000 beneficiaries in just two months, he informed. The Association reaffirmed that, with these foundations in place, the industry stands fully behind the Government’s growth agenda as the recovery takes hold. Accordingly to PBA, the banking industry has not waited to be asked. Over the past two years, it has repeatedly used its own balance sheet, at no cost to the exchequer and without sovereign guarantees, to unlock problems that had stalled the economy: On Circular Debt, the industry coordinated the restructuring of Rs 1.225 trillion of power-sector circular debt at concessional rates, easing a burden that had choked the energy chain for years. It also restructured Rs 268 billion of PIA debt, clearing the way for the first major privatisation in two decades. The industry also voluntarily reduced its margin on the Export Refinance Facility, bringing the cost of export financing down to 4.5 percent - acting ahead of the curve to keep exporters competitive. Copyright Business Recorder, 2026
FEDERAL BUDGET: GIVES WITH ONE HAND; TAKES AWAY WITH THE OTHER
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Ali Khizar The federal budget for FY27 has been greeted with celebration in certain quarters. The celebration may prove premature. This is not a pro-growth budget, nor an expansionary one. Overall development spending, federal and provincial combined is set to decline. The fiscal space that has been created is being redirected largely toward a narrow elite whose consumption patterns will not meaningfully move the growth needle. At the federal level, this is a relief budget, and one that is, on paper, being financed by cutting provincial development spending. The government is attempting to address a structural flaw in fiscal federalism, but through unconventional means. The IMF noted as far back as its 2017 special report that Pakistan’s fiscal system is “somewhat unique compared to other countriesâ€, a uniqueness rooted in the substantial asymmetry produced by the 7th NFC Award, where the provincial share in revenue far exceeded their share in resource mobilization. For years, the federal government has done the heavy lifting on revenue generation while provinces have spent lavishly. The provincial surpluses generated in recent years have largely remained parked with the provinces, eventually financing federal fiscal gaps by flowing into T-bills. These accumulated surpluses are dry powder, held in reserve to be deployed once the IMF programme ends. The FY27 budget attempts, on paper, to correct this by transferring just over Rs1 trillion to the federal government. This creates room for Islamabad to lower taxes without cutting expenditure, while maintaining the targeted fiscal balance. There are, however, technical complications. Provinces receive their full revenue share until FBR collections reach Rs13.35 trillion, beyond which the incremental share is transferred as a grant to the federal government. If the FBR misses its target, provinces retain full revenue exposure rather than the standard 43 percent. The arrangement also rests on voluntary provincial cooperation, which is not a structural fix. The federal government has used this space to provide relief to segments of the formal, affluent, and middle-income population, including salaried individuals whose tax burden was raised sharply and disproportionately in recent years. They are paying less than before, though still more than they were in 2022. Exporters will see better earnings on paper. But there is little in this budget to drive investment in productive capacity. No one appears keen to commit to new projects. The affluent will spend more, likely on imported goods and services. Salaried households will have marginally more disposable income. But neither creates the kind of demand multiplier that shifts growth trajectories. And for the poor and the informal lower- and middle-income classes, there is essentially nothing. Whatever benefit trickles down will barely offset the direct and indirect costs of higher petroleum levies already in the pipeline. The FBR’s targets are ambitious to the point of implausibility. Direct tax collection is projected to grow by 18.3 percent against nominal GDP expansion of 13.2 percent, and this while offering reliefs. Customs duty is expected to increase by 20 percent even as the SBP continues to discourage non-essential imports and trade tariffs trend downward. The arithmetic does not hold together comfortably. When the gaps materialize, and they likely will, the pressure will fall back on the FBR to perform. That means squeezing the formal sector further: demanding advance payments, applying coercive collection measures, and revisiting the same taxpayers who are currently celebrating. The jubilation of the affluent may prove short-lived. Meanwhile, the government has significant room to increase petroleum levies without passing through the full impact to consumers, particularly if a prospective Iran-US deal keeps oil prices contained. Other forms of indirect taxation remain available. These instruments, when deployed, land hardest on those least able to absorb them. This budget has been received as a turning point by a small group of people looking only at the relief side of the ledger. They are not accounting for the other side. The relief is real, but it rests on paper targets. When those targets are missed, as they have been in prior cycles, the IMF will push for enforcement, and the government will reach back into the same pockets it has just partially emptied, while leaning on indirect taxes that compress the living standards of ordinary Pakistanis. Caution is warranted. Some inflationary consequences are likely. The central bank would be wise to maintain its hawkish stance. Copyright Business Recorder, 2026
FEDERAL BUDGET WILL HELP RESTORE BUSINESS CONFIDENCE: KATI
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Recorder Report KARACHI: President of the Korangi Association of Trade and Industry (KATI), Muhammad Ikram Rajput, has described the federal government’s; Rs 18.771 trillion budget for fiscal year 2026-27 as a positive step toward restoring business confidence, reviving industrial activity, and promoting economic growth. However, he emphasized that the budget’s success would ultimately depend on effective implementation, industrial facilitation, and tangible measures to enhance exports. Rajput noted that the government has set ambitious targets of Rs15.264 trillion in tax revenue and Rs5.336 trillion in non-tax revenue. Given the prevailing economic conditions and Pakistan’s position as one of the highest-cost production environments in the region, achieving these targets would be a significant challenge, he said. He stressed that sustainable economic growth requires expanding the tax base and documenting the economy rather than imposing additional burdens on existing taxpayers. Welcoming the allocation of Rs10 billion for Karachi’s K-IV Bulk Water Supply Project, Rajput said Karachi remains the industrial and economic lifeline of Pakistan but has suffered for decades from inadequate infrastructure and basic public services. He remarked that the timely completion of the K-IV project is not only critical for Karachi but also for the national economy. However, he expressed concern that the budget lacks a clear policy framework for highways and broader infrastructure development. Given Karachi’s contribution to industrial output, investment, and national revenue, he urged the federal government to allocate additional resources for the city’s development projects. The KATI president also welcomed the abolition of the 9 percent surcharge on salaried individuals and the reduction in income tax slabs, describing these measures as positive for economic activity. He further appreciated the increase in the minimum wage but argued that the budget largely overlooks measures aimed at increasing industrial profitability and promoting industrialization across the country. Rajput described the proposed reduction in super tax and the abolition of Capital Value Tax (CVT) on foreign assets as major relief measures for the business community. He noted that the complete elimination of super tax on income up to Rs500 million and the reduction of the tax rate from 10 percent to 8 percent on higher incomes had long been key demands of the industrial sector. The reduction in super tax is expected to encourage investment, lower business costs, and support industrial expansion, ultimately generating positive impacts on employment and national income, he noted. Commenting on the export sector, he acknowledged that the budget contains certain positive measures for exporters but cautioned that tax relief alone would not be sufficient to achieve substantial export growth. He called on the government to reduce energy costs for industry, ensure timely payment of export refunds, strengthen export financing schemes, and introduce industrial reforms aimed at lowering production costs and improving competitiveness in international markets. Copyright Business Recorder, 2026
FBATI WELCOMES FEDERAL BUDGET CAUTIOUSLY
Date: 2026-06-15
Details: Published June 15, 2026 Updated about 5 hours ago By Recorder Report KARACHI: While reacting to the budget, the President of the Federal B. Area Association of Trade & Industry (FBATI), Sheikh Muhammad Tehseen, stated that though the budget contained certain positive measures for the selected sectors, yet it had failed to fully address the critical challenges being faced by the industrial and export sectors of the country. He expressed serious concerns over the government’s silence regarding the long-pending issue of industrial refunds and the absence of any meaningful relief in energy tariffs. He said that delayed refund payments continued to create severe liquidity constraints for the industries, particularly for the exporters, while high electricity and gas costs had been significantly eroding the competitiveness of Pakistani products in international markets. Sheikh Tehseen noted that the budget lacked a comprehensive roadmap for industrial growth and did not present a vision capable of triggering an industrial revival. He said that small and medium-size enterprises (SMEs), which formed the backbone of the country’s manufacturing and export sectors, had not been provided with sufficient incentives, financing facilities, or tax relief measures. As a result, these industries would continue to face operational difficulties, limiting their ability to expand production, create employment opportunities, and increase exports. The FBATI president emphasized that Pakistan’s economic stability and sustainable growth depended heavily on industrial expansion and export-led development. He said that without reducing the cost of doing business and providing a conducive environment for manufacturing, it would be difficult to achieve the government’s economic targets. Commenting on the positive aspects of the budget, Sheikh Tehseen welcomed the relief measures announced for the property and travel sectors, stating that those initiatives might contribute to increased economic activity and investment. However, he said that greater attention should have been given to the industrial and export sectors, which were the primary drivers of foreign exchange earnings and employment generation. He urged the government to formulate a comprehensive post-budget industrial policy focused on export promotion, energy cost rationalization, timely refund payments, industrial modernization, and enhanced support for the SMEs. Such measures, he said, were essential for strengthening Pakistan’s industrial base, improving competitiveness, and ensuring long-term economic growth. Sheikh Tehseen reaffirmed the commitment of the Federal B. Area Association of Trade & Industry to work closely with the government and relevant stakeholders for the development of industry and the promotion of exports, while continuing to advocate for policies that supported sustainable industrial growth and economic prosperity. Copyright Business Recorder, 2026
REFINERIES’ UPGRADATION: SALES TAX WAIVED ON CAPITAL GOODS IMPORTS
Date: 2026-06-15
Details: Published June 14, 2026 Updated a day ago By Sohail Sarfraz ISLAMABAD: The government has granted an exemption of sales tax on import of capital goods for upgradation and overhaul of existing refineries as part of a package of sales tax relief measures announced in the Finance Bill 2026-27 aimed at supporting key sectors of the economy and promoting investment. The Finance Bill 2026-27 contains a series of sales tax relief measures covering the refinery, electric vehicle, aviation, shipping, publishing and healthcare sectors. The Finance Bill proposes exemption from sales tax on magazines and abolition of sales tax on tampons. The Finance Bill has also extended till June 30, 2027 the exemption available on import of Completely Knocked Down (CKD) kits for electric vehicles. The sunset clause applicable to electric vehicles has also been extended up to June 30, 2027. The Finance Bill further enhances the scope of sales tax exemption on aircraft parts imported or leased by Pakistan International Airlines Corporation Limited (PIACL). The government has also granted exemption of sales tax to promote strategic investment in the shipping sector and provides exemptions on specified imports required for the Shanghai Cooperation Organisation (SCO) Summit and ongoing counter-terrorism operations. The Finance Bill, however, proposes withdrawal of the existing sales tax exemption on family planning devices. On the revenue side, the Finance Bill proposes expansion of the Third Schedule of the Sales Tax Act to ensure payment of sales tax at consumer prices by manufacturers at the manufacturing stage. The Finance Bill also introduced withholding of sales tax by toll manufacturers from unregistered buyers and expands the scope of withholding sales tax by Associations of Persons (AOPs) and individuals on purchases from unregistered persons. The Finance Bill further proposed recovery of three percent value-added tax from manufacturers where imported raw material is sold in the same state without being used in manufacturing. The Finance Bill seeks rationalisation of penalties on certain sales tax offences and proposes inclusion of three additional offences in Section 33 of the Sales Tax Act for imposition of penalties. The Finance Bill contains a wide range of measures aimed at streamlining sales tax administration through increased digitalisation and automation. The Finance Bill introduces definitions relating to advance receipt invoice, algorithmic settlement mechanism, electronic invoicing system, national faceless centre and production monitoring system. The government has also proposed streamlining the definition of Tier-1 retailers by including retailers having annual turnover of Rs200 million or more within the category. The Finance Bill clarifies the timing of delivery of goods to recipients and authorises the Federal Board of Revenue (FBR) to outsource the valuation of goods. The Finance Bill further proposes a new mechanism for taxation of the steel sector based on monthly electricity consumption through amendments in Section 6 of the Sales Tax Act. The Finance Bill empowers the FBR to increase or decrease the limit of input tax adjustment under Section 8B and introduces electronic issuance of debit and credit notes for adjustment purposes. The government has also introduced a new Section 11H relating to faceless audit and assessment, while new provisions relating to faceless jurisdiction, faceless appeals and establishment of a National Faceless Centre have also been proposed. The Finance Bill also seeks to discourage fake and flying invoices through amendments in Section 21 and makes issuance of invoices mandatory for exempt supplies through changes in Section 23. Copyright Business Recorder, 2026
BUDGET DESK ESTABLISHED TO ASSIST MNAS
Date: 2026-06-14
Details: Published June 14, 2026 Updated a day ago By Naveed Butt ISLAMABAD: Speaker of the National Assembly Sardar Ayaz Sadiq on Saturday announced the establishment of a dedicated Budget Desk to assist MNAs during deliberations on the federal budget. Addressing the House, the Speaker informed members that the Budget Desk had been set up at the National Assembly Library to provide comprehensive support throughout the budget session. He said the facility would offer budget briefings, research-based insights, and analytical assistance to lawmakers, enabling them to examine budgetary proposals in greater depth and participate more effectively in parliamentary discussions. The initiative is aimed at strengthening the legislative review process and enhancing members’ capacity to scrutinize budgetary allocations and policy measures. Copyright Business Recorder, 2026 FINANCE MINISTER ADDRESSES POST-BUDGET PRESS CONFERENCE: ‘WE’RE NOW MOVING FORWARD TOWARD GROWTH’ Published June 14, 2026 Updated about 14 hours ago By Tahir AminSohail Sarfraz ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday said that the 2026–27 Budget reflects the government’s commitment to shifting the economy from stability towards export-led growth, while embedding measures to create an enabling environment that are backed by tax incentives for various sectors. “In this budget, we have made significant progress in the direction of travel — towards economic growth from economic stabilization, as steps have been taken envisaging exports promotion, including the abolition of advance tax and the proposed abolition of super tax for all exportersâ€, said Aurangzeb, flanked by Information Minister Attaullah Tarar, Minister of State for Finance Bilal Azhar Kayani, Finance Secretary Imdadullah Bosal, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial and Head of the Tax Policy Office Najeeb Memon, while addressing a post-budget press conference here on Saturday. The minister called the Budget 2026-27 people-friendly, catering for all sectors, while saying the government has reduced the tax burden on the salaried class, provided additional subsidies, and laid the foundation for export-led growth. Aurangzeb said the government had made “extraordinary progress†in the budget and had fulfilled its promise to provide relief after difficult economic conditions. He said a subsidy of Rs70 to Rs71 billion has been earmarked to ensure a conducive environment for exporters, who will also have access to easy financing at 4.5 per cent. He added that duties on the import of raw materials have been reduced to bring down production costs. He further noted the matter also pertained to “financing rather than just taxationâ€. He added that an additional subsidy of Rs70 billion has been proposed in the budget to take the Export Refinance Scheme (EFS) “to a different levelâ€. “Some of those have been reflected in the defence budget,†he said, adding that the arrangement was expected to remain in place for the next three years. On the 7 percent increase in salaries and pensions for all government employees, Aurangzeb said the benchmark was set on the basis of the inflation index and described the raise as “satisfactory,†given the accompanying tax relief. The Finance Secretary said the increase was granted by merging the ad hoc relief provided in 2022 and 2025. However, autonomous bodies will make their own decisions in this regard. On taxation, the finance czar emphasised the aspects of “both deepening and broadening†the revenue collection. Affirming that digital monitoring and other measures were already leading to additional revenues, he noted that a “new tax model†presented in the parliament yesterday was in design. “We want to take this towards automation and AI, and reduce human intervention,†he said, mentioning that the retailers’ scheme has been proposed to widen the tax base. Noting that questions had been raised about economic growth, rather than stabilisation, Aurangzeb asserted: “We have fully utilised the fiscal space available to us. There is more to do […] The feedback we have received so far is that we have set out on the path to economic progress.†Responding to a question, the finance minister clarified that the petroleum levy was not being increased. However, he acknowledged that the government “keeps interchanging the amount between petrol and dieselâ€, but there was no proposal to increase it. Terming population growth an “existential issueâ€, he affirmed that the government was working on a comprehensive plan. “When the next NFC (National Finance Commission) award is allocated, this particular allocation driver has to be reviewed and has to change,†he said. Speaking about tariffs, the finance minister noted that the government was in the second year of the five-year plan “in terms of bringing the cost down in terms of intermediate goods and the raw material†Copyright Business Recorder, 2026
MINIMUM TAX FOR CERTAIN TRADERS DOUBLED
Date: 2026-06-14
Details: Pakistan's Finance Bill 2026 proposes significant tax hikes, including a doubled minimum tax for distributors of packaged goods, mobile phones, and electronics, from 0.25% to 0.5%, impacting various sectors. Published June 14, 2026 Updated about 21 hours ago By Sohail Sarfraz ISLAMABAD: Finance Bill 2026 has increased the rate of minimum tax from 0.25 percent to 0.5 percent in case of distributors, dealers, and sub-dealers, wholesalers of packaged goods, fertilisers, locally manufactured mobile phones, sugar and electronics. Tax experts explained that in the Second Schedule of the Income Tax Ordinance, Part II, many amendments have been proposed through Finance Bill 2026. They included: (i); Tax under section 153 (1) (b) on terminal operators was 15 percent; now it has been proposed to be at the rate of 12 percent of the gross amount of payment. (ii); The rate of minimum tax under sub section (1) of Section 113, in case of distributors, dealers, sub-dealers, wholesalers of packaged goods, fertilisers, locally manufactured mobile phones, sugar and electronics has been proposed to be increased from 0.25 percent to 0.5 percent. (iii); Currently, tax on any payments received by manufacturers of iron or steel products relating to sale of goods manufactured by them is adjustable. The Bill has proposed to make such deduction as minimum tax. (iv); The exemption from withholding tax under Section 153 on companies operating trading houses has been proposed to be revoked. (v); The rates of taxes on sale or transfer or purchase of immovable for late filers have been proposed to be omitted. Copyright Business Recorder, 2026
TRADERS SEEK REMOVAL OF FIXED TAX COMPONENT FROM NEWLY-PROPOSED SCHEME
Date: 2026-06-14
Details: Published June 14, 2026 Updated a day ago By Recorder Report LAHORE: The Chairman of the Supreme Council All Pakistan Anjuman-e-Tajiran, Naeem Mir, has urged the government to remove the fixed tax component from the newly proposed fixed tax scheme, arguing that its current structure unfairly burdens the country’s most economically vulnerable traders while falling short of its own documentation goals. Speaking to BUSINESS RECORDER, Mir noted that the scheme, as currently designed, would effectively apply only to micro-scale traders, since the government has already excluded distributors, wholesalers, brands, importers, exporters, processors, jewelers, and other mid-tier business categories from its scope. This exclusion, he said, leaves the scheme’s weight falling almost entirely on those with the most limited business turnover. While welcoming certain aspects of the proposal, Mir praised the introduction of a simplified tax return form and the government’s broader push to bring traders into a documented economy, stating that traders across the country have no objection to being registered with the Federal Board of Revenue. He described these measures as a positive step in the right direction. However, he firmly opposed the imposition of an annual fixed tax of twenty-five thousand rupees on micro-scale traders, calling it an ill-conceived decision that the Finance Minister should revisit without delay. Mir proposed an alternative approach in which the first phase focuses exclusively on registering traders and connecting all commercial units to the FBR system through a simplified return form. The data collected should then be processed through the FBR’s digital infrastructure to identify those concealing their true business size to avoid taxation. Verified tax evaders should be issued legal notices and brought into the formal tax net accordingly. He warned that deploying FBR officials into markets and bazaars to monitor QR codes, affix plaques, and directly collect fixed taxes from small shopkeepers contradicts the government’s own stated commitment to a faceless and fully digital tax system, a vision repeatedly endorsed by Prime Minister Shehbaz Sharif. Mir concluded by expressing confidence that the Finance Minister would act on traders’ concerns and revise the scheme to focus solely on registration and economic documentation, a move he said would make the scheme both more acceptable to the business community and more effective in achieving its objectives. Copyright Business Recorder, 2026
MANUFACTURING’S UNEVEN REBOUND
Date: 2026-06-12
Details: Published June 12, 2026 Updated 17 minutes ago By BR Research Pakistan’s manufacturing sector is seen moving again - The Pakistan Economic Survey 2025-26 shows manufacturing growing by 6.6 percent, led by a recovery in LSM, which had contracted by 0.69 percent last year, expanded by 6.11 percent in FY26. That is clearly good news. Manufacturing is not stuck in contraction, and the recovery is not limited to one or two sectors. Out of 22 industrial groups, 16 recorded positive growth during July-March FY26. The Survey links this improvement to better macroeconomic conditions, exchange rate stability, lower inflationary pressures, relatively easier monetary policy, improved foreign exchange availability and better access to imported inputs. But the headline number tells only part of the story. The rebound is real, but its quality is uneven. Much of the lift has come from sectors linked to domestic demand, low-base recovery, and inventory normalisation, while some sectors that matter more for industrial depth, productivity and investment remain weak. That makes the FY26 recovery meaningful, but not yet a full industrial revival. Food was one of the biggest contributors to the rebound. The sector grew 9.77 percent and added 1.79 percentage points to cumulative LSM growth. Sugar production rose sharply, while cooking oil, wheat, and rice milling also posted modest gains. Beverages grew. This helped reverse last year’s weakness in food manufacturing and gave LSM an important boost. Automobiles were another major driver. The auto sector grew 61.7 percent during July-March FY26, compared to 40 percent growth in the same period last year. The Survey links this performance to declining inflation, exchange rate stability, and lower interest rates. Coke and petroleum products grew 10.9 percent, compared to 4.9 percent last year, driven by higher output of high-speed diesel, motor spirit, diesel oil, jet fuel oil, and other petroleum products. Electrical equipment also performed well, growing 11.9 percent. There was also some strength in wearing apparel, which grew 6.6 percent. The Survey notes that readymade garments benefited from improved competitiveness and stronger domestic and external demand. Export quantity rose 5.9 percent, and export value increased 3.8 percent during July-March FY26. The weak spots, however, are just as important. Overall textiles, one of Pakistan’s largest manufacturing and employment-generating sectors, grew only 0.75 percent. Cotton yarn rose meagrely, while cotton cloth barely moved. The bigger concern is that several sectors linked to industrial capacity and input chains stayed negative. Pharmaceuticals contracted 5.14 percent, against growth of 2.3 percent last year. Chemicals contracted 1.44 percent. Iron and steel products declined 6.3 percent, while machinery and equipment also remained weak. These are not minor details. If the recovery is to become a durable industrial cycle, weakness in these sectors cannot be ignored. The credit picture also shows a mixed trend. Private sector credit increased by around 22 percent year-on-year during Jul-Mar 2026. But loans to private sector businesses declined by around 8-9 percent. Within manufacturing, total business credit fell by over 17 percent. The composition however, improved, with manufacturing credit shifting away from working capital and toward fixed investment, suggesting some firms are beginning to borrow for expansion rather than just operations. The Survey’s message is balanced. Manufacturing has recovered, but risks remain from geopolitical tensions and higher energy prices, which can raise production and transport costs. So, the recovery should not be overstated. LSM is growing again. Autos, food, petroleum products, and apparel are all doing better. But a real industrial revival needs more than a rebound in a few sectors. Textiles, chemicals, pharmaceuticals, steel, machinery, and export-oriented manufacturing also need to gain strength. FY26, therefore, marks a recovery in manufacturing, not a transformation. The factories are moving again, but the industrial base remains uneven. The real challenge now is to move from factory recovery to industrial momentum that can survive beyond one good year.
MYTH OF UNTAXED TRADERS
Date: 2026-06-12
Details: Published June 12, 2026 Updated about 2 hours ago By Huzaima BukhariDr Ikramul HaqAbdul Rauf Shakoori On the eve of the federal budget 2026-27, the government has announced ‘Fixed Tax Assan Scheme’ [no details yet available on any official website] for small traders and retailers with an annual turnover of up to Rs. 200 million. As usual, it is launched as “a major initiative to bring businesses into the tax netâ€. The official narrative is “millions of traders remain outside the tax systemâ€! The wizards in Ministry of Finance and Federal Board of Revenue (FBR) are of the view that a simplified 1% turnover tax or Rs. 25,000, whichever is higher, will finally induce millions to contribute around Rs. 50 billion in fiscal year (FY) 2026-27 towards national exchequer. It presupposes that they are paying less than this amount. This narrative rests on a fundamentally flawed assumption. All the traders, shopkeepers, wholesalers and small manufacturers are already paying advance income tax. By using commercial/industrial electricity and/or gas connections, they are paying income tax and sales tax with bills! In reality, in FY 2024-25 with electricity alone they paid advance income tax of not less that Rs. 100 billion [total was Rs. 144.371 billion including industrial and domestic users]. It will now be adjustable as per scheme. Section 235(4)(a) of the Income Tax Ordinance, 2001 disallows adjust/refund up to Rs. 42,750. In terms of section 235 of the Income Tax Ordinance, 2001, every month millions of retailers across Pakistan pay advance income tax with electricity charges. In the case of a commercial connection, advance income tax is imposed at the rate of 10% if monthly bill exceeds Rs. 500 and up to Rs. 20,000. Beyond Rs. 20,000, the rate is 12% for commercial users. If majority of traders is not filing returns and paying higher withholding tax, it merely reflects on the incompetence and inefficiency of the tax machinery. The real question is why the FBR, despite possessing extensive information about them and despite collecting advance taxes from them through multiple channels, has failed to convert them into return filers and assessed taxpayers. The announcement is thus less a tax broadening initiative and more an admission of administrative failure. For decades, FBR has relied on withholding taxes and advance tax collections as substitutes for proper implementation of tax laws. The Income Tax Ordinance, 2001 contains dozens of withholding provisions that collectively generate the bulk of direct tax revenues (sic). Taxes are collected through banks, mobile operators, utility companies, government departments, customs authorities, vehicle registration agencies and numerous other intermediaries. The utility companies collect these amounts and deposit them into the national exchequer. If these taxpayers are already paying income tax through electricity bills, how can they simultaneously be described as being outside the tax net? The contradiction becomes even more glaring when one considers the advance taxes collected through mobile phone usage. Every trader using a mobile connection pays withholding tax under section 236 of the Income Tax Ordinance, 2001. Every bank account holder faces withholding taxes on various transactions. Importers, manufacturers and distributors encounter numerous advance tax provisions throughout the supply chain. The reality is that Pakistan has not created an income tax return filing net. It has created a withholding tax net. The distinction is crucial. A genuine tax system identifies taxpayers, determines their real incomes, allows deductions where appropriate, assesses taxable income and imposes tax according to law. Pakistan’s system increasingly bypasses this process and instead collects taxes before income is determined, often treating advance taxes as minimum/final liabilities. Consequently, the state collects taxes but fails to build a credible taxpayer registry. Official statements frequently claim that Pakistan has over six million commercial and industrial electricity users who are not filing returns. If that figure is accurate, it represents not a failure of traders but a failure of tax administration. The irony is that FBR already knows who these persons are. Their names, addresses, electricity connections, monthly consumption patterns and tax payments are available in official databases. Many are also linked with bank accounts, mobile phone numbers, property records and sales tax registrations. No sophisticated technology is required to identify them. The information already exists. The obvious question is why the Inland Revenue Service (IRS), employing thousands of officers and supported by increasingly sophisticated information technology systems, has failed to convert these identified taxpayers into return filers. Instead of answering this question, policymakers periodically announce new amnesty schemes, simplified propositions, presumptive/minimum taxes and turnover-based arrangements. Each such initiative effectively lowers compliance expectations from taxpayers while avoiding scrutiny of administrative inefficiencies within the tax machinery itself. The proposed turnover tax scheme reflects this pattern. Turnover taxes are often defended on grounds of simplicity. Simplicity undoubtedly has value, particularly for very small businesses. However, simplicity should not become a substitute for equity. A trader earning a profit margin of 20 percent and another earning a profit margin of 2 percent may have identical turnovers. Taxing solely on turnover ignores their vastly different capacities to pay. Such arrangements sacrifice fundamental principles of income taxation in favour of administrative convenience. The deeper problem lies in the message conveyed by these schemes. Every time the government announces a simplified regime targeted at non-filers, it sends a signal that remaining outside the formal filing system may eventually be rewarded with special treatment. Those who have been complying with filing requirements receive no corresponding benefit. This creates a perverse incentive structure. The government should instead ask a different question: why do millions of people already paying higher advance taxes not file returns? Part of the answer lies in the complexity of tax compliance. Return filing remains unnecessarily cumbersome for small businesses. Another part lies in the absence of trust between taxpayers and tax authorities. Many traders view registration as an invitation to harassment rather than a pathway to compliance. These concerns deserve attention. However, none of them justifies abandoning the principle that persons whose incomes exceed taxable thresholds should file returns and be assessed according to law. We must lower rates, which are obnoxiously high. The irony is that Pakistan’s tax administration possesses more information about taxpayers than ever before but is so lazy to get returns from all who are earning taxable incomes. FBR has access to electricity consumption data, gas connections, banking transactions, vehicle ownership records, property holdings, foreign travel information, withholding tax databases and increasingly sophisticated digital trails. Successive governments have repeatedly celebrated these data integration initiatives. If despite possessing all this information the tax administration still requires another simplified scheme to identify taxpayers, one must question the effectiveness of the entire data-gathering exercise. The issue becomes even more significant when viewed in the context of budgetary pressures. Pakistan faces mounting fiscal challenges. Public debt remains high. Development expenditure is constrained. Provinces are being pressured to generate larger fiscal surpluses. New revenue targets are expected to be imposed on FBR. Under these circumstances, creating additional concessional regimes for groups already captured within the withholding tax system appears difficult to justify. What Pakistan requires is not another special scheme but a transition from withholdingisation to genuine net income-based taxation at reasonable rates. The first step should be the automatic identification of all commercial and industrial electricity consumers paying advance income tax under section 235. Those whose economic profiles indicate taxable incomes should be issued notices requiring return filing. The second step should involve a simplified return system tailored for small businesses without compromising the principle of income-based taxation. The third step should be administrative accountability. If millions of identified taxpayers remain outside the filing system, responsibility cannot be shifted entirely onto traders. Questions must also be directed towards the institutions entrusted with enforcing tax laws. Tax reform begins with intellectual honesty. Claiming that traders paying taxes through electricity bills, mobile phones, banking transactions and numerous withholding provisions are outside the tax net obscures the real challenge. The challenge is not discovering taxpayers. The challenge is administering the tax system effectively. The proposed ‘Fixed Tax Assan Scheme’ may provide temporary political optics. It may create an impression of outreach and reform. It may even generate some additional revenues in the short run. However, it does not address the fundamental weakness of Pakistan’s fiscal architecture: a tax administration that increasingly relies on advance collections while failing to establish a comprehensive culture of filing, assessment and accountability. The country does not suffer from a shortage of taxpayers but bona fide filers, those earning taxable incomes by opted to be ‘non-filers’ (not appearing on Active Taxpayers List). It also suffers from an incompetent and inefficient tax administration, and extremely bad tax policy of ‘filers’ and ‘non-filers’. Until this reality is recognised, new schemes of appeasement will continue to be announced, old problems will persist, and the promise of broadening the tax base will remain nothing but a dream. Copyright Business Recorder, 2026
JUL-MAR: GROWTH POOR, BUT STILL NOT TOO BAD?
Date: 2026-06-12
Details: Published June 12, 2026 Updated about 2 hours ago EDITORIAL: The 3.7 percent growth for 2025-26 in the Economic Survey, limited to nine months of data (July-March), is even more of a projection in the current year, given that the ongoing Middle East conflict’s duration has surpassed all earlier predictions, though the International Monetary Fund (IMF) team concluded in its 15 May third review documents that the fall-out of the conflict has been “contained.†Not contained was headline inflation that rose to 10.9 percent in April this year, the trade deficit that widened to 5.6 billion dollars in April 2026 against April 2025 and remittance inflows were down by 7.5 percent in March this year compared to March last year. And neither was current expenditure contained as unbudgeted and untargeted subsidies to the general public were extended in the aftermath of the supply disruptions due to the Middle East conflict that, in turn, raised non-interest current expenditure April to June 2026. The IMF has reported that Pakistan has agreed not to extend these subsidies as they are distortive in essence. The Survey has noted, among other things, a decline in current expenditure by 4.2 percent over the same period last year. This was mainly attributable to transforming short-term debt secured at higher interest rates (including the time when the policy rate was nearing 22 percent) with longer term debt at lower rates. However, this did not imply that reliance on borrowing declined and data uploaded on the websites of State Bank of Pakistan (SBP), Pakistan Bureau of Statistics (PBS) and Finance Division (FD) indicates that July-May 2025-26 the government borrowed 3.5 trillion rupees from commercial banks – an amount that in all probability excludes the 1.25 trillion rupees borrowed for the retirement of the energy sector circular debt by citing it as a one-off measure. In total, the government borrowed 4.75 trillion from commercial banks till May this year, with one month remaining till the end of the fiscal year, while credit to the private sector 1 July 2025 to 3 April 2026 was 864.3 billion rupees (average of about 96 billion rupees per month). Thus total credit to the private sector July to May this year can be projected at a maximum of 1.05 trillion rupees. Non-interest current expenditure, however, grew by 18 percent July-March due to higher defence outlay and grants mainly owing to a rise in operational costs due to an uptick in terror attacks from across the border while additional grants are not quantified. The increased borrowing by the government was not allocated for development though the Survey notes a rise of 26.8 percent. However, data from the Planning Ministry website indicates that 633.34 billion rupees was authorized July-April 2026 while actual releases stood at 469.85 billion rupees. The Survey noted improved performance of the Federal Board of Revenue (FBR) with the Finance Minister in the traditional Survey presentation briefing noting that enhanced revenue generation from audit of sales tax on sugar and cement at the factory level (an indirect tax which is passed onto the consumers in its entirety). One reason cited for the projected 868 billion-rupee FBR shortfall July-May 2026 from the downward revised target of 12.09 trillion is the lower GDP growth rate than the 4.2 percent projected in the budget which, the Finance Minister pointed out, was compromised due to three exogenous factors: the conflict, the floods in September and the Trump tariffs. Non-tax revenue rose due largely to the petroleum levy and SBP profits. Manufacturing sector grew by 6.6 percent, largely supported by large-scale manufacturing sector at 6.1 percent; however, total investment was 14.4 percent of GDP this year, precisely the same rate as last year, while national savings declined from 14.9 percent to 14.1 percent. From the foregoing, it can be safely deduced that the government was expecting a growth rate of 4 percent or higher and its expectation did not materialise. The economy seems to have performed not too poorly if one takes into account the sheer scale of challenges particularly the ongoing Iran war, the 2025 Pakistan floods, and the confusion caused by the US tariffs that stemmed from transactional trade policies. Copyright Business Recorder, 2026
POLICY PHILOSOPHY CORRECTION BUDGET NEEDED–I
Date: 2026-06-12
Details: Published June 12, 2026 Updated about 2 hours ago By Dr Omer Javed A budget is not just a mere accounting exercise of expenditure and revenue, but reflects a commitment to economic policy in terms of taking forward the governance, and incentive structures, under overall economic policy ‘directions.’ Taking special note of directions is all the more important when faced with serious challenges, as is the ongoing case in terms of climate change crisis, related ‘Pandemicene’ phenomenon, and elevated level of conflict situation. Moreover, the budget should be cognizant of needs to ameliorate particularly difficult economic realities; for instance, currently in terms of water resource management and security, energy sustainability, poverty, unemployment, and high interest payments facing the country. Also, the budget reflects economic policy ‘orientation’ – which principally reflects the needed economic directions – decided in the International Monetary Fund (IMF) programmes; currently two in terms of extended fund facility (EFF) programme, and resilience and sustainability facility (RSF). Last, but not the least, in a federation, as is the case in Pakistan, the centre and federating units should overall have a unified budget direction. Overall, budget should be a seriously thought-out mix of financial realities, needed economic ambition, and creative policy mind-set. There is also a notion going around for quite a long time now that whether it is a macroeconomic stability providing budget or an economic growth budget, which is a wrong claim to make if seen through the lens of any time horizon beyond the very short-term. The important thing to focus on here is the length of time involved. Any aggregate demand squeeze policies to rein in inflationary pressures, and accepting economic growth sacrifice has to be over one, or at most two budgets, or fiscal year cycles, which should be an appropriate amount of time to lay sustainable basis of macroeconomic stability, and also not unnecessarily hurt economic growth in the process, which over this period of time should be put on a stable, upward trajectory. Stability, and growth being on a sustainable pathway, would have resulted because of better targeting of productive, and allocative efficiencies through a non-neoliberal role of government and non-austerity policy, resulting in turn adoption of a ‘balanced approach’ on the aggregate- demand and supply-side. Moreover, this approach will likely enhance level of public and private investments. Overall, this policy approach would also likely enhance the build-up of resilience, diminishing, in turn, the impact of exogenous shocks if they appear. Short of this balanced approach, especially in developing countries like Pakistan, where inflation generally is equally a fiscal phenomenon, and not just significantly caused and controlled by mainly monetary-side tools, it is even wrong to say that macroeconomic stability is reached, as is being claimed. Even in developed countries the efficacy of monetary policy as a principal tool in reining in inflation is no more the case due to changing global economic environment being more prone to significant aggregate supply-side shocks. Here, it needs to be mentioned that even in developed countries, previously overboard efforts to reduce inflation through monetary policy (or monetary austerity) resulted, in general, in lack of inclusive economic growth and did not allow reaching needed build-up of resilience for instance, in terms of greening the economy, or being more prepared against the ‘Pandemicene’ phenomenon. A May 29, Project Syndicate (PS) published article ‘Central banking in an age of global supply shocks’ pointed out in this regard: ‘Monetary policy is operating in a new environment, under conditions that are fundamentally different from those in which modern inflation targeting was designed. The orthodox framework was built for a world in which most macroeconomic shocks affected demand, aggregate or sectoral supply disruptions were small enough to “look through,†and central banks could rely on a stable Phillips curve linking aggregate labour-market slack to weaker inflation. Unfortunately, none of those assumptions are fit for a geopolitically fragmented world characterized by frequent supply shocks.’ Therefore, any stability, which is not based on an appropriate level of correction of both demand, and supply-side factors – in Pakistan in general traditionally, and in particular in the wake of Covid-19 pandemic, Ukraine War, and recent conflict in middle east (ME) has primarily an aggregate supply-side determination of inflation, and more broadly macroeconomic stability, which, in turn, then likely feeds a strong negative shock to economic growth – is not stability but a very unstable status quo, which is nothing more than a very temporary stability projection, given it has very fickle basis; any attempt to loosen the noose of aggregate demand, or any exogenous aggregate supply shock, and this so-called stability quickly dissipates. In that sense, budgetary attempts for a number of years in one direction claiming to be stability first, and mainly focusing on aggregate demand side factors, are highly unlikely to keep the damage relatively optimally low with regard to economic growth sacrifice, and also will likely never find a meaningful level of stability to complement stability with growth objective. This is most likely the reason why subsequent budgets over the medium-term, coming with the approval of being in line with IMF’s core policy design thought-process, reflecting, in turn, quite a harmonious approach of both authorities and IMF programmes apparently, have not been able to achieve any stability that is worth relying on, as made quite clear in the lack of confidence of policy consistently looking to not loosen the aggregate demand side squeeze in any meaningful way. For instance, when inflation came quite a long way down, even in single digits, the real interest rate remained quite significant, indicating active imported-, and cost-push inflationary channels actively feeding into inflation, which required even negative real interest rate (or non-monetary austerity) for greater private investment, and lesser burden on fiscal space in terms of interest payments, resulting in greater support, and direction to private investment in terms of a non-neoliberal role of government using this fiscal space to a meaningful extent to enhance public investment. Moreover, targeting of primary surplus (fiscal austerity) together with monetary austerity policy framework further diminished the extent of development spending. The budget should instead focus on putting fiscal deficit on sustainable grounds in terms of keeping elevated levels of development expenditure target for revenue, growth, and exports enhancement, which, in turn, would signal policy to align with budget’s policy correcting orientation, and adopt non-neoliberal, and non-austerity approach. From the revenue side, the budget should target greater income-based taxation, and less consumption-based taxation – which would result in broad-basing income taxation, while in terms of indirect taxation there is already very wide base - to bring sustainable macroeconomic stability and growth, and build-up of resilience at the back of greater investment that it will likely lead and reinforce budget targets in this direction in subsequent budgets. The question that economic policy should therefore address and that needs to be reflected in budget orientation is whether a neoliberal, and austerity pathway will continued to be followed, which, of course, does not make sense, given how will doing the same will deliver different results, when the consequences include sharp rise in poverty, unemployment, and inequality, not to mention the lack of reform on the supply-side, including with regard to enhancing resilience by greening the economy, especially its energy base in terms of meaningfully shifting towards renewable/alternate sources of energy. The upcoming budgets – federal, and provincial – therefore need to understand the shortcomings of neoliberal, and austerity budgeting over the years – at both the centre, and federating units levels – of mainly squeezing aggregate demand side, and thinking it will deliver macroeconomic stability has not worked, and even after paying (unnecessarily) a lot of economic growth sacrifice. Stability and growth both need a relatively balanced policy approach, which this budget should provide, reflecting through expenditure, and revenue targets that allow focus on both the demand side, and the supply side. (TO BE CONTINUED) Copyright Business Recorder, 2026
CONTESTING FINANCE MINISTER’S NARRATIVE
Date: 2026-06-12
Details: Published June 12, 2026 Updated 18 minutes ago By Anjum Ibrahim Growth rate for the outgoing fiscal year has been estimated at 3.7 percent, a rate lower than the budgeted 4.2 percent and lower than India’s by around 3 percent, but higher than the 3.2 percent in 2024-25, and 2.6 percent in 2022-23 – a rate rise critical if success was to be claimed in transitioning from pro-stablisation policies — the primary objective of the ongoing International Monetary Fund (IMF) programme — to growth promotion policies. Stabilisation was achieved through higher foreign exchange reserves of 17.19 billion dollars as of 29 May 2026, a figure cited by the Finance Minister, while the Survey noted reserves of 15.8 billion dollars on 8 May against end April reserves of 14.8 billion dollars. These reserves held by the State Bank of Pakistan are largely debt based, with over 10 billion dollar roll-overs parked with the SBP by two friendly countries. Gross debt was 83 trillion rupees as of March 2026 posting a growth of 3.4 percent over the same period of the year before. Stabilisation requiring severely contractionary monetary and fiscal policies (considered to be anti-growth) continued in 2025-26 (IMF condition in all the three programme loans since 2019 on pain of programme suspension) and reports suggest they are likely to continue next fiscal year with over-ambitious tax targets as well as a policy rate likely to be upped as early as this coming Monday given the 15 June scheduled meeting of the Monetary Policy Committee as headline inflation rose by 0.8 percent in May and core inflation by one percentage point when compared to April 2026. The rise in average inflation July-April 2026 to 6.2 percent from 4.7 percent in the comparable period the year before was attributed to the Gulf crisis, a statistic that householders assess individually each time they go to the market or access a service; while 1.8 million new employment opportunities were linked to higher GDP growth. The unemployment rate was cited at 7 percent though independent economists argue that the rate is much higher – at almost 22 percent if the labour Force Survey is used as a yardstick. These two statistics with serious political overtones are being cited as the reason behind the poor electoral performance of PML-N in recent Gilgit-Baltistan elections. The Finance Minister cited the rise in the number of businesses, IPOs, and the rise in the earnings of freelancers to 900 million dollars as. Indeed, though the actual impact on the general public is not yet apparent. In addition, he referred to the issuance of Pakistan’s first-ever sovereign Panda Bond in China’s onshore capital as another major achievement; however, the total amount is RMB 1.75 billion which is equivalent to 250 million dollars only though it carries only 2.5 percent interest. The 3.7 percent growth rate will no doubt be challenged by economists on two counts. First, an IMF team expressed dissatisfaction at Pakistan Bureau of Statistics (PBS) development of a new Producer Price Index (PPI) under its Technical Assistance leading to a deferral of its 30 June scheduled completion to October – PPI defined as the average change over time in the selling prices received by domestic producers and their output – a key statistic for economic and business decision-making and inflation monitoring. And second, it is as yet unclear whether this growth rate is being attributed to a rise in output or a draw-down in inventories. It is relevant to note that in 2021-22 the then Khan administration was pleasantly surprised when the growth rate was estimated at 6.1 percent; however, the rise was due to a draw-down on inventories subsequent to the lifting of lockdown associated with the COVID-19 months. It is therefore relevant to note that consumption households rose to 82.6 percent of Gross Domestic Product in 2026, exhibiting a growth of 11.4 percent against 6.68 percent in the previous year, while government consumption as a percentage of GDP increased to 9.94 percent. Total consumption rose to 93.57 percent of GDP in 2026 against 92.95 percent last year was no doubt reflective of a rise in inflation. The rise in consumption ties in well with the 4.1 percent growth in the services sector with the largest component being wholesale and retail trade where middlemen, especially in agriculture, dictate the prices. The Finance Minister during the traditional unveiling of the Economic Survey claimed that comparison must be made between the growth rate for the outgoing year and past years and began with 2023, perhaps overlooking the fact that the Khan administration was replaced by the incumbent government on 11 April 2022. Outstanding stock of contingent liabilities was cited at 4322 billion rupees July-March 2026 against 3632 billion rupees in the same period last year – a rise of a disturbing 19 percent To conclude, the Finance Minister’s narrative that the country had achieved much but three exogenous factors notably the Middle East conflict, the floods in September and the tariffs imposed by President Trump impeded the full attainment of the administration’s objectives falls by the wayside given the continuation of policies that are anti-growth. Copyright Business Recorder, 2026
ECONOMY BEING KEPT IN AN INDUCED COMA?
Date: 2026-06-12
Details: Published June 12, 2026 Updated 19 minutes ago By Ali Khizar The economic team proudly said that GDP growth is at a four-year high. Well, growth is still not at 4 percent in as many years of their regime. One may wonder whether to be jubilant or sad upon knowing this fact. Well, it is yet another year of stabilization. Nothing else. As someone aptly put it, the economy is being kept in an induced coma without the needed operation. That is the art of economic management of the current team. They say the glass is half full. However, almost every other stakeholder sees it as half empty — evident from investment-to-GDP hovering at a low rate of 13-15 percent. FDI is at a record low. Unemployment is creeping up and inflation is on the rise again after coming down to SBP’s medium-term range of 5-7 percent. Call it stabilization or stagflation — the bottom line is that the misery of the common man is nowhere close to over enough to appreciate the encouraging picture presented by the government. The finance minister wants investment to be in the high teens and desires local investment to take the lead, with foreign investment to follow. He knows the solution lies in lower taxation, energy, and financing costs. He is looking at the finer points of doing away with regulatory hurdles and has emphasized policy consistency. The only consistency about him is repeating all the pep talks, but without delivery. Taxation on formal corporates and individuals — including all super taxes and surcharges — has only moved up in his regime and is currently at the highest-ever level in history. Financing cost has come down over the last year, but there is not much liquidity left in the system to lend to the private sector, as the government borrows it all. Now the private sector and free-market champions are talking about boosting concessionary finance as the way to go. Well, not many years ago, they bashed the subsidy model presented by the previous regime — perhaps the next may say the same for the incumbents. They talk about the decline in the debt-to-GDP ratio. However, they have little to say about the problem of the propensity to service debt. They do not talk much about growing domestic debt beyond the banking sector’s capability, as SBP’s OMO injections have quadrupled in the last three years to over Rs15 trillion. They blame external factors for worsening macro indicators lately. They are right. Indeed, the situation has changed after the Iran-US war. However, they have a role to play, as overreliance on the petroleum levy in days of skyrocketing international oil prices has contributed to jacking up inflation, which pushed SBP to increase the policy rate and, in turn, increased the government’s debt-servicing bill. That leaves less room for fiscal accommodation. There is nothing to talk about on tax reforms. When the question was posed to the FBR chairman, he used his intelligence to outsmart the reporter by framing the answer in absolute numbers. They explain numbers in dollars in days when the currency is overvalued, which may change in a jerk when there is a jerk in the currency. However, he had no concrete response to the tax shortfall of Rs2.2 trillion in the last two years. The finance team has no answer to its inability to expand the tax base and bring traders and others into the tax net. The story is the same. Live day by day. Comply with IMF targets by taxing the same base and ask for more time before we can think of growth, as next year’s growth is likely to be below 4 percent too. Having said that, one may appreciate that the government is not making silly mistakes, as a few previous regimes did. But the question is for how long, as the patience of the powers that be is said to wearing thin and stabilisation fatigue is seeping in. And the only thing that can change this is tax reforms. Let’s see what the government has in its kitty today to positively surprise us in the budget speech. Let’s hope against hope. Copyright Business Recorder, 2026
LSM SECTOR GROWS 6.5%
Date: 2026-06-12
Details: Published June 12, 2026 Updated 15 minutes ago By Abdul Rasheed Azad ISLAMABAD: The manufacturing sector registered a strong recovery during 2025-26, as the Large Scale Manufacturing (LSM) sector witnessed a growth of 6.5 percent, a sharp turnaround from the –0.69 percent contraction last year, revealed the Economic Survey 2025-26 released here on Thursday. According to the Economic Survey, notable growth was observed in food (9.77 percent), tobacco (11.70 percent), petroleum products (10.92 percent), rubber products (14.26 percent), electrical equipment (11.87 percent), automobiles (61.66 percent), transport equipment (39.93 percent), furniture (20.45 percent), and other manufacturing (football, 23.06 percent). However, pharmaceuticals (–5.14 percent) and machinery & equipment (–8.72 percent) recorded negative growth. Electricity, gas, and water supply contracted by 10.63 percent, reflecting a 24.9 percent decline in subsidies (from Rs 1,190 billion to Rs 893billion), slower output from distribution companies, and a 2.7 percent rise in the electricity deflator. The construction sector grew by 5.73 percent, down from 8.77 percent last year, supported by higher construction-related expenditure across private, public, and general government sectors. The rebound in LSM was primarily supported by relative monetary easing, as the policy rate declined substantially to 10.5 percent by December 2025, from its peak of 22 percent in FY 2024, reducing borrowing costs and improving liquidity conditions for businesses. Although the policy rate was subsequently raised to 11.5 percent at the end of April 2026 in response to emerging geopolitical risks, liquidity conditions during most of FY 2026 remained comparatively supportive. The earlier monetary easing is expected to continue supporting industrial activity in the coming months. This improvement in financial conditions was also reflected in credit flows to industry, where lending to high-weighted manufacturing sectors expanded during July-March FY 2026, with either working capital or fixed investment financing showing an upward trend. The increase in working capital financing supported short-term production needs amid improving liquidity, while the rise in fixed investment lending indicates a gradual revival in capacity expansion. Within manufacturing, credit growth was broad-based, with notable contributions from food products, textiles, wearing apparel, non-metallic mineral products, and motor vehicles. In addition, tariff rationalization measures introduced under the National Tariff Policy supported industrial activity by facilitating easier access to imported raw materials, intermediate goods, and industrial machinery at relatively lower costs, thereby improving competitiveness and production efficiency. The improved performance also reflects easing inflationary pressures, a stable exchange rate, better foreign exchange availability, and a gradual recovery in domestic demand. Improved availability of imported inputs and reduced supply-side disruptions enabled industries to operate at relatively higher capacity utilization levels compared to previous years. On a year-on-year (YoY) basis, LSM grew by11.1 percent in March 2026, compared to a contraction of 2.4 percent in the same month last year. Meanwhile, on a month-on-month (MoM) basis, LSM declined by 5.2 percent in March 2026, compared to an 8.8 percent decline in February 2026. Out of 22 industrial groups, 16 recorded positive growth during July-March FY 2026, with the main contribution from Food, Wearing Apparel, Automobile, and Coke & Petroleum products. The food group recorded a strong growth of 9.8 percent during July-March FY 2026 against the contraction of 3.2 percent last year. Notable growth of 31.0 percent was observed in the production of sugar, bakery products, and chocolate and sugar confectionery, supported by better crop harvests, thus contributing to the overall growth of the food group. Wheat and rice milling and cooking oil also remained positive with 1.4 percent and 1.2 percent growth in production during the reviewed period. In contrast, tea blended, vegetable ghee, and starch & its products observed contraction of 10.0percent, 3.0 percent, and 0.02 percent, respectively. Meanwhile, the beverages sector posted a growth of 7.7 percent, driven by strong performance in juices, syrups & squashes. The textile sector growth remained moderate at0.7 percent during July-March FY 2026, compared to a growth of 2.5 percent in the same period last year. Growth in yarn (1.8 percent), cloth (0.2 percent), woolen & worsted cloth(32.4 percent), and woolen blankets (7.8 percent)were the key contributors to the sector’s performance. Moreover, the increasing demand for fixed investment borrowing, along with an increase in textile machinery imports (20.9 percent), signals the industry’s intent to expand and modernize operations, reinforcing positive growth prospects in the coming months. However, challenges persist in the jute segment, where output of jute goods declined sharply by 35.3 percent due to continued operational inefficiencies. The wearing apparel sector sustained its growth momentum with 6.6 percent growth during July-March FY 2026, against 7.6 percent in the same period last year. The continued expansion reflects the strengthening position of the ready made garment industry, driven by improved competitiveness and rising demand in both domestic and international markets. This is further evidenced by a 5.9 percent increase in export quantity and a 3.8 percent rise in export values during July-March FY 2026. Coke and Petroleum products posted a strong growth of 10.9 percent in July-March FY 2026, against 4.9 percent last year. The main contributors to this performance were high-weighted products such as high-speed diesel (18.1 percent), motor spirit (14.5 percent), diesel oil (309.6 percent), jet fuel oil (7.5 percent), and petroleum products n.o.s. (53.1 percent), reflecting increased demand from the transport, industrial, and power generation sectors. The automobile sector maintained its growth momentum, recording a growth of 61.7 percent during July-March FY 2026, against the growth of 40.0 percent in the same period last year. This robust performance reflects improved macroeconomic fundamentals, including declining inflation, exchange rate stability, and alower policy rate, which collectively reduced borrowing costs and restored consumer andinvestor confidence. Other transport equipment also performed well with 39.9 percent growth during the period under review. Tobacco, paper & board, and computer, electronics & optical products remained positivewith 11.7 percent, 0.1 percent, and 1.2 percent,respectively. Although their weights in the manufacturing index are relatively small, their positive contributions reflect improving industrial activity in these segments. The pharmaceuticals sector contracted by 5.1 percent during July-March FY 2026, comparedto a 2.3 percent increase in the same period lastyear. This deceleration reflects a more subduedperformance in liquids/syrups, injections, andcapsules, while galenical, ointments, and tablets witnessed the growth of 100 percent, 6.5 percent,and 0.9 percent, respectively. The sectorcollectively contributed a negative 0.31 percentage points to cumulative LSM growth. The chemicals sector contracted by 1.4 percent during July-March FY 2026, against thecontraction of 5.5 percent last year. Within this group, chemical products declined by 2.2 percent, driven by reduced output in industrial chemicals and basic materials, while fertilizer production declined marginally by 1.0 percent. The non-metallic mineral products grew by 8.2percent during July-March FY 2026, against a 10.5 percent contraction in the same period lastyear. The expansion was largely driven by risingdemand from construction-related activities, reflected in a 9.1 percent increase in cement production. Growth in electrical equipment by 11.9 percent further reinforced the improving momentum in construction and allied industrial activities. The iron and steel sector continued to underperform, recording a contraction of 6.3percent during the period under review. However, imports of iron and steel increased by 5.5 percent in value terms and 10.5 percent in quantity terms during the period under review,indicating a shift toward imported products tomeet domestic demand. Other manufacturing (football) recorded substantial growth of 23.1 percent during July March FY 2026, supported by strong external demand for footballs ahead of the FIFA World Cup 2026, reinforcing Pakistan’s strong position in the international sports goods market. Furniture production also turned positive with 20.5 percent growth after a sharp contraction of 61.1 percent last year. Copyright Business Recorder, 2026
TAX RELIEF COSTS GOVT OVER RS2TRN
Date: 2026-06-12
Details: Published June 12, 2026 Updated about 2 hours ago ISLAMABAD: Total tax exemptions, concessions/reduced rates, zero-rating and special tax treatments to various businesses, sectors/industries, lobbies/groups and investors have cost the government Rs 2,352.81 billion in 2025-26 against the downward revised figure of Rs 2,434.73 billion in 2024-25, reflecting a decrease of Rs 81.92 billion. The Economic Survey (2025-26) released on Thursday revealed that the cost of tax exemptions showed a decrease of 3.36 per cent during 2025-26 as compared to tax exemptions in 2024-25. However, tax expenditure (cost of exemptions) totaled at Rs 2,352.81 billion during 2025-26 as compared to the original figure of Rs 5,840.2 billion in 2024-25, reflecting a massive decrease of Rs 3,487.39 billion. The figure of Rs 5,840.2 billion for the cost of tax exemptions was given in the Economic Survey (2024-25) issued last year. In this case, the cost of tax exemptions witnessed a decrease of 59.71 per cent during 2025-26 as compared to tax expenditure in 2024-25. The tax expenditure figure of Rs 2,352.81 billion for 2025-26 has been mentioned in the Economic Survey (2025-26) launched here on Thursday. It is important to mention that the Ministry of Finance had issued a figure of Rs 5,840.2 billion of tax expenditure for 2024-25 last year. Later, the Ministry of Finance has downward revised the tax expenditure figure for 2024-25 from Rs 5,840.2 billion to Rs 2,434.73 billion, reflecting a decrease of Rs1,850.5 billion. The Ministry of Finance has issued “Errata†of the tax expenditure figure for 2024-25 in last year’s Economic Survey (2025). If the total cost of exemptions (Rs 2,352.81 billion) during 2025-26 has been compared with the downward revised figure of 2024-25, i.e.,Rs 2,434.73 billion, the total cost of tax exemptions now stands at Rs 81.92 billion for 2025-26. Breakup of downward revised tax expenditure figures or corrected figures for 2024-25 revealed that the cost of income tax exemption was Rs 545.23 billion; sales tax Rs 1,237.11 billion and customs duty Rs 652.39 billion, taking total to revised figure of Rs 2,434.73 billion, as per corrected summary of tax expenditure (Errata) for 2024-25. The tax-expenditure report-2026 pinpointed that sales tax exemption to petroleum products, duty concessions on imports, reduced rates of sales tax, and overall sales tax exemptions on imports and local supplies were major contributors to the increased revenue loss during 2025-26. The latest survey has not mentioned revenue loss on account of tax exemptions available to industrial units located in erstwhile tribal areas during 2025-26. The revenue loss due to sales tax exemption from imports and local supplies stood at Rs 566,949 billion in 2025-26. The Economic Survey (2025-26) disclosed that the sales tax expenditure remained the highest during 2025-26 as compared to revenue loss on account of income tax and customs duty. All kinds of sales tax exemptions/concessions caused revenue loss of Rs 1,273,977 million; followed by income tax loss of Rs 579,698 million and customs duty revenue loss of Rs 499,136 million during 2025-26. The survey disclosed that the fixed sales tax regime on cellular mobile phones caused a revenue loss of zero rupees in 2025-26 as compared to Rs 87,950 million in 2024-25. The Federal Board of Revenue (FBR) has suffered a revenue loss of Rs261 billion on account of sales tax exemption on imports during 2025-26 as compared to Rs372 billion during 2024-25, reflecting a decrease of Rs111 billion. Sales tax exemption on local supplies caused a revenue loss of Rs305 billion in 2025-26 as compared to Rs613 billion in 2024-25, reflecting a decrease of Rs308 billion. The cost of income tax exemptions amounted to Rs579.7 billion against Rs800.8 billion, showing a decrease of Rs221.1 billion and the cost of customs duty exemptions was Rs499.14 billion in 2025-26 against Rs785.8 billion in 2024-25, reflecting a decrease of Rs286 billion. The Economic Survey has not mentioned revenue loss on account of the exempt business income granted to independent power producers (IPPs). Similarly, the survey has not mentioned any revenue loss from capital gains. The accumulative revenue loss on account of tax credits amounted to Rs75,940 billion in 2025-26 against Rs101 billion in 2024-25, showing a decrease of Rs26 billion. The income tax exemption from special provisions of the Income Tax Ordinance has caused revenue loss of Rs10.9 billion during 2025-26 as compared to Rs41.1 billion in 2024-25. The income tax exemption from total income has revenue impact of Rs 437,996 billion during the period under review. The income tax exemption available to the deductible allowances caused revenue loss of Rs 4.01 billion in 2025-26 against Rs 16.4 billion in 2024-25, showing a decrease of Rs 12.4 billion. The reduction in income tax rates has revenue implications of Rs50.71 billion during 2025-26 as compared to Rs 45 billion in 2024-25, showing an increase of around Rs 5 billion. The FBR has suffered a massive revenue loss of Rs566.95 billion in 2025-26 as compared to Rs985.594 billion in 2024-25 due to sales tax exemptions available under the Sixth Schedule (Exemption Schedule) of the Sales Tax Act. The loss on account of sales tax exemption (import and domestic stage) has been decreased by nearly Rs565 billion. The FBR has suffered a loss of Rs635.841 billion due to sales tax exemptions available under the Eight Schedule (Conditional Exemption/reduced rates) of the Sales Tax Act, 1990, during the period of 2025-26 against Rs617.347 billion in 2024-25. The revenue loss from conditional exemptions has been decreased by Rs635.22 billion. The total revenue loss from the zero-rating facility granted to various sectors under the Fifth Schedule of the Sales Tax Act, 1990, amounted to Rs8.774 billion during the period under review against Rs 6.83.429 billion in 2024-25. The FBR has not specified any revenue loss to the exemptions within the federal excise regime, reflecting no loss occurred on this account. The cost of income tax exemptions was Rs579.7 billion in 2025-26 against Rs800.8 billion in 2024-25. The cost of exemptions in respect of customs duty has been calculated at Rs499.14 billion in 2025-26 as compared to Rs785.9 billion in 2024-25, reflecting a decrease of Rs286.76 billion. The exemption of customs duty available under Chapter-99 (special classification provisions) of the Customs Act has caused a revenue loss of Rs 17 billion in 2025-26 against Rs 33.481 billion in 2024-25, reflecting a decrease of Rs 1.383 billion. The concessions under the Fifth Schedule of the Customs Act, 1969 caused a revenue loss of Rs 205.655 billion in 2025-26 against Rs 379.746 billion in 2024-25, reflecting a decrease of Rs174.091billion. The FBR has suffered revenue loss of zero rupees in 2025-26 against Rs 61 billion in 2024-25 on account of tariff concessions and exemptions available under Free Trade Agreements (FTAs) and the Preferential Trade Agreements (PTAs). Similarly, exemption of customs duty on the items by the automobile sector, exploration and production (E&P) companies, general concessions and the CPEC caused a loss of Rs 275.772 billion in 2025-26 against Rs 133.236 billion in 2024-25, showing an increase of Rs142.48 billion. The export-related exemptions cost revenue loss of zero rupees during 2025-26 against Rs178.435 billion during 2024-25. Copyright Business Recorder, 2026
Salient Feature (Income Tax & Sales Tax) Budget 2026
Date: 2026-06-12
Details: SALIENT FEATURES BUDGET 2026-27 SALES TAX ACT 1990 The proposed budgetary measures pertaining to Sales Tax for FY 2026-27 are: 1. RELIEF MEASURES i. Grant of exemption from sales tax to magazines ii. Extension in exemption on import of CKD for electric vehicles till 30.06.2027 iii. Enhancement in scope of exemption on parts of aircrafts for import and lease by M/s PIACL iv. Withdrawal of exemption of sales tax on family planning devices v. Abolition of tampon tax vi. Exemption of sales tax to boost strategic investment in shipping vii. Exemption to strategic imports for SCO summit and counter terrorism viii. Exemption of sales tax on import of capital goods for upgradation and overhaul of existing refineries. ix. Addition of new S. No. in the Sixth Schedule x. Extension in date of sunset for electric vehicles till 30.06.2027 2. REVENUE MEASURES i. Expansion of Third Schedule to ensure payment of sales tax at consumer price by the manufacturers at manufacturing stage ii. Withholding of sales tax by the toll manufacturers from unregistered buyers iii. Enhancement in scope of withholding sales tax by AOPs and individuals from unregistered persons iv. Imposition/recovery of 3% VAT from the manufacturers if the imported raw material is sold in same state v. Rationalization of amount of penalty on certain offences and inclusion of three more offences in section 33 for imposition of penalty 3. STREAMLINING MEASURES i. Insertion definition of advance receipt invoice, algorithmic settlement mechanism, electronic invoicing system, national faceless centre and production monitoring system ii. Streamlining of definition tier-1 retailers. Inclusion of retailer having two hundred million or more annual turnover, in the category of tier-1 retailer iii. Insertion of explanation to clarify the time of delivery of goods to the recipient iv. Grant of power to Board to outsource the function of valuation of goods v. Addition of new proviso in section 6 to impose tax on steel sector on the basis of monthly electricity units consumed vi. Addition of new proviso in section 8B to enhance or decrease limit of input tax adjustment vii. Insertion of proviso in section 9 for adjustment through issuance of debit and credit notes electronically. viii. Insertion of new section 11H for faceless audit and assessment. ix. Substitution of sub-section (2) of section 21 to discourage fake/flying invoices and fraudulent activities x. Substitution of sub-section (1) of section 23 for issuance of invoice against exempt supplies also. xi. Insertion of new sub-section (8A) in section 25 for audit by the Chartered Accountant or Cost and Management Accountant xii. Insertion of section 30AA – faceless jurisdiction xiii. Insertion of section 30DDDB for establishment of Directorate General (Field Compliance) by Inland Revenue xiv. Insertion of new section 32C for creation of National Faceless centre xv. Substitution of section (2) and (3) of 40C for production monitoring system and video analytic xvi. Addition of new sub-section (6) in section 40C for seizure and confiscation of goods without affixing tax stamps, stickers etc. xvii. Insertion of new section 40F for auction of confiscation goods xviii. Insertion of section 45C – faceless appeal procedure xix. Insertion of section 47AA – Algorithmic Settlement Mechanism xx. Insertion of section 47AAA – Independent case scrutiny committee xxi. Addition of new sub-section (3) of section 56B for maintaining centralized directory xxii. Addition of proviso under Twelfth Schedule to restrict sale of imported same state goods. ***   SALIENT FEATURES BUDGET 2026-27 INCOME TAX ORDINANCE 2001 1. RELIEF MEASURES: i. Reduction in tax rates for salaried individuals: Income tax rates for salaried taxpayers have been reduced through restructuring of tax slabs. Additional intermediate slabs have been introduced and the threshold for the maximum tax rate of 35% has been increased from Rs. 4.1 million to Rs. 7 million. ii. Abolition of tax on deemed income from immovable property: Section 7E, relating to taxation of deemed income from capital assets situated in Pakistan, has been omitted. iii. Rationalization of Super Tax: Super Tax has been abolished for persons having income of up to Rs. 500 million. The rate has been reduced from 10% to 8% for persons having income of more than Rs. 500 million. However, these concessions do not apply to banking, ENP and fertilizer sectors. iv. Reduction in advance tax on sale and purchase of immovable property: Advance tax rates under sections 236C (4.5 to 5.5 percent) and 236K (1.5 to 2.5 percent) have been reduced and converted into lower flat rates of 2.75% and 1.5% to encourage documentation and facilitate transactions in the real estate sector. v. Rationalization of tax collection from exporters: Tax collection on export proceeds (1% withholding tax and 1% advance tax) has been reduced from 2 % to 1.25% in order to encourage exports. vi. Extension of concessionary tax rate for IT and IT-enabled services exports: The reduced tax rate of 0.25% for exporters of IT and IT-enabled services has been extended from 2026 up to Tax Year 2029. vii. Reduction in tax on foreign payments through cards: Advance tax on foreign remittances made through debit, credit and prepaid cards has been reduced from 5% to 0.5%. viii. Adjustability of tax on e-commerce transactions: Tax deducted on ecommerce transactions shall be adjustable for sellers having turnover exceeding Rs.200 million. ix. Tax credit for integration with FBR systems: A tax credit equal to 10% of the investment made in electronic resources for integration with FBR’s computerized systems has been introduced to facilitate documentation and digital compliance. x. Withdrawal of advance tax on foreign TV plays and advertisements: Advance tax on payments for foreign television plays and advertisements has been withdrawn. xi. Exemptions for welfare and charitable entities: Income tax exemption has been extended to specified charitable and welfare organizations including Pakistan Red Crescent Society, Shaheen Foundation, Bahria Foundation, SIUT and Dawat-e-Hadiya. These entities already had approval u/s 2(36) of the Ordinance and two exemption as available in Clause 66 of Part I of the First Schedule. This exemption facilitates the entities as they are not required to obtain exemption from the Commissioner every year. xii. Exemption for Special Purpose Vehicles under asset-backed securitization: Income of qualifying Special Purpose Vehicles established for asset-backed securitization has been exempted to facilitate capital market development. xiii. Facilitation for Resident Pakistanis on ownership of foreign moveable and immovable assets: Currently Capital Value Tax is being charged on foreign movable and immovable assets of resident Pakistanis. The same is proposed to be abolished. xiv. Enhanced turnover threshold for withholding exemption of small traders: The turnover threshold for exemption from withholding tax for small traders has been increased from Rs. 100 million to Rs. 200 million. xv. Automatic issuance of exemption certificates for whole year: Funds and eligible non-profit organizations meeting prescribed conditions shall be entitled to issuance of exemption certificates for the whole financial year. xvi. Determination of cost of inherited immovable property and family settlements: The law has been clarified regarding determination of cost basis of inherited immovable property and tax treatment of family settlements after death. 2. REVENUE MEASURES: i. Tax on sham life insurance policies: In order to discourage misuse of life insurance policies and to reduce arbitrage through sham life insurance policies, a tax has been proposed on such schemes. ii. Withholding tax on income from social media platforms: A withholding tax regime has been introduced on revenues received by digital content creators and social media influencers from platforms such as YouTube, Facebook, Instagram and TikTok. Banking and financial institutions shall deduct tax on such receipts. iii. Rationalization of withholding tax rates on services: The withholding tax structure on services has been revised. The rate for specified services has been enhanced, independent professionals have been separately categorized and rates for certain other services have been rationalized. iv. Revision of minimum tax rate for distributors and wholesalers: The reduced minimum tax rate for distributors, dealers, sub-dealers and wholesalers of specified sectors has been increased from 0.25% to 0.5%, subject to prescribed documentation requirements. v. Algorithmic cross-matching of banking and tax information: Banking companies and Electronic Money Institutions shall electronically provide information relating to high-value deposits and withdrawals for algorithmic comparison with tax declarations to identify significant mismatches and broaden the tax base. vi. Strengthening of electronic integration of businesses: The Board has been empowered to require specified persons to install electronic resources and integrate business systems for real-time reporting of transactions. Failure to comply may result in disallowance of expenditure. vii. Rationalization of penalty regime: Penalties for non-compliance, including failure to furnish statements, integration failures, late inclusion in ATL and incorrect withholding tax claims, have been enhanced to improve deterrence and adjust inflation. viii. Application of Tenth Schedule to capital gains on listed securities: The exclusion available from enhanced tax rates applicable to non-ATL persons on capital gains from listed securities has been withdrawn to encourage tax compliance and return filing. 3. STREAMLINING MEASURES: i. Establishment of National Faceless Centre: A National Faceless Centre is being established to conduct faceless audits, assessments and appeals through technology-driven processes, reducing taxpayer interface and enhancing transparency. ii. Introduction of Algorithmic Settlement Mechanism: A new automated settlement mechanism has been introduced to allow taxpayers to settle identified discrepancies through a technology-based process without separate penalty or default surcharge. iii. Independent Case Scrutiny Committee: An independent mechanism has been introduced for scrutiny of departmental litigation to improve quality and consistency of tax litigation management. iv. Streamlining of Alternative Dispute Resolution (ADR): The ADR framework has been revised to improve efficiency and facilitate quicker resolution of tax disputes. v. Streamlining taxation of shipping income of non-residents: Comprehensive provisions have been introduced to define Authorized Shipping Agents and strengthen taxation and compliance relating to nonresident shipping operations. vi. Streamlining computation of capital gains on listed securities: The role of NCCPL in computation and determination of capital gains on listed securities has been expanded and clarified. vii. Mandatory electronic filing and machine-readable financial statements: Companies shall be required to submit financial statements in electronically readable formats to facilitate automated processing and analysis. viii. Special audit through accountants, cost accountants and actuaries: The Commissioner has been empowered to require re-audit, inventory valuation or actuarial valuation by independent experts in appropriate cases. ix. Engagement of audit experts and rationalization of disclosure provisions: The Board has been enabled to engage specialists and strengthen disclosure mechanisms to improve audit effectiveness and compliance. x. Establishment of Directorate General (Field Compliance), Inland Revenue: A dedicated Directorate General (Field Compliance) has been created to strengthen compliance functions. xi. Broadening of special procedure for small traders and shopkeepers: The scope of special procedures for small traders and shopkeepers has been expanded through amendments in section 99B. xii. Technical, consequential and administrative amendments: Various streamlining, administrative and consequential amendments have been made to improve clarity, implementation and administration of the Income Tax Ordinance, 2001. ***
NFC AWARD: OPPOSITION ACCUSES GOVT OF SEEKING TO CURTAIL PROVINCIAL SHARES
Date: 2026-06-11
Details: Published June 11, 2026 Updated about an hour ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: The opposition Pakistan Tehreek-e-Insaf (PTI) on Wednesday launched a blistering attack on the federal government, accusing it of unconstitutionally attempting to curtail provincial shares under the National Finance Commission (NFC) Award in what it termed a brazen violation of the 18th Amendment. Speaking on a point of order in the National Assembly, acting PTI chairman Barrister Gohar Ali Khan criticised the government for shifting its responsibilities onto the provinces, warning that borrowing had soared to unprecedented levels in the country’s history. “Provincial shares under the NFC Award must be fully transferred in accordance with the 18th Amendment. What you cannot do directly on NFC, you cannot do indirectly either,†he said, insisting that the federal budget was not a political issue but a constitutional imperative. Gohar also underscored the importance of defence spending, saying the nation’s armed forces must remain “invincible†and that it was the federal government’s duty to fully fund the defence budget. Turning to economic governance, he condemned the government’s four-year record, highlighting failed reforms in the Federal Board of Revenue (FBR) that had negatively impacted the business community. He called for the immediate appointment of a Chief Election Commissioner and two members of the commission whose terms expired more than a year ago, declaring that they “must go home.†On electoral reforms, Gohar pressed the government to adopt the opposition’s proposal for electronic voting machines to ensure transparency and prevent rigging. He also rejected the results of the Gilgit-Baltistan elections, alleging manipulation in favour of the Pakistan People’s Party (PPP) and Pakistan Muslim League-Nawaz (PML-N). The opposition leader in National Assembly Mehmood Khan Achakzai expressed concern about ongoing protests in Azad Jammu and Kashmir (AJK), warning that the law-and-order situation in the country is worsening. He also linked this instability to broader security challenges the country is already facing in Balochistan, suggesting that unrest is now spreading to AJK as well. He demanded access to former Prime Minister Imran Khan, allegedly held in solitary confinement, and threatened parliamentary protests if the party’s meetings were blocked. Responding, Law Minister Azam Nazir Tarrar described Kashmir as the “jugular vein of Pakistan†and called for political unity, asserting that the Popular Action Committee’s actions were influenced from across the border. He said a committee formed by the prime minister had received 38 demands from AJK residents, of which 35 had been met, and noted that electricity was being supplied at a subsidised rate of three rupees per unit. Tarrar added that an All-Parties Conference (APC) on Kashmir had been held, suggesting PTI leadership would have been better served by attending rather than delivering speeches in the assembly. He dismissed objections to the Gilgit-Baltistan elections, calling allegations of rigging “baseless†in the age of social media, while emphasising the need for consensus and serious dialogue on Kashmir. However, Tarar, who also holds the portfolio of Minister for Human Rights, remained silent on the restrictions on meetings with Imran Khan, even though the former prime minister is reportedly being denied access to his party leaders, family, and legal team. Copyright Business Recorder, 2026
FEDERAL BUDGET ON 12TH: SCHEHZAD
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: Finance Minister Muhammad Aurangzeb will present the federal budget for the 2026-27 fiscal year in the National Assembly on Friday. This was confirmed by Adviser to the Finance Minister Khurram Schehzad, while sharing the revised budget schedule in a post on X. He added that prior to the budget presentation, the Pakistan Economic Survey for the outgoing fiscal year 2025-26 will be launched on Thursday (today) by the Finance Minister. Budget sessions of both the National Assembly and the Senate have already been summoned by President Asif Ali Zardari. Copyright Business Recorder, 2026
THE HIGH COST OF EASY REVENUES
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 2 hours ago EDITORIAL: Pakistan is simultaneously running tight fiscal and monetary policies through primary fiscal surpluses and positive real interest rates. Growth has been compromised as a result of these stabilization efforts. However, these policies apparently are being pursued in silos, without proper coordination, they are also stoking inflation, which, after declining last year, is on the rise again and has prompted a 100 basis points (bps) increase in the policy rate in the latest monetary policy review by the State Bank of Pakistan (SBP). The government may pass the buck to the IMF (International Monetary Fund) by arguing that these measures are mandatory under the programme. The real question, however, is why these conditions were accepted in the first place, especially under the Resilience and Sustainability Facility (RSF). Policy institutes have also highlighted this concern. According to a research paper by the Policy Research and Advisory Council (PRAC), fiscal policy is injecting cost-push inflation through the petroleum levy (PL). Consequently, the SBP is increasing the policy rate to counter inflation which, in turn, hikes the government’s borrowing cost, given that it is by far the largest borrower from the banking system. To keep the fiscal deficit under control, the government then imposes new taxes. Higher borrowing costs and exorbitantly high tax rates have, overall, discouraged capital formation and kept investment low. The country needs to break this vicious cycle in the upcoming budget. A few years ago, Pakistan began increasing the petroleum levy to generate federal revenues that do not form part of the divisible pool and therefore are not shared with the provinces. Its yield for the federal government is around 2.5 times more efficient than FBR taxes, 57.5 percent of which have to be transferred to the federating units under the National Finance Commission Award. Initially, the government increased the petroleum levy while reducing the GST rate on petroleum products to zero. That was understandable, as the PL essentially replaced GST. However, unlike GST, which had a ceiling of 17-18 percent, there is no cap on the petroleum levy. At current prices, the effective levy amounts to around 44 percent of the retail price of petrol and 13 percent for High-Speed Diesel (HSD). This would not have been as problematic had international oil prices remained stable. Yet, while many economies lowered taxes on petroleum products to cushion consumers from global price volatility, Pakistan moved in the opposite direction, transferring a disproportionately high burden onto fuel prices. Today, petroleum prices in Pakistan are among the highest in the region. This has pushed inflation back into double digits, forcing the SBP to reverse its earlier monetary policy stance and raise the policy rate by 100bps to 11.5 percent. That, in turn, feeds back into the fiscal side of the equation. It is true that roughly half of the increased borrowing cost eventually flows back to the government through taxes on bank profits and interest income, as well as through higher SBP profits. Nevertheless, the remaining burden still has to be financed either through new taxes or cuts in other expenditures. The story does not end there. Pakistan already has one of the highest GST rates in the region at 18 percent, and there remains a possibility, however slim, that it could be raised to 19 percent. Moreover, many direct taxes are effectively collected in an indirect manner through instruments such as the minimum tax on turnover that goes up to 15% for non-corporate and other levies. All of these costs are ultimately passed on to consumers, adding further to inflationary pressures. The government needs to rethink its strategy. Otherwise, the stabilization programme will continue to fall short of its objectives. For the fifth consecutive year, GDP growth has remained below 4 percent, while the investment-to-GDP ratio and foreign direct investment (FDI) are languishing at abysmally low levels. Fiscal and monetary policies should complement each other. If one is required to remain tight, the other should be accommodating. This is not possible when the fiscal policy only views revenues from point of benefit to the federal government alone and accepts conditions of foreign lenders solely to obtain fresh financing. It is about time the budget, which is likely to be announced tomorrow, revised the current model for federal revenues that is tilted overwhelmingly towards indirect taxes that increase production costs and burden the poor far more than the rich. Any new tax that is imposed or any increase in rate of an existing tax or levy should be evaluated by calibrating its impact on inflation and exchange rate that are the domain of the SBP, which is responsible for monetary policy. Copyright Business Recorder, 2026
STOCK MARKET, STATIONERY ITEMS AND SOLAR PANELS: TAX RATES TO REMAIN UNCHANGED
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 3 hours ago By Sohail Sarfraz ISLAMABAD: The taxation on stock market, stationery items and solar panels would remain the same in budget (2026-27). According to sources, the proposal to increase sales tax from 10 to 18 percent on solar panels has been dropped. Similarly, the proposed increase in sales tax on stationery items would not be implemented in coming budget. Stock market taxes would not be changed from July 1, 2026. The proposed reduction in taxes for the real estate sector has yet not been finalized. The highest income tax slab threshold for the salaried individuals would be adjusted upward but the surcharge/penalty on highest income earners would be abolished in budget. The one percent tax on exports may likely be abolished in coming budget (2026-27) under a proposed package for exporters to be announced in the budget speech, highly placed tax officials said. The Finance Act 2024 shifted exporters from the Final Tax Regime (FTR) to the Normal Tax Regime (NTR), replacing the one percent turnover tax with a minimum 2 percent tax on export proceeds- one percent minimum tax and one percent advance tax, deducted upon realization electronically at source. The industry has proposed to reinstate the Final Tax Regime (FTR) as optional with a one percent turnover tax, ensure timely sales tax refunds, and provide tax relief for exporters facing losses with a transparent mechanism. The exporters who wish to remain in NTR should be protected from any undue harassment from FBR by forming a Special Committee to protect their rights. Copyright Business Recorder, 2026
FY26 ECONOMIC SURVEY: ECONOMY REMAINS FRAGILE DESPITE RECOVERY CLAIMS
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 3 hours ago By Mushtaq Ghumman ISLAMABAD: Despite claims of notable stabilization, Pakistan’s economy in FY2025–26 remains fundamentally fragile, with underlying vulnerabilities masked by short-term gains and favorable external inflows. According to Economic Survey (July-April) 2025-26, expected to be unveiled on Thursday (June 11) by Finance Minister Senator Muhammad Aurangzeb, the ongoing conflict in the Middle East has emerged as a significant external risk to both the global economy and emerging economies. Before the conflict, the IMF had projected global growth of 3.3% in 2026 and 3.2% in 2027. However, the IMF revised its growth forecasts downward due to conflict and projected global growth of 3.1% in 2026, followed by a modest recovery to 3.2% in 2027. Emerging markets and middle-income economies are projected to rebound from 3.8% in 2026 to 4.1% in 2027, while low-income developing countries are expected to accelerate from 4.8% to 4.9% over the same period. Under a moderate conflict scenario, assuming an early resolution, the IMF projects that emerging and developing economies will remain relatively resilient, supported by robust domestic demand driven by a growing middle class and sustained investment in technology and infrastructure. Following the outbreak of the conflict in late February 2026, global oil prices surged sharply from approximately 72 per barrel (pre-conflict) to a peak of nearly USD120 per barrel. In Pakistan, this external price shock resurfaced inflationary pressures. Average inflation during July–April FY2025-26 rose to 6.2%, compared to 4.7% in the same period of the previous fiscal year. More notably, monthly inflation rose to 10.9% in April 2026 compared to 0.3% in April 2025. In response, the National Price Monitoring Committee (NPMC) effectively managed these growing inflationary pressures through weekly monitoring of essential item prices. Pakistan’s GDP growth in FY2025–26 rose to 3.7%, up from 3.2% in the previous fiscal year, reflecting broad-based improvements across agriculture, industry, and services. LSM showed a notable turnaround, posting growth of 6.1% in FY2025–26 compared to a contraction of 0.7% in FY2024–25. On the external front, weakening exports and a recovery in import demand led to a widening of the trade deficit. However, robust remittance inflows and growing services exports helped contain pressures on the external account, supporting the balance of payments. The resulting improvement in foreign exchange reserves contributed to exchange rate stability, while continued fiscal discipline and prudent macroeconomic management reinforced overall economic stability. Sectoral performance during 2025-26 Agriculture: The agriculture sector exhibited moderate improvement during FY2025-26 and recorded a growth of 2.9%, with important crops including cotton, rice, sugarcane, maize, and wheat collectively recording a growth of 0.6% over the previous year. Despite a high growth base of 19.7% last year, other crops grew at 2.4% in the current financial year, driven mainly by substantial increases in gram (50.4%), potato (27.6%), mangoes (11.6%), banana (30.8%), turmeric (25.1%), and chillies (9.2%). This improvement can be attributed to a high base effect and weather-related constraints. Nevertheless, improvement in gram and mungbean production, better irrigation management, and supportive market conditions continued to support the subsector. The cotton ginning and miscellaneous component recorded modest growth of 0.1%, reflecting subdued cotton output during the year. Livestock maintained its growth of 3.8% in FY 2025-26 compared to 2.9% last year. This was mainly due to increasing commercialization, improved disease management, expansion in dairy and poultry activities, and rising consumer demand. Forestry and fishing subsectors also posted growth of 2.0% and 1.7%, respectively. Industrial sector: The industrial sector recorded a growth of 3.5% in FY2025-26 compared to 5.6% in FY2024-25. The manufacturing sector was the major driver in the industrial sector, posting a strong recovery, growing by 6.6% compared with 2.0% last year. The improvement was largely supported by better performance of LSM industries, improved domestic demand, easing inflationary pressures, and relatively stable macroeconomic conditions. Industrial activity showed a notable improvement during FY2025–26. LSM recorded a growth of 6.1%, compared to a contraction of 0.7% in last year. Positive growth has been observed in food (9.7%), tobacco (11.7%), petroleum products (10.9%), rubber products (14.3%), electrical equipment (11.9%), automobiles (61.7%), transport equipment (39.9%), furniture (20.5%), other manufacturing (Football) (23.06%). The improvement was mainly driven by better production performance across key manufacturing segments, improved supply conditions, and easing input constraints, which collectively supported stronger and more stable industrial activity compared to the previous year. Mining & Quarrying industry has witnessed a growth of 0.4%, as compared to a contraction of 3.7% last year, due to a mixed trend in output. While coal (4.7%), limestone (3.7%), and other minerals (4.3%) have increased, natural gas (-2.6%) and crude oil (-0.3%) have posted negative growth. This sector is still facing challenges in mineral extraction and exploration. The electricity, gas, & water supply sector showed a contraction of -10.6% compared to 29.6% last year, mainly due to a high base effect after exceptional growth last year. Another contributing factor was the reduction in budgeted subsidies to Rs. 893 billion, compared to Rs. 1,190 billion in the previous year. The modest growth in the output of WAPDA and related companies and a relatively low sectoral deflator also weighed on the sector’s nominal growth. Small-scale manufacturing maintained robust growth at 8.5%, though slightly lower than 8.9% last year. Services sector: Growth in the services sector accelerated to 4.1% in FY 2025-26 from 3.1% in the previous year. Within the services sector, growth was broad-based across most subsectors. Wholesale & retail trade expanded by 3.7%, supported by growth in agriculture, manufacturing, and imports. Information & communication recorded a strong growth of 7.5%, led by computer programming and consultancy services. Public administration and social security grew by 8.5%, while education and health services increased by 5.2% and 6.9%, respectively, reflecting higher public sector expenditure. Transport & storage posted growth of 2.3%, with gains in railways, postal services, and road transport partly offset by declines in air and water transport. Other private services rose by 3.7%, supported by professional, technical, and administrative activities. Finance and insurance recorded modest growth of 0.3%, mainly due to a high base effect and a higher deflator. Overall, the performance of the services sector reflects continued economic stabilization and a broad-based recovery in domestic activity. Savings and Investment: National savings stood at 14.1% of GDP, compared to 14.9% in the previous year. Domestic savings were recorded at 7.0%, slightly lower than 7.9%. This decline reflected higher consumption pressures in a recovering economy. Foreign savings made a modest positive from a negative of 0.5% to 0.2%, supporting the overall resource envelope. Despite internal and external shocks, the total investment remained stable at 14.4% of GDP in FY 2025-26. cInflation: Average CPI (National) recorded at 6.2% during July–April FY 2025-26, compared to 4.7% in the comparable period of last year. Monthly CPI inflation YoY stood at 10.9% in April 2026, compared to 0.3% in April 2025, mainly due to higher food and energy prices caused by the ongoing conflict in the Middle East. Food inflation increased by 4.0% during Jul-Apr FY 2025-26 compared to 0.1% in the same period last year. Non-food inflation rose by 7.7% compared to 9.0% previously, and core inflation reached 7.6% compared to 9.9% last year. These trends suggest a moderation in underlying demand pressures and relatively stable input costs. Urban inflation rose to 6.3% from 5.7%, while rural inflation increased to 6.1% from 3.3%, reflecting price pressures across both food and non-food components in rural areas. Additionally, the Wholesale Price Index slightly increased to 2.3% from 2.2%, while the Sensitive Price Indicator eased to 4.1% from 4.9%, reflecting the impact of administrative, policy, and relief measures. External sector: The external sector demonstrated stability during Jul-Apr. FY 2025-26, despite devastating floods and the recent Middle East conflict. The current account recorded a moderate deficit, with services-sector exports and workers’ remittances on an upward trajectory. In contrast, exports of goods recorded a slight decline while imports increased owing to enhanced economic activity in the country. The trade in goods deficit widened by USD5.6 billion (26.3%) as exports of goods recorded a contraction of USD 1.5 billion (5.4%) while imports of goods witnessed an increase of USD 4.1 billion (8.5%) during Jul-Apr. FY 2025-26. The exports of goods recorded a slight decline during the same period, but the increase in imports mainly resulted in a widening of the trade deficit in goods. While services exports are growing, however, they are not enough to offset the significant goods trade deficit. This imbalance reflects stronger domestic demand for imports. Exports witnessed a contraction of 5.4 of total goods exports, recorded a growth of 2.1 and 13.2% respectively in total export receipts during the period under review. Food group exports plunged by USD 1.6 billion (28.9%) as exports of major food commodities recorded a decline. Exports of rice fell by USD 0.92 billion (35.6%) due to intensified competition and a decrease its in international market price (around 25%), while there was no export of sugar in CFY due to a ban for domestic price stability compared to USD 0.4 billion exports in the previous year period. The export receipts of the other manufacturing group declined by 1.3 % to USD 3.4 billion from USD 3.5 billion. Imports recorded an increase of 8.5% and stood at USD52.8 billion during Jul-Apr FY2025-26 from USD48.6 billion in the corresponding period of the last year. Broad-based increase was witnessed in transport, food, machinery, agricultural & other chemicals and metal groups imports as they grew by USD 1,423 million (89.1 percent), USD 820 million (13.0 percent), USD 773 million (11.2 percent), USD 560 million (7.4 percent) and USD 355 million (8.2 percent) respectively. Whereas petroleum group and textile groups imports fell by USD 511 million (4.0 percent) and USD 420 million (8.8 percent) respectively. The Middle East conflict caused 40.5% sharp spike in the average crude oil price during March 2026 to USD95.58/bbl from USD68.01/bbl recorded in February 2026. Moreover, supply disruptions through the closure of the Strait of Hormuz, which accounts for one-fifth of global oil and LNG trade, resulted in rising insurance premiums and freight costs on crude oil imports and triggered a sharp rise in energy prices globally. Trade in services deficit narrowed by USD 425 million (17.3 percent) and stood at USD 2,040 million during Jul-Apr FY26 compared to USD 2,465 million in the corresponding period of previous year. Exports of services recorded an increase of USD 1,242 million (17.7 percent) and stood at USD 8,270 million. The ICT, travel, other business exports recorded an increase of 21.1 percent, 39.5 percent, 25.4 percent whereas transport and general government services exports decreased by 6.9 percent and 1.7 percent, respectively. The ICT sector is a key focus of the current government, aimed at boosting the economy, creating jobs, and improving the quality of life. The sector is receiving support through incentives and initiatives that include infrastructure development, global marketing, skills training, freelancer support, and international certifications. Imports of services increased by USD 817 million (8.6 percent) during Jul-Apr FY26 and stood at USD 10,310 million compared to USD 9,493 million in the corresponding period of previous year. Travel, transport, ICT and government services imports increased by 2.80 percent, 6.6 percent, 28.2 percent and 6.3 percent during the period under review, whereas financial and other business services imports decreased by 18.2 percent and 10.6 percent, respectively. The Workers’ remittances inflows maintained upward momentum and stood at USD33,859 million during Jul-Apr, FY2025-26, compared to USD31,207 million in the corresponding period of the previous year. Due to recent turbulence in the Middle East, remittances inflows in April 2026 were down by 7.6% and stood at USD 3,538 million as compared to USD 3,831 million in March 2026. The major contributing destinations during Jul-April FY 2025-26 are Saudi Arabia (20.9%), UAE (18.6%), UK (13.6%), EU Countries (11.6%), other GCC countries (8.5%), and USA (7.9%). The significant rise can be attributed to a stable exchange rate, better economic prospects in host countries, and the government’s facilitation measures to incentivise remittances through the banking channel. Pak Rupee vis-à -vis US dollar parity remained stable during the period under review. The average exchange rate stood at Rs 280.94 in Jul-Apr FY 2025-26 compared to Rs 278.75 in the corresponding period of the previous year. The average Real Effective Exchange Rate (REER) Index during Jul-Apr FY 2025-26 stood at 103.16 compared to 101.49 in the corresponding period of the previous year. The stable macroeconomic conditions, along with continued reforms undertaken by SBP, helped in stabilizing the exchange rate. Pakistan’s total gross liquid foreign exchange reserves are reported as USD21.3 billion as of 8th May 2026 compared to USD14.8 billion at the end of April 2025. The overall rise in official reserves helps in strengthening external buffers and growing macroeconomic confidence. Fiscal developments: Pakistan’s fiscal performance showed considerable improvement up to the third quarter of FY 2025-26. Total revenue increased by 10.7%, reaching Rs. 14,799.3 billion, up from Rs. 13,367.0 billion collected during the corresponding period of last year. This growth was supported by a 11.3% rise in tax revenue, driven largely by 10.1% increase in FBR tax collection. Both direct and indirect taxes grew by 12.4% and 7.9. Federal non-tax revenue rose by 8.2% largely on account of one-off SBP profit transfer, petroleum levy, dividends from investments, and royalties on oil and gas. Provincial non-tax revenues reached Rs. 277.5 billion, recording a growth of 36.7 %, mainly on account of a significant growth in profits from hydroelectricity. Total expenditure stood at Rs. 15655.6 billion during July-March FY 2025-26, reflecting a decline of 4.2% over the same period of last year. Current expenditures declined by 2.2%, whereas development expenditure increased by 26.8%. Servicing of domestic debt reduced by 25.9%, whereas servicing of foreign debt increased by 0.6%. Non-interest current expenditures grew by 18.8%, mainly due to higher spending on defense and grants, as well as higher provincial current expenditures. Overall fiscal deficit stood at Rs 856.4 billion (0.7 of GDP) during the corresponding period of last year and against the annual target of 3.9 during the period under review, indicating a remarkable achievement in the government’s prudent expenditure management. Gross public debt of Pakistan stood at Rs. 83,285 billion as of March 2026, posting a growth of 3.4% during July-March FY 2025-26. Public debt is mainly dominated by domestic debt, while external debt is declining from 38% (Jun 2023) to 31% (March 2026), reducing exchange-rate risk. Borrowing has shifted toward medium and long-term securities, increasing the Average Time to Maturity from 2.8 years (Jun 2024) to 3.86 years (Mar 2026), and lowering refinancing risk by reducing reliance on short-term Treasury Bills. Monetary developments: Broad money (M2) expanded by 7.3% from July 1, 2025, to May 1, 2026, compared to an expansion of 3.8% during the same period last year. The increase in liquidity was mainly driven by a rise in the Net Foreign Assets (NFA) of the banking system, which grew by Rs. 1,518.2 billion compared to Rs. 1,218.2 billion last year. Net Domestic Assets (NDA) also recorded an expansion of Rs. 1,431.8 billion, compared to Rs. 138.5 billion in the corresponding period last year. This was primarily due to higher net borrowings from scheduled banks for budgetary support, a net retirement of loans from the SBP and a contraction in other items (net). Additionally, financing for commodity operations witnessed a net retirement of Rs. 50.1 billion, reflecting continued reforms such as the rationalization of wheat procurement and the gradual abolition of the minimum support price (MSP). As underlying inflationary pressures eased, driven by the dissipation of earlier food and energy price shocks and the anchoring of inflation expectations, the SBP continued its easing monetary policy stance during the first three quarters of FY 2025–26. However, inflationary pressures resurfaced in the last quarter of the ongoing fiscal year, with headline inflation accelerating to 10.9 percent in April 2026 compared to 0.3 percent in April 2025. In response, the SBP increased the policy rate by 100 bps to 11.50 percent, marking a definitive reversal of the easing cycle. Employment Generation: Employment expands steadily by 1.8 million in FY 2025-26 amid improving economic growth due to higher public and private investment. The services sector was the largest contributor to employment generation, adding around 1.1 million jobs in FY2025-26 driven by trade, transport, ICT, finance, and community services, 0.3 million jobs in agriculture sector, and 0.4 million jobs in industry Public investment provided enabling role in job creation by supporting infrastructure, energy, connectivity, urban services, and human capital development that crowded in private investment, thereby expanding employment opportunities across all sectors. Federal and provincial governments were simultaneously implementing several employment-focused initiatives to strengthen labor market participation, entrepreneurship, technical skills, and job matching mechanisms. These programs include Prime Minister Youth Business and Agriculture Loan Scheme, Prime Minister Youth Skill Development Program, Ba-Ikhtiyar Naujawan Internship Program, etc., at the Federal level. Whereas, Provincial governments were complementing these efforts through targeted interventions, including Punjab’s Rozgar Support and SME financing schemes, Khyber Pakhtunkhwa’s technical training and on-the-job programs, Sindh’s labor-intensive public works and urban services initiatives, and Balochistan’s vocational and rural skill development programs. Copyright Business Recorder, 2026
FINANCE BILL: GOVT TO INTRODUCE THIRD SLAB IN FED ON CIGARETTES
Date: 2026-06-11
Details: Published June 11, 2026 Updated 18 minutes ago By Sohail Sarfraz ISLAMABAD: The government has decided to take a bold step in budget to control the growing share of 56 percent of illicit cigarettes in the local market by introducing a third slab (tier) of Federal Excise Duty (FED) on cigarettes through Finance Bill, 2026. According to sources, Finance Bill, 2026 will amend the Federal Excise Act to incorporate a third tier in the existing FED structure of cigarettes, taking the total tier number to three. The existing two-tier structure would be converted into a three-tier system under the proposed Finance Bill 2026 to provide some relief to the documented tobacco sector. The foreign donor agencies have also raised concerns over the excessive rate of the FED on cigarettes as well as increased share of 56 percent of illicit cigarettes in the local market. They have also noted with concern that the increasing share of the illicit trade has caused serious damage to the legitimate cigarette industry in Pakistan. The increase of 200 percent FED on cigarettes has created serious problems for the organised sector in Pakistan. READ MORE: Tobacco taxation regime: FED collection in FY2025-26 triggers fresh debate: WHO policy In this regard, the government may introduce 3rd tier structure of federal excise duty on cigarettes. The rate of FED on the 3rd tier may be within the range of Rs3200 per 1000 cigarette sticks. Under the existing structure, in the case of locally produced cigarettes, if their on-pack printed retail price exceeds Rs12,500 per thousand cigarettes, the rate of duty is Rs16,500 per thousand cigarettes. In the case of locally produced cigarettes, if their on-pack printed retail price does not exceed Rs12,500 per thousand cigarettes, the rate of duty is Rs5,050 per thousand cigarettes. Copyright Business Recorder, 2026
4PC GROWTH TARGET SET: RS3.669TRN UPLIFT OUTLAY APPROVED BY ECONOMIC COUNCIL
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 3 hours ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: The National Economic Council (NEC) on Wednesday approved a Rs3.669 trillion national development outlay for the fiscal year 2026-27, including Rs838 billion in foreign aid, and set a GDP growth target of 4 percent. The meeting, chaired by Prime Minister Shehbaz Sharif, also sanctioned Rs1 trillion for the federal Public Sector Development Programme (PSDP), Rs2.218 trillion for provincial development programmes, and Rs451 billion for state-owned enterprises (SOEs). The NEC unanimously approved a four-point agenda and revised economic indicators for the outgoing fiscal year 2025-26, allocating Rs820 billion for the federal PSDP, Rs2,938 billion for provincial development programmes, and Rs355 billion for SOEs. The council approved a GDP growth target of 3.7 percent for 2025-26. In its directives, the NEC urged federal ministries, provincial governments, and public institutions to collaborate closely with the Ministry of Planning to achieve the targets set in the Annual Plan 2026-27. The meeting reviewed performance reports from the Central Development Working Party (CDWP) and the Executive Committee of the NEC (ECNEC) for April 2025 to March 2026. During this period, the CDWP approved 116 projects worth Rs316 billion, while ECNEC sanctioned 72 projects valued at Rs5.117 trillion. Sources said the NEC also approved approximately Rs800 billion for federal savings from provincial shares under the NFC Award for 2026-27. A report on mega projects for 2025-26 was presented, highlighting a newly formulated monitoring and review policy, which includes a pilot project to evaluate development initiatives using artificial intelligence (AI). Under the Uraan Pakistan initiative, the NEC approved 11 national economic development missions. The Ministry for Planning and Development was tasked with preparing a roadmap for these missions in coordination with relevant ministries and provincial authorities. Prime Minister Sharif thanked participants for unanimously approving all agenda items, emphasising that consensus on national issues strengthens the federation and is key to Pakistan’s bright future. He highlighted the importance of unity and collaboration between federal and provincial governments, noting that decisions were taken “in the best interest of Pakistan as a team,†particularly while preparing the forthcoming national budget. Addressing rising global oil prices, the prime minister stated that Rs128 billion in fuel relief had been provided to shield consumers. He praised provincial governments for their cooperation and stressed the priority of mobilising additional resources. Sharif reaffirmed Pakistan’s commitment to the International Monetary Fund (IMF) programme, attributing recent economic achievements to collective teamwork. Defence funding was also highlighted, with additional allocations aimed at addressing ongoing security challenges, including terrorism. Key development priorities include strengthening healthcare, improving child health, providing education for out-of-school children, creating youth employment, and developing technical and professional skills. Later, in a briefing to journalists, Minister for Planning Ahsan Iqbal said the NEC had agreed to hold meetings on a quarterly basis. He detailed the provincial development allocations for 2026-27: Punjab Rs749 billion, Sindh Rs706 billion, Khyber Pakhtunkhwa Rs455 billion and Balochistan Rs308 billion. Sectoral allocations include Rs206 billion for infrastructure, Rs116 billion for energy, Rs103 billion for water resources, Rs180 billion for the social sector, and Rs13 billion for governance. For federal ministries and divisions, Rs687 billion was approved for development projects, comprising Rs568 billion in local funding and Rs119 billion in foreign aid. For corporations such as the National Highway Authority (NHA) and power companies, Rs313 billion was sanctioned, including Rs177 billion locally funded and Rs136 billion in foreign assistance. Additional allocations include Rs88.8 billion for Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan, Rs41.4 billion for the IT sector, Rs74 billion for education – including Rs45 billion for the Higher Education Commission (HEC) – Rs355.9 billion for transport and communications, Rs54.6 billion for physical planning and housing, Rs22.1 billion for health, and Rs63 billion for Sustainable Development Goals (SDGs) programmes. The NEC also approved Rs56.1 billion for the merged districts of Khyber Pakhtunkhwa, Rs12.6 billion for the production sector, Rs4.6 billion for food and agriculture, and Rs8 billion for industrial development. Copyright Business Recorder, 2026
GOVT URGED TO INCORPORATE PROPOSALS OF BUSINESS COMMUNITY IN BUDGET
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI), Hanif Lakhani, has urged the government to incorporate the recommendations submitted by trade associations, the federation, and chambers of commerce across the country in the Federal Budget 2026-27. He said that the primary objective of the upcoming budget should not be limited to increasing revenue collection and maintaining economic stability; rather, it should be designed to promote sustainable economic growth. Lakhani emphasised that simplifying the tax system and making it business-friendly are essential for boosting economic activity and attracting investment. He stated that the time has come to move beyond rhetoric and take practical steps to support the business community. He stressed that the industrial sector must be provided with affordable electricity, gas, and other energy sources, while measures should be taken to reduce production costs so that the government’s export targets can be achieved. According to him, lowering the cost of doing business is crucial for enhancing the competitiveness of Pakistani exports in international markets. Lakhani further suggested that instead of imposing new taxes, the government should focus on expanding the tax net and bringing the undocumented economy into the formal system. He also called for a review of customs duties and regulatory duties to facilitate the import of raw materials and industrial machinery at lower costs. He noted that special incentives for the IT, agriculture, construction, and export-oriented sectors could significantly accelerate economic growth. Commenting on tax reforms, Lakhani said that expanding the tax net in the new budget would be a major challenge for the Federal Board of Revenue (FBR). However, he expressed confidence that under the leadership of the current FBR Chairman, this objective could be achieved, which would also help reduce the burden on existing taxpayers who are already contributing to the national exchequer. Copyright Business Recorder, 2026
FBR TO ARRANGE TECHNICAL BRIEFING ON BUDGET TOMORROW
Date: 2026-06-11
Details: Published June 11, 2026 Updated about 3 hours ago By Recorder Report ISLAMABAD: The Federal Board of Revenue (FBR) has decided to arrange a technical briefing on the federal budget including Finance Bill 2026, taxation measures, revenue implications and amendments in the federal tax laws on Friday. The technical briefing will be held at the FBR House after conclusion of the budget speech in the Parliament. This will allow journalists and stakeholders to receive detailed explanations of tax proposals and fiscal measures announced in the Finance Bill 2026. The session marks a return to the traditional post-budget practice that was disrupted last year, when the FBR did not conduct the traditional technical briefing before the finance minister’s post-budget press conference. The upcoming briefing is expected to provide a detailed breakdown of revenue measures, tax amendments, enforcement proposals, and other key provisions contained in the federal budget (2026-27) documents. Copyright Business Recorder, 2026
PM CONSULTS AGRICULTURE STAKEHOLDERS
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Zulfiqar Ahmad ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday underscored the transformative potential of the country’s agricultural sector, describing it as pivotal to reviving the national economy. He made the remarks during a consultative meeting with a delegation of agricultural stakeholders ahead of the federal budget for fiscal year 2026-27. The delegation comprised representatives from farmer organisations, the dairy and livestock sectors, the value-added sector, seed companies, and both national and multinational institutions. The meeting aimed to seek stakeholder input on the upcoming budget and discuss strategies to strengthen and modernise the agricultural sector. A statement issued by the Prime Minister’s Office said that the participants lauded the Prime Minister Sharif’s efforts to promote peace amid the current regional situation and welcomed recent reforms, including the newly introduced Seed Policy, describing them as “game-changers†for the sector. Highlighting ongoing initiatives, the prime minister noted that the Pakistan Agricultural Research Council (PARC) was being modernised in collaboration with the Chinese Academy of Agricultural Sciences to accelerate agricultural research. He directed the formation of a committee comprising experts and stakeholders nationwide to advance sustainable agricultural development and sectoral reforms. Sharif emphasised the need for effective coordination between federal and provincial governments to ensure alignment of policies and regulations. He called for special attention to increasing per-acre yields, promoting climate-resilient hybrid seeds, developing horticulture, advancing agricultural mechanisation and enhancing value addition. Addressing provincial responsibilities, the prime minister specifically urged Balochistan to present a comprehensive plan to boost cotton production and instructed the immediate issuance of the notification for the newly reconstituted Cotton Board. He also welcomed proposals for the promotion of dairy and livestock development. “The government will continue consultations and cooperation with all relevant parties to ensure sustainable agricultural development, food security, and stability of the national economy,†the prime minister said. During the meeting, participants were briefed on the government’s initiatives for farmer welfare. Under the fertility scheme, small-scale farmers are eligible for loans of up to Rs1 million from banks on favourable terms. Farmers are also provided with risk coverage and crop-loss insurance through the State Bank of Pakistan (SBP). Drafts of the National Animal Health Act and the National Breeding Policy were presented to support dairy and livestock growth. Delegation members shared their concerns about sectoral challenges and proposed solutions, while expressing confidence in the government’s economic and development policies. Among those attending were Arshad Iqbal, Zeeshan Baig, Mahmood Nawaz Shah, Imad Malik, Rana Naseem, Ahsan Mustafa Bajwa, Jahangir Tareen, Fahad Patel, Shehzad Amin, Khizar Alam Khan, Amina Asif Bajwa, Zahoor Hussain, Usman Zaheer, Ahmed Qadir, Afaq Twana, Shaukat Rasool, and Khalid Khokhar. The meeting was also attended by Minister for National Food Security & Research Rana Tanveer Hussain, Minister for Planning Ahsan Iqbal, Minister for Climate Change Musaddik Malik, Minister for Information Attaullah Tarar, Minister for Power Division Awais Leghari, Minister for Science & Technology Khalid Magsi, Minister for Petroleum Ali Parvez Malik, Minister for Water Resources Muhammad Moeen Wattoo, Minister of State for Finance & Railways Bilal Azhar Kiyani, the special assistant to the prime minister on industries and production Haroon Akhtar Khan and other senior government officials. Copyright Business Recorder, 2026
RS27BN PROPOSED FOR 20 UPLIFT PROJECTS
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Naveed Butt ISLAMABAD: The federal government has proposed an allocation of Rs 27 billion, including Rs5.7 billion in local funding and Rs21.3 billion in foreign assistance, for 20 development projects in the budget for fiscal year 2026–27. According to official documents, the federal government has proposed an allocation of Rs2.5 billion for 10 ongoing development projects and Rs24.5 billion for 10 new development projects in the budget for fiscal year 2026–27. The allocation for new projects includes Rs21.3 billion in foreign funding and Rs3.2 billion in local funding. Among the new schemes, the government has proposed an allocation of Rs21 billion, entirely through foreign funding, for the Post-Flood 2022 Reconstruction Programme: Resilience Enhancement and Livelihood Diversification in Balochistan in the upcoming fiscal year. The government has also proposed Rs1 billion for the Rising Together Project aimed at the uplift of Pakistan’s 20 poorest districts on a 50:50 cost-sharing basis, Rs300 million for the National Multi-Sectoral Nutrition Programme to Reduce Stunting and Other Forms of Malnutrition, Rs400 million for the Establishment of the National Centre for Brand Development, Rs400 million for the Prime Minister’s Innovation Support and Startup Grants Programme, Rs948.27 million for the Social Sector Accelerator under HNEYG–National Priority Initiatives (PMBNIP), and Rs300 million for the CPEC Secretariat. For ongoing development projects, the government has proposed Rs400 million for Capacity Building and Institutional Strengthening of the Ministry of Planning, Development and Special Initiatives (PD&SI), Rs500 million for the Development Communication Project, Rs400 million for Strengthening the Ministry’s Information Technology Infrastructure, and Rs350 million for the National Economic Transformation and 5Es Unit (NETU)-Revised, among other initiatives. Copyright Business Recorder, 2026
STAKEHOLDERS FOR MORE EQUITABLE, TRANSPARENT TAX STRUCTURE
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Hassan Abbas LAHORE: A majority of participants at the BUSINESS RECORDER FORUM on challenges facing Pakistan’s textile sector backed the normal tax regime over the fixed tax regime, calling for a more equitable and transparent tax structure that accurately reflects actual income levels. DIRECTOR BUSINESS RECORDER RESEARCH ALI KHIZAR leading the session, brought together leading industry figures, tax experts and agricultural specialists to deliberate on the mounting pressures confronting one of Pakistan’s most vital export sectors. Chairman of the All Pakistan Textile Mills Association (APTMA), Kamran Arshad, sounded the alarm over shrinking cotton cultivation areas, warning that the government’s decision to permit construction of sugar mills in traditional cotton-growing regions is directly threatening the raw material supply the textile sector depends upon. Arshad described the fiscal environment as unsustainable, stating that the government currently takes back as much as 60 percent of earnings through various taxes. “How can a businessman realistically operate and grow under such a heavy financial burden?†he wondered, urging the government to provide electricity and gas at rates competitive with regional peers as a prerequisite for boosting exports. Arshad also rejected the newly-enacted Punjab Infrastructure Development Cess, warning that a 0.90 percent levy on goods manufactured, imported or exported through the province would accelerate deindustrialisation and cost jobs. Signed into law by Governor Punjab Sardar Saleem Haider Khan, the cess, he argued, creates a double taxation burden for Punjab-based manufacturers who already pay the Sindh Infrastructure Cess on consignments transiting that province an inequity that Sindh-based competitors do not face. He cautioned that the widening cost gap between Punjab and manufacturers in Sindh, Khyber Pakhtunkhwa and former FATA regions would push existing businesses to relocate and deter new investment. Shahzad Saleem, Chairman of Nishat Chunian Group, delivered a blunt assessment, stating that Pakistan’s economy is in terrible shape owing to decades of poor decision-making and a persistent reliance on stopgap measures rather than long-term structural reform. He called on the government to place its development expenditure budget on hold to ease the fiscal burden. Saleem also cited the Employees’ Old-Age Benefits Institution (EOBI) as an example of institutional mismanagement, questioning why pensioners receive so little despite the body holding billions in real estate assets. He warned that imposing excessively high taxes in a country with an already enormous black economy would drive activity underground rather than bringing it into the formal sector, and urged the government instead to ensure reasonable tax rates alongside free healthcare, quality education and security for citizens. On energy, Saleem argued that public discourse has presented only one side of the circular debt story, questioning accountability for the massive cost escalation of the Nandipur Power Project and noting it is ordinary Pakistanis who ultimately bear the cost. Former chairman of the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Mubashar Naseer Butt, argued in favour of the fixed tax regime, cautioning that granting additional powers to the Federal Board of Revenue would increase the risk of harassment against businessmen. He highlighted a disparity in turnover taxes, one percent on local sales against two percent on exports, and questioned how industry could survive when the overall tax ratio stands at 51 percent against a tax-to-GDP ratio of 13 percent. Asad Shafi, Chairman of APTMA North Zone and owner of retail brand Cross Stitch, lamented that Pakistan has failed to capitalise on the trade war between the United States and China. He called on the government to support thriving local brands in scaling to international markets and urged authorities to extend retail operating hours to 10 pm, warning that early market closures have inflicted a consistent 25 to 35 percent decline in daily revenues, with peak shopping hours between 8 pm and 10 pm being the heaviest casualty. Aurangzeb Shafi, Director of Crescent Bahuman Limited, stressed that a complete supply chain must be in place before any brand can be successfully developed, and urged the government to resolve taxation and energy challenges on a priority basis. Leading tax experts Ikram ul Haq and Huzaima Bukhari, along with an associate professor at the Suleman Dawood School of Business at LUMS, jointly called for a fundamental shift in the country’s taxation approach. They advocated for bringing the informal sector into the tax net rather than increasing the burden on compliant formal businesses, demanded a uniform tax structure free of preferential exemptions, and stressed the modernisation of the tax collection system to improve efficiency and transparency. Agricultural expert Dr Anjum warned that Pakistan’s cotton crop — once celebrated as “white gold†has collapsed from over 14 million bales in 2005 to historic lows in recent years, driven by erratic weather patterns, severe heatwaves and devastating floods across key growing regions in Punjab and Sindh. However, he offered a note of cautious optimism for the 2026 season in Bahawalpur division, a primary driver of Punjab’s cotton output. Farmers in the region achieved between 80 and 82 percent of an ambitious 567,000-acre cultivation target by late May, buoyed by targeted government initiatives and relatively favourable weather conditions. The forum concluded with broad consensus that the government’s primary role must be to facilitate business and collect taxes not to run commercial enterprises and that reducing the tax burden is essential if Pakistan’s export sector is to recover and grow. Copyright Business Recorder, 2026
TPB GREENLIGHTS DUTY RELIEF TO DEFENCE IMPORTS
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Mushtaq Ghumman ISLAMABAD: The Tariff Policy Board (TPB), an inter-ministerial body, headed by the Minister for Commerce, has reportedly decided to exempt defence imports from customs duty, well informed sources told BUSINESS RECORDER. The Board, sources said, has recently been apprised that the Ministry of Defence moved a summary on November 13, 2025 for the Prime Minister to exempt the current 15 percent customs duty on all defence imports. “The proposed exemption was intended to provide financial relief and additional fiscal space to the defence services for meeting their critical operational requirements,†the sources said adding that the Prime Minister has approved the summary with the direction that the Finance Division and the Federal Board of Revenue (FBR) would meet all codal and procedural formalities for granting exemption from the Customs Duty on defence imports. Secretary, Ministry of Commerce, Jawad Paul added that in pursuance of the approval/directive of the Prime Minister, a meeting was held under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, which was also attended by Secretary Finance, Secretary Commerce, Secretary Defence and Chairman, FBR. According to sources, during the meeting, it was decided that due to procedural technicalities, the exemption of Customs duty cannot be granted in the current financial year. “To implement the directive of the Prime Minister, the exemption of customs duty on defence imports would be granted from July 1, 2026 through Finance Act 2026-27,†the sources said adding that in order to fulfill the necessary codal formalities, Secretary Commerce requested the TPB, being the competent forum, to recommend the exemption on defence imports so that the same could be incorporated in Finance Act 2026-27. He also mentioned that seeking approval of IMF regarding exemption of Customs duty on defence imports, is the responsibility of Ministry of Finance. After detailed discussion, all members of the Tariff Policy Board unanimously recommended exemption of customs duty currently imposed on defence imports from July 1, 2026 by making necessary amendments in the 5th Schedule of Customs Act, 1969. An insider told this scribe that the proposal to lower duty on alcohol has been deferred due to negative media impression as was suggested by the Secretary Commerce. “Yes, reduction on duty on alcohol has been deferred due to fear of negative propaganda in the media despite the fact it is a banned item and is being imported by diplomats,†said one the TPB members. Responding to a question regarding reduction tariff on imported Electric Vehicles or Hybrid Vehicles, the final authority has been given to the Deputy Prime Minister and Foreign Minister, Ishaq Dar, who presided over the meeting on this matter on Monday (June 8, 2026). The Board member further stated that Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar has suggested deviation from the National Tariff Policy (NTP) to support local industry. However, the TPB argued that the government must implement the NTP in letter and spirit as per the agreement with the Fund. The final decision would be taken by the Prime Minister and subsequently by the federal cabinet, in its meeting to approve the federal budget. Copyright Business Recorder, 2026
BUDGET PROPOSALS: PBF ASKS KP GOVT TO FOCUS ON INDUSTRIALISATION
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Recorder Report PESHAWAR: Chairman, Pakistan Business Forum (PBF) Khyber Pakhtunkhwa chapter, Ashfaq Paracha has urged the provincial government to make industrial development a central pillar of the upcoming budget, stating that sustainable economic growth, employment generation, export enhancement, and revenue expansion cannot be achieved without a strong industrial base. Talking to media on Tuesday, Paracha said that Khyber Pakhtunkhwa possesses enormous economic potential due to its abundant natural resources, strategic location, hydropower generation capacity, mineral wealth, marble reserves, gemstones, tobacco production, agriculture, and tourism. However, despite these advantages, the province remains one of the least industrialised regions of Pakistan. He noted that the KP Government presented a budget of more than Rs 2.1 trillion for FY 2025-26, including an Annual Development Programme (ADP) of approximately Rs 547 billion. While the budget focused on social services and infrastructure, the business community believes that industrial development did not receive the level of attention required to transform the provincial economy. “Industrialisation is the backbone of every successful economy. Unfortunately, KP continues to export raw materials while value addition, processing, and manufacturing take place in other provinces. This deprives our people of employment opportunities, export earnings, and economic prosperity,†said Paracha. He observed that KP’s industrial sector has suffered long from inadequate infrastructure, high energy costs, and inconsistent gas supply, limited access to finance, insufficient industrial estates, weak logistics facilities, and lack of investor-friendly mechanisms. Several industrial clusters, particularly in marble processing, furniture manufacturing, engineering products, food processing, pharmaceuticals, and mineral-based industries, continue to face challenges that hinder their growth and competitiveness. Paracha said that despite possessing some of the world’s finest marble and significant mineral deposits, the province still exports a large proportion of its resources in raw or semi-processed form. As a result, the benefits of value addition, job creation, and export growth are captured elsewhere. The PBF provincial chief emphasised that the upcoming Budget 2026-27 should introduce a comprehensive industrial revival package aimed at strengthening the productive sectors of the economy. He proposed the establishment of a dedicated Industrial Development Fund with significant allocations for industrial infrastructure, modernisation of existing industrial estates, and accelerated development of Special Economic Zones. He further stressed the need for competitive electricity tariffs for industries operating in KP. “It is unfortunate that a province contributing significantly to the country’s hydropower generation is unable to provide affordable energy to its own industries. Competitive energy rates are essential for industrial expansion and export competitiveness,†he added. Paracha called for special incentives for small and medium enterprises (SMEs), which account for the majority of business activity and employment generation. He recommended subsidised financing, technology upgradation support, and simplified regulatory procedures to encourage entrepreneurship and industrial investment. The PBF also urged the government to establish modern mineral processing, marble finishing, gemstone cutting, and food processing facilities across the province. Such initiatives, he said, would help maximize the value of local resources while creating thousands of skilled and unskilled jobs. Highlighting the issue of unemployment, Paracha stated that KP has a huge young populations, with millions of young people entering the job market over the next decade. “The government alone cannot absorb this workforce. Industrial growth is the most effective mechanism for creating sustainable employment opportunities and reducing poverty,†he remarked. He further proposed industry-linked vocational training programs, export facilitation centers, improved logistics infrastructure, dry ports, warehousing facilities, and one-window investor services to attract domestic and foreign investment. According to Paracha, industrial development would not only generate employment but also increase provincial revenues, reduce dependence on federal transfers, improve exports, and strengthen the overall economic resilience of the province. Paracha further urged the provincial government to engage chambers of commerce, trade bodies, industrial associations, and the private sector in budget consultations to ensure that industrial development becomes a key driver of economic progress in Khyber Pakhtunkhwa. “A strong industry means a strong economy, more jobs for our youth, higher exports, and greater prosperity for the people of Khyber Pakhtunkhwa. The time has come to place industry at the heart of provincial economic policy,†he concluded. Copyright Business Recorder, 2026
PARTLY FACETIOUS: THE BUDGET CONTROVERSY
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Anjum Ibrahim “I don’t understand why the budget controversy.†“Why not? Muhammad Aurengzeb failed to get anybody on board and the result….†“The International Monetary Fund was on board – they approved the budget.†“Well you need to get some domestic players on board as well.†“Aurengzeb sahib did, I have it on good authority that he raised the salaries of the 7 percent of the country’s total work force, at the taxpayers’ expense, as well as pensions of the 7 percent of the work force….†“And that is why I keep telling you forget the private sector and go for a government job.†“As a journalist…..†“I heard for each private journalist there are now ten employed by the government at a much better salary…†“Hmmm so now what? The federal government reportedly wants to freeze the divisible pool to this year’s level and any additional taxes collected not to be part of the divisible pool..….†“That is violative of the constitution right?†“Who are you to decide that! The constitutional court will decide the matter.†“Oh! How long will that take!? I mean will it be as long as cases against some in jail…†“Hush, as long as it takes my friend.†“But how about reducing the expenditure, I mean….†“No can do, the salaries must be raised and this is approved by the Fund, but don’t worry the development expenditure can and will be slashed and…†“That happens every year. All administrations show a high development outlay in the budget speech claiming that they are above all previous administrations and then slash it mercilessly during the year…†“One exception: when Elder Brother was not resident in Raiwind.†“Well he spent an inordinately long time in the London flats and…†“You know what I mean.†“Yes I guess so why are the Noons dithering – they have a majority after all the bye elections and the tribunal decisions and the….†“A majority of one – they have 170 seats at present and it is better to deal with the PPP rather than their major coalition partner with PhDs in….†“Learn to respect the educated.†Copyright Business Recorder, 2026
BUDGET FOR THE PEOPLE
Date: 2026-06-10
Details: Published June 10, 2026 Updated about an hour ago By Qamer Soomro Our Finance Minister presents the Federal Budget for FY 2026-27 in the cool and comfortable chambers of Parliament. As is customary, the budget speech will be wrapped in polished language and a labyrinth of figures, percentages, projections, and economic terminology. It will be watched anxiously across the length and breadth of Pakistan by business chambers, investors, and ordinary citizens alike—the latter holding their breath in the faint hope that it may bring some relief rather than descend like a fresh bombshell of inflation and economic hardship. For years, the people have endured an unending cycle of mini-budgets in the form of abrupt increases in petroleum prices, electricity and gas tariffs, and fertilizer costs. These mini budgets trigger a wave of inflation causing chain reaction that sends the prices of essential commodities soaring, while rarely, if ever, bringing them back down. Each increase adds another burden to the shoulders of millions already struggling to survive, tightening the noose around households battling shrinking incomes and rising costs of living. As one walks through bazaars and markets, one finds little evidence of the much trumpeted economic recovery. Under blistering temperatures approaching 50°C and amid frequent, prolonged power outages, people desperately haggle over prices they can scarcely afford. The reality on the ground tells a different story from the optimistic narratives often heard in official circles. One encounters village women in bazaars and markets in worn-out clothes carrying malnourished children in their laps, with barefoot youngsters trailing behind. They move from stall to stall, gazing at vegetables, flour, and other necessities, only to return to their huts empty-handed. This heart-breaking scene is not confined to one locality. It is the bitter reality visible across cities, towns, and villages throughout Pakistan. “Does this budget have anything for us?†ask the multitudes struggling merely to survive. Their question deserves an honest answer. A large portion of government revenues is consumed by debt servicing, defence expenditures, administrative costs, salaries, and pensions. What remains for education, health, development, infrastructure, and social welfare is often little more than crumbs. Even these scarce resources frequently disappear under the insidious shadow of corruption, leaving little to improve the lives of ordinary citizens. Can a nation claim economic stability when nearly half its population struggles below or near the poverty line? Can recovery be celebrated when millions face hunger and deprivation? Pakistan continues to grapple with one of the region’s lowest literacy rates. More than 25 million children remain out of school. Healthcare services are deteriorating. Parents are withdrawing children from classrooms because they can no longer afford educational expenses. Despair is driving many young people into depression, addiction, crime, and even suicide. Millions face acute food insecurity. Unemployment remains alarmingly high, while vast numbers of young people enter an already saturated job market every year. Thousands seek opportunities abroad in desperation, while countless others remain trapped in hopelessness at home. Does this reflect genuine recovery, or merely statistical recovery disconnected from lived reality? This august House must reflect upon these painful realities. Parliament is not merely a forum where budget figures are recited and financial statements approved. It is the supreme representative institution of the sovereign people. It must safeguard the people’s right to live with dignity, to earn a livelihood, to educate their children, and to hope for a better future. The roots of our economic difficulties are well known: a narrow tax base, elite tax evasion, low exports, excessive imports, chronic trade imbalances, dependence on foreign borrowing, and recurring IMF conditionalities. Yet the burden of adjustment repeatedly falls upon those least able to bear it—the ordinary citizens already gasping for economic breath. This budget, therefore, demands sacrifice from the top, the elite and the privileged class rather than further extraction from the bottom. Real reform requires reducing the size of government, curtailing excessive perks and privileges, eliminating redundant ministries and departments, abolishing unnecessary SAPMs and advisors, discontinuing forthwith the pensionary benefits to former Presidents, PMs and Speakers, rationalizing expenditures, and ensuring that public office remains a responsibility rather than a source of privilege. The nation cannot continue asking the poor to tighten their belts while the corridors of power remain insulated from sacrifice. Parliament, which often demonstrates remarkable unity when protecting its own privileges, must now display the same unity in protecting the interests of the people and reclaiming Pakistan’s economic sovereignty. An indebted nation is not a free nation. Excessive dependence on external lenders gradually erodes national autonomy and limits independent policymaking. The path forward lies in domestic resource mobilisation, expansion of the tax net, export-led growth, agricultural revival, industrial development, investment in human capital, and uncompromising accountability. Only through such measures can Pakistan reduce its dependence on debt and move towards genuine financial self-reliance and economic autarky. Above all, this budget must be a budget for the people. As lawmakers deliberate beneath the high ceilings of Parliament today, they should think beyond spreadsheets and statistics. They should think of the barefoot children wandering through bazaars, of mothers bargaining desperately for basic necessities, of farmers crushed by rising costs, and of young people losing hope on street corners. Let this Parliament rise above partisan divisions and prove worthy of the trust placed in it by the sovereign people. Let it deliver a budget that alleviates poverty, creates employment, strengthens education and healthcare, restores human dignity, and places public welfare at the centre of national priorities. Only then will the budget be remembered not as an annual ritual of accounting, but as a genuine instrument of justice, compassion, and national renewal. Copyright Business Recorder, 2026
THE CREDIBILITY GAP: HOW ACCURATE ARE PAKISTAN'S BUDGET PROJECTIONS?
Date: 2026-06-10
Details: Published June 9, 2026 Updated about 21 hours ago By Rida KhalidHasan Umair Every year, the months leading up to June become highly charged in the world of business, media and policy. The federal budget becomes the dominant subject of discussion: industry associations lobby for concessions, businesses seek favourable tax treatment, ministries push for their development schemes, and the Ministry of Finance attempts to balance competing domestic demands against the expectations of international creditors. At its core, a budget is meant to provide guidance. Whether in the public or private sector, it is a forward-looking document that sets priorities, allocates resources, and signals how an institution intends to manage its inflows and outflows over the coming year. In the case of government, the budget is also a statement of policy intent: it tells citizens, businesses and markets where public money is expected to go, how revenue is expected to be raised, and what trade-offs the government is prepared to make. While the budget may not be binding in the strictest sense, its credibility depends on the extent to which the government follows the path it has itself announced. In Pakistan, that commitment often appears weak. As a matter of routine, barely weeks or months after the budget is presented, substantial changes are made, creating the impression that the original budget is treated less as a settled roadmap and more as a first draft. By the end of the year, even the adjusted numbers do not always translate neatly into final outcomes. This raises a basic question: if the budget changes substantially during the year, and somehow, the final outcomes still differ meaningfully from the revised plans, how useful is it as a guide to government priorities and public finance management? To examine this, the scorecard compares original budgeted figures, revised estimates, and actual outcomes across FY21–FY25. This provides a clearer view of how fiscal estimates change over the budget cycle, and how closely the figures approved at budget time align with eventual outcomes. Understandably, the figures indicate that actual outcomes are closer to revised estimates than to originally budgeted for both revenue and expenditure. Average deviation falls by 7.0 percentage points on the revenue side and by 13.5 percentage points for expenditure when actual outcomes are compared with revised estimates rather than original budgeted figures. This aggregate pattern is also visible in individual expenditure heads. Subsidies deviated from the original budget by an average of 57%, yet when measured against the revised estimate, that gap narrows to just 2%. Debt servicing follows a similar pattern, overshooting the original budget by an average of 9% but landing within 0.1% of the revised figure. This reinforces why the original budget remains the relevant benchmark: the revised estimate is a correction made during the year, while the original budget is the public guidance made to citizens, businesses, and markets. Framework and scoring Budget reliability is a central concern in public financial management. The Public Expenditure and Financial Accountability (PEFA) framework provides a standardised methodology for assessing the quality and effectiveness of public financial management systems. It evaluates key dimensions including budget credibility, transparency, revenue and expenditure controls, and external scrutiny. These assessments help identify systemic weaknesses and support reforms aimed at strengthening fiscal governance. Building on PEFA’s approach to budget credibility, this scorecard applies to the concept for a more focused purpose. While PEFA forms part of a broader public financial management assessment, this scorecard uses the same underlying principle to examine the reliability of estimates across individual expenditure and revenue heads and across fiscal years. The assessment examines the extent to which allocations remain aligned with actual expenditures, identifies heads where adjustments are recurring, and highlights deviations significant enough to question the budget’s reliability as a planning and resource allocation tool. Each line item is classified through an A–D scoring matrix based on the percentage deviation. Deviations on either side of the estimate are treated equally, with the extent of the deviation determining the credibility score. The scorecard therefore provides a practical, data-driven way to compare budget credibility across the budget. Budget performance: a five-year review The findings point to an uneven profile across Pakistan’s budget, with reliability varying between inflows and outflows. Using the rating scale, D-rated observations account for a sizeable share of the overall distribution. This pressure is clearest on the revenue side, where weaker scores are more prominent than in expenditure. Scale changes the story. In FY25, indirect taxes missed the original target by around Rs1.5 trillion, making the shortfall material for overall revenue performance. On the expenditure side, debt servicing and provincial share dominate the spending profile, showing why deviations in large heads matter more than percentage variance alone. Scorecard further reveals a mixed picture of budget credibility across Pakistan’s fiscal framework over FY21–FY25. While some revenue and expenditure heads remain broadly aligned with original budgetary targets, persistent and recurring deviations in others suggest that the budget does not consistently serve as a reliable predictor of actual fiscal outcomes. The pattern also suggests that budget predictability varies across different revenue and expenditure heads, rather than being evenly distributed. Across the five-year period, only 1 out of 6 revenue heads and 3 out of 9 expenditure heads remain broadly aligned with original estimates for most years. On the revenue side, direct taxes show a relatively stronger track record, with actual collection staying within acceptable deviation ranges in most years. Indirect taxes, however, have consistently fallen short of original budgeted targets, most sharply in FY25 where the shortfall exceeded 20%. This is particularly consequential given that indirect taxes account for approximately 39% of total budgeted revenue, making them the single largest revenue head. Hence, a shortfall of this magnitude therefore translates into a gap of over Rs1,500 billion in FY25 alone. The petroleum levy and State Bank of Pakistan (SBP) profit are the most volatile heads; original budget estimates for both diverged substantially from actuals across multiple years, scoring D in several instances. Provincial surplus transfers similarly underperformed against budgeted figures in most years, reflecting persistent uncertainty in intergovernmental fiscal flows. On the expenditure side, debt servicing is the most significant area of deviation. From FY23 onwards, actual debt servicing consistently exceeded the original budgeted figure by a substantial margin, pointing to the government’s limited ability to forecast its debt obligations at the time of budget preparation. Subsidies follow a similar pattern; actual expenditure exceeded budgeted allocations nearly every year, often by a wide margin. Federal PSDP, by contrast, consistently fell below its budgeted target, with actual spending underperforming the original allocation across all five years. The overall pattern points to a two-tier credibility structure. Heads that are mandatory or formula driven such as defence, pensions, and provincial transfers tend to show closer alignment between budgeted and actual figures. Heads subject to policy discretion, external shocks, or implementation constraints show the largest and most recurring deviations. This suggests that while the budget may provide a reasonable guide for obligatory expenditures, it is a less reliable indicator of outcomes in areas where the government retains discretion or faces execution challenges. Toward a more credible budget A credible budget should act as more than an annual announcement. A budget that changes substantially during the year and whose final outcomes still diverge from the original plan raises a legitimate question about its purpose. If the numbers presented are routinely revised within months and consistently missed by year-end, the budget risks functioning as an opening estimate rather than a credible statement of fiscal intent. Not all deviations are avoidable: fiscal management often requires adjustment in response to inflation, financing pressures, policy changes, and external shocks. The concern is not that every estimate must be met exactly, but that repeated deviations in the same heads weaken the budget’s role as a guide for planning, transparency, and accountability. The scorecard should therefore be read as a tool for identifying where scrutiny is most needed before the next budget is presented. Budget heads that fall below basic credibility for two or more consecutive years should be subject to a higher standard of justification in the next budget cycle. Their estimates need to be anchored in a rolling average of actual outcomes, adjusted where necessary for inflation, policy changes, and macroeconomic assumptions, with any material departure from this baseline explicitly justified by the Ministry of Finance at the time of budget presentation. Pakistan’s Medium Term Budget Framework (MTBF) should also be subject to a mandatory annual reconciliation showing, for each major head, what the MTBF projected three years earlier, what the annual budget estimated, what was revised during the year, and what ultimately materialised. This would shift the burden of proof: instead of optimistic or unrealistic estimates passing unchallenged and deviations being explained after the fact, high-risk budget heads would need to be defended upfront. Closing the credibility gap will not come from treating deviations as failures in themselves, but from making the assumptions behind budget estimates more transparent and the explanations for repeated gaps more disciplined. The value of the scorecard lies in making these patterns visible before budget approval, so that the debate can move beyond headline allocations to the reliability of the numbers on which fiscal choices are based.
TRADERS SEEK BUSINESS-FRIENDLY MEASURES IN BUDGET
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Industrialists, traders and agricultural experts have urged the government to adopt business-friendly policies and provide immediate relief to the industry, trade and agriculture sectors to tackle economic challenges and ensure sustainable growth. The demand was made at a pre-budget seminar organised by the Traders Wing of the Pakistan Markazi Muslim League (PMML), where participants stressed that manufacturing growth, agricultural development and youth employment were essential for achieving long-term economic stability and prosperity. Addressing the seminar, Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Sehgal said Pakistan possessed immense economic potential and abundant natural resources but required effective leadership and sound policymaking to realise meaningful progress. He further said a strong economy was crucial for national development and called for collective efforts to overcome economic challenges. He noted around 65 percent of the country’s population comprised young people and said they could play a transformative role in the economy if provided opportunities in information technology, entrepreneurship and industrial development. Speakers highlighted the need to promote manufacturing and create a supportive business environment to boost exports, generate employment and stimulate industrial activity. They expressed concern over high interest rates, rising energy tariffs and increasing production costs, terming them major impediments to economic growth and investment. The participants also described agriculture as the backbone of the national economy and urged the government to review its agricultural policies, launch an agricultural emergency programme and establish special agriculture-industrial zones to support farmers and enhance productivity. Copyright Business Recorder, 2026
SENATE SURRENDERS RS1.44BN SAVINGS TO NATIONAL KITTY
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Sardar Sikander Shaheen ISLAMABAD: The Senate of Pakistan has announced to have surrendered the savings of Rs1.44 billion to the national kitty through a “comprehensive austerity and expenditure rationalisation programme.†The savings exceed the target set by the Finance Division by 500 percent and constitute 15.9 percent of the Senate’s total budget for the outgoing fiscal year 2025-26, the Senate Secretariat said in a statement on Monday. “Despite the availability of Rs60 million under the budgetary allocation for the purchase of official vehicles during the current financial year, not a single vehicle was procured, reflecting the Senate leadership’s commitment to prioritising national interest over institutional convenience,†according to the statement. This March, reports surfaced suggesting that the Senate Secretariat purchased a luxury Toyota Land Cruiser vehicle worth Rs90 million for Chairman Senate Yousaf Raza Gilani, a move that earned enormous public backlash, prompting the Secretariat to issue a clarification. In the said clarification, the Senate Secretariat impliedly confirmed the purchase of the luxury vehicle on the said price but insisted that the said vehicle was purchased in the last financial year 2024-25 from the Senate’s “budget savings,†and that the vehicle was only delivered in the month of March. In Monday’s statement, the Senate Secretariat said that the Senate Finance Committee, on the proposal of the chairman Senate, unanimously decided to forgo the proposed allocation for replacement of condemned official vehicles in the forthcoming financial year that is expected to generate additional savings of approximately Rs140 million. The Senate Secretariat said that among the “most significant†of its austerity measures was the suspension of 17 out of 18 procurement projects approved by the Senate Finance Committee, “resulting in substantial and immediate savings.†Recruitment and other non-essential expenditures were rationalised, administrative overheads reduced, and operational costs brought under strict scrutiny, the statement added. The official transport fleet was substantially grounded, fuel allocations were strictly capped, and usage was subjected to enhanced oversight, the statement said. The provision of refreshments at official meetings and functions was discontinued, while committee proceedings were increasingly shifted to digital and virtual platforms to reduce logistical and hospitality costs. Likewise, all non-essential foreign visits were suspended in line with the broader objective of expenditure restraint, added the statement. Copyright Business Recorder, 2026
THE MISSING BUDGET DEBATE: PAKISTAN’S SAVINGS COLLAPSE
Date: 2026-06-09
Details: Published June 9, 2026 Updated about an hour ago By Dr S M Naeem NawazWajid Islam In 1992, Pakistan saved 17.4 percent of its GDP. By 2024, it had fallen to only 6.4 percent. Over three decades, across different governments, economic upturns and downturns, IMF programmes and short periods of stability, the country had lost its domestic savings base. The consequence? An economy unable to fund its investment needs has to rely on foreign savings, resulting in a balance of payments crisis each time. This is not a tale of saving money or living frugally. This is one of the most important, but also the least discussed, macroeconomic disasters of our time. It needs attention in the upcoming budget debate for FY2026-27. The country cannot finance sustainable growth by taxing more and borrowing more; it needs to rebuild its domestic savings base for sustainable growth. The current performance of country savings looks very dismal when compared with the regional peers. Pakistan has been saving on average about 11 percent of its GDP for the past 35 years. In the same period, Bangladesh averaged 21 percent, India by over 28 percent, and Vietnam by almost 30 percent. The gap cannot be explained by income level alone; these countries managed to create an environment where savings were safe and well-rewarded. Those savings ultimately translated into jobs and growth. Conversely, the savings base eroded in Pakistan. Because savings don’t make sense for the average Pakistani. Around 94 percent of all income generated in the economy is consumed on necessities, such as food, rent, power, commuting, healthcare, and education. Whatever little money is left over gets eaten up by rising inflation, which in recent years has always risen faster than the interest offered by banks. When returns on deposits or savings products do not compensate for rising prices, households see little reason to keep money in formal financial instruments. This creates an inflation/consumption trap. Households spend the lion’s share on necessities, and what little is left ends up stashed in cash, committees, and jewellery in the cupboard. These may provide security at the household level, but they do not create an efficient pool of resources for productive investment. The situation is further worsened by the lack of financial literacy and sludge. Millions of Pakistanis, particularly women and rural inhabitants, are unable to access financial instruments due to long distances, extensive documentation, lack of trust, and existing products that are not compatible with their needs and beliefs. Then comes the role of the state, persistent fiscal deficits reduced national savings. Over the years, the country has been spending more than it generates and relies heavily on borrowing, including from domestic banks, leaving almost nothing for the private sector. Banks prefer such lending due to associated lower risks and higher profits, which triggers the crowding out of private investors from the economy. However, all is not lost, and this issue is still resolvable. The upcoming Finance Bill is the natural place to begin with, through the provision of incentives to motivate citizens and nudging them to save. Building on the Policy Viewpoint, “Mobilizing Domestic Savings: A Finance Bill and Institutional Reform Agenda for Pakistan,†by Dr. S. M. Naeem Nawaz (Professor of Economics) and Wajid Islam (Research Economist) at PIDE, the policy response should begin with a targeted National Savings Mobilization Package through the FY2026–27 Finance Bill. The principle should be simple. Ensure that systematic saving is more rewarding and secure than stashing away one’s wealth in the form of cash or gold. Specifically, it requires the revival of a targeted tax relief scheme for approved long-term investment instruments. Previously, such instruments were offered under Section 62 of the Income Tax Ordinance until withdrawn in 2022. It implies the promotion of pension schemes, especially those aimed at younger individuals, women, and self-employed citizens, to encourage saving from an early age. It is pertinent to note that the incentives have to be tailored to serve as a reward for authentic, small, and long-term savers. Caps on the amount of the incentive, minimum investment duration, and clawback provisions for early withdrawals can help keep the fiscal burden at bay. A savings-friendly budget needs to refrain from punishing citizens whenever their money flows into the formal economy. The transaction taxes on bank-based financial transactions have done significant harm by pushing citizens away from banks. Along with incentives, a conducive environment is a prerequisite to enable easy access to financial markets. The country doesn’t need to work from scratch as several options are already available, such as national savings institutions, a broad network of banking outlets, digital payment mechanisms, and Islamic finance institutions. What is needed is a channel that links them in a manner that allows citizens to gain access to these services through digital accounts, easy verifications, and diversity of Shariah-compliant instruments. However, nothing will stick unless the government balances out its books as well. Restraining wasteful expenditure, reducing losses in state-owned enterprises, and using borrowed funds for investments instead of expenditures must become integral parts of any policy for savings. Pakistan has spent too long trying to finance growth without building the savings base needed to sustain it. The choice is not between austerity and growth. The real choice is whether Pakistan will continue relying on foreign savings or begin rebuilding the domestic pool on which durable growth depends. The Finance Bill FY2026-27 should be the starting point. Reward formal long-term saving, protect small savers, reduce public-sector dissaving, and ensure that domestic resources finance productive investment. Copyright Business Recorder, 2026
FEDERAL BUDGET NOW LIKELY TO BE ANNOUNCED ON 12TH
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The federal government is likely to postpone the presentation of the 2026–27 federal budget from June 10 to June 12, with a final decision on the proposed change expected in a day or two. Speaking to the media at Parliament House on Monday, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that several key budget-related matters are yet to be finalised, prompting discussions on revising the budget presentation schedule. He said discussions were still underway and that limited time, coupled with the approaching month of Muharram, had complicated the process. “Many aspects of the budget are still being finalised,†he said, adding that no final decision had yet been taken on whether the presentation date would be changed. He said that negotiations between the Pakistan Muslim League-Nawaz and Pakistan People’s Party over the Public Sector Development Programme (PSDP) had been completed and that the coalition partners had reached an understanding on development allocations. The Minister said that the federal government would allocate a larger share of development funds to smaller provinces in the upcoming fiscal year, with the highest allocation earmarked for Balochistan, followed by Sindh and Khyber Pakhtunkhwa, while Punjab would receive the lowest federal development allocation. He also said the federal government plans to launch the Sukkur-Hyderabad Motorway during the next fiscal year and will allocate funds for the K-IV Water Project in the upcoming budget. Copyright Business Recorder, 2026
PPP ‘GREENLIGHTS’ BUDGET SUPPORT
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Naveed ButtZulfiqar Ahmad ISLAMABAD: After two days of intensive negotiations, the federal government and its key coalition partner, the Pakistan People’s Party (PPP), moved closer to an agreement on the 2026-27 federal budget on Monday, with the PPP signalling a cautious endorsement despite earlier reservations. The breakthrough came during a high-stakes meeting at the Presidency, where Prime Minister Shehbaz Sharif and his team met President Asif Ali Zardari and senior leaders from both parties in talks that lasted several hours. The sources said that the federal budget will not be presented on June 10, as both sides have agreed that Finance Minister Muhammad Aurangzeb will announce the date for presentation of federal budget for 2026-27 within 24 hours. The timeline for presenting the federal budget has again come under review, but now sources added that June 12 has emerged as a possible new date, although 10 June remains under consideration. They said that both the government and the PPP agreed to form technical committees to settle the federal government’s demand of Rs1.7 trillion from the provinces. The budget had previously been postponed from 5 June to 10 June. Meanwhile, the National Economic Council (NEC) meeting, originally scheduled for today (Tuesday), according to sources will now be held on June 10. According to sources familiar with the discussions, the session, which included top government ministers and members of the PPP’s budget committee, produced broad consensus on most proposals, while technical consultations are expected to continue on a few remaining points. Sources said the discussions were wide-ranging, covering the economy, public relief measures, law and order, provincial rights, and other matters of national importance. President Zardari emphasised that the federal budget should prioritise public welfare, economic stability, and provincial equity, directing that growth targets align with welfare programmes. An official statement from the President’s House confirmed that the leaders focused on the federal budget, national security, internal affairs, and the regional situation. The meeting also addressed other pressing issues, including recent developments in Azad Jammu and Kashmir (AJK) and the outcome of elections in Gilgit-Baltistan. Prime Minister Sharif congratulated President Zardari on the electoral victory, quipping that “the young Bilawal ran a better election campaign than us.†President Zardari replied with a smile: “After all, whose son is he.†In a separate meeting, Bilawal met the Prime Minister to discuss the political situation in Azad Kashmir, urging that all issues be resolved through dialogue. While both sides have reportedly agreed on most budget proposals, technical committees will continue consultations to finalise the remaining points. Officials said both parties remain committed to accommodating each other’s priorities amid fiscal and policy constraints. Officials indicated that preparations are underway to release the economic review of the outgoing financial year by Tuesday evening, despite the shifting schedule. Government officials in attendance included Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, and the adviser to the prime minister on political affairs Rana Sanaullah. The PPP delegation was led by Chairman Bilawal Bhutto-Zardari and included Sherry Rehman, Naveed Qamar, Saleem Mandviwalla, Agha Shahzaib, Sindh Chief Minister Syed Murad Ali Shah, and Raja Pervaiz Ashraf. Raja Faisal Rathore, Prime Minister of Azad Jammu and Kashmir, was also present. Copyright Business Recorder, 2026
TAXES & ENFORCEMENT: FINANCE BILL MAY INTRODUCE RS1TRN MEASURES
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: Finance Bill 2026 is likely to introduce tax policy and enforcement measures of nearly Rs 1 trillion in budget (2025-26) including federal excise duty (FED) on naphtha petroleum products, fixed sales tax regime on steel sector and harsh penalties on non-compliant taxpayers refusing digital integration, installation of production monitoring and point of sales (POS) system. Sources told BUSINESS RECORDER that the half of revenue has been estimated from enforcement measures and the remaining through policy measures, taking the total to nearly Rs 1 trillion. The imposition of FED on the naphtha petroleum products is one of the major revenue measures for 2026-27. The Finance Bill 2026 will amend Inland Revenue laws to make the Federal Board of Revenue (FBR) a total faceless entity from July 1, 2026 and this requires digital integration of taxpayers with the FBR’s systems specially production monitoring. Finance Bill 2026 will impose extraordinary penalties on taxpayers, who would fail to comply with the digital integration and production monitoring from July 1, 2026. The faceless Inland Revenue of the FBR will be launched from October 1, 2026, which requires immediate need of production monitoring at manufacturing premises of leading sectors. Besides, the implementation of the POS systems and digital integration will be done at any cost, sources said. The faceless FBR is the top priory of the present government and faceless FBR center IR will be launched in October 2026. The faceless system is not possible without digital integration and therefore harsh punishments are proposed for non-complaint taxpayers under the Finance Bill 2026. The proposals are to impose 18 percent sales tax on solar panels, new items for charging sales tax on printed retail price basis and amend Sales Tax Act to tightened enforcement laws against sellers of illicit products including cigarettes in the market. However, this is subject to the approval of the federal cabinet. Sources told BUSINESS RECORDER that the Prime Minister has recently held a meeting in this regard to improve coordination between federal and provincial governments to check illicit trade across Pakistan. The major focus of the federal budget (2026-27) is to increase enforcement against non-compliant sectors and taxpayers. The sales tax and income tax exemptions, expired on June 30, 2026, would not be extended in budget (2026-27). According to sources, the federal government may make it mandatory from July 1 for manufacturers to print retail prices and the applicable 18 percent sales tax on the packaging of a wide range of consumer goods as well as home appliances such as refrigerators, air conditioners and washing machines. Most of the items of the fast moving consumer goods would be included in the Third Schedule of the Sales Tax Act. The government has decided to introduce stricter measures in the upcoming fiscal year to broaden the tax net and curb sales tax evasion. Copyright Business Recorder, 2026
NO CONSENSUS YET ON PROVINCES’ SHARES UNDER NFC AWARD
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: The federal government has yet to secure the consensus of provincial governments on a proposal to retain around Rs1.1 trillion to Rs1.2 trillion from the provinces’ shares under the National Finance Commission (NFC) Award for strategic spending and federal development projects, creating uncertainty over the Federal Budget 2026-27. This was stated by Khyber Pakhtunkhwa Finance Adviser Muzammil Aslam while speaking to the media here on Monday. He further said that the budget process remains incomplete as key fiscal figures have yet to be finalized with the International Monetary Fund (IMF). “Budget-making process was facing unprecedented difficulties, warning that unresolved disputes between the federal government and provinces, coupled with pending negotiations with the IMF, could delay the presentation of the federal budget beyond June 10â€, said the advisor, while adding that a federal government delegation led by Ahsan Iqbal had met KP Chief Minister earlier in the day to discuss budget-related matters. He said the National Economic Council (NEC) meeting is scheduled for Tuesday, but its postponement cannot be ruled out, given the difficult situation. He added that the KP government’s participation in the NEC meeting is linked to being allowed to meet PTI founder Imran Khan. Aslam added that a meeting with PTI founder Imran Khan had become “unavoidable†amid the ongoing fiscal negotiations, expressing confidence that the party founder would not reject any reasonable request aimed at resolving the impasse. According to Aslam, the federal government wants provinces to surrender part of their NFC shares to finance strategic requirements and the Public Sector Development Programme (PSDP), but no consensus has been reached. Earlier Rs 1.7 trillion was quoted to be surrender by provinces a per federal government demand, however, the adviser said that based on estimated revenue collection of around Rs 1500 trillion by the Federal Board of Revenue (FBR), provincial governments would have to surrender around Rs 1.1 trillion to Rs 1.2 trillion under the proposed agreement, where KP would have to give up around Rs170-180 billion, making it difficult for the province to meet rising pension and salary expenses. For the current fiscal year, provinces were allocated Rs8.2 trillion from an estimated FBR tax collection of Rs14.13 trillion. He claimed the federal government was making ‘strategic demands’ from the provinces while insisting provincial governments would receive the same share of resources as last year. Aslam questioned how the federal government could keep provincial transfers unchanged next year despite higher revenue expectations. “Even if the provinces agree, there are serious technical questions about how such an arrangement would work and how IMF-mandated provincial budget surpluses would be achieved,†he said. He said the government is considering presenting the federal budget on June 12, although further delays remain possible. Aslam said uncertainty over fiscal estimates has already forced revisions in economic projections. The GDP growth target has been reduced from 4.2 percent to 4 percent, while the size of the PSDP has yet to be finalised. He also questioned how the government still expects to create two million jobs despite lowering the growth target. “The budget process remains incomplete because key figures have not been locked,†he said, adding that negotiations with the IMF are continuing. The adviser also questioned the constitutional and legal basis for withholding provincial shares under the NFC Award. He argued that no technical formula exists for such a move and maintained that the NEC is not the appropriate forum to approve it. Aslam also complained about cuts in federal allocations for KP. He said the province was informed on June 1 that it would receive Rs66 billion for the Accelerated Implementation Programme (AIP) and merged districts, but the amount has since been reduced to Rs56 billion. He added that development spending for the merged districts has also been cut repeatedly, from Rs37 billion to Rs25 billion and now to Rs22 billion for the outgoing fiscal year. According to him, larger increases in federal allocations have been provided to Sindh and Balochistan. Copyright Business Recorder, 2026
RS20BN PROPOSED FOR M-6 PROJECT UNDER PSDP
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Hamza Habib ISLAMABAD: The Ministry of Planning, Development and Special Initiatives has proposed an allocation of PKR 20 billion for the Sukkur–Hyderabad Motorway (M-6) project under the Public Sector Development Programme (PSDP) 2026–27, against a requirement of PKR 70 billion. Secretary of the Planning and Development Division stated this in a joint meeting of the Senate Standing Committees on Communication and Planning, Development and Special Initiatives. The chairpersons of both committees, Senator Pervaiz Rashid and Qurat-Ul-Ain Marri, chaired the meeting. He said that the project’s funding requirement stands at PKR 70 billion. He stated that the final allocation would be determined after further deliberations. Members expressed serious concern over the slow pace of progress and inadequate funding for the project. Senator Shahadat Awan noted that the 306-kilometre M-6 segment remains the only missing portion of the 1,522-kilometre Peshawar-Karachi motorway corridor. He observed that the current funding pattern could significantly delay the project’s completion. Chairman of the National Highway Authority (NHA) informed the Committee that the project has been divided into five segments for implementation under the Public-Private Partnership (PPP) model and that the required land acquisition has already been completed. The Committee was informed that financing discussions with international partners, including the Islamic Development Bank, OPEC Fund, and interested Saudi investors, are underway to support the project’s implementation. Senator Pervaiz Rasheed appreciated the Committee’s initiative in taking up the long-pending M-6 project, describing it as a critical missing link in Pakistan’s motorway network. Several members criticised the absence of the Minister concerned and recorded their protest, emphasizing the importance of ministerial oversight for the timely execution of the project. Members also raised concerns regarding the condition of road infrastructure in Balochistan, particularly the Quetta-Dera Ismail Khan, Gwadar-Karachi, and N-25 corridors. The Committee stressed the need to prioritize these projects due to their strategic and economic significance. Senator Abdul Qadir highlighted the issue of insufficient annual allocations for major infrastructure projects, which often result in prolonged completion timelines. He urged the government to ensure the timely release of funds and payments to contractors. Senator Talha Mahmood drew the Committee’s attention to the deteriorating road infrastructure across the Chitral region and stressed the need for urgent rehabilitation and development measures. The Committee also discussed the proposed 286-kilometre Gilgit–Shandur road project, which is envisaged as an alternative route to the Karakoram Highway (KKH). Secretary Communications informed the Committee that the Ministry is actively pursuing the project to improve regional connectivity and provide an alternate transportation corridor for the public. The Committee recommended that priority be given to the completion of ongoing projects before initiating new schemes. It further recommended that the full requirement of PKR 70 billion be allocated for the M-6 project and directed that these recommendations be conveyed to the National Economic Council (NEC). The Chair directed the Chairman, NHA, to fulfill his commitment regarding the commencement of M-6 project segments by September and November 2026. The Committee also recommended that the N-8 highway project be accorded priority in funding allocations. Furthermore, it emphasised that development projects should only be initiated after ensuring adequate financial resources for their completion. Copyright Business Recorder, 2026
FY2026-27 BUDGET: PSCTF CALLS FOR STRUCTURAL TAX REFORMS
Date: 2026-06-09
Details: Published June 9, 2026 Updated about 2 hours ago By Recorder Report KARACHI: Pakistan SADC Chamber Trade Federation (PSCTF) has urged the federal government to undertake wide-ranging structural tax reforms in the FY2026-27 budget, advocating a shift from what it termed an “extractive revenue collection model†to a growth-oriented framework focused on investment, exports, industrial expansion and job creation. In a set of budget proposals submitted to the Ministry of Finance and the Federal Board of Revenue (FBR), the PSCTF said Pakistan’s economy continues to face deep-rooted structural challenges, including a low tax-to-GDP ratio, elevated energy costs, constrained industrial productivity and a widening trade deficit. SADC stands for Southern African Development Community. PSCTF’s Convener of Pakistan Chapter Syed Moizuddin shared with Business Recorder that among its key recommendations, the forum called for the restoration of the Final Tax Regime (FTR) for goods exporters, arguing that the current taxation framework has created liquidity pressures and increased compliance costs for export-oriented industries. It said a predictable tax regime would improve cash flows and enhance Pakistan’s export competitiveness in international markets. The PSCTF also proposed a legally binding mechanism requiring the FBR to process and disburse all valid export-related sales tax refunds within 30 to 45 days. Delayed refunds, it noted, continue to lock up billions of rupees in industrial working capital, undermining production and export growth. For improving Pakistan’s investment climate, the forum recommended a phased abolition of the Super Tax on corporations and a gradual reduction in the standard corporate income tax rate from 29 percent to 25 percent over the coming years. Such measures, it argued, would encourage business expansion, attract foreign direct investment and improve regional competitiveness. For the salaried class, the proposals seek an increase in the annual tax-exempt income threshold from Rs600,000 to Rs1.2 million, citing inflationary pressures and rising living costs that have eroded disposable incomes and accelerated the migration of skilled professionals abroad. Syed Moizuddin said the forum has emphasized long-term policy certainty for the information technology sector by maintaining the concessional tax regime for IT and IT-enabled services exports, describing predictability as essential for sustaining growth in one of Pakistan’s fastest-growing export industries. To broaden the tax base, the PSCTF advocated greater use of digital technology and data analytics, including cross-referencing banking, property, utility and travel records to identify undocumented income and bring non-filers into the formal economy. It also urged stricter enforcement of point-of-sale integration across the retail sector. In support of industrial modernization, the proposals recommend zero customs duty and sales tax on imports of non-locally manufactured industrial machinery, automation equipment and renewable energy technologies, measures the forum says would boost productivity and accelerate Pakistan’s transition toward cleaner energy sources. The PSCTF also proposed the introduction of a National Taxpayer Compliance Rating System, under which compliant taxpayers would receive incentives such as faster refunds, fewer audits and lower withholding tax rates. Additional tax credits were suggested for companies generating employment and investing in university-led research, innovation and workforce development. PSCTF’s Convener pleaded that while some measures may have a limited short-term fiscal impact, they would generate substantial long-term benefits by expanding the tax base, increasing exports, encouraging investment, creating jobs and raising Pakistan’s tax-to-GDP ratio. The recommendations come as the government prepares to unveil the federal budget for FY2026-27 amid efforts to balance fiscal consolidation with economic growth, export promotion and private-sector development. Copyright Business Recorder, 2026
DAR, BILAWAL DISCUSS FEDERAL BUDGET
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 4 hours ago By Naveed Butt ISLAMABAD: Deputy Prime Minister Ishaq Dar and Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari discussed matters relating to the federal budget 2026-27, which is scheduled to be presented in Parliament on June 10 (Wednesday). They discussed the budget during a meeting held on Sunday night at Zardari House, Islamabad. During the meeting, both leaders held consultations on key budgetary proposals and broader economic priorities ahead of the formulation of the new fiscal plan. PPP leaders Sherry Rehman, Naveed Qamar, Syed Murad Ali Shah, and Jam Khan Shoro were also present on the occasion. According to the sources said the meeting between PPP leaders and government representatives focused on finalising development allocations and reviewing financial matters related to the upcoming budget. The sources said that the federal government is seeking budgetary support of Rs1.7 trillion from the provinces to help meet its fiscal requirements for the next financial year. Copyright Business Recorder, 2026
40 WOMEN CHAMBERS SUBMIT BUDGET PROPOSALS TO KAYANI
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 4 hours ago By Naveed Butt ISLAMABAD: State Minister for Finance and Revenue Bilal Azhar Kayani on Sunday held a consultative meeting with presidents, vice presidents, and representatives of Women Chambers of Commerce and Industry across the country at the Ministry of Finance. The meeting was attended by delegations from Islamabad, Lahore, Faisalabad, Sialkot, Peshawar, Abbottabad, Sargodha, Karachi, and several other cities, representing around 40 women chambers. The delegation, led by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Qurat-ul-Ain, engaged in detailed discussions with the state minister on the coming federal budget formulation process, women’s economic inclusion, entrepreneurship, and strengthening the role of women in the national economy. The delegations submitted proposals for consideration in the upcoming federal budget-2026-27. The minister assured the participants that their suggestions and concerns would be given serious consideration in the policy-making process. Participants highlighted challenges faced by women entrepreneurs and presented recommendations aimed at increasing women’s participation in economic activity and public policy-making. They also emphasized the importance of involving women in core policy and decision-making processes, improving access to skills development, enhancing opportunities in Special Economic Zones (SEZs), expanding support for women-led businesses, and strengthening human resource development initiatives. State Minister Bilal Azhar Kayani lauded the valuable contribution of women entrepreneurs to Pakistan’s economic growth and acknowledged their expanding role across various sectors. He said that under the leadership of Prime Minister Shehbaz Sharif, the government is committed to creating greater opportunities for women and ensuring their meaningful participation in economic and social development. He further said that women are already contributing through various advisory boards, committees, and consultative platforms, and reaffirmed the government’s resolve to further strengthen their representation and inclusion. He reiterated the government’s support for women’s economic empowerment and said the Ministry of Finance would continue to facilitate women entrepreneurs in addressing their business-related challenges. Copyright Business Recorder, 2026
PROVINCES, SPECIAL AREAS, MERGED DISTRICTS: CENTRE PROPOSES RS251.68BN FOR UPLIFT PROJECTS
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 4 hours ago By Naveed Butt ISLAMABAD: The federal government has proposed an allocation of Rs251.683 billion for development projects in provinces, special areas, and the merged districts of the erstwhile FATA for the fiscal year 2026-27, including Rs2.5 billion in foreign assistance and Rs249.183 billion from local resources. According to budget documents available with this correspondent, the federal government has proposed an allocation of Rs99.215 billion for ongoing development projects in the provinces during the fiscal year 2026-27. The government has proposed Rs4.75 billion for 27 development projects in Punjab. A total of 15 development projects worth Rs3.34 billion have been transferred from the Pakistan Public Works Department (Pak PWD) to the provincial government. The federal government has proposed a total allocation of Rs50.69 billion for five development projects in Sindh, Rs4.02 billion for 16 ongoing development projects in Khyber Pakhtunkhwa, and Rs39.754 billion for 57 development projects in Balochistan. A total of 10 development projects worth Rs1.729 billion have been transferred from Pak PWD to Khyber Pakhtunkhwa. The government has also transferred 26 development projects at cost of Rs5.118 from Pak PWD to Balochistan. A total of Rs66.367 billion has been proposed for three ongoing development projects in the merged districts. The federal government has proposed a budget allocation of Rs47.05 billion for 19 development projects in Azad Jammu and Kashmir (AJK), including Rs43.105 billion for 11 ongoing schemes and Rs3.944 billion for eight new schemes. The government has also proposed a budget allocation of Rs39.05 billion for 19 ongoing schemes in Gilgit-Baltistan (G-B) for fiscal year 2026-27. The federal government has proposed a budget allocation of Rs33 billion, including Rs32 billion from local resources and Rs1 billion in foreign assistance, as AJK Block Allocation, and Rs23 billion, including Rs22.7 billion from local resources and Rs300 million in foreign assistance, as GB Block Allocation for the fiscal year 2026-27. For Punjab’s ongoing projects, the government has proposed Rs259.3 million for the widening, rehabilitation and construction of five roads in UC Paki Shah Mardan, UC Namal and UC Kot Chandana in District Mianwali; Rs329 million for the widening, rehabilitation and construction of seven roads in UC Shahbaz Khel, UC Rokhri and UC Pai Khel in Tehsil Isa Khel, District Mianwali; Rs285 million for the widening, rehabilitation and construction of eight roads in UC Manda Khel, UC Qamar Mashani, MC Kalabagh and UC Ban Hafiz Jee in District Mianwali; Rs300 million for the construction of REC/DECs offices in Faisalabad; Rs506 million for the construction of the road from Isa Morr to Siddiquepura (Phase-I and II); and Rs303 million for the construction of a 20-foot-wide metalled road from Bhatta Chowk to Ahmadpur in District Bahawalpur etc. For Sindh projects, the federal government has proposed Rs19.181 billion for the extension and construction of the Sindh Coastal Highway (36 km), Phase-II; Rs666.575 million for the improvement of the road from Rohri to Guddu Barrage via Khanpur Mahar, Mirpur Mathelo and Mureed Shakh; Rs1.917 billion for the dualisation of the Tando Allahyar-Tando Adam Road; Rs18.48 billion for the dualisation of the Mehran Highway from Nawabshah to Ranipur; and Rs10.445 billion for the improvement of the road from Sanghar to National Highway N-5 via Mundh Jamrao and Salehput. For Khyber Pakhtunkhwa projects, Rs508.194 million has been proposed for the establishment of a cardiology unit and burn/trauma unit at Category-A DHQ Hospital Malakand, Batkhela; Rs333.37 million for the Khyber Institute of Child Health and Children’s Hospital, Peshawar; and Rs910.68 million for the upgradation and rehabilitation of the Lawrencepur-Tarbela Road etc. For Balochistan, the federal government has proposed Rs1.5 billion for the construction and upgradation of the Dirgai-Shabozai (N-70) to Taunsa Sharif (N-55) Road; Rs1.5 billion for the blacktopping of the Duki-Chamalang Road and link roads; Rs3 billion for the construction of the Panjgur-Gichak-Awaran Road; Rs1.5 billion for the Gwadar Safe City Project (Phase-I); Rs2.5 billion for the widening, improvement and reconstruction of the Khani Cross-Ziarat-Sinjhavi Road; Rs2 billion for the construction of the Sui-Kashmore Road; Rs3 billion for the construction of the Border Terminal at the Pak-Afghanistan Border, Badini, in District Qilla Saifullah; and Rs2 billion for the construction of the Provincial Assembly Building in Quetta etc. For the merged districts, the federal government has proposed Rs37 billion for the 10-Year Development Plan (AIP), Rs29 billion for the merged districts’ Annual Development Programme (ADP), and Rs367.887 million for the construction of the Zera-Daboori Road in Orakzai. For AJK’s new schemes, the federal government has proposed Rs1.377 billion for integrated solid waste management at nine district headquarters, Rs867.426 million for strengthening the Counter-Terrorism Department (CTD), Rs400 million for infrastructure development at Poonch Medical College, Rawalakot, and Rs400 million for the computerisation of land records in the remaining 16 tehsils. For AJK’s ongoing schemes, the government has proposed Rs5 billion allocation under the Prime Minister’s Special Package, Rs1.149 billion for the 48MW Jagran-II Hydropower Project, Rs1.475 billion for the AJK Legislative Assembly Complex, and Rs299.74 million for the establishment of the 40MW Dowarian Hydropower Project in District Neelum. For G-B projects, the federal government has proposed Rs4 billion allocation under the Prime Minister’s Special Package, Rs1.709 billion for 100MW distributed solar photovoltaic plants at various sites, Rs2.2 billion for the 16MW Naltar-III Hydropower Project, Rs900 million for the establishment of a 50-bed Cardiac Hospital in Gilgit, and Rs700 million for the Inter-Provincial Connectivity Economic Corridor through Gilgit-Baltistan and AJK (Thalichi-Shounter Road). Copyright Business Recorder, 2026
JI DEMANDS RS20BNN ‘IT PACKAGE’ IN BUDGET
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 5 hours ago By Safdar Rasheed LAHORE: Chief of Jamaat-e-Islami (JI) Hafiz Naeem ur Rehman has urged the government to allocate Rs20 billion in the upcoming federal budget for a comprehensive plan aimed at developing the country’s information technology sector. Addressing Alkhidmat Foundation’s Bano Qabil ceremony in Sialkot, he regretted that Pakistan’s IT exports had reached only around USD3.8 million during the last fiscal year. Despite the country’s potential to achieve USD20 billion in IT exports, he said exports in the current fiscal year are expected to remain between USD4.5 million and USD5 million. “This is a matter of shame for the rulers,†he asserted, adding that if the governing elite focus on equipping young people with modern IT skills, Pakistan could be placed on the path to rapid economic progress within a few years. Thousands of male and female students appeared in an admission test in Sialkot for enrolment in Alkhidmat Foundation’s free Bano Qabil training courses.†Rehman praised the JI and Alkhidmat teams for successfully organizing the examination and appreciated the enthusiasm shown by participating students. He assured the youth that Alkhidmat would continue to provide modern professional and technical courses free of charge. He said the Bano Qabil programme had now been launched in 65 cities across Pakistan, with 1.5 million young people registered and hundreds of thousands having already completed various training courses. He urged participants to pledge not only to educate them but also to spread the light of knowledge and contribute to the country’s development. The JI chief said the country’s entrenched bureaucracy and feudal elite had deliberately deprived young people of educational opportunities and pushed them towards despair. He maintained that JI had stepped forward to support the youth and that there was no reason for them to lose hope or leave the country. He called upon Bano Qabil graduates and JI’s youth members to raise their voices for millions of children who remain deprived of education. According to him, nearly 27.5 million children nationwide, including around 10 million in Punjab alone, are out of school. He criticised the Punjab government for selling public schools despite the education crisis and said such injustice must be stopped. JI Central Punjab Emir Javed Kasuri and Alkhidmat Foundation Secretary General Waqas Anjum Jafri also addressed the ceremony. Copyright Business Recorder, 2026
BUDGET FY27: STRUCTURAL CHALLENGES
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 4 hours ago By Asad Rizvi Pakistan is grappling with significant structural issues that require immediate attention. It is crucial to find a balance between fiscal discipline and growth-driven reforms. According to basic economic principles, immediate focus on infrastructure, credible fiscal and monetary policies, and structural changes may be necessary. The government of Pakistan is set to unveil the federal budget for the fiscal year 2027 on June 10. Key immediate priorities • Tackle transmission and distribution losses, which are estimated between 15-20 percent, along with addressing circular debt and inconsistent supply that disrupts industry and agriculture. • Invest in and modernise the electrical grid, incorporating renewable energy and efficiency measures (such as smart metering and loss reduction). • Such initiatives can be achieved by lowering industrial power costs and enhancing reliability, which will, in turn, support manufacturing and export growth. Water management & irrigation • Construct small to medium-sized dams, enhance canal efficiency, implement drip irrigation, improve flood management, and treat wastewater. Transport & logistics • Upgrade roads, railways, and ports, prioritizing the efficiency of Gwadar and Karachi as logistics hubs. Reducing trade costs will foster export growth. Digital & supporting infrastructure • It’s encouraging to witness the expansion of broadband, data centers, and fintech services aimed at supporting IT exports. This area should receive ongoing attention. Managing foreign exchange reserves • The State Bank of Pakistan holds reserves of $17 billion, totalling $22.6 billion, which covers approximately 2.5 to 3 months of imports. Efforts should aim to increase reserves by $8-10 billion, achieved through remittances and boosting exports that extend beyond textiles (for example, in IT, engineering goods, and value-added agriculture), while also minimizing non-essential imports through improved efficiency. Deficit financing (external & domestic), reducing SBP OMO injections, inflation control • These elements are interconnected. To lower the fiscal deficit to below 5%, there should be an emphasis on increasing revenue collection and cutting unnecessary expenditures. Significant benefits can be gained by eliminating inefficient subsidies and rationalizing pensions, enabling a focus on developmental programmes. • The State Bank of Pakistan’s liquidity injection of Rs 14.704 trillion through open market operations (OMOs) should be reduced gradually by 25 percent in order to shift resources towards the banking sector. This shift is essential for lending to the private and agricultural sectors to boost the economy. Without it, achieving sustained higher growth targets will not be possible. • Global inflationary pressures, partly due to unrest in the Gulf region, are impacting Pakistan, primarily through rising oil and LNG prices, necessitating better coordination between fiscal and monetary policy. Export strategy (alarmingly low base) • The economy must diversify away from a textile-centric focus toward IT and explore processed agricultural goods, pharmaceuticals, and engineering sectors. • A stable PKR policy is necessary to avoid excessive depreciation, as seen previously, which significantly contributed to inflation as businesses struggle to repay through exports and taxes. However, reducing barriers and regulatory hurdles will certainly facilitate business growth. Increasing tax-to-GDP to 18-20 percent (ambitious but necessary) • Achieving this is only feasible by broadening the tax base, which includes taxing agricultural income (a largely untaxed sector), retailers, real estate, and merchants, aided by digitization efforts through the FBR for tracking and e-invoicing. • Reducing exemptions, adjusting rates where they cause distortions, and enhancing compliance (for example, providing relief to salaried individuals while taxing others appropriately) are key strategies. FBR reforms will be critical for reaching these targets. Pakistan faces enormous economic challenges that require effective management to improve productivity, enhance exports, attract investments, broaden the tax base, reduce energy inefficiencies, and alleviate financial distortions that are resulting in severe liquidity issues. At some point, it must be recognized that sustainable growth cannot rely on excessive borrowing or mere currency management. A comprehensive plan to simultaneously boost productivity, exports, investments, and tax revenues is essential. Pakistan needs to achieve an Advance to Deposit Ratio (ADR) of about 65 percent to 70 percent over the next five years to significantly enhance investment, productivity, employment, and GDP growth, targeting a range of 6 percent to 8 percent. However, this growth must be driven by exports, investments, and productivity rather than by consumption funded through borrowing, which is no longer a viable solution, given the scale of debt and deficit financing and the recent shifts in the geopolitical landscape affecting lender policies. This transformation is neither extraordinary nor unachievable. Countries like Indonesia, Vietnam, Bangladesh and others have already demonstrated that it is possible through the implementation of corrective reforms in exports, taxation, infrastructure, and investments can dramatically improve economic performance within a decade. Global Market The US non-farm payroll report was significantly stronger than market predictions, providing the Federal Reserve’s policymakers with enough justification to maintain the current policy rate despite earlier calls for cuts. The payroll growth for May not only surpassed expectations, but the numbers from March and April were also significantly adjusted upward. Meanwhile, the employment rate held steady at 4.3 percent. Recently released consumer price index (CPI) data showed a year-over-year increase of 0.5 percent, climbing to 4.2 percent primarily due to a spike in energy (gasoline) demand and rising food prices, a development attributed to the ongoing Gulf region conflict. This overall situation benefits the US Dollar, which experienced a sharp increase following Friday’s job report. US Treasury yields have surged, which is not advantageous for the US economy, yet it does bolster the Dollar. Consequently, other currencies and gold have faced pressure and lost their upward momentum. Rising US Treasury yields are viewed as a concerning sign for economic health. Last week, I mentioned that the $/JPY pair would put pressure on the Japanese authorities and is expected to approach resistance levels at 159.90 and 160.65. On Friday, the pair reached a high of 165.35 and appears to be positioned to explore even higher levels. Much will hinge on how the Japanese government responds. They have expressed readiness to defend the yen. Data released last week pointed to a $75 billion decrease in its foreign exchange reserves for May, suggesting intervention occurred last month. Japan is well-equipped for such intervention, with a substantial $1.3 trillion in reserves. However, market apprehensions center on whether Japan can liquidate assets from US Treasuries or other investments. Even so, Japanese officials reiterated their readiness to support the currency. Liquidating foreign assets is more complex than it may seem, as it can disrupt economic stability. For example, the UAE, despite being a major oil exporter with significant foreign exchange and asset reserves, sought a swap facility for obligations. Reports also indicated that India had to sell off $12 billion in gold from its reserves to stabilize its currency. The Reserve Bank of India (RBI) quickly refuted these claims, asserting that the gold reserves remained unchanged at 880.52 tonnes and advised against relying on such media reports, urging trust in official statistics. Meanwhile, inflationary pressures in the Eurozone are escalating across both services and goods sectors, increasing the likelihood of interest rate hikes in the upcoming monetary policy meeting. The European Central Bank (ECB) is set to convene on Thursday, where it is expected to raise rates by 0.25 percent. Eurozone policymakers are facing challenges as the region is also impacted by the US-Iran conflict, which has driven up energy import costs due to disrupted shipping routes. WEEKLY OUTLOOK - Jun 8-12 #GOLD @ $4,329- Gold remains under selling pressure due to rising oil prices and subsequently a stronger US dollar. It must hold the support level at $4,260 to recover some momentum. If it breaks through $4,398, it could move towards $4,470. However, falling below the support level poses a risk of hitting $4,202. #EURO @ 1.1521- Euro needs to stay above 1.1425 in order to initiate a recovery. A rise past 1.1610 would support additional gains, which looks tough at the moment. However, if it drops below 1.1440, it may test the 1.1395 level. #GBP @ 1.3341- Pound Sterling has support near 1.3248, which should aid in its recovery. A rise above 1.3450 is necessary to reach the 1.3502 level. If the support level is breached, it could lead to further declines towards 1.3180. #JPY @ 160.32- The $/Yen currency pair is set to test the BOJ, aiming for levels around 160.85-90. A break could lead to risks around 161.20. If the BOJ is absent from the market, it may rise to 162.20. Conversely, a drop below 158.90 might bring it down to 157.10 or lower. Copyright Business Recorder, 2026
ANOTHER BUDGET OF STABILISATION WITHOUT GROWTH
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 5 hours ago By Ali Khizar There is little hope among industrialists, banks, the salaried class, and the broader public that the upcoming budget will deliver any positive surprises. More of the same is expected, along with additional pressure to meet taxation targets. Fiscal planning is in an IMF straitjacket, yet the Fund remains dissatisfied. There is a rift between the provinces and the federal government over the so-called voluntary surrender of Rs1.7 trillion. No one is likely to cheer for the upcoming budget. It is effectively the fifth budget by the same policymakers. No one can claim surprise or ask for more time to adjust. There has been continuity in thinking, but that thinking has not moved beyond stabilization. The focus remains on complying with IMF targets. In fact, the Fund’s country report may offer a better preview of the budget than the budget speech itself. The broader fiscal blueprint has already been written; Islamabad’s job is largely to fill in the blanks. The bigger challenge is the FY27 taxation target of Rs15.3 trillion, according to IMF documents, roughly 18 percent higher than the likely collection in FY26. Unlike the outgoing year, next year’s FBR targets are not merely indicative; they are quantitative performance targets. If they are not met, the government will have to seek a waiver. It will not be able to simply cut development spending or increase the petroleum levy to compensate for the shortfall. And if a gap emerges, a mini budget is likely. The retail tax scheme is more farce than reform. The IMF is unhappy with it because it effectively exonerates retailers through the payment of a nominal amount. Even so, its passage remains uncertain. In any case, significant revenue collection is not expected from the scheme. Thus, no one is expecting meaningful relief. Throughout the year, the government and the IMF continued to signal to the corporate sector that better days were ahead and that tax rates would eventually be lowered. Today, however, most businesses are bracing for another difficult year. Despite the government’s repeated emphasis on tough policies to satisfy IMF requirements, Fund staff remain dissatisfied because there have been no meaningful efforts to broaden the tax base. There is little commitment to austerity and limited progress on structural reforms. The petroleum levy remains elevated and may increase further. Even at current international prices, the government is charging a levy equivalent to nearly half of the petrol price, while the rate on high-speed diesel stands at 14 percent. If the levy was meant to replace GST to avoid sharing revenues with provinces, it should not exceed 18 percent. But that debate appears to have been settled in practice. The best outcome the public can hope for is that the levy is not increased further, GST is not raised to 19 percent, and no major new taxes are imposed. No one expects substantial relief, though the government may offer a token reduction in taxes on salaried income. There may be limited relief for goods exporters through the removal of the additional one percent advance income tax on revenues, which is charged on top of the existing one percent tax. Such a move would improve cash flows. Meanwhile, the services-exporting sector, particularly IT companies, is lobbying for a higher tax on freelance income. If that demand is accepted, policymakers should also revisit the preferential treatment currently enjoyed by IT exports. The provinces, meanwhile, are focused on increasing expenditures. It has become a public-relations exercise from Khyber to Karachi. Punjab is not alone; every province appears to be following the same path. The emphasis is increasingly on spending and visibility. The Planning Commission continues to talk primarily about expanding the traditional PSDP approach. Yet fiscal space is limited. That is why the real dispute centers on the proposed Rs1.7 trillion in provincial savings that the federal government wants to use to meet its own financing needs. Whether this arrangement is one-time or recurring remains unclear. What is clear is that coalition partners are not pleased. The bottom line is that the government has little room to provide meaningful relief. The investment climate is therefore likely to remain unchanged and subdued. The FBR’s primary focus will continue to be enforcement. Expansion of the tax base appears unlikely because the political will is missing, even though the relevant data already exists. The result will be greater pressure on the same small, compliant segment of taxpayers. Pakistan cannot tax its way to prosperity. As long as the state continues to rely on extracting more from the same narrow pool of compliant taxpayers, while avoiding deeper reforms that broaden the tax base and improve productivity, stabilization will remain an end in itself rather than a bridge to growth. Copyright Business Recorder, 2026
STABILISATION FATIGUE IS NOW SETTING IN
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 4 hours ago EDITORIAL: Balancing the budget is becoming increasingly difficult. Despite imposing exorbitant taxes on the formal sector, the FBR (Federal Board of Revenue) is missing its revenue target by a wide margin, while next year’s targets are becoming even more ambitious. Against this backdrop, any hope that the government would rationalize tax rates for the already overtaxed business and salaried individuals is rapidly fading. Compounding the problem, the government has failed to achieve the target of 4 percent GDP growth this year, and the chances of reaching that mark next year appear slim as well. The mantra remains unchanged: stabilization is the priority. This will be the fifth consecutive budget under the current Prime Minister and the third under the current finance minister, yet the economy is still struggling to achieve meaningful stability. The patience of people, particularly those forming the formal sector and the salaried class, is wearing thin. However, signs of stabilization fatigue are beginning to emerge. We are reaching a stage where many of the previous administrations have succumbed to abandoning the IMF (International Monetary Fund) programme to embark upon spurring growth in the economy with disastrous consequences. It is, therefore, essential that we bite the bullet as time is running out. The government can no longer afford to sidestep the issue. It must deliver, and that delivery must come in the form of broadening the tax base. Nothing short of that will suffice. The government needs additional fiscal revenue, while the overtaxed sectors desperately need relief. Both objectives cannot be achieved unless those who remain untaxed or under-taxed are brought into the tax net. Whenever this issue is raised with the federal government, officials often attempt to absolve themselves of responsibility by arguing that many of these areas fall under provincial jurisdictions and that their hands are tied. This is a lazy argument; take agriculture, for example. More than half of the sector consists of livestock, which the FBR itself acknowledges falls within its tax domain. Yet, virtually no progress has been made. Eid-ul-Azha has just passed, during which tens of billions of rupees worth of livestock changed hands across the country. Yet there is no meaningful tax collection on these transactions or on the income earned by sellers. Except for two days in a week, thousands of animals are sold for slaughter in abattoirs without attracting any tax. Every year there is an attempt to woo traders and retailers into the tax net through announcements of simplified tax schemes. More than a dozen such attempts have been made but without success as the traders and retailers refuse to budge and continue to contribute little in taxes. The proposed fixed tax of Rs25,000 per month for retailers in the upcoming budget is nothing short of a joke. Where the FBR cannot directly assess income in certain sectors, it often resorts to taxing deemed income. In other words, taxes are collected on revenues rather than actual profits, and in some cases the effective burden does rise as high as 15 percent of turnover. What began as a presumptive tax regime eventually evolved into a minimum tax system, payable regardless of whether an enterprise is profitable. It is an inherently unfair mechanism that discourages investment in affected sectors. The result is weaker economic activity and another obstacle to achieving sustained growth. The government needs to think outside the box and provide meaningful relief to the formal sector through lower tax rates. It should present a clear three- to five-year roadmap for reducing tax rates income of businesses whether corporate or non-corporate and salaried persons and immediately begin phasing down, if not eliminating altogether, the super tax and various surcharges. The resulting revenue gap must be filled by bringing into the tax net those who currently do not pay their fair share. More of the same cannot continue as the country cannot live indefinitely on stabilization policies. Stability without growth is an illusion. There can be no lasting economic stability without creating jobs for the large and growing number of new entrants to the labour market. Copyright Business Recorder, 2026
BUDGET FY2026–27: DOMESTIC SAVINGS DECLINE SPURS CALL FOR TARGETED MOBILISATION PLAN: PIDE
Date: 2026-06-08
Details: Published June 8, 2026 Updated about 5 hours ago By Hamza Habib ISLAMABAD: Pakistan’s gross domestic savings rate has fallen from 17.4 percent of GDP in 1992 to 6.4 percent in 2024, increasing dependence on foreign savings, and the Finance Bill FY2026–27 should introduce a targeted National Savings Mobilization Package built around capped tax incentives, approved long-term instruments, digital and Islamic savings products, pension reform, and credible real returns. This was stated by the Pakistan Institute of Development Economics in its report authored by Shahzada M Naeem Nawaz and Wajid Islam. According to the report, Pakistan’s budget strategy has traditionally relied on taxation and borrowing. However, it does not emphasize a durable financing framework, which requires mobilizing domestic savings, redirecting informal savings into formal instruments, and reducing public-sector dissaving. As a result, a larger share of investment must be financed from domestic resources. The key policy messages in the report are treat domestic savings as a macro-fiscal priority, not merely a household behaviour issue; use the FY2026-27 Finance Bill as the entry point for a targeted National Savings Mobilisation Package; restore and redesign savings-related tax incentives for approved long-term formal instruments, with caps and minimum holding periods; protect small and vulnerable savers; targeted concessions may be introduced for pensioners, widows; shuhada families, women, and first-time savers; expand digital, Islamic, pension, and protection-linked savings products. The report was of the view that these will redirect informal savings from cash, gold, and property into regulated channels. Reduce public-sector dissaving and crowding out. It will help mobilize savings to finance productive investment rather than recurrent fiscal gaps. Monitor progress annually through a Savings Mobilization Dashboard. It should cover savings rate, formal savings uptake, pension participation, retail Sukuk investment, public savings, and private-sector credit. The report said that the budget debate is dominated by revenue mobilization, debt servicing, development spending, and subsidy reform. These are legitimate preoccupations. However, they often overshadow a more important aspect of savings, which are too low to finance the economy’s investment needs. Pakistan’s savings performance reflects long-term structural weakening. Gross domestic savings were relatively higher in the early 1990s. However, it declined very sharply, particularly after the mid-2000s. The 5-year moving average also shows a persistent downward trend, indicating that the challenge is structural rather than a one-year shock. This policy viewpoint proposes that the upcoming budget should treat savings mobilization as a macro-fiscal priority. A loss of the savings base diminishes the ability to finance investment using its own resources. It highlights the importance of taking appropriate measures beyond revenue and of offering the National Savings Mobilization package. The objective is to move Pakistan from an externally dependent financing model to one in which domestic savings provide a stronger and more stable base for productive investment and sustainable growth. The report said Gross domestic savings in Pakistan gradually declined from 17.4 percent of GDP in 1992 to 6.4 percent in 2024 (a period average of 10.9 percent), exposing the economy to recurring external financing pressures due to increasing dependence on foreign savings. During the same period, gross national savings in Bangladesh, India, and Vietnam increased sustainably and averaged 20.7 percent, 28.4 percent, and 30 percent. Differences in income levels among the countries alone are not enough to explain this gap. As such, many countries have experienced similar challenges in the past. Through prudent policy measures, they have been successful in breaking this trap and mobilizing savings. Given this perspective, it is critical to ensure macroeconomic stability, positive return on savings, and depth of financial systems, pension and insurance coverage, sound public finances, and the capacity to absorb household savings through financial instruments. An economy with persistently low savings has serious consequences, including unsustainable investment levels and higher external financing requirements. Therefore, raising domestic savings should be treated as a top priority to ensure broader growth and macroeconomic resilience. The country’s low savings rate reflects weak disposable income, high inflation, and consumption. This trend is further exacerbated by the widespread informality of the economy. Citizens don’t trust in formal financial instruments due to their low or negative returns. Also, financial exclusion adversely affects savings. These factors are interdependent on each other. Low real income limits the capacity to save. Inflation reduces the incentive to save, and weak financial access keeps savings outside formal intermediation. Copyright Business Recorder, 2026
RS27.88BN PROPOSED FOR PR PROJECTS
Date: 2026-06-07
Details: Published June 7, 2026 Updated a day ago By Naveed Butt ISLAMABAD: The federal government has proposed an allocation of Rs 27.883 billion, comprising Rs 23.583 billion in local funding and Rs 4.3 billion in foreign assistance, for 33 development projects of the Railways Division in the budget for the 2026-27 fiscal year. According to official documents available with this correspondent, the government has earmarked Rs 26.233 billion, including Rs 23.233 billion in local funding and Rs 3 billion in foreign assistance, for 31 ongoing development projects of the Railways Division. In addition, Rs 1.65 billion, comprising Rs 350 million in local funding and Rs 1.3 billion in foreign assistance, has been proposed for two new development projects. Among the ongoing schemes, Rs 1.4 billion, including Rs 100 million in local funding and Rs 1.3 billion to be financed by the Asian Development Bank (ADB), has been earmarked for the Preparation and Readiness Support for the ML-1 Upgradation Project. Another Rs 250 million has been proposed for the upgradation of track and allied infrastructure on the 996-kilometre ML-3 Rohri-Sibi-Quetta-Koh-e-Taftan section. The government has also proposed an allocation of Rs 5 billion for Thar Coal Rail Connectivity with the existing railway network, including last-mile connectivity to Port Qasim. A further Rs 2.5 billion has been earmarked for the procurement/manufacture of 820 high-capacity bogie wagons and 230 passenger coaches. Additionally, Rs 2.35 billion has been proposed for the recommissioning of five accident-damaged diesel-electric locomotives (2nd Revised), while Rs 2.272 billion has been allocated for the special repair of 100 diesel-electric locomotives to improve their reliability and operational availability. An amount of Rs 1.008 billion has been proposed for the replacement of roof-mounted air-conditioning units in passenger coaches to improve service delivery. Another Rs 2.056 billion has been allocated for preliminary designs and drawings for the upgradation and rehabilitation of Main Line-1 (ML-1), the establishment of a dry port near Havelian under the China-Pakistan Economic Corridor (CPEC), and the hiring of consultants for design review and drawing vetting. Similarly, Rs 1 billion has been proposed for immediate track safety works on the Rohri-Kotri section; Rs 854 million for the replacement of old and obsolete signalling equipment on the Lodhran-Multan-Khanewal-Shahdara Bagh Main Line section of Pakistan Railways (2nd Revised); Rs 408 million for the rehabilitation and strengthening of weak bridges across the Pakistan Railways network; and Rs 500 million for land acquisition for rail connectivity with Afghanistan from Kohat (Zero Point) to Kharlachi via Thall and Parachinar, covering a distance of 192 kilometres. The government has further proposed Rs 3.2 billion, including Rs 200 million in local funding and Rs 3 billion in foreign assistance, for the revised PC-I of the upgradation of Pakistan Railways’ existing Main Line-1 (ML-1) and the establishment of a dry port near Havelian. Copyright Business Recorder, 2026
DARAZ, ALIBABA URGE GOVT TO FACILITATE DIGITAL COMMERCE
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: As budget consultations for the fiscal year 2026-27 gather pace, leading e-commerce platforms, Daraz and Alibaba Group, have urged the government to adopt policies for facilitating digital commerce. Representatives of Daraz and Alibaba Group said this during a meeting chaired by Minister of State for Finance and Revenue Bilal Azhar Kayani on Friday. The delegation included Ben Yi, Daraz Group Chief Commercial Officer, Kamran Pervaiz, Director Corporate Affairs, and Umar Usmani, Director Government Affairs. Senior officials of the Ministry of Finance, including representatives from the Tax Policy Office (TPO), also attended the meeting. The meeting was held as part of the government’s ongoing stakeholder consultation process ahead of the Federal Budget FY 2026–27. Discussions focused on the evolving e-commerce landscape in Pakistan and the role of digital platforms in promoting entrepreneurship, expanding market access, strengthening economic documentation, and supporting the country’s broader digital transformation agenda. The delegation shared its perspectives and proposals relating to the e-commerce sector, including matters concerning the regulatory environment, business facilitation, compliance mechanisms, and the continued development of digital commerce in the country. Participants also exchanged views on opportunities and challenges facing the sector and its contribution to economic growth, innovation, and formalisation. During the meeting, the Minister of State emphasised that all proposals under consideration for the upcoming budget are being examined in light of the government’s broader fiscal and economic priorities. He reiterated the government’s commitment to maintaining a balanced policy framework that supports economic activity, encourages investment and innovation, and promotes sustainable growth. The Minister appreciated the constructive input provided by the delegation and noted the importance of continued engagement with stakeholders in the policy formulation process. He reaffirmed the government’s commitment to a consultative and inclusive approach to decision-making and welcomed contributions from industry representatives to support informed and evidence-based policymaking. The meeting concluded with a shared understanding on the importance of continued collaboration between the government and the private sector to strengthen Pakistan’s digital economy, improve the business environment, and contribute to long-term economic development and stability. Copyright Business Recorder, 2026
RS91BN SET ASIDE FOR 49 POWER PROJECTS UNDER PSDP
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Mushtaq Ghumman ISLAMABAD: The federal government has earmarked Rs 91 billion for 49 power sector projects under the Public Sector Development Programme (PSDP) 2026-27. According to budget documents, of total proposed allocation of Rs 91 billion, Rs 86.823 billion will be for the ongoing development projects/schemes which includes Rs 75.431 billion foreign funding (rupee cover) whereas Rs 11.392 billion is local financing. However, after inclusion of three new schemes amounting to Rs 4.177 billion, total foreign funding will be Rs 79.607 billion whereas local funding will stand at Rs 11.392 billion. Some of the key power sector ongoing development projects/schemes for funding has been ensured are as follows: (i) evacuation of power from 2160 MW DASU HPP stage -1 Rs 10.823 billion;(ii) evacuation of power from Suki Kinari, Kohala, Mahal HPPs (revised name evacuation of power from Suki Kinari) Rs 3.00 billion installation of reactive power compensation devices (STATCOM) in NTDC network in Sindh - ADB, WB and ISDB;(iii) 500 Kv double transmission line from Ghazi Barotha to Faisalabad ;(iv) supply, installation, testing and commissioning of Assets Performance Management Systems (APMS) for 100 kVA & 200 KVA general duty distribution transformers in SEPCO to be funded by the ADB( agreement yet to be signed after approval of PC-1) Rs 122 million ;(v) APMS for 100 kVA & 200 KVA general duty distribution transformers in LESCO under ADB Power Distribution Strengthening Project -II Rs 1.223 billion;(vi) upgradation/ extension of NTDC’s telecommunication and SCADA System at NPCC to be funded by ADB –Rs 3.5 billion ;(vii) 220 kV Dharki-Rahim Yar Khan-Bahawalpur D/C transmission line- Rs 1.045 billion ;(viii) 220kV Arifwala Substation to be funded by AFD- Rs 985 million; (ix) 500/220 kV Sialkot substation9AFD) - Rs 1.742 billion; (x) upgradation of existing 220 kV Vehari Sub Station to 500 kV Vehari Substation –Rs 1.392 billion; (xi) extension and augmentation of existing 500 kV and 220 kV grid station (new)( now addition and augmentation of 500 kV and 220 kV transformers at the existing grid station for removal of NTDC system constraints across the country, to be funded by ADB- Rs 2.439 billion; (xii) 765/500/220/132 kV Islamabad West Grid Station, Islamabad, Rs 9.383 billion to be funded by the World Bank; (xiii) evacuation of power from Mohmand Dam to be funded by the ADB - Rs 3.9 billion; (xiv) Electricity Distribution Efficiency Improvement Project (EDEIP) in MEPCO under World Bank- Rs 3.189 billion; (xv) Power Distribution Strengthening Project (ADB) in MEPCO - Rs 1.892 billion; (xvi) Power Distribution Strengthening Project - covering the jurisdiction of LESCO( District Lahore, Kasur, Sheikhupura, Nankana sahib and Okara to be funded by the Asian Development Bank - Rs 2.595 billion; (xvii) power distribution strengthening project (SEPCO). The project covers 10 districts of Sindh province, ie, Sukkur, Jacobabad, Shikarpur, Larkana, Ghotki, Kamber, Kandhkot, Dadu, Naushero Feroz and Khairpur to be funded by ADB- Rs 2.910 billion; (xviii) EDEIP, HESCO Rs 1.710 billion; (xix) interconnection of isolated Markran network at Basima via Nag Grid Station from Panjgoor Grid Station (QESCO) Rs 2.632 billion; (xx) installation of pilot Battery Energy Storage System (BESS) at 220 kV Jhampir G/ Station to be funded by the ADB- Rs 500 million ;(xxi) Dhabeji Grid Station- Rs 605 million; (xxii) 220 kV Haripur Substation- Rs 1.10 billion; (xxiii) 220 kV Swabi Substation –Rs 1.450 billion; (xxiv) 220 kV Quaid-e-Azam Apparel and Business Park (QABP) Grid Station for provision of electricity to PIEDMC SEZ - Rs 1.4 billion; (xxv) 599 kV HVDC transmission system between Tajikistan and Pakistan for CASA interconnection – Rs 5.114 billion;(xxvi) 220 kV Jauharabad Grid Station alongwith allied transmission lines - Rs 1.150 billion; (xxvii) 220 kV Mirpurkhas Grid Station along with transmission lines to be funded by ADB –Rs 2.150 billion; and (xxviii) 220 kV transmission system network reinforcement in Islamabad and Burhan to be financed by JICA- Rs 959 million. Copyright Business Recorder, 2026
SAVINGS TARGET SET AT 14.3PC OF GDP
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The federal government has set the national savings target at 14.3 percent of GDP for the fiscal year 2026–27, while investment is projected to reach 15 percent of GDP, indicating a narrowing savings–investment gap to be financed through modest external inflows. According to budget documents available with this correspondent, public investment (including general government investment) is projected to remain at 3.0 percent of GDP, while private investment is estimated to rise to 10.3 percent of GDP in the fiscal year 2026–27. Inflation is targeted at 8.2 percent, supported by fiscal consolidation and improved macroeconomic stability. However, the external sector may face pressures as easing import controls and debt repayments are likely to widen the current account deficit. Nevertheless, strong remittance inflows, export recovery, and anticipated external financing are expected to cushion these pressures and support external sector stability. According to official documents Pakistan’s economy is projected to grow by 4.0 percent next fiscal year, signaling a continued growth trajectory. The commodity-producing sector is expected to expand by 3.9 percent, driven by 3.8 percent growth in agriculture and 4.5 percent growth in Large Scale Manufacturing (LSM). Agricultural growth will be supported by a recovery in major crops (3.6 percent) and cotton ginning (2.5 percent), along with strong performance in livestock (3.9 percent). The industrial sector is projected to grow by 4.0 percent, mainly due to a revival in LSM as well as growth in mining and quarrying, construction, and energy (gas and water supply). The services sector is expected to grow by 4.2 percent, supported by stronger performance in wholesale and retail trade (4.2 percent), transport, storage, and communications (3.7 percent), financial services (4.5 percent), and information and communication (7.7 percent). These targets are contingent upon effective macroeconomic management and stable external conditions. The government has set a target of creating 2.0 million jobs in the fiscal year 2026–27 through higher investment and improved economic growth. Public investment is expected to crowd out private investment, thereby expanding employment opportunities across all sectors. Copyright Business Recorder, 2026
BUDGET 2026-27: TPU TO ADDRESS CLASSIFICATION DISPUTES, REVISE PCT HEADINGS
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The Tax Policy Unit (TPU) of the Ministry of Finance will address customs classification disputes and revise Pakistan Customs Tariff (PCT) headings for imported goods in the upcoming 2026-27 budget to ensure the accurate and uniform classification of identical items. In his budget proposals for 2026-27, renowned businessman Isphanyar Bhandara shared his concerns overthe wrong classification of imported goods by applying the wrong Pakistan Customs Tariff headings. The alleged corruption and abuse of power among the customs department can effectively be checked through policy interventions like the customs tariff rationalization plan. He shared that the tariff rationalisation is a big change, and a permanent implementation committee must monitor the impact of tariff rationalisation on domestic industries. He anticipated that the FBR must work out the revenue impact to be calculated on revenue, considering all factors of customs tariff rationalisation; ie, increased demand, economic growth, transparency, decrease in under-invoicing, smuggling, and compliance cost. He appreciated that there is an institutional shift of taking away the import tariff policy from the Federal Board of Revenue (FBR) to the Ministry of Commerce. Tariff Policy Board is a recommendatory body to the Federal Cabinet, which has taken the final decision on the Finance Bill (2026-27). When contacted, he informed BUSINESS RECORDER that the customs department frequently misuses powers for the assessment of duties and taxes on imported items. Copyright Business Recorder, 2026
FASTER REFUND SYSTEM: GOVT TO CURB PAYMENTS TO NON-COMPLIANT TAXPAYERS
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The federal government has decided to impose major restrictions on the payment of refunds under the FASTER refund system to exporters and other categories of taxpayers who fail to comply with digital initiatives, including production monitoring systems, digital eye systems at manufacturing premises, and sales tax digital invoicing requirements. Sources told BUSINESS RECORDER that the decision has been taken and a formal notification is expected to be issued in the upcoming budget 2026-27. This is the biggest enforcement measure, to be announced in the budget, for compliance with digital initiatives by leading sectors. The payment of refunds under the “FASTER†system would be linked with the compliance of digital initiatives like production monitoring, sales tax digital invoicing, and digital eye initiatives. According to sources, the new risk parameter would be included in the “FASTER†refund payment system to ensure enforcement/installation of digital cameras and digital eye Systems at the five leading export-oriented sectors, including textile, leather, surgical, carpets, and sports goods. The exporters, who are expected to be affected by the said Risk-parameter, would cover those exporters who are also engaged in local supplies in the domestic market. The Federal Board of Revenue (FBR) has already given a deadline of June 15, 2026, to all manufacturers of bottled water to install an electronic production monitoring system. The electronic production monitoring system is also mandatory for the packaged milk, iron and steel, oil, and ghee from factories. The production monitoring system is being installed at the textile spinning units. Exporters and other big taxpayers, who would not comply with the risk parameter of installing a production monitoring system or sales tax digital integration, would not be able to get refunds under the “FASTER†system. On average, the payment of sales tax refunds under the “FASTER†system stood at nearly Rs30-40 billion per month to five top export-oriented sectors. The sales tax registered persons would be bound to comply with the digital initiative of digital invoicing to continue to obtain refunds under the “FASTER†system, they added. Copyright Business Recorder, 2026
MOC SEEKS RS20BN BUDGET SUPPORT FOR RICE EXPORTERS VS INDIA
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Mushtaq Ghumman ISLAMABAD: The Ministry of Commerce has reportedly sought Rs 20 billion budget support already extended to the rice exporters to make them compatible with India in the international market, sources told BUSINESS RECORDER. The Export Development Board (EDF), headed by the Commerce Minister, approved the financial assistance for the rice sector. “This was some kind of bridge financing of Rs 20 billion extended to the rice exporters from the EDF, which will be refunded to the Fund from formal allocation from the budget,†the sources added. Commerce Ministry has claimed the spent amount as non-Employees Related Expenditure (ERE) from the federal budget. The Commerce Ministry, in consultation with the State Bank of Pakistan (SBP), Pakistan Single Window (PSW), and Customs, had framed a stringent mechanism to prevent misuse of the Rs 20 billion financial assistance approved for rice exporters for a three-month period. Rice is Pakistan’s second-largest export after textiles and a critical source of foreign exchange, rural employment, and agri-industrial activity. Rice exports rose from USD 2.04 billion in FY2021 to USD 3.93 billion in FY2024 due to temporary global supply disruptions, but eased to USD 3.35 billion in FY2025 as major suppliers re-entered the market. The decline intensified in the current financial year, with exports during July–December falling by approximately USD 854 million year-on-year. Of this, non-basmati rice accounted for USD 716 million, while basmati exports declined by USD 138 million, reflecting a broad-based loss of competitiveness across both premium and volume segments. Global oversupply, led by India’s return to the export market with heavy subsidies, has depressed prices and widened the price gap. Indian basmati is priced at around USD 850–900 per metric ton, compared to USD 1,150–1,275 per metric ton for Pakistani basmati. At the same time, elevated domestic paddy prices, high financing costs, stock accumulation in importing countries, and regional trade frictions have further constrained exports, creating liquidity stress across the value chain. A representative of REAP, Malik Faisal Janahgir stated recently to a parliamentary forum that production is not the constraint, as Pakistan has an exportable surplus of about 4.1 million metric tons, translating into near-term export potential of around USD 2 billion if short-term competitiveness issues are addressed. Copyright Business Recorder, 2026
POPULATION-RESOURCE BALANCE KEY TO SUSTAINABLE DEVELOPMENT: SINDH PA MEMBERS
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Press Release KARACHI: Government and opposition members of the Sindh Assembly stressed in a key policy meeting ahead of the budget that the upcoming Sindh Budget 2026–27 should prioritize balancing population and resources and focus on human development. The dialogue was organised by the Population Council with the support of UNFPA, with the aim of turning policies on reducing the rapid population growth rate into concrete actions and incorporating them into the budget. Chief guest, Provincial Minister for Health and Population Welfare Dr. Azra Fazl Pechuho, said that the issue of rapid population growth is not limited to one sector but is linked to employment, food, education, and environmental problems. She said, “Until we make population part of all development projects, we cannot achieve progress.†She also emphasised that men’s role in family planning is very important and practical steps are being taken in Sindh to involve men in this. She urged assembly members to include the issue of rapid population growth in their budget speeches. Population Council Country Advisor Dr. Zeba Sattar said that a budget is not just an account of expenditures but also determines the direction of policies. “We need to see whether our budget is actually meeting the health needs of the people, especially reproductive health needs.†Economist Dr. Hammad Mukhtar said that in Pakistan the real issue is not resources but priorities. He said, “Very little is being spent on the population sector, even though this investment is very beneficial for both the economy and society.†He warned that if the issue of rapid population growth is not addressed, progress in education, health, and the economy will remain limited. UNFPA’s Dr. Jamil Ahmed Chaudhry said that Pakistan has made important international agreements to reduce the rapid population growth rate, but the real need is to implement them. He said, “We need to focus especially on delivering family planning services to remote areas and make better use of local resources for this purpose.†During the meeting, Sindh Assembly members agreed that the real issue is not making laws but their implementation and accountability. They demanded that adequate funds be allocated in the budget for family planning and health for human welfare and development, and said they would play an effective role in balancing resources and putting Sindh on the path to development. Copyright Business Recorder, 2026
IT & TELECOM PROJECTS LIKELY TO GET RS20BN IN BUDGET FY2026-27
Date: 2026-06-06
Details: Published June 6, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The Federal Government has proposed an allocation of Rs20 billion, including Rs8.24 billion in local funding and Rs11.76 billion in foreign assistance, for 13 development projects of the Information Technology and Telecommunication Division in the budget for the fiscal year 2026–27. According to budget documents available with this correspondent, the government has proposed an allocation of Rs18.75 billion for 11 ongoing development projects during the fiscal year 2026–27, including Rs7.488 billion in local funding and Rs11.26 billion in foreign assistance. For two new schemes, the government has proposed a total allocation of Rs1.25 billion comprising Rs750 million in local funding and Rs500 million in foreign assistance for the fiscal year 2026–27. Under the new projects, Rs1 billion has been earmarked for the National AI Ecosystem Development Programme, including Rs500 million in local funding and Rs500 million in foreign assistance. Another Rs250 million has been allocated for the PakAwaz Secure Mobile Communication Ecosystem project. For the 11 ongoing development projects, the government has proposed Rs5.85 billion, including Rs150 million in local funding and Rs5.7 billion in foreign assistance, for the Technology Park Development Project (TDP), Islamabad, under the Ministry of Information Technology and Telecommunication (MoITT). An allocation of Rs3.016 billion, funded by the World Bank, has been proposed for the Digital Economy Enhancement Project, while Rs500 million has been earmarked for the Smart Islamabad Initiative of the National Information Technology Board (NITB). The budget also includes Rs1 billion for the Prime Minister’s initiatives supporting IT startups, specialised IT training and venture capital, and Rs2 billion for the Revamping of IT Industry project. In addition, Rs500 million has been allocated for the National Semiconductor HR Development Programme (NSHRDP) Phase-I and Rs1.25 billion for the Cyber Security for Digital Pakistan initiative. Furthermore, the government has proposed Rs524.64 million for the National Artificial Intelligence Advancement Initiative under MoITT. An allocation of Rs3.75 billion, including Rs1.2 billion in local funding and Rs2.545 billion in foreign assistance, has been earmarked for the establishment of an IT Park in Karachi under the Pakistan Software Export Board (PSEB). The budget also proposes Rs298.875 million for the Expansion of Cellular Services in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB) Phase-IV project being executed by the Special Communications Organisation (SCO), and Rs65 million for the GDPR-Driven ISO Compliance and IT Exports Enhancement Programme under PSEB. Copyright Business Recorder, 2026
EXPORTS KEY TO REVIVAL OF ECONOMY: MIAN ZAHID
Date: 2026-06-05
Details: Published June 5, 2026 Updated 40 minutes ago By Recorder Report KARACHI: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum (PBIF), President of the All Karachi Industrial Alliance (AKIA), Chairman of the National Business Group Pakistan (NBG) and Chairman of the FPCCI Policy Advisory Board has emphasized that there is no alternative to economic revival other than reducing reliance on imports and providing incentives to the export sector on an emergency basis. He said that the tax burden on industries had surged to an unbearable level of over 60 percent, demanding that “this burden be reduced to a maximum of 40 percent in the upcoming budget†to enable the local industries to compete effectively in the global market. The business leader said that the industrialists had informed the prime minister that additional burdens, such as the Super Tax, constituted a major hurdle to industrial growth in the current economic scenario. He underscored the urgent need to simplify the tax regime in the federal budget to make it business-friendly, thereby restoring investor confidence. He added that rationalizing energy tariffs and reviewing contracts with the Independent Power Producers (IPPs) were inevitable measures required to bring down the soaring cost of production. Mian Zahid Hussain said that the business community had high expectations from the Federal Budget 2026-27, hoping that the government would take practical steps to protect local industries while simultaneously honoring its agreements with the IMF. He said he was confident that if the government incorporated into the budget document the demands for the restoration of the Final Tax Regime (FTR) for exporters and a rational reduction in taxes these measures could support export-led recovery and sustainable growth. He said that this consultation came at a critical juncture when the country urgently required a coordinated strategy to boost exports and stabilize the foreign exchange reserves. Mian Zahid Hussain said the business community warmly welcomed the prime minister’s initiative to engage in a direct consultative process. He hoped that the economic team under the prime minister’s leadership would integrate these proposals into the budget document to accelerate industrialization, generate employment opportunities, and anchor the economy on sustainable foundations. He referred to the recent meeting between the prime minister and several business leaders as a highly encouraging development towards economic stability and industrial growth. Mian Zahid Hussain stated that during the meeting, the FPCCI leadership and business representatives candidly discussed the severe macroeconomic challenges facing the country and presented concrete proposals to the prime minister for the promotion of trade and industry. He said that the trade deficit had reached a staggering USD32 billion during the first 10 months of the current fiscal year, while the ratio of exports to imports had witnessed an alarming decline. Furthermore, Pakistan’s economy had been facing immense pressure due to the ongoing US-Iran war. Copyright Business Recorder, 2026
REDUCTION IN GOVT SECTOR EXPENDITURE SOUGHT
Date: 2026-06-05
Details: Published June 5, 2026 Updated about an hour ago By N H Zuberi KARACHI: The Pakistan Business Forum (PBF) has urged the government to reduce government sector expenditure by up to Rs3 trillion in the upcoming federal budget and present a clear economic roadmap focused on sustainable growth, investment, and business revival. PBF Chief Organiser Ahmad Jawad said the forthcoming budget, which will be the government’s third since the general elections, must move beyond traditional revenue-generation measures and instead prioritize economic expansion, industrial competitiveness, and public relief. Expressing concern over the country’s growing debt burden, Jawad noted that Pakistan’s national debt has increased from approximately Rs19 trillion to nearly Rs80 trillion over the past decade. “The success of the upcoming budget will depend on whether the government can generate revenue from under-taxed sectors rather than continuing to place the bulk of the burden on the already documented business community,†he said. The Forum stressed that the budget may reflect ground realities and provide meaningful relief to both businesses and the general public. “The decision to enter the IMF programme was the government’s own choice.However, the IMF does not require government to place an additional burden on businesses and citizens every year. If the economy is to move forward, meaningful relief measures may be introduced,†Jawad added. PBF also proposed abolishing the petroleum levy and replacing it with an 18 percent General Sales Tax (GST) on petroleum products to create a more transparent taxation framework in the Finance Bill scheduled to be presented on June 10. Highlighting the importance of agriculture, Jawad described cotton as Pakistan’s “white gold†and called for targeted incentives and support measures to revive cotton production and strengthen the textile value chain. He emphasized the need for concrete budgetary initiatives to promote the Blue Economy and modernize the agriculture sector, both of which have significant potential to drive sustainable growth and boost exports. “The government must decide whether investment capital should flow towards industry and exports or continue to be diverted into real estate and speculative activities,†the Forum stated. PBF also said the essence of the budget on June 10 should be to project Pakistan as an attractive destination for business, investment, and economic opportunity. Addressing Prime Minister Shehbaz Sharif, Jawad said: “The business community still has high expectations from your leadership.We expect that the upcoming budget will not be merely a paper exercise or an accounting gimmick. It should not be based solely on revenue targets but should serve as a comprehensive framework for economic recovery and sustainable growth.†Copyright Business Recorder, 2026
OVERCOMING FISCAL DEFICIT
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Huzaima BukhariDr Ikramul HaqAbdul Rauf Shakoori On June 10, 2026, the federal government will unveil budget for fiscal year (FY) 2026-27 amidst familiar warnings about fiscal deficits, rising debt, IMF conditionalities and the alleged necessity of imposing additional taxes. Once again, citizens are expected to believe that Pakistan suffers from a shortage of revenue. The official narrative suggests that fiscal stability requires higher taxation, stricter enforcement and continued sacrifices by already overtaxed segments of society but facts tell an entirely different story. For nearly three decades, articles in these pages and elsewhere have highlighted the phenomenon of “foregone taxes in trillionsâ€. Shockingly, the issue attracted little policy attention. Of late, official reports of the Federal Board of Revenue (FBR), Economic Surveys of Pakistan and even studies by the Pakistan Institute of Development Economics (PIDE) confirm that concerns were neither exaggerated nor misplaced. Pakistan’s fiscal deficit is not merely the result of inadequate taxation. It is substantially a consequence of trillions of rupees voluntarily surrendered through tax expenditures. The following official figures, extracted from annual Economic Surveys and FBR’s website, illustrate the magnitude of the issue: =========================================== Table: Tax Expenditure (2010-11 to 2024-25) =========================================== Fiscal Year Tax Expenditure (Rs billion) =========================================== 2010-11 150.3 2011-12 185.5 2012-13 239.5 2013-14 477.1 2014-15 415.8 2015-16 394.6 2016-17 415.8 2017-18 541.0 2018-19 972.4 2019-20 1150 2020-21 1314.3 2021-22 1482.3 GST on POL waived in March 2022 2022-23 2239.6 Excluding GST on POL 2023-24 3879.2 Excluding GST on POL 2024-25 2434.7 Excluding GST on POL =========================================== The Table exposes a startling reality. Federal tax expenditure increased almost sixteen-fold between FY2010-11 and FY2024-25. The latest figure of Rs. 2.435 trillion (not including forgone sales tax on petroleum products) exceeds the annual budgets of several provinces and is significantly larger than the revenue shortfalls repeatedly cited by the government to justify new taxation measures. Had even a portion of these concessions been rationalised, Pakistan’s fiscal deficit could have been substantially reduced and, in certain years, transformed into a surplus. Tax expenditure represents revenue forgone through exemptions, concessions, exclusions, tax credits, preferential rates, special regimes and other departures from the normal tax structure. Economically, it is no different from direct budgetary spending. The only difference is that it escapes the scrutiny ordinarily applied to expenditure shown in the budget. Every rupee of federal tax expenditure granted in divisible-pool taxes affects not only the federal government but also the provinces. The 1973 Constitution guarantees provinces a share in federal tax revenues through the National Finance Commission (NFC) Award. When federal authorities forego trillions through exemptions and concessions, provinces are simultaneously deprived of resources for education, health, local government, infrastructure and social protection. This raises a fundamental question. By what constitutional logic should selected beneficiaries receive preferential tax treatment while provinces lose resources constitutionally intended for their citizens? The debate on tax expenditure is not merely fiscal. It concerns the distribution of power, resources and opportunities within the federation itself. PIDE’s recent study on tax expenditures reaches an equally troubling conclusion. It notes the absence of rigorous cost-benefit analysis, lack of meaningful evaluation and weak institutional scrutiny regarding the effectiveness of tax concessions. Exemptions are frequently granted in the name of industrial development, investment promotion or social objectives, yet little evidence is produced to demonstrate whether these objectives are actually achieved. Many concessions survive long after their original rationale has disappeared. Others effectively operate as hidden subsidies benefiting narrow groups at public expense. In this peculiar milieu, the first and most immediate reform should be a comprehensive review of all tax expenditures. Every concession should be subjected to annual scrutiny, accompanied by a sunset clause and automatic lapse unless justified by measurable economic and social benefits. Even a reduction of one-third of existing tax expenditures could generate hundreds of billions of rupees, substantially reducing dependence on regressive taxation and borrowing. The second reform concerns one of Pakistan’s most protected sources of untaxed wealth: agricultural land rent. For decades, public debate has conflated the interests of small farmers with those of large landowners. These are entirely different questions. Small cultivators facing climate shocks, rising input costs and declining productivity deserve protection and support. Large agricultural rentiers enjoying substantial income from ownership of land do not. The original definition of “agricultural income†in the Income-tax Act, 1922 was rooted in agricultural operations and cultivation. It was never intended to create a blanket fiscal immunity for large landowners. The exemption recognised income arising from land used for agricultural purposes and from agricultural operations performed on that land. What emerged over subsequent decades was a political distortion whereby constitutional protection of agriculture gradually evolved into protection of agricultural rent and landed privilege. The Finance Bill 2026 should distinguish between income from cultivation and income from ownership of agricultural land. Small cultivators deserve support, not taxation. Agricultural rent accruing to absentee owners and large landholders is a different economic category altogether and should be brought within the tax net. Such a distinction is entirely consistent with both classical public finance and the original scheme of the Income-tax Act, 1922. The third reform concerns the fragmented structure of Pakistan’s income tax system. The current regime has abandoned the foundational principle of comprehensive income taxation. Separate tax blocks, final taxation regimes, minimum taxes, presumptive taxes and countless special provisions have created a system characterised by complexity, inequity and litigation. Every source of income after computation as per respective head of income should be aggregated into a single taxable base ending all kinds of separate treatments. Additionally, artificial distinctions between different categories of income need to be removed. After computing taxable income as suggested above, under a simplified structure, annual income up to Rs. 1.2 million should remain below taxable threshold. Income exceeding Rs. 1.2 million up to Rs. 3.6 million should be taxed at 5 percent. Income exceeding Rs. 3.6 million up to Rs. 6 million should be taxed at 15 percent. Income exceeding Rs. 6 million should be taxed at 25 percent. The corporate tax rate should simultaneously be reduced to 25 percent. Excess profit tax or business profit tax, if necessary, for persons earning income beyond Rs. 200 million may be imposed through separate laws, as was done historically. A broad tax base coupled with moderate rates will always outperform a narrow base burdened by excessive taxation. Pakistan’s fiscal challenges also require addressing another long-neglected constitutional anomaly: fragmented sales taxation. The division between federal sales tax on goods and provincial sales tax on services has generated overlapping jurisdictions, multiple compliance regimes, cascading taxation and substantial administrative inefficiencies. Trans-provincial services and entities operating across provincial boundaries require harmonised treatment. Their inclusion within a unified federal framework would significantly enhance efficiency and revenue mobilisation. Studies undertaken earlier suggest that comprehensive taxation of trans-provincial services could generate approximately Rs. 3 to 4 trillion in additional revenue over time through integrated administration and elimination of leakages. Such potential alone is sufficient to alter Pakistan’s fiscal landscape fundamentally. At the same time, provincial governments must abandon their excessive dependence on federal transfers. Pakistan’s provinces possess substantial taxation powers over agricultural income, agricultural land, urban immovable property, services and local economic activities. Yet provincial tax collection remains exceptionally low by international standards. In successful federations, sub-national governments mobilise significant resources independently. Indian states collectively raise revenues approaching 8 percent of GDP through their own taxation powers. Pakistani provinces should be aiming for revenue mobilisation of at least 5 to 8 percent of GDP. If provinces effectively utilised their constitutional powers while the federation rationalised tax expenditures, taxed agricultural rent, integrated trans-provincial taxation and implemented comprehensive income taxation, Pakistan’s chronic fiscal deficit would largely disappear. The country would no longer require excessive petroleum levies to compensate for weak tax policy. Dependence on borrowing would decline. Corporate taxation could become internationally competitive. Personal taxation could become simpler, fairer and more predictable. The debate surrounding annual federal budgets, unfortunately, begins on a false premise. Pakistan does not suffer from a shortage of taxable capacity. It suffers from policy choices that favour exemptions over equity, fragmentation over simplicity and privilege over constitutional fiscal justice. The challenge is not only to discover new taxpayers. The real challenge is to stop subsidising powerful interests through the tax system while claiming insufficient resources for governance. Fiscal sovereignty will remain elusive so long as trillions continue to be surrendered through tax expenditures, large sources of economic rent remain untaxed and constitutional taxing powers remain underutilised. The choice before policymakers is straightforward. Continue managing deficits through higher taxation of the compliant and greater dependence on debt or dismantle the structural distortions that create those deficits in the first place. The first path perpetuates debtocracy. The second offers a route towards genuine fiscal sustainability and constitutional federalism. Copyright Business Recorder, 2026
18PC ST TO BE IMPOSED ON STATIONERY ITEMS
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The government has decided to impose 18 percent sales tax on stationery items through Finance Bill 2026. Top government officials told BUSINESS RECORDER that the proposal has been finalized and cleared from the International Monetary Fund (IMF). The increased rate of 18 percent sales tax would be applicable from July 1, 2026. The existing rate of sales tax on stationery items would be increased from 10 percent to 18 percent. Copyright Business Recorder, 2026
PTC TIES STABILITY TO STRONG EXPORT-LED STRATEGY
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Recorder Report ISLAMABAD: The Pakistan Textile Council (PTC) has urged the federal government to use Budget 2026-27 as a decisive opportunity to restore the competitiveness of Pakistan’s export sector, warning that economic stabilization alone will not deliver sustainable growth without a strong export-led strategy. Sources in the commerce ministry told BUSINESS RECORDER, the Council has also written a letter to Prime Minister Muhammad Shehbaz Sharif, appreciating the government’s engagement with business leaders ahead of the budget but stressed that policy commitments must now translate into concrete relief measures for exporters. According to PTC, Pakistan’s merchandise exports during the first eleven months of FY2025-26 remained USD 1.66 billion below the corresponding period of the previous year, reflecting the cumulative impact of high energy costs, delayed refunds, and an increasingly burdensome tax regime on export-oriented industries. The government has been apprised that Pakistan today stands before a rare window of opportunity as global supply chains are being restructured, and international buyers are actively seeking alternative sourcing destinations. Pakistan possesses a vertically integrated cotton-to-garment value chain and long-established export relationships, but these advantages can only be leveraged if the policy environment supports competitiveness rather than undermines it. The Council emphasized that export-led growth remains the most viable pathway for generating foreign exchange, creating employment, and strengthening Pakistan’s long-term economic resilience. The PTC called upon the government to prioritize three immediate measures in the upcoming budget: the reintroduction of the Final Tax Regime (FTR) for exporters, reduction of industrial energy tariffs to regionally competitive levels, and clearance of outstanding export refunds through a transparent and time-bound mechanism. “Pakistan has worked hard to achieve macroeconomic stability, but stabilization is not growth,†said Chairman PTC adding that “the next chapter of Pakistan’s economic recovery must be written through exports, investment, and industrial expansion.†The Council reiterated its willingness to work closely with the government by providing technical input, sectoral data and policy support to help achieve the country’s export and economic growth objectives. Copyright Business Recorder, 2026
BUDGET ON 10TH: SCHEHZAD
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Tahir Amin ISLAMABAD: The government has announced that it will present the federal budget for fiscal year 2026–27 on June 10 to outline its fiscal priorities and policy measures for the upcoming financial year. Advisor to the Finance Minister, Khurram Schehzad confirmed the development on Thursday, validating a BUSINESS RECORDER news report. He further added that the Economic Survey 2025-26 (FY26) would be released on Tuesday, June 9, to provide a review of the country’s economic performance during the outgoing fiscal year. The Advisor said, “The federal budget for fiscal year 2027 will be presented before the National Assembly of Pakistan on Wednesday, June 10, by Federal Minister for Finance and Revenue, Muhammad Aurangzeb. The upcoming budget will outline the federal government’s fiscal priorities and policy measures for the forthcoming financial year. The Federal Minister for Finance and Revenue will present the Survey, providing a comprehensive review of the country’s economic performance during the outgoing fiscal yearâ€. A crucial meeting of the National Economic Council (NEC), which was scheduled to be held on June 3, has been postponed and is now expected to be held on June 8 to finalize the 2026-27 development plan. The NEC meeting, which will be chaired by Prime Minister Shehbaz Sharif, is particularly significant as the constitutional body is required to approve key macroeconomic targets and endorse the size of the Public Sector Development Programme (PSDP) before the federal budget is formally unveiled. Copyright Business Recorder, 2026
KP GOVT AGREES TO REDUCE IDC RATE FROM 2PC TO 0.75PC
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Recorder Report PESHAWAR: The provincial government of Khyber Pakhtunkhwa has accepted the long-standing demand of the business community and announced to reduce the rate of the provincial Infrastructure Development Cess (IDC) from 2 percent to 0.75 percent. This important announcement was made by the Advisor to Chief Minister of Khyber Pakhtunkhwa on Finance, Muzammil Aslam, in a high-level consultative meeting regarding the provincial budget 2026-27, which was attended by the presidents of chambers of commerce from across Khyber Pakhtunkhwa, business leaders and government officials. Those who participated in the meeting include president Khyber Chamber of Commerce and Industries, Haji Muhammad Yousuf Afridi, Group Leader Syed Jawad Hussain Kazmi, Senior Vice President Wajid Ali Shinwari, Hazrat Ali Shinwari, Secretary Ali Faisal, President Malakand Chamber Inam Khan, President Kohat Chamber Haji Rashid Ahmed Paracha, President Women Chamber of Commerce (Peshawar) Qurtul Ain, Additional Secretary Industries Muhammad Ishaq, ADG Revenue Excise and Taxation Salahuddin, Additional Secretary Planning and Development Muhammad Tawfiq, Director Excise and Taxation Syedul Amin, representatives of various chambers and senior government officials in large numbers. Copyright Business Recorder, 2026
PROVINCES PROPOSE RS3.138TRN COMBINED DEVELOPMENT OUTLAY
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The provinces have proposed a combined development outlay of Rs3.138 trillion for fiscal year 2026-27, reflecting an increase of Rs76 billion over the current year’s allocation, with Rs660 billion expected from foreign assistance and Rs2.478 trillion to be financed through domestic resources. The provinces had budgeted a combined development outlay of Rs3.062 trillion for outgoing fiscal year 2025-26, including Rs658 billion in foreign assistance and Rs2.404 trillion from local resources. The provinces have raised their combined development budget by Rs76 billion to Rs3.138 trillion for fiscal year 2026-27, up from Rs3.062 trillion in the current fiscal year 2025-26. According to documents available with BUSINESS RECORDER, Punjab leads with a proposed allocation of Rs1.45 trillion, followed by Sindh with Rs816 billion, Khyber Pakhtunkhwa with Rs564 billion, and Balochistan with Rs308 billion. Budget documents show that the Punjab government has proposed a development budget of Rs1.45 trillion for fiscal year 2026-27, including Rs1.306 trillion from local resources and Rs144 billion in foreign assistance. The Sindh government has proposed Rs816 billion, comprising Rs296 billion in foreign assistance and Rs520 billion from local resources. Khyber Pakhtunkhwa has proposed Rs564 billion for its development programme, including Rs187 billion in foreign assistance and Rs377 billion from local resources under the Public Sector Development Programme (PSDP) 2026-27. Balochistan has proposed a development outlay of Rs308 billion, including Rs33 billion in foreign assistance and Rs275 billion from local resources. Punjab has increased its development budget by Rs95 billion for fiscal year 2026-27 compared to the current fiscal year. Sindh has reduced its development budget by Rs29 billion, while Khyber Pakhtunkhwa has increased its allocation by Rs63 billion. In contrast, Balochistan has cut its development budget by Rs53 billion compared to fiscal year 2025-26. The provincial governments have submitted their proposed development budgets to the federal government for incorporation into the budget framework for fiscal year 2026-27. Copyright Business Recorder, 2026
PSDP 2026-27: RS179BN EARMARKED FOR 44 WATER SCHEMES, HYDROPOWER PROJECTS
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Mushtaq Ghumman ISLAMABAD: The federal government has reportedly earmarked Rs 179 billion for nearly 44 (43 ongoing and one new) water sector development schemes and hydropower projects under Public Sector Development Program (PSDP) 2026-27 due to financial constraints. Of total earmarked amount of 179 billion, required local funding will be about Rs 106.620 billion whereas rupee cover requirement of 72.379 billion. According to the Ministry of Planning, Development and Special Initiatives, for ongoing hydel projects, Rs 42.666 billion have been earmarked, of which Rs 25 billion are proposed for Dasu Hydropower Project(stage-1), Rs 4.284 billion for Warsak Hydroelectric Power Station ( 2nd rehabilitation) Rs 3.4 billion will be for 1410 MW Tarbela 5th Extension Hydropower project, Rs 3.00 billion for Attabad Lake Hydropower project ( 54 MW), Rs 2.062 billion for rehabilitation of Dargai Hydroelectric power station(PC-1), Rs 2.7 billion 34.5 MW Harpo Hydropower Project, Rs 1.4845 billion for refurbishment and up-gradation of generation units of Mangla power station enhancing the capacity from 1000 MW to 1310 MW and Rs 736 million for capacity enhancement of Chitral Hydropower station from 1 MW to 5 MW. The proposed allocation for some of the ongoing water sector schemes/projects are as follows: (i) Diamer Basha Dam Project (inclusion of Tangir Hydropower project) Rs 25 billion); (ii) Diamer Basha Dam Project– acquisition of land and resettlement ( 2nd revised ( revised PC-1 is under approval process) Rs 7.00 billion;(iii) Mohamand Dam Hydropower project – Rs39 billion; (iv) raising of Mangla Dam project (2nd revised PC-1) Rs 4.598 billion; (v) revised PC-1 for installation of telemetry system for real time discharge monitoring at 27 key sites on Indus Basin Irrigation System(IBIS)- Rs 5.755 billion (total cost Rs 23.834 billion, Provincial share Rs 500 million of IRSA from its own resources; (vi) Kachhi Canal Project- Rs 4.874 billion; (vii) construction of 100 dams in Balochistan –package–III (20 dams) revised –Rs 1.093 billion; (viii) construction of Awaran Dam (revised) –Rs 5.00 billion (total 23.579 billion - federal share Rs 17.754 billion - provincial share Rs 5.826 billion); (ix) construction of Panjgur dam, district Panjgur (revised) – Rs 5.00 billion (total cost Rs 22.341 billion - federal share Rs 16.506 billion- provincial share Rs 5.835 billion); (x) construction of 100 dams in Balochistan-Package-iv (23 dams) Rs 3.00 billion; (xi) remodelling of Pat Feeder Canal System in Balochistan, District Naseerabad – Rs 5.00 billion (total cost Rs 61.793 billion - federal share Rs 46.996 billion - provincial share 14.797 billion; (x) Garuk Storage Dam District Kharan (2nd revised PC-1) Rs 1.459 billion( total cost Rs 27.753 billion- Federal share Rs 15.650 billion- provincial share Rs 12.103 billion; (xi) Umbrella PC-1 of the Flood Protection sector project–III (FPSP-III) updated Rs 2 billion; and (xii) the project for Flood Management Enhancement in the Indus Basin-JICA grant-Rs 3.00 billion. Other ongoing water schemes will get funding of just millions of rupees. Only one scheme – Diamer Basha Dam Project - power generation facilities (4500 MW) – Rs 500 million. This shows budget of Rs 135.8335 billion has been proposed for ongoing water sector projects/schemes under PSDP 2026-27. Copyright Business Recorder, 2026
MAJOR AMENDMENTS TO EFS LIKELY
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The government is likely to introduce major amendments to the Export Facilitation Scheme (EFS) 2021 in the upcoming 2026-27 budget to curb the misuse of the facility in the future. A big proposed change in the EFS scheme for exporters is that the financial security in the form of bank guarantee would be replaced with the pos-dated cheque for any excess duty and taxes being deferred or remitted. Official sources told BUSINESS RECORDER that the Federal Board of Revenue (FBR) has finalized amendments to the EFS, taking into account recommendations of the stakeholders. In this regard, the government is reviewing a budget proposal to revise the EFS in the 2026-27 budget to stop commercial importers from massive misuse of flying invoices in local markets. One of the proposals is to withdraw the exemption available to the commercial importers under EFS that allows the transfer of their sales tax invoice in the local market. The FBR is making necessary changes in the Customs Rules for the implementation of the revised scheme. The EFS, introduced in 2021, has seen an increase in licenses from 800 to approximately 2,000. A special drive initiated in May 2024 to curb misuse has led to significant improvements, particularly in the textile industry, which has witnessed notable value addition. Sources said the existing IPO 2022 does not permit the temporary import of used vehicles and auto parts for refurbishment and re-export. Under Para 5(3), read with Serial Nos. 10 and 11 of Appendix-C, the import of used and second-hand vehicles and auto parts is generally prohibited, except for limited categories such as bulletproof vehicles, firefighting vehicles, ambulances, and certain commercial imports. The working group held multiple meetings to examine the feasibility of the pilot project under the EFS 2021 framework. The proposal received broad support from stakeholders, who agreed that amendments to both EFS 2021 and IPO 2022 were necessary to operationalise the initiative. The Ministry of Commerce informed a ministerial forum that a draft summary had been circulated among stakeholders, who endorsed key proposals for submission to the Economic Coordination Committee (ECC) of the Cabinet. These include: (i) Amendment to Serial No. 10 of Appendix-C of IPO 2022 to allow temporary import of vehicles under PCT heading 8703 by service providers with repair and refurbishment facilities verified by the Engineering Development Board (EDB) and registered with FBR under EFS. Such imports would be strictly for repair, restoration, refurbishment, and re-export. Importer-cum-exporters would also be required to submit annual reconciliation statements to the relevant Regulatory Collector; (ii) Amendment to Serial No. 11 of Appendix-C to allow temporary import of used auto parts under similar conditions, exclusively for refurbishment and repair purposes, with mandatory reconciliation reporting; (iii) a strict condition that imported vehicles and parts shall not, under any circumstances, be sold, transferred, or disposed of within the domestic tariff area; and (iv) necessary amendments to EFS 2021 by FBR, including a clear disposal mechanism for salvaged or leftover auto parts. Copyright Business Recorder, 2026
MAJOR CHUNK OF PSDP WILL GO TO INFRASTRUCTURE PROJECTS
Date: 2026-06-05
Details: Published June 5, 2026 Updated about 2 hours ago By Naveed Butt ISLAMABAD: The federal government has allocated the largest share — 65 percent, or Rs729.9 billion — of the proposed development budget for infrastructure sector projects in fiscal year 2026-27. According to documents available with this correspondent, the government has proposed Rs135.6 billion for the energy sector, Rs408.9 billion for transport and communication, Rs140.4 billion for the water sector, and Rs45 billion for the physical planning and housing sector for the upcoming fiscal year. A total of Rs187.2 billion has been proposed for the social sectors, including Rs78.5 billion for education (including the Higher Education Commission), Rs24.3 billion for health and nutrition, Rs70 billion for the SDGs Achievement Programme, and Rs14.4 billion for others. The government has also proposed Rs10.2 billion for governance and Rs43.9 billion for science and information technology for fiscal year 2026-27. An amount of Rs79.4 billion has been allocated for special areas (AJK and GB), while Rs66.1 billion has been proposed for merged districts for development projects. In the production sector, the government has proposed Rs9.3 billion, including Rs3.7 billion for food and agriculture and Rs5.6 billion for industries. According to documents, 65 percent of resources have been earmarked for infrastructure sector projects. Within infrastructure, priority has been given to the transport and communication sector with 36 percent, followed by water resources with 12.5 percent, energy with 12 percent, and physical planning and housing with 4 percent of allocations. The social sector has been allocated 16.6 percent, comprising education/HEC with 7 percent, health with 2.2 percent, the SDGs Achievement Programme with 6.2 percent, and other social sectors with 1.3 percent. To bring less developed areas at par with other parts of the country, 4.8 percent has been allocated for AJK, GB, and the newly merged districts of KP. The proposed allocation for the science and technology and IT sector is for 5.9 percent. Funds for the governance sector stand at 7.1 percent and the production sector at 0.8 percent. Project-wise proposed allocations have been adjusted within the overall PSDP size of Rs1,126 billion in line with national priorities. The ministries and divisions had demanded Rs4.1 trillion including Rs1.1 trillion as rupee cover under PSDP 2026-27, for 1,254 projects comprising 764 ongoing and 490 new or unbudgeted projects. The demand for ongoing projects stood at Rs3.3 trillion. However, the Finance Division could only manage and conveyed an Indicative Budget Ceiling (IBC) of Rs1,126 billion for PSDP 2026-27. Copyright Business Recorder, 2026
SIALKOT EXPORTERS’ DELEGATION VISITS LCCI
Date: 2026-06-04
Details: Published June 4, 2026 Updated about 2 hours ago LAHORE: A delegation of exporters from Sialkot, led by Sheikh Zohaib Rafiq, former senior vice president Sialkot Chamber of Commerce and Industry (SCCI), visited the Lahore Chamber of Commerce and Industry and met its President Faheem-ur-Rehman Saigol to discuss the problems faced by them. LCCI Senior Vice President Tanveer Ahmed Sheikh and Vice President Khurram Lodhi were also present in the meeting. The delegation included Adnan Yousaf, Muhammad Ashiq, Shehzad Ahmed, Muhammad Faisal and others. Speaking to the delegation members, President LCCI Saigol said that Sialkot is playing a key role in Pakistan’s exports and national economy. He added that despite difficult economic conditions, the export sector continues to support the national economy. He stressed the need for stronger coordination and cooperation between the Lahore and Sialkot Chambers and said that joint efforts through an All Pakistan Chambers Conference should be made to resolve common business issues. The visiting delegation members said that Sialkot has skilled manpower, modern industrial units, and is exporting world-class sports goods across the globe. They added that local industries are also promoting the use of recycled materials and adopting environment-friendly and sustainable production methods. The delegation further said that Sialkot’s export industry meets global compliance and quality standards and is the largest SME hub in Pakistan. They urged the government to provide more facilitation to the SME sector, noting that countries like China, Vietnam, and India have strongly supported SMEs, resulting in significant export growth. They also highlighted that SMEs can drive innovation, employment, and exports if properly supported. Sialkot is also rapidly growing in the e-commerce sector. Moreover, the business community of Sialkot has also contributed to society by establishing hospitals, an airport, and educational institutions under corporate social responsibility. The delegation emphasized that the Final Tax Regime (FTR) is vital for the SME sector and proposed a fix tax rate for turnover up to 500 million rupees, with a gradual increase beyond that level. They also called for an urgent resolution of issues related to the Export Facilitation Scheme (EFS) and duty drawback. Copyright Business Recorder, 2026
PAKISTAN REPORTS $34.76 BILLION TRADE DEFICIT IN 11MFY26
Date: 2026-06-04
Details: June 4, 2026Mrs. Anjum Shahnawaz Exports fall and imports rise during July–May FY2025-26, though monthly trade gap narrows sharply in May Pakistan recorded trade deficit of $34.76 billion during the first eleven months (July–May) of fiscal year 2025-26 or 11MFY26 as declining exports and higher imports continued to pressure the country’s external sector, according to data released by the Pakistan Bureau of Statistics. The trade gap increased by 17.48% compared with $29.58 billion recorded during the corresponding period of FY2024-25. Official figures showed that exports declined by 5.61% to $27.90 billion during July–May FY2025-26, compared with $29.56 billion in the same period of the previous fiscal year. Meanwhile, imports rose by 5.94% to $62.66 billion, up from $59.15 billion recorded during the corresponding eleven months of FY2024-25, resulting in a wider trade imbalance. Despite the deterioration in cumulative figures, Pakistan’s trade performance improved significantly on a month-on-month basis in May 2026. The monthly trade deficit narrowed by nearly 40% to $2.58 billion, compared with $4.26 billion recorded in April 2026. Exports increased by 9.59% to $2.71 billion in May from $2.47 billion in the previous month, while imports declined sharply by 21.45% to $5.29 billion from $6.73 billion in April. The combination of stronger exports and lower imports helped reduce the monthly trade gap and provided temporary relief to the external account. On a year-on-year basis, the trade deficit in May 2026 declined by 13.68% compared with the same month last year. Exports recorded a modest increase of 1.26%, while imports fell by 6.63% compared with May 2025, indicating an improvement in monthly trade dynamics despite broader challenges. Economists said the widening cumulative trade deficit highlights the importance of accelerating export growth, diversifying export markets and improving competitiveness to ensure external sector stability. They noted that managing import demand while sustaining economic growth will remain a key policy challenge as Pakistan seeks to strengthen foreign exchange reserves and support its economic recovery efforts.
CCP ALLOWS PAFL’S ACQUISITION OF A PLANT OF PAKISTAN OXYGEN LTD
Date: 2026-06-04
Details: Published June 4, 2026 Updated about 2 hours ago ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved Pak Arab Fertilisers Limited’s acquisition of the liquid carbon dioxide (LCO2) plant of Pakistan Oxygen Limited, paving the way for Fatima Group’s entry into a segment linked to industrial and food-grade carbon dioxide production. According to the documents available with BUSINESS RECORDER, the approval was granted following a Phase-I merger review under the Competition Act, 2010. The transaction involves the acquisition of Pakistan Oxygen’s LCO2 plant by Pak Arab Fertilisers Limited, a wholly owned subsidiary of Fatima Fertiliser Company Limited. The development comes at a time when Pakistan Oxygen Limited has reported its strongest-ever financial performance. The company posted a record profit after tax of Rs1.7 billion for calendar year 2025, up 134 percent from Rs712 million a year earlier, while earnings per share rose to Rs19.16 from Rs8.17. Net sales increased 15 percent to Rs13 billion, whereas gross profit surged 71 percent to Rs5.24 billion. Market analysts attributed the sharp improvement in profitability to enhanced operational efficiencies and disciplined pricing. According to an analyst briefing note issued by AKD Securities, the company’s new 270-tonnes-per-day air separation unit at Port Qasim operated more efficiently than originally designed, significantly improving margins. The merger application was submitted to the CCP under Section 11 of the Competition Act, 2010 pursuant to an Asset Purchase Agreement signed on February 4, 2026. Following its assessment, the Commission authorised the transaction under Section 31 of the Act. Pak Arab Fertilisers is engaged in the manufacturing, production, import, export and sale of fertilisers and chemicals, while Pakistan Oxygen is one of the country’s oldest industrial gas producers, supplying industrial and medical gases, welding electrodes and medical equipment. The Commission examined the transaction’s likely impact on market concentration and competition in the production and sale of liquid carbon dioxide in Pakistan. According to the order, the transaction constitutes a horizontal merger because both the acquiring group and the target are active in the same relevant market. However, the CCP concluded that the resulting increase in market share would be limited and would not materially alter competitive conditions. The regulator further observed that the acquisition would neither create barriers to entry nor significantly enhance the market power of the merger parties. The Commission found no basis to conclude that the transaction would substantially lessen competition, create or strengthen a dominant position, or distort prevailing market conditions. Consequently, it approved the acquisition under Section 31 (1) (d) (i) of the Competition Act. The latest approval reflects the CCP’s ongoing role in facilitating corporate restructuring, investment and asset transactions while ensuring that market competition remains intact. Copyright Business Recorder, 2026
NBP SIGNS MOU WITH CHARTER FOR COMPASSION PAKISTAN
Date: 2026-06-04
Details: Published June 4, 2026 Updated about 2 hours ago KARACHI: The National Bank of Pakistan (NBP) has signed a Memorandum of Understanding (MoU) with Charter for Compassion Pakistan, under its employee wellness initiative, NBP Wellness First 2.0. The collaboration aims to strengthen mental health awareness and improve access to professional well-being support for NBP employees and their dependents through structured engagement and consultation services. Under this partnership, employees will benefit from a series of nationwide virtual awareness sessions focused on stress management, emotional resilience, mental well-being, anxiety management, healthy boundaries, and sustainable self-care practices. In addition, employees and their dependents will also have access to confidential tele-consultation and physical consultation support through qualified mental health professionals associated with Charter for Compassion Pakistan. The MoU signing ceremony was attended by representatives from both organizations, reaffirming a shared commitment towards promoting emotional well-being, healthier workplace practices, and a more supportive work environment. Through NBP Wellness First 2.0, NBP aims to encourage awareness, balance, and accessibility to support systems that contribute towards a healthier and more resilient workforce. Copyright Business Recorder, 2026
SYS SPELLS OUT FACTORS BEHIND DECLINING Q1 MARGINS
Date: 2026-06-04
Details: Published June 4, 2026 Updated about 2 hours ago KARACHI: Systems Limited (SYS), Pakistan’s largest listed technology company, has attributed the decline in its first-quarter margins to a combination of wage inflation, higher fuel costs, rupee appreciation and fewer working days, while expressing confidence in future growth through expansion in North America and recently completed acquisitions. The management shared the outlook during a corporate briefing held on Tuesday to discuss the company’s financial performance for the quarter ended March 31, 2026, according to a report issued by Topline Research. Systems Limited reported a consolidated profit after tax of Rs3.03 billion in the first quarter of 2026, translating into earnings per share (EPS) of Rs2.05, up 21 percent compared with the same period last year. Despite strong earnings growth, the company’s gross margins declined to 25 percent during the quarter. Management explained that profitability was affected by multiple factors, including rising employee costs, higher fuel prices, appreciation of the Pakistani rupee against foreign currencies, and a lower number of working days during the reporting period. The company also highlighted a slowdown in collections, particularly from the Kingdom of Saudi Arabia (KSA), which contributed to an increase in trade receivables during the quarter. Management warned that collections from Middle Eastern markets could face additional pressure if regional geopolitical tensions persist, reflecting the growing uncertainty surrounding business activity in the region. To diversify revenue streams and reduce dependence on Middle Eastern markets, Systems Limited is increasingly focusing on growth opportunities in North America following the integration of Confiz, a strategic acquisition aimed at strengthening the company’s international footprint. According to management, the acquisitions of Confiz and BAT SAA have collectively added between eight and ten enterprise-level clients to the company’s customer portfolio, providing opportunities for further revenue growth and cross-selling of services. The company also addressed concerns regarding visa-related restrictions in the United Arab Emirates, which have periodically raised questions about the ability of Pakistani technology firms to deploy talent in the Gulf region. Management stated that such restrictions no longer pose a significant threat to the company’s operations or hiring plans, noting that only 52 percent of its workforce in the region consists of Pakistani nationals, while the remainder comprises employees from other countries. On the policy front, management disclosed that it had participated in pre-budget consultations with the government and advocated for the continuation of the existing 0.25 percent Final Tax Regime (FTR) applicable to IT exporters. The company expressed optimism that the preferential tax framework would be retained in the upcoming federal budget, citing its importance for maintaining the competitiveness of Pakistan’s technology export sector. Management also discussed proposals related to tax harmonization between freelancers and salaried employees, as well as reforms linked to the Export Facilitation Scheme (EFS), which were presented to policymakers during the consultations. Analysts believe the company remains well-positioned to benefit from Pakistan’s expanding IT exports and increasing global demand for digital transformation services, despite short-term margin pressures and regional uncertainties. Copyright Business Recorder, 2026
INFORMATION PROVIDED BY CITIZENS: FTO URGES FBR TO SET UP A STRUCTURED MECHANISM
Date: 2026-06-04
Details: Published June 4, 2026 Updated about 2 hours ago ISLAMABAD: The Federal Tax Ombudsman (FTO) has recommended that the Federal Board of Revenue (FBR) establish a structured mechanism for receiving, evaluating, and responding to information provided by citizens regarding revenue leakages, tax-base expansion, and systemic tax compliance issues. The matter arose from a complaint filed under Section 10 (1) of the Federal Tax Ombudsman Ordinance, 2000, alleging maladministration on the part of the FBR due to its failure to respond to communications submitted by the complainant. According to the complaint, the complainant had written to the Chairman FBR on 18 January 2024, proposing special measures for the realisation of taxes allegedly not being charged, particularly in relation to taxable supplies. He maintained that the information in his possession had the potential to generate billions of rupees in additional national revenue. The complainant stated that despite the passage of considerable time, no response was received from the FBR. He subsequently submitted a reminder on 27 October 2025 to the Chairman FBR, warning that failure to address the matter would compel him to seek redress before the Federal Tax Ombudsman. However, the reminder also remained unanswered, leading him to file a formal complaint before the FTO. During the investigation, the FTO observed that the issues raised in the complaint primarily related to matters falling under the Islamabad Capital Territory (Tax on Services) Ordinance, 2001, and provincial sales tax laws. As these statutes do not fall within the jurisdiction of the Federal Tax Ombudsman under the definition of “Relevant Legislation†contained in Section 2 (6) of the FTO Ordinance, 2000, the complaint was initially closed for want of jurisdiction. Aggrieved by the decision, the complainant filed a review petition, contending that the FTO had incorrectly assumed that all nineteen reported cases related to sales tax on services. He clarified that only five cases pertained to services, while the remaining cases involved taxable goods, and furnished details to substantiate his position. While examining the review petition, the Federal Tax Ombudsman emphasised that citizens who, in good faith, provide information capable of broadening the tax base, identifying revenue leakages, or improving tax administration perform a valuable public service. The Ombudsman noted that such information merits proper institutional consideration, even where it may not fall within the scope of the Inland Revenue Reward Rules, 2021. The FTO further observed that the case highlighted a significant systemic gap within the existing tax administration framework. Although reward mechanisms exist for certain tax evasion cases, there appears to be no comprehensive process for handling information relating to revenue leakages, tax-base expansion, administrative shortcomings, or broader compliance concerns. As a result, potentially valuable information supplied by citizens may not receive due attention, leading to missed opportunities for revenue enhancement and administrative improvement. In view of these observations, the Federal Tax Ombudsman recommended that the Federal Board of Revenue examine the feasibility of establishing a structured framework for dealing with information received from citizens and informers regarding revenue leakages, tax-base expansion, and systemic compliance issues. The FTO specifically recommended that the FBR consider developing transparent eligibility criteria for recognition or rewards in cases where information demonstrably contributes to revenue recovery, prevention of revenue loss, expansion of the tax base, or measurable improvements in tax administration. The Ombudsman also advised the issuance of necessary rules, guidelines, or administrative instructions to effectively implement and oversee such a framework. The review petition was disposed of in the above terms, and the order in review shall be read together with the Forum’s earlier order dated 20 February 2026. Copyright Business Recorder, 2026
PETROLEUM DEALERS ISSUE 48-HOUR ULTIMATUM
Date: 2026-06-04
Details: Published June 4, 2026 Updated about an hour ago KARACHI: The petroleum dealers have given the government a 48-hour ultimatum over their demand for an increase in commission, warning that a major decision regarding the future of petrol pumps across the country will be announced if the Petroleum Ministry fails to respond within two days. The dealers said that operations at petrol pumps under the current commission structure had become financially unviable, adding that they were under severe economic pressure. According to the petroleum Chief Advisor to the Petroleum Dealers Association (PPDA), Malik Khuda Bakhsh, the situation has reached a point where continuing business operations has become extremely difficult. READ MORE: Petroleum dealers demand hike in profit margins He said that a formal and final letter regarding the commission issue would be sent to the Petroleum Minister, outlining the dealers’ demands and financial concerns. The association further warned the government that if it failed to take immediate notice, its 30-member core committee would take a decision, and Chairman Abdul Sammi Khan would announce the next course of action. He said that the options under consideration may include nationwide protest measures or other strong steps. The dealers also claimed that the sale of diesel in the country had nearly collapsed, while smuggled petroleum products had been dominating the market, further hurting legal operators. Meanwhile, five major refineries have formally alerted the government over rising concerns of petroleum smuggling, stating that it poses a serious threat to the domestic refining industry. They also warned that declining diesel sales had been causing storage capacity issues. Bakhsh said that during the recent tension in the Middle East, the government had sought their cooperation, but they were now facing severe financial strain themselves. They added that war-related uncertainty and rising economic pressure had rapidly depleted working capital in the sector. The PPDA has urged the Petroleum Minister to visit Karachi and assess ground realities and the financial losses being suffered by the dealers. Copyright Business Recorder, 2026
ELECTRIC VEHICLE DREAM FACES MAJOR SETBACK AS TAX HOLIDAY NEARS END
Date: 2026-06-03
Details: Automotive Budget 2026-27 Taxation June 3, 2026Faisal Shahnawaz Proposed end of EV tax incentives and higher levies on hybrids raise concerns over market slowdown Pakistan’s push toward cleaner transport could face a setback as the government considers ending tax concessions on electric vehicles in the Budget 2026-27, potentially raising costs for consumers and slowing industry growth, according to sources. Under the proposal, sales tax on electric vehicles may be increased from the current concessional rate of 1% to the standard rate of 18%, significantly raising the cost of ownership for prospective buyers. The move is part of broader revenue-raising measures under consideration ahead of the federal budget, sources said. However, industry stakeholders warn the change could undermine investment and stall momentum in the country’s emerging EV sector. Electric vehicles, which fall under the broader category of Electric Vehicle adoption in Pakistan, have gained traction in recent years amid rising fuel prices and growing interest in lower-cost mobility alternatives. A sharp increase in taxation is expected to raise vehicle prices significantly, making EVs less affordable for middle-income consumers who have increasingly viewed them as a viable alternative to conventional fuel-powered cars. Industry sources say both local and international firms have invested in Pakistan’s EV ecosystem, encouraged by earlier government incentives aimed at reducing carbon emissions and dependence on imported petroleum. Pakistan spends billions of dollars annually on fuel imports, with the transport sector accounting for a major share of consumption. Policymakers have previously viewed EV adoption as a long-term strategy to ease pressure on foreign exchange reserves. Demand for electric vehicles has reportedly risen in recent months as elevated fuel prices pushed consumers to explore alternative transport options. In a related development, the government is also considering increasing the sales tax on hybrid vehicles from 8.5% to 18% as part of the same fiscal package. If implemented, the proposed changes could significantly reshape Pakistan’s automotive market and slow the transition toward cleaner transportation technologies. Neither the finance ministry nor relevant officials have publicly commented on the proposed measures.
EDUCATION COSTS SET TO RISE AS 18% SALES TAX ON STATIONERY PROPOSED
Date: 2026-06-03
Details: Budget 2026-27 Taxation June 3, 2026Faisal Shahnawaz Proposal to shift stationery items to standard tax rate sparks concern over affordability and inflation pressures Millions of Pakistani families could face higher education-related expenses as the government considers increasing sales tax on stationery items from the current reduced rate of 10% to 18% in the upcoming Budget 2026-27, according to sources. The proposal would bring stationery products under the standard sales tax regime, potentially raising prices of essential school supplies including notebooks, pens, pencils and other learning materials used by students nationwide. The move comes at a time when households are already grappling with elevated inflationary pressures. Rising fuel costs, driven by geopolitical tensions in the Middle East, have contributed to an increase in the prices of goods and services across the economy, further straining household budgets. Official data from the Pakistan Bureau of Statistics (PBS) shows that education-related inflation rose by nearly 9% in May 2026 compared with the same period last year, reflecting higher costs of schooling, transport and related services. Education experts and market stakeholders have warned that any increase in taxation on stationery items could further intensify financial pressure on families, particularly those in low- and middle-income groups. They argue that stationery products should be treated as essential educational goods and exempted from higher tax brackets to ensure affordability and continued access to basic learning materials. Critics also caution that the proposed tax hike could negatively affect school enrolment rates, especially in economically vulnerable communities, as rising costs may force parents to reduce educational spending amid already constrained household incomes. The proposal is expected to be closely monitored as discussions on the federal Budget 2026-27 continue ahead of its presentation in parliament.
GOVERNMENT PLANS MAJOR PROPERTY TAX RELIEF IN FY2026-27 BUDGET
Date: 2026-06-03
Details: Budget 2026-27 Taxation June 3, 2026Faisal Shahnawaz Proposed relief target withholding tax on property transactions for filers as budget details emerge ahead of FY2026-27 The government is considering significant tax relief measures for Pakistan’s real estate sector in the upcoming FY2026-27 budget, aiming to stimulate economic activity, boost construction and generate employment, according to sources familiar with the matter. The proposed changes focus on reducing withholding taxes imposed under Sections 236K and 236C, which govern property purchases and sales. Under the proposal, the withholding tax on property purchases for tax filers could be reduced from 1.5% to 0.25%, while the tax on property sales may be cut from 4.5% to 1.5%, marking a substantial easing in transaction costs. Sources said the government has already briefed the International Monetary Fund (IMF) on its intention to lower property transaction taxes as part of broader fiscal discussions. Officials believe that reducing taxes on real estate transactions could help revive market activity, encourage documentation, and ultimately expand the tax base, even as short-term revenues may decline. However, the proposed relief is expected to remain limited to tax filers. Non-filers are unlikely to receive any concessions in the upcoming budget, with the existing 10.5% tax rate on property transactions expected to stay unchanged to discourage undocumented activity. Separately, sources in the Ministry of Finance provided key macroeconomic indicators ahead of the budget presentation. The total federal budget outlay for FY2026-27 is projected at Rs17.1 trillion, with economic growth targeted at 4.1% and inflation estimated at 8.4%. According to the proposed framework, the Federal Board of Revenue (FBR) is expected to be assigned a tax collection target of Rs15.267 trillion. Petroleum levy collections are projected at Rs1.727 trillion. On the expenditure side, development spending is estimated at Rs1.1 trillion, while debt servicing is projected at Rs7.824 trillion and defence expenditure at Rs2.665 trillion. The proposed fiscal plan reflects ongoing efforts to balance economic stimulus measures with fiscal consolidation targets ahead of the new financial year.
PIDE PROPOSES RS45,000 MINIMUM WAGE FOR FY2026-27 UNDER NEW FRAMEWORK
Date: 2026-06-03
Details: Budget 2026-27 National June 3, 2026Mrs. Anjum Shahnawaz PIDE proposes hybrid wage-setting model linked to productivity, affordability and worker welfare The Pakistan Institute of Development Economics (PIDE) on Tuesday proposed raising the national minimum wage to Rs45,000 per month for fiscal year 2026-27 under a new evidence-based framework designed to reform wage determination and strengthen labour market governance. In its Policy Viewpoint No. 62, titled “Reforming Minimum Wage Determination in Pakistan: From Wage Announcements to Wage Governance,†PIDE called for replacing the existing wage-setting approach with a transparent, rules-based system aligned with principles of the International Labour Organization (ILO). The proposed framework seeks to balance worker welfare, purchasing power protection, labour market affordability, productivity gains and provincial implementation challenges, according to the study. Using official data from the Pakistan Bureau of Statistics (PBS) and the Ministry of Planning, Development and Special Initiatives, the institute recommended a national minimum wage benchmark of Rs45,000 per month for FY2026-27. The proposed rate represents a 12.5% increase from the current notified minimum wage of Rs40,000. Speaking at the launch of the policy viewpoint, Dr. Nadeem Javaid, Vice Chancellor of PIDE and a member of the Planning Commission of Pakistan, said minimum wage determination should move beyond an annual administrative exercise and be linked more closely to economic realities and labour welfare objectives. “Pakistan now requires a credible wage governance system that balances worker protection, productivity, business sustainability and macroeconomic stability within a transparent institutional framework,†he said. The report recommends a hybrid methodology that incorporates multiple indicators rather than relying solely on inflation or poverty thresholds. These include worker-family needs, productivity trends, business affordability and labour market conditions. Dr. S. M. Naeem Nawaz, Professor of Economics at PIDE and co-author of the study, said an effective minimum wage must be both realistic for workers and enforceable by provincial authorities. He noted that nearly 80% of Pakistan’s workforce remains employed in the informal sector, making compliance and enforcement major challenges for policymakers. According to the study, a modern wage governance system should promote higher compliance, improve transparency and ensure that minimum wage adjustments are grounded in measurable economic indicators rather than ad hoc decisions. The proposal comes as policymakers prepare budget recommendations for FY2026-27 amid concerns over inflation, labour market conditions and the purchasing power of low-income households.
BANKISLAMI PARTNERS WITH SURAYYA AZEEM WAQF TEACHING HOSPITAL
Date: 2026-06-03
Details: Published June 3, 2026 Updated about 5 hours ago By Recorder Report KARACHI: BankIslami partners with Surayya Azeem Waqf Teaching Hospital to strengthen healthcare access for Punjab’s underserved communities. The contribution will support the hospital in delivering quality medical facilities to underserved communities across the wider Punjab region. In addition to the financial support, BankIslami also on-boarded SATH as an institutional client, providing the hospital with access to the Bank’s premier Shariah-compliant banking services, including advanced cash management solutions. This initiative reflects BankIslami’s approach of combining financial purpose with social impact, extending its mission beyond commercial banking to actively enable institutions at the forefront of public welfare. “At BankIslami, our mission of Saving Humanity from Riba extends to every dimension of our work, including our responsibility toward communities that need support the most,†said Rizwan Ata, President and CEO of BankIslami. Copyright Business Recorder, 2026
DOW, S&P 500 SCALE PEAKS AS HPE, ALPHABET FUEL AI MOMENTUM
Date: 2026-06-03
Details: Published June 3, 2026 Updated about 5 hours ago By Reuters NEW YORK: The Dow and the S&P 500 scaled fresh record highs on Tuesday as strong results from Hewlett Packard Enterprise and a funding commitment from Alphabet reinforced confidence in the AI buildout. HPE surged about 26 percent, on track for a record one-day percentage gain, after the AI server maker pulled forward its long-term financial targets by two years. Peer Super Micro Computer climbed 6 percent, while chipmakers gained 5 percent. Alphabet said it was looking to raise USD80 billion in equity offerings, including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. While Alphabet’s stock itself slipped nearly 2.5 percent, dragging down the communications services index almost 1.5 percent, the news fanned optimism around AI infrastructure spend. “It confirms the insatiable demand that we’re seeing really across the board for AI. Every day it seems like a different company comes out with incredible signs that this wave of AI is alive and well,†said Ryan Detrick, chief market strategist at Carson Group. The S&P 500 and the Nasdaq logged their eighth straight session of gains on Monday and closed at record levels after Nvidia unveiled a new processor to bring AI to personal computers. Marvell Technology’s shares surged more than 26 percent to over USD240 billion in market value after Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next “trillion dollar company†at the Computex conference in Taipei. Nvidia invested USD2 billion in Marvell in March. At 11:26 a.m. ET, the Dow Jones Industrial Average rose 155.84 points, or 0.31 percent, to 51,234.72, the S&P 500 gained 17.47 points, or 0.23 percent, to 7,617.43 and the Nasdaq Composite gained 73.42 points, or 0.27 percent, to 27,160.23. Seven out of 11 major S&P 500 indexes were in the green, with utilities advancing the most. The software index dropped 3.7 percent as a recovery rally stalled following a 14 percent surge in the last three sessions. ServiceNow, Salesforce and Intuit were down between 6 percent and 10 percent. Microsoft dropped 3.7 percent. Microchip Technology advanced 6 percent after an upbeat data center revenue forecast. Upbeat first-quarter results and AI enthusiasm have driven the rally on Wall Street, with hopes for an end to the US-Iran conflict and a reopening of the Strait of Hormuz adding support. But recent flare-ups in tensions have raised concerns that a prolonged conflict could stoke inflation, push the Federal Reserve toward tighter policy and threaten Wall Street’s record run. US Secretary of State Marco Rubio told lawmakers that Iran had agreed to negotiate aspects of its nuclear program that it previously refused to discuss.
SECP REGISTERS 3,161 NEW COMPANIES IN MAY, SETS RECORD FOR SINGLE-DAY INCORPORATIONS
Date: 2026-06-03
Details: Corporate Trade & Industry June 3, 2026Faisal Shahnawaz Online registrations account for 99.9% of incorporations as corporate sector expansion continues The Securities and Exchange Commission of Pakistan (SECP) registered 3,161 new companies in May 2026, demonstrating continued growth in the country’s corporate sector despite a reduced number of working days due to Eid-ul-Adha holidays. According to an official statement issued on Tuesday, nearly all new companies were incorporated through the Commission’s digital platform, with online registrations accounting for 99.9% of the total. The latest additions increased the total number of registered companies in Pakistan to 297,239. The SECP also reported a record achievement during the month by incorporating 415 companies in a single day, marking the highest number of daily registrations in the regulator’s history. The milestone reflects increasing corporatisation across various sectors of the economy and highlights the effectiveness of the SECP’s digital registration and compliance systems. Punjab remained the largest contributor to new company registrations, with 1,643 incorporations representing 52% of the monthly total. Islamabad Capital Territory followed with 596 new companies, while Sindh registered 479 companies. Khyber Pakhtunkhwa recorded 260 incorporations, followed by Gilgit-Baltistan with 112 and Balochistan with 71. Private limited companies continued to dominate the corporate landscape, accounting for 1,884 new registrations during the month. Single-member companies (SMCs) recorded 1,212 incorporations, indicating sustained growth in individual entrepreneurship and small business formalisation. Sector-wise, the information technology and e-commerce segment led new business formation with 598 registrations. The trading sector followed with 503 new companies, while services recorded 404 incorporations. Real estate development and construction contributed 303 new companies during the period. The SECP said foreign participation was observed in 80 locally incorporated companies, with investors from 17 countries acquiring shareholdings. China remained the largest source of foreign investment participation, with 89 shareholders investing a combined paid-up capital of PKR 132.3 million. Chinese investors accounted for the majority of the total foreign paid-up capital of PKR 139.4 million recorded during the month. The figures indicate continued investor interest in Pakistan’s corporate sector and underscore the growing adoption of formal business structures supported by the country’s digital regulatory framework.
BIAFO INDUSTRIES LIMITED APPOINTS NEW CEO
Date: 2026-06-03
Details: • Matin Amjad will take over as CEO on July 1, 2026, succeeding Anwar Moin in a key leadership change for the company Published June 2, 2026 Updated about 22 hours ago By BR Web Desk Biafo Industries Limited (BIFO) announced on Tuesday key appointments. The development was shared in a notice to the Pakistan Stock Exchange (PSX) today. The company said that Matin Amjad was appointed as the new Chief Executive Officer (CEO) with effect from July 1, 2026. The appointment was made after Anwar Moin resigned as CEO, effective from June 30. The board thanked Moin for his service to the company and accepted his resignation. Meanwhile, Biafo added that Amjad’s terms and conditions of employment were approved by the Board as outlined in his employment contract. “The Board of Directors approved the resignation of Anwar Moin and the appointment of Matin Amjad in its meeting held on June 1, 2026. BIFO was incorporated in Pakistan as a public limited company in 1988 and started its commercial operations in 1994. The principal activity of the company is the manufacturing and sale of commercial explosives and blasting accessories, which include detonators and other materials.
OIL PRICES RISE AS NEW MIDDLE EAST HOSTILITIES FLARE AND TALKS STALL
Date: 2026-06-03
Details: • Brent futures rose $1.05, or 1.09%, at $97.05 a barrel Published June 3, 2026 Updated 2 minutes ago By Reuters Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to settle at $94.77. Both benchmarks settled at a one-week high in the previous session. Iran launched ballistic missiles toward regional neighbors Kuwait and â Bahrain but failed to hit targets, the U.S. military said, adding that U.S. forces conducted strikes on Iran’s Qeshm Island in response to attempted attacks. The market awaited news on the Iran war, with Tehran reviewing a proposed agreement with the U.S. to halt the conflict. Iran has not communicated with Washington for a few days, Iranian media reported on Tuesday, though Trump said negotiations had been going on continuously. ANZ bank senior commodity strategist Daniel Hynes said any efforts â to reopen the Strait of Hormuz face challenges as Iran has mined large portions of the vital waterway. “There has been a slight tick up in vessels attempting the journey, but total transits remain significantly below pre-conflict levels,†Hynes said. More than â three months after the U.S. and Israel launched strikes against Iran, the conflict is stuck in a stalemate, with a shaky ceasefire in. On the supply side, U.S. crude oil â inventories fell for a seventh straight week last week, according to market sources citing American Petroleum Institute data released on Tuesday. Crude stocks fell by â 6.8 million barrels in the week ended May 29, the sources said. U.S. government data on stockpiles is due at 10:30 a.m. ET (1430 GMT) on Wednesday.
SINDH SENIOR MINISTER REVIEWS ADP 2026-27, ONGOING PROJECTS
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Sindh Senior Minister and Minister for Local Government Syed Nasir Hussain Shah on Monday chaired a high-level meeting to review Annual Development Plan (ADP) 2026-27 and progress on ongoing projects in the province. The meeting was attended by Secretary Local Government, Special Secretary Local Government, Director General KDA, Director General MDA, COO Water Board, Director Mega Projects and other concerned officers. According to the officials, the meeting reviewed the ADP for the fiscal year 2026-27, progress on ongoing schemes and the framework for new development projects. Secretary Local Government briefed the meeting in detail on the proposed development schemes and planning priorities for the upcoming year. The meeting reviewed development schemes related to Malir Development Authority, Lyari Development Authority, Sehwan Development Authority, Karachi Water and Sewerage Corporation and Mega Projects, while detailed discussions were also held on projects aimed at improving urban infrastructure, roads, drainage systems, provision of safe drinking water and enhancement of civic amenities. Special consideration was given to rainwater harvesting and groundwater recharge projects to address future water scarcity challenges and ensure effective conservation of rainwater resources. Syed Nasir Hussain Shah directed that comprehensive and effective planning be undertaken for the launch of development schemes across the province, with priority given to projects that directly benefit the public. He emphasised the need to focus on infrastructure development, provision of civic facilities and sustainable development initiatives, while directing all concerned institutions to further improve their performance to ensure timely completion of ongoing projects. The Sindh Local Government Minister also directed that key schemes of Karachi Metropolitan Corporation, Mega Projects, Karachi Development Authority, Malir Development Authority and Sehwan Development Authority, along with other important projects, be included in the upcoming budget to accelerate the pace of development. Copyright Business Recorder, 2026
INFLATION: THE CORE HEATS UP
Date: 2026-06-02
Details: Published June 2, 2026 Updated about an hour ago By BR Research Headline CPI inflation rose11.66 percent year-on-year in May, the highest in 24 months. Headline inflation stayed lower than market expectations, largely due to a bigger fall than anticipated in personal effects, detergents, footwearand fresh vegetables. The real story of May inflation rests with the sharp spike in core inflation – that rose to 9 percent in urban settings, highest since September 2024. The fiscal year to date inflation at 6.7 percent is now inching closer to the upper band of the central bank’s medium-term inflation target. Perishables nearly wiped all the increase in non-perishable on a month-on-month basis, led by a sharp decline in tomato and fresh vegetables prices that slid 43 percent and 25 percent, month-on-month. While tomatoes’ decrease was still in line with historical directional change, fresh vegetables recorded the sharpest month-on-month fall in 42 months. Combined with over 2 percent weight in overall CPI basket, the impact was felt across. Housing and transport indices were well in line with expectations, as lower adjustment for the month led to a moderate decline in electricity charges, whereas motor fuel increase was contained especially towards the latter half of the month. Electricity tariffs were up 36 percent year-on-year, and the average national domestic tariff now stands close toRs27/unit.With higher fuel price adjustment lined up for June, an increase close to 5 percent month-on-month is on the cards in lieu of electricity tariffs.transport sub-index, is subject to greater risks given the geopolitical uncertainty. But given the recent encouraging signs on the war front, the month-on-month price change has more chances of being on the lower side. Given that much of the headline inflation has been moved by transport fuel prices, this should keep transport inflation checked, all things constant. That being said, the real story is slowly building around core inflation, where prices of non—food non-energy essential household items have started to firm up. The signs were evident in the last two WPI readings, and readings for May, may well just be the start of what is in store in terms of core inflation. Footwear in urban settings rose an unprecedented 29 percent month-on-month – comfortably the highest monthly increase ever recorded. With a considerable weight of 1.48 percent, the impact was significant. Surprisingly, footwear prices in rural settings barely changed from a month ago, but it may well play catch up soon, at least directionally if not in terms of magnitude. Similarly, detergents registered a 33-month high, as sings were emerging in the WPI a month earlier. Household equipment have also become pricier at a much faster pace month-on-month, as soaring transportation costs are trickling to second round of inflation, via pass through. Construction wage rates, too, increased at the highest month-on-month rate in three years. All these point towards stickier prices going forward, even if energy related inflation cools off sooner. Core inflation is now well clear of the central bank’s medium-term target and that would make for an interesting input in the upcoming MPS. More economic data has to arrive before the next MPS, but core inflation alone warrants a deeper look as to how entrenched and how anchored the prices are for the near future. With the news cycle warning of higher standard sales tax in the upcoming budget and an even bigger in electricity tariff structure, in case of cross subsidy becoming more targeted, the impact on inflation could keep the MPS decision makers on their toes.
WHY PAKISTAN NEEDS ENFORCEMENT BEFORE ANOTHER CIGARETTE TAX HIKE
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 2 hours ago By Mubashir Akram Every year before the federal budget, Pakistan hears the same prescription from tobacco-control campaigners: raise cigarette taxes again. The argument sounds neat. Higher prices will reduce smoking, raise revenue, and protect young people. The problem is that Pakistan’s cigarette market is no longer neat. A growing share of consumption now sits outside the documented economy, beyond tax stamps, lawful pricing, and serious retail discipline. Another tax hike on legal cigarettes is therefore not a fiscal strategy. It is a wager that consumers will stop buying rather than shift to cheaper illegal brands. Pakistan’s recent experience suggests the opposite. The turning point came in February 2023, when the government raised Federal Excise Duty on cigarettes through the emergency mini-budget. Public summaries show that the upper-tier FED rose to Rs. 16,500 per 1,000 sticks, while the two-tier structure remained in place. The Finance Act 2024 then left the main rates unchanged, while adjusting the lower-tier threshold. The debate stayed focused on the legal, taxed industry while illegal cigarettes moved deeper into retail markets. If the tax-hike theory worked cleanly, the state should have seen a stable or rising legal tax base after such a major increase. Instead, business reporting based on FBR data has shown stress in cigarette FED collection and a shrinking contribution from cigarettes within total FED. The message is blunt: when legal prices rise, and illegal packs remain available at lower prices, the market does not disappear. It migrates. This is the point many local NGOs avoid. Their statements speak about “the tobacco industry†as if Pakistan has one unified market. It does not. The legal cigarette market pays excise and sales taxes, follows packaging rules, and operates under Track and Trace. The illegal market pays little or nothing, ignores legal warnings and price floors, and uses the price gap as its business model. Treating both as one industry produces bad policy because it punishes the side that the state can already tax. Industry and enforcement-linked estimates place Pakistan’s cigarette market at slightly above 80 billion sticks annually. Several assessments suggest more than half may now be outside the tax net. If nearly 43 billion sticks escape proper duty, the annual tax loss crosses USD 1 billion. The scale of that illegal trade is likely much larger, as unpaid duties support transporters, wholesalers, retailers, financiers, and protection networks. This is not a technical wrinkle. It is the main event. The strongest counterargument from tax activists is that Pakistan must follow global best practices and meet international public-health commitments. That argument deserves attention, but it cannot be applied blindly. The United States signed the WHO Framework Convention on Tobacco Control but did not ratify it. Switzerland, where the WHO is headquartered, also signed but has not ratified it. Pakistan should ask why donor-backed networks and local advocacy groups press it yearly to reshape fiscal policy around a treaty architecture that some powerful countries have not accepted. That does not mean Pakistan should ignore health concerns. It means Pakistan should not outsource fiscal policy to campaign templates written for markets that do not resemble Pakistan. Where enforcement remains uneven, raising taxes on legal cigarettes before crushing illegal supply can weaken both revenue and health objectives. It can push smokers toward cheaper products that the state neither taxes nor regulates. Australia offers a warning. It has some of the world’s highest tobacco taxes and a far stronger enforcement state than Pakistan. Yet official and criminal-intelligence reporting shows illegal tobacco has become a major revenue and crime problem. The Guardian reported that Australia’s illegal tobacco trade cost the federal government about AUSD 3.3 billion in lost revenue in 2023-24. High legal prices helped create a massive gap between legal and illegal packs. Even a high-capacity state is discovering that criminals can capture price gaps. Canada’s history also matters. In the early 1990s, tobacco smuggling became so serious that the federal government announced dramatic excise reductions in 1994 to combat contraband trade. That episode does not prove that low taxes are desirable. It proves something more practical: when tax policy outruns enforcement reality, illegal networks can force policy reversal. The government’s first job is not to raise legal cigarette taxes again. Its first job is to make the illegal cigarette business risky, unstable, and unprofitable. That requires full Track and Trace enforcement, retail inspections, action against non-tax-paid brands, prosecution of illegal manufacturers, control over raw material leakages, and tighter border and wholesale monitoring. Customs, Inland Revenue, provincial administrations, and police must work as one system. Only after the state restores control over the market can it discuss tax changes with credibility. Until then, higher FED will widen the price gap that illegal operators exploit. It will squeeze legal companies, reduce documented sales, and make the government dependent on a shrinking compliant base. Pakistan needs more revenue, not more slogans. It needs fewer illegal cigarettes, not only costlier legal ones. The easy line is that higher taxes mean higher income. In Pakistan’s cigarette market, that line is becoming a bad joke. More taxes will not mean more income if the income walks out through the back door of the illegal market. Copyright Business Recorder, 2026
CRYPTOCURRENCY TRANSACTIONS LIKELY TO BE TAXED
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Sohail Sarfraz ISLAMABAD: The federal government is likely to introduce legislation through Finance Bill 2026 to tax and document cryptocurrency transactions in the coming budget (2026-27). Sources told BUSINESS RECORDER that the taxation of cryptocurrency is the biggest challenging task for the government. The Tax Policy Unit of the Finance Ministry as well as Federal Board of Revenue (FBR) is devising an initial crypto taxation framework that will eventually integrate with Pakistan’s broader fiscal system. The biggest institutional challenge, however, lies in repatriation of crypto assets held abroad. Keeping in view sensitively of the issue, the government is working on multiple proposals to finalize the taxation framework to ensure documentation as well as encourage investment. The FBR is also exploring options of taxing money/profits generated and assets created through the deals of digital currency. On one hand, the government is encouraging investment in digital assets, but on the other, the government would ensure to avoid misuse of the facility. The biggest challenge is to document cryptocurrency transactions, but wanted to protect the source of investment as well. The documentation of un-registered persons would be the biggest challenge for the tax machinery. Therefore, taxation framework for cryptocurrency is not an easy task. The government is considering granting some concessions to the cryptocurrency transactions and smartly dealing with the issue of tax rates, tax treatment and documentation of un-registered persons. Another issue is that the source of investment may not be checked, but the facility should not be misused under the new law. One of the proposals under consideration is to expand the scope of section 37 (capital gains tax) of the Income Tax Ordinance 2001 on cryptocurrency to charge tax. The current situation requires development of a taxation mechanism covering all segments of crypto activity. Taxation of capital gains from trading virtual currencies represents the most straightforward component. According to past report of the Federal Tax Ombudsman to the Federal Board of Revenue (FBR) on cryptocurrencies, there are 560 million users of digital currency worldwide, and of these, nine million users are in Pakistan. Pakistan is the sixth-largest country in the world to adopt cryptocurrency. The State Bank of Pakistan issued a circular on April 6, 2018, regarding Risks of Virtual Currencies, but did not declare virtual currency as illegal. Pakistan’s cryptocurrency market is experiencing rapid growth, with increasing interest from both individual investors and institutional players, the FTO maintained. It is pertinent to note that money/ profits generated and assets created through dealings in cryptocurrency will remain undocumented/ untaxed, unless this regime is streamlined by introducing legal provisions and regulated through well-defined rules. Grappling with the menace of massive evasion, this newly emerging window can ease some of the government’s revenue constraints. The legislation on cryptocurrency shall broaden the tax base, which is pending so far before the Policy Wing of the FBR and needs to be properly addressed on a priority basis, the FTO’s report added. A tax expert suggested that the legalization process, while timely and necessary, introduces complex fiscal, regulatory, and structural challenges, most probably the question of how to effectively tax virtual asset transactions without discouraging innovation or triggering capital flight. Copyright Business Recorder, 2026
PTC FOR COMPETITIVE BUDGET STEPS TO REVIVE EXPORTS & INDUSTRIES
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Press Release ISLAMABAD: Pakistan Textile Council (PTC) Chairman Fawad Anwar has urged the government to adopt the textile and apparel industry’s budget recommendations for FY2026-27, warning that these proposals represent the minimum requirements necessary to preserve the viability of Pakistan’s largest export sector. Speaking on behalf of the country’s leading textile and apparel associations, Fawad Anwar said that the cost of doing business in Pakistan has increased continuously over the last three years due to higher energy tariffs, rising taxation, increased statutory labour contributions, withdrawal of export support mechanisms, and mounting compliance costs. He said while Pakistan’s competitors including Bangladesh, India, Vietnam and China have strengthened incentives for exporters, rationalized tax structures and provided competitive energy tariffs to industry, Pakistan’s manufacturers have been subjected to steadily rising costs, resulting in a widening competitiveness gap. “The textile industry is not asking for special treatment or subsidies. We are only seeking parity with our regional competitors. These recommendations are not wish-list demands; they are the minimum requirements needed to keep the industry operational and competitive,†said Fawad Anwar. He cautioned that if corrective measures are not taken in the upcoming budget, the country’s export sector would face severe consequences. “If these minimum recommendations are not accepted, many industrial units will become unsustainable. The industry is already operating under immense pressure. Continued policy inaction will lead to further closures, loss of employment, decline in exports and reduced foreign exchange earnings. Simply put, the industry will struggle to survive,†he added. The Chairman highlighted that exporters are currently facing one of the highest cost structures in the region. Industrial electricity tariffs remain significantly above competing countries while gas prices for industry are among the highest in Asia. He reiterated the industry’s demand for electricity at 8 cents per unit and gas at $7 per MMBtu, along with the removal of the off-grid levy and other distortionary surcharges. Fawad Anwar further noted that exporters are suffering from an unprecedented liquidity crisis due to delayed refunds and excessive front-loaded taxation. According to industry estimates, approximately PKR 828 billion of exporter capital remains trapped within the regulatory framework through outstanding refunds, blocked advance taxes and GST locked in inventories. Copyright Business Recorder, 2026
REQUIREMENTS TOTAL RS4.097TRN: RS1.126TRN SET ASIDE FOR FY27 PSDP: AHSAN
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Naveed Butt ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has said that the Ministry of Finance has allocated Rs1.126 trillion for the Public Sector Development Programme (PSDP) 2026–27 against total development requirements of Rs4.097 trillion, resulting in a funding gap of nearly Rs3 trillion. The minister said that the government has set a 4 percent Gross Domestic Product (GDP) growth target for fiscal year 2026–27, up from an estimated 3.7 percent in the current fiscal year (2025–26). While addressing the Annual Plan Coordination Committee (APCC) meeting on Monday, the minister expressed serious concern, saying the government may be forced to shelve development projects worth nearly Rs3 trillion in the new financial year, after receiving project demands of around Rs4 trillion against a PSDP 2026–27 allocations of only Rs1.126 trillion. He said projects worth around Rs3 trillion would either be rejected or not approved. “We will have to selectively allocate only Rs1.126 trillion out of demands exceeding Rs4 trillion. This is a very unpleasant task,†Ahsan Iqbal said. He said the country’s development budget fell short of requirements, making the timely completion of projects increasingly difficult and posing a serious challenge to the planning process. “The PSDP allocation of Rs1.126 trillion includes Rs125 billion earmarked for the N-25 Highway project in Balochistan, which, he said, is a non-negotiable priority identified by the Prime Minister and will be completed at all costs,†he said. He added that around Rs87 billion had been set aside for projects proposed by coalition partners, while approximately Rs100 billion had been earmarked for development initiatives in Balochistan. The minister emphasized the need to prioritize and complete ongoing development projects, saying that limited fiscal space and a growing throw-forward had made it impossible to fund all schemes under the Public Sector Development Programme (PSDP) 2026–27. He said these funds should ideally be transferred through the National Finance Commission (NFC) mechanism, but in the absence of a consensus arrangement, they continue to be financed from the federal government’s share. He said projected GDP growth would be driven by stronger performance in the agriculture, industry, and services sectors. He added that agricultural growth is projected at 3.8 percent in fiscal year 2026–27, compared with 2.9 percent in 2025–26. “The services sector is projected to grow from 4.1 percent in 2025–26 to 4.2 percent in 2026–27, while industrial growth is expected to increase from 3.5 percent to 4.0 percent. Among key subsectors, large-scale manufacturing is projected to grow from 4.5 percent to 6.1 percent, construction from 2.2 percent to 5.7 percent, wholesale and retail trade from 3.7 percent to 4.2 percent, information and communication from 7.5 percent to 7.7 percent, important crops from 0.6 percent to 3.6 percent, and livestock from 3.8 percent to 3.9 percent,†he said. At the APCC meeting, the planning minister called for a national campaign to curb tax evasion and expand the tax base, emphasizing that citizen participation is crucial for building a fair and sustainable economy. According to the minister, around Rs10 trillion is required to complete the existing development pipeline. He said a large portion of the national budget is currently being consumed by debt servicing, limiting fiscal space for development spending. He added that PC-I proposals worth Rs5 trillion are currently under review. He said that while provinces have strengthened their development spending capacity, the federal government continues to face resource constraints, leading to a widening gap between federal and provincial development budgets. He said ministries have projects worth Rs3.377 trillion under implementation and have also proposed around 720 new schemes, besides submitting more than 5,500 additional project proposals for consideration. He said the government will need to increase development spending in the long run while ensuring that priority projects are completed and removed from the development portfolio. The minister further said that some less important projects may be discontinued due to limited resources, adding that completing ongoing projects remains the government’s top priority. He also said that Pakistan’s economy is recovering and the government will continue efforts to provide relief to the public through better development planning. Highlighting the scale of the challenge, the minister said the federal development portfolio carries a throw-forward of around Rs10 trillion, while ministries have sought nearly Rs4 trillion for ongoing projects. He said that Rs153 billion has been allocated for Azad Jammu and Kashmir (AJK), Gilgit-Baltistan (GB), and the merged districts. He termed the situation a major dilemma for the Ministry of Planning, saying development allocations are being made within a shrinking budget despite growing infrastructure and social sector needs. Ahsan said that nearly Rs70 billion has been allocated for Sustainable Development Goals (SDGs)-related initiatives. Explaining the financial constraints further, he said the remaining fiscal space was significantly reduced after accounting for rupee-cover requirements for foreign-funded projects supported by multilateral institutions, including the Asian Development Bank and the World Bank. The minister said that the demand for rupee cover had initially stood at Rs832 billion but was rationalized to Rs426 billion after consultations between the Economic Affairs Division and relevant ministries. He said that after adjusting for these commitments and a Rs180 billion PSDP cut carried over from the previous year, the development programme is in a deficit position, leaving virtually no room for new projects. He urged all stakeholders to keep fiscal realities in mind while presenting development proposals and prioritize schemes that deliver maximum public benefit and contribute to national growth. Reuters adds: Pakistan’s gross domestic product is expected to grow at 3.7% in the fiscal year ending June 2026, after logging growth of 3.2% in the previous year, its planning minister said on Monday. Copyright Business Recorder, 2026
BUSINESS LEADERS, PM IN PRE-BUDGET CONSULTATIONS
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Zulfiqar Ahmad ISLAMABAD: With federal budget for 2026-27 due to be unveiled on June 5, senior business leaders from across the country called on Prime Minister Shehbaz Sharif on Monday, pressing their case for tax relief, faster refunds and deeper reforms to revive a still-fragile economy. In a high-level pre-budget consultation, representatives from chambers of commerce and industry from across the country submitted a raft of proposals aimed at boosting industrial output, exports and investment. Addressing the delegation, the prime minister said that “sustained hard work†had stabilised the economy, and insisted the government would now push for faster growth. He promised further measures in the upcoming budget to support industry and raise production, while directing the Federal Board of Revenue (FBR) to clear all pending tax refund cases by 15 June – a deadline likely to be closely watched by exporters long frustrated by delays. Reaffirming an export-first strategy, the prime minister said economic growth would be driven through collective effort. Despite recent increases in the policy rate, he stated that the export refinance scheme rate would remain capped at 4.5% until June 2027 – a move welcomed by exporters as a rare bit of certainty in an otherwise tight monetary environment. The prime minister also ordered the relocation of Pakistan Revenue Automation Limited (PRAL) headquarters to Karachi, a symbolic shift aimed at bringing tax administration closer to the country’s commercial hub. In a nod to constituency-level demands, he directed the establishment of a passport office in Gujrat following requests from overseas Pakistanis and business groups. He stressed that reforms and facilitation for small and medium enterprises remain central to the government’s economic agenda, and urged investors to explore joint ventures in local electric vehicle production – a sector long touted as Pakistan’s industrial “next big thing†but still struggling to scale. Business leaders, for their part, struck an unusually supportive tone. They praised the prime minister, along with Deputy Prime Minister and Foreign Minister Ishaq Dar and Chief of Defence Forces (CDF) and Field Marshal Syed Asim Munir, for maintaining stability during heightened tensions in the Gulf region, and pledged cooperation in expanding the formal tax base through digitisation. They also welcomed Prime Minister Apna Ghar Programme – the government’s flagship housing initiative for low- and middle-income groups – alongside recent reforms in the Export Development Fund, the privatisation of Pakistan International Airlines (PIA), FBR digitisation and the rollout of e-invoicing systems. Still, according to some businessmen present at the meeting, beneath the praise and assurances, the message from industry was clear: progress on paper is no longer enough. What the business community wants now is speed, certainty and above all, delivery. The meeting was attended by senior representatives from FPCCI and chambers in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Quetta, Gujrat, Gujranwala and Sialkot, along with Minister for Finance Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, Power Minister Awais Leghari, governor State Bank of Pakistan (SBP) Jameel Ahmed, FBR chairman Rasheed Langrial and other senior government officials. Copyright Business Recorder, 2026
DEFINED CONTRIBUTORY PENSION
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago EDITORIAL: Reports suggest that the government intends to implement the Defined Contributory Pension (DCP) in the budget for next fiscal year for those recruited by the armed forces from 1 July 2026 onwards – a policy that has been effective from 1 July 2025 for new recruits in the civilian arm of the government. The economic objective of this policy is salutary: to render the annual pension budget sustainable. Total allocation for pensions was budgeted at 1.066 trillion rupees in the ongoing year – a whopping 6.4 percent of total current expenditure against 716 billion rupees budgeted for Benazir Income Support Programme (BISP) earmarked for the poor and vulnerable (or under 4.1 percent of the total current expenditure) in spite of rising poverty levels to an appallingly high - nearly 43 percent if the calorific value method is used. The budgeted and realised amount for pensions last fiscal year was 1.014 trillion rupees (perhaps the only revised outlay at the end of the year that precisely matched its budget). This accounted for 6.18 percent of the revised current expenditure and 5.8 percent of the budgeted current expenditure in 2024-25. The percentage decline in the revised estimates is therefore not due to a decline in total pensions, which incidentally was not expected as the retirement of those civilian recruits hired last year is too far along to make a difference, but due to a decline in the mark-up attributable to lower policy rate as well as rescheduling of loans. The need to reform the pension system and, like in other countries, make it a contributory system, was acknowledged during several previous administrations. Task forces were set up, studies carried out at state expense, and the consensus of all was to initiate a DCP. Sadly, reforms were continuously postponed with critics alleging that the 7 percent of the total work force that is employed by the state and paid for at the taxpayers’ expense, used its considerable influence and prevailed upon the government of the day to defer the decision. This is reminiscent of the agricultural income tax that was imposed in the provincial budgets last year, a key International Monetary Fund condition, to be effective from 1 January 2025 and yet its collections are so poor that the Fund has now insisted that collections be more in synch with the income of the rich landlords. Reports suggesting that the government is considering not only raising the salaries of its employees but also pensions are extremely disturbing and make a mockery of this reform that has been so long in coming. To conclude, there is concern that the DCP, as applied from last year, may not begin to show dividends before thirty to forty years as and when their retirement becomes due; and additionally, even if these funds are meagre, their collection still allows the government to potentially finance other non-development current expenditures, which should not be the objective. That the government began implementation of DCP last fiscal year must be supported; however, it is hoped that the Finance Minister would share the total amount collected from those newly recruited by the civilian government, and reveal whether this amount has been placed in a dedicated pension fund to be used for investment purposes or whether the treasury operates the amount collected on the basis that money is fungible. Copyright Business Recorder, 2026
STEEL MELTERS FOR ABOLISHING WHT ON LOCAL SCRAP PURCHASES
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Pakistan Steel Melters Association (PSMA) has urged the government to abolish withholding tax on local scrap purchase and rationalise power tariff in the upcoming federal budget. Addressing at a news conference on Monday, Chairman PSMA Mian Ahmad Hassan presented industry’s proposals for the federal budget 2026-2027 aimed at reforming and reviving the domestic steel sector. He emphasised that immediate implementation of these reforms is vital to safeguard the local steel industry, curb tax evasion, and promote domestic production. Outlining the industry’s core demands and proposals, he said to ensure transparent sales tax recovery, an across-the-board advance sales tax should be collected via electricity bills at a rate of Rs 30 per electricity unit from all steel melters. This collection must fall strictly under the existing normal 18 percent sales tax regime and remain adjustable against the final liability in the sales tax return. He proposed that the withholding of income tax on the purchase of local scrap should be completely abolished. Removing this tax barrier will support local melters who are saving valuable foreign exchange by utilising domestic raw materials instead of relying on imports, he viewed. Moreover, he added that to prevent tax evasion, small furnaces and those installed within sugar mills must be taxed according to their panel and transformer capacity. Regulatory duty on imported steel billets should be substantially increased to offset the high domestic power tariffs and protect the local industry. Speaking about the power tariff rationalisation, the PSMA chairman proposed that electricity rates for melters need to be reduced to reflect that power serves as a primary raw material in the production of quality graded steel. He further proposed that all steel imports must be routed exclusively through sea-ports to effectively curb smuggling and under-invoicing occurring across land borders. Calling for phasing out exemptions, he said the planned reduction of tax exemptions in FATA/PATA and Gilgit-Baltistan must be strictly implemented to ensure a level playing field for all market players while customs duties on high-quality industrial scrap should be reduced to encourage the local manufacturing of specialised graded steel. Copyright Business Recorder, 2026
MINISTER PLEDGES RECORD DEVELOPMENT BUDGET
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report LAHORE: Punjab Housing and Urban Development Minister Bilal Yasin announced on Monday that the provincial government is preparing a historic development budget for the upcoming fiscal year, focusing on public welfare and infrastructure growth. Speaking during an open court (‘khuli katcheri’) held in his constituency, the Minister stated that all available resources are being utilised to address public grievances and upgrade civic facilities as directed by Punjab Chief Minister Maryam Nawaz Sharif. Yasin emphasised that resolving citizens’ issues promptly and effectively is a top priority for the chief minister. He added that these open courts serve to regularly address public concerns. He highlighted the responsibility of public representatives to maintain consistent communication with the people and to respond to their needs swiftly. Additionally, he mentioned that, following instructions from former Prime Minister and PML-N Quaid Mian Muhammad Nawaz Sharif, all available resources will be used for the development of the constituency and the welfare of its residents. He expressed hope that the changing regional conflict situation would soon lead to lower petroleum prices and a reduction in inflation. On this occasion, the Minister listened to public complaints, accepted applications, and directed the relevant authorities to take immediate action. The complaints addressed included issues related to development projects, sewerage, sanitation, road repairs, and other civic facilities. Copyright Business Recorder, 2026
KP TO LAUNCH AGRI UPLIFT SCHEMES IN MERGED DISTRICTS
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report PESHAWAR: The government of Khyber Pakhtunkhwa has decided to launch 16 agricultural sector development schemes under the Accelerated Implementation Programme (AIP) for the uplift of erstwhile Federal Administered Tribal Area (Fata) in merged districts. It was stated during a review meeting on Agriculture Department’s Annual Development Programme (ADP) for the upcoming financial year 2026-27 with Advisor to KP CM on Agriculture on Mian Muhammad Umar Kakakhel in the chair here on Monday. The advisor was given a detailed briefing on ongoing and proposed development projects under Annual Development Programme for 2026-27. The proposed initiatives include promotion of innovate farming through advanced agricultural machinery, installation of solarised tube-wells and efficient groundwater management systems to enhance agricultural production, promotion of biological pest control and feasibility studies for cold chain infrastructure to reduce post-harvest losses, expansion of olive cultivation, strengthening of virus-free seed potato production systems, establishment of a tissue culture laboratory for Dhakki dates and upgradation of germplasm resource centers. To empower youth and develop human resources in agricultural sector, the government is also introducing interest-free loans for agriculture graduates, educational scholarships in agricultural sciences and internship programmes. Other important initiatives include the establishment of a Mountain Agricultural Research Centre in Lower Dir, promotion of temperate horticultural crops, estimation of greenhouse gas emissions from agricultural sector, improvement of crop estimation systems, development of command areas of small dams, enhancement of irrigation infrastructure and expansion of smart irrigation projects. Agriculture Department has also proposed a major project titled “Protection of Vulnerable Agricultural Land through Land Stabilisation Structures in Khyber Pakhtunkhwa†to address the challenges posed by climate change and land erosion. Under this project, 1,150 agricultural land stabilisation structures will be constructed across the province, including merged districts, to protect farmland from erosion, rainwater runoff and declining soil fertility. Similarly, proposed programme includes projects aimed at supporting women farmers in the merged districts, promoting small businesses, encouraging cultivation of high-value crops and seasonal vegetables in Tirah Valley, establishing a Tribal Agricultural Research Centre, promoting honey production and ensuring sustainable management of water resources. Speaking on the occasion, Advisor Mian Muhammad Umar said that several new development projects have been proposed under Annual Development Programme (ADP) 2026-27 to promote agricultural growth, modern technology, efficient utilisation of water resources, climate change adaptation and farmers welfare. He stated that proposed initiatives aim to increase agricultural productivity, strengthen rural economy, and create new opportunities for agricultural development across the province, particularly in the merged districts. Copyright Business Recorder, 2026
FREELANCERS DEMAND RETAINING 0.25PC TAX ON FOREIGN EARNINGS
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report KARACHI: The Pakistan Freelancers Association (PAFLA) has called on the Federal Board of Revenue (FBR) and the Ministry of Finance to continue supporting Pakistan’s growing freelancing and digital workforce in the Federal Budget 2026-27. PAFLA has recommended retaining the reduced tax rate of 0.25 percent on foreign exchange earnings for the next ten years, alongside allocating funds for capacity-building programs, establishing freelancing hubs in multiple cities, and providing subsidies for internationally recognised certifications. PAFLA Chairman Ibrahim Amin emphasised that extending the 0.25 percent tax regime would encourage freelancers to channel their earnings through local banks and inspire students, young professionals, and women to adopt freelancing as a sustainable career path. He noted that freelancers registered with Pakistan Software Export Board (PSEB) currently benefit from the 0.25 percent rate, and PAFLA is eager to work closely with PSEB to simplify the registration process so more freelancers can access these incentives. “A stable, simple tax regime benefits the entire digital economy, freelancers, software houses, and the broader IT industry alike,†he said. Citing the ILO’s recognition of Pakistan as one of the world’s largest providers of digital labour, Chairman Amin added that this reflects the collective strength of Pakistan’s tech and digital ecosystem. According to the State Bank of Pakistan, freelancing export receipts surged to USD 959 million during July-April FY2025-26, up 49 percent from the same period last year. Dr. Imran Batada, President and CEO of PAFLA, said the government should also refrain from imposing additional taxes on content creators producing knowledge-based content, including skills training, news and analysis, educational content, and infotainment. He cautioned that complex tax classification mechanisms could push digital workers toward informal channels, reducing documented remittances and weakening Pakistan’s foreign exchange position, an outcome that would affect the entire industry. He also urged the government to invest in improving payment infrastructure, including a globally integrated national payment gateway, a step that would benefit all digital service providers across Pakistan. “Pakistan’s freelancers have contributed nearly USD 1 billion in foreign exchange this fiscal year. These are young Pakistanis from every corner of the country, competing globally and bringing dollars home. Together with the broader IT industry, they represent Pakistan’s greatest economic opportunity,†Dr. Batada concluded. Copyright Business Recorder, 2026
BUSINESS COMMUNITY CONCERNED FEDERAL BUDGET
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan and Chairman Policy Advisory Board of FPCCI, has expressed deep concern over the emerging news regarding the upcoming federal budget for the fiscal year 2026-27. He urged the government that after achieving economic stability, the national economy must now be steered toward a sustainable, growth-oriented path rather than running it on the traditional mechanism of merely increasing taxes and revenue. He noted that under strict IMF conditions, proposing a federal revenue target of 17.1 trillion rupees (17.145 trillion) for FY 2026-27, a one percent increase in the sales tax rate, and a heavy increase of up to 20 percent in the FBR tax targets reflects that preparations are being made to place the entire burden of the budget onto existing taxpayers and industries once again. Mian Zahid Hussain warned that if the direction of economic policies is not shifted toward productivity, exports, and industrial growth, business activities in the country will become completely paralyzed. Comparing economic data, he pointed out that although inflation has decreased and come down to single digits, the continuous stagnation of GDP growth targets remains alarming. The government’s decision to set the GDP growth target between 3.5 to 4.2 percent for the next fiscal year clearly indicates that Pakistan will not be able to achieve a five and a half or six percent growth rate next year either. Economic growth targets can never become a reality until relief is provided on import duties on raw materials, high energy prices, and heavy bank markup rates. He stated that the expected increase in the petroleum levy under IMF pressure will lead to a rise in inflation and an unbearable increase in the cost of doing business. He emphasized that Pakistan is currently in dire need of a growth-oriented policy instead of a revenue-driven economy because the indiscriminate increase in tax rates and new taxes is halting the industrial wheel, which in the long run is reducing the government’s own revenue compared to the actual size of the economy. Mian Zahid Hussain advised the government that instead of restricting the 1.1 trillion rupee Public Sector Development Programme (PSDP) solely to infrastructure, it should link it with incentives for the IT, agriculture, and manufacturing sectors to generate real employment. He added that economic stability is only possible when the tax net is widened to bring untaxed sectors like agriculture and retail into the fold, and the burden on the manufacturing sector is reduced; otherwise, Pakistani exports will be completely knocked out of the competition compared to other countries in the region. He further stated that in today’s civilized world, the formula of ending tax evasion and bringing undocumented sectors into the tax net through crackdowns, raids, registration blocking, blacklisting, and harassment under tax laws has completely abandoned. For the improvement of the economy, growth, investment climate, and increase in FDI, it is essential to make tax laws simple, soft, and business-friendly, while the economy must be digitalized end-to-end to increase tax revenue and prevent tax evasion, which could potentially increase the Tax-to-GDP ratio from the current 10 percent to 15 percent. Copyright Business Recorder, 2026
NEXT BUDGET MAY CREATE MORE DIFFICULTIES FOR TRADERS’
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Recorder Report KARACHI: Former Vice President of FPCCI, Tariq Haleem has said that the upcoming federal budget, being formulated under the stringent conditions of the IMF, may create further difficulties for the business community, industries, and the general public. He urged the government to avoid measures that could slow down economic activity and negatively affect the investment climate. Tariq Haleem stated that the persistent shortfall in revenue collection targets calls for a review of the Federal Board of Revenue’s (FBR) aggressive policies. Instead of placing additional tax burdens on existing taxpayers, efforts should be focused on broadening the tax net so that more individuals and sectors contribute to the national exchequer. He further demanded that the General Sales Tax (GST) rate be gradually reduced and brought down to a single-digit level. He also called for special incentives and facilities for ship agents and the maritime trade sector in the federal budget to strengthen national trade, port operations, and exports. Tariq Haleem emphasized that Pakistan should reduce its dependence on external borrowing and take practical steps toward economic self-reliance. He noted that the slowdown in economic growth and business activity is a matter of serious concern, making it essential to adopt policies that promote productive sectors and create employment opportunities. Copyright Business Recorder, 2026
FEDERAL BUDGET FY2026–27: GOVT TO SLASH POWER SECTOR SUBSIDIES BY AROUND 20PC
Date: 2026-06-02
Details: Published June 2, 2026 Updated about 3 hours ago By Mushtaq Ghumman ISLAMABAD: The government is set to slash power sector subsidies by around 20 percent to Rs 830 billion in the federal budget for 2026–27, compared to an allocation of Rs 1.036 trillion in 2025–26 and 7 percent from revised allocation of Rs 893 billion, sources told BUSINESS RECORDER. However, the cumulative allocation under certain heads is expected to remain largely unchanged, with Rs 248 billion projected for FY2026–27 against Rs 249.136 billion in FY2025–26, reflecting a marginal reduction of 0.5 percent. According to sources, the Tariff Differential Subsidy (TDS) for distribution companies (Discos) and K-Electric (KE) is projected to decline to Rs 374.136 billion in FY2026–27 from Rs 411 billion in FY2025–26, marking a reduction of about 9 percent. In contrast, TDS for K-Electric alone is expected to increase significantly to Rs 163 billion in FY2026–27, compared to Rs 126 billion in FY2025–26, showing a rise of over 26 percent. Out of the total projected subsidy of Rs 830 billion, around Rs 419 billion is expected to be allocated for merged districts of Khyber Pakhtunkhwa (erstwhile FATA), TDS for Azad Jammu and Kashmir, and the Pakistan Energy Revolving Account (PERA) established to facilitate payments to Chinese independent power producers (IPPs) under the China-Pakistan Economic Corridor (CPEC). Additionally, funds will be earmarked to settle outstanding receivables of Chinese IPPs, estimated at around Rs 550 billion. The International Monetary Fund (IMF) has reduced the power subsidy ceiling from 0.7 percent to 0.6 percent of GDP for FY2026–27, citing a decline in the flow of circular debt due to improvements in operational efficiency and sector performance. According to the IMF’s staff report released on May 15, 2026, following the circular debt stock reduction operation in FY2025–26, the FY2026–27 budget will limit power subsidies to a maximum of Rs 830 billion, equivalent to 0.6 percent of GDP. The subsidy will cover: (i) tariff differential for Discos and KE; (ii) current and arrears payments for FATA; (iii) agricultural tube-wells; and (iv) circular debt stock payments to offset anticipated flows. The IMF is also pushing for a shift from untargeted cross-subsidies to direct, targeted cash transfers for low-income consumers through the Benazir Income Support Programme (BISP). On May 31, 2026, Minister for Power Sardar Awais Ahmad Khan Leghari stated at a press conference that the government has reduced power subsidies by Rs 475 billion—from Rs 1.287 trillion in FY2024–25 to Rs 830 billion projected for FY2026–27. Under its agreement with the IMF, the government is required to cap circular debt at Rs 1.614 trillion by June 2026, with zero growth in its flow. Currently, circular debt stands at over Rs 1.7 trillion, implying that substantial allocations will be required in the upcoming budget to meet these commitments. An official said the government has already removed a financial burden of Rs 250 billion from industrial consumers. However, industries are now pressing for the elimination of the remaining cross-subsidy of around Rs 100 billion, which would need to be absorbed by other consumer segments. Copyright Business Recorder, 2026
PM SHEHBAZ PUSHES TECHNOLOGY REFORMS TO BOOST INVESTMENT GROWTH
Date: 2026-06-02
Details: Pakistan Top stories June 2, 2026Mrs. Anjum Shahnawaz PM directs ministries to adopt modern technologies, boost industrial output and expand exports under wide-ranging economic reform agenda Prime Minister Muhammad Shehbaz Sharif has instructed all federal ministries to engage industry experts and technology specialists to support the integration of modern technologies into key sectors of the economy, as part of broader efforts to boost investment and accelerate industrial growth. Chairing a high-level review meeting on policy reforms and economic development, the prime minister said sector-specific reforms, industrial expansion and foreign direct investment remain central pillars of Pakistan’s long-term economic strategy. He stressed that sustainable development requires consistent, forward-looking policies focused on public welfare and national prosperity. “Long-term economic policies should remain focused on public welfare and national prosperity,†the prime minister said. Focus on production and exports The prime minister underscored the need to increase domestic production and strengthen exports, describing both as essential drivers of economic stability and growth. He said enhanced industrial output should contribute not only to domestic supply but also improve Pakistan’s competitiveness in international markets. Relevant ministries were directed to prepare reform proposals aimed at improving industrial, commercial and economic performance while raising living standards. Renewable energy and electric vehicles The meeting reviewed Pakistan’s future energy needs and strategies to promote renewable and alternative energy sources. The prime minister said the government is developing a comprehensive framework to address energy demand through sustainable and clean technologies. He also highlighted the need for a robust electric vehicle policy to reduce fuel import dependency, promote energy efficiency and provide affordable transport solutions. Technology-driven governance reforms Prime Minister Shehbaz Sharif instructed ministries to ensure meaningful consultation with industry experts, researchers and technology professionals to support digital transformation across sectors. He said technological innovation would play a key role in improving productivity, competitiveness and overall economic efficiency. The prime minister further emphasized coordination between ministries to ensure effective implementation of reforms and measurable economic outcomes. Transparency and accountability Reaffirming the government’s governance agenda, the prime minister said transparency, accountability and performance remain top priorities. He directed all stakeholders to ensure that reform initiatives are implemented effectively and deliver tangible economic benefits. During the meeting, ministries presented ongoing policy proposals and briefed participants on initiatives aimed at improving the investment climate and supporting economic growth. The meeting was attended by senior cabinet members including Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Economic Affairs Minister Ahsan Iqbal, and other federal ministers and senior officials.
RETHINKING JUICE TAXATION
Date: 2026-06-01
Details: Published June 1, 2026 Updated about an hour ago By BR Research The government’s reported move to consider reducing or abolishing FED on fruit juices in the upcoming budget is a welcome rethink. Budget makers are reportedly reviewing a proposal for zero or reduced FED on juices with no added sucrose or white sugar, along with separate tax treatment for fruit beverages and carbonated drinks. This space has been vocal about the risks of overtaxing the formal juice industry. Earlier, it argued that FED was delaying pulp localization, weakening the farm-to-factory value chain, pushing demand toward informal products, and shrinking the domestic scale needed for exports. The issue is not protection for one industry. It is about correcting a tax measure that has begun to hurt an emerging agriculture value chain. Pakistan needs to reduce fruit wastage and convert raw produce into higher-value products. The formal packaged juice industry can help by creating demand for fruit pulp, supporting local processing, and linking farmers, pulp producers, brands, and export markets. High FED has disrupted that progress. The Policy Research Institute of Market Economy, or PRIME, has called the current FED structure a self-defeating policy. Its point is simple: the government raised tax rates to collect more revenue, but the higher burden narrowed the formal taxable base. After 20 percent FED was imposed on packaged juices in Budget 2023-24, on top of 18 percent sales tax, sector sales reportedly fell by around 45 percent to Rs42 billion against expectations of over Rs72 billion. Volumes dropped to levels last seen in 2017, wiping out years of expansion in one stroke. The Fruit Juice Council’s numbers tell the same story. It says the 20 percent FED, along with 18 percent GST, has taken the cumulative tax burden on packaged juices to nearly 42 percent. Since FED was imposed, industry volumes have declined by over 45 percent, while the market has shrunk from nearly Rs60 billion in 2021-22 to around Rs40 billion in 2025. Consumption, according to the council, has fallen back to 2017 levels. This shows that the problem is not merely lower sales. The tax has made formal packaged juices less affordable and pushed consumers toward cheaper, undocumented alternatives. This is the Laffer Curve in practice. Beyond a point, higher tax rates do not raise revenue. They reduce sales, shrink the formal market, and weaken future collection. The state may have increased the rate, but it damaged the base on which that tax was supposed to be collected. Pakistan’s own experience with juice taxation makes the point clearer. When 5 percent FED was imposed on fruit drinks in FY19, formal juice sales fell from Rs53 billion to Rs41 billion in FY20. When it was removed, the market recovered to Rs59 billion by FY22, while GST collection also improved and almost covered the loss from FED. PRIME also notes that the removal of FED helped revive sales, create jobs, and reduce value-chain losses. There is another concern too: food safety and compliance. The Fruit Juice Council argues that the contraction of the documented industry has increased the market share of undocumented players, many of whom operate outside regulatory and food safety standards. That makes this more than an industry concern. A tax policy that makes regulated products less affordable can end up weakening consumer protection, compliance, and long-term revenue generation. The agriculture spillover is just as important. Pakistan loses over 30 percent of many agriculture products after harvest. A stronger pulp market can absorb part of that fruit and improve the farm-to-market supply chain. But the pulp market needs steady domestic demand, and that demand comes from the juice industry. PRIME notes that packaged juice companies sourced only 20,223 tons of mangoes in FY24, down from 31,000 tons in FY18. That decline affects not just manufacturers, but farmers, pulp processors, and the wider rural economy. This is also why juices and carbonated drinks should not be put in the same tax basket. Fruit drinks, nectars, and pure juices have mandatory fruit-content requirements, with pure juices containing up to 100 percent fruit content. These products are linked to local fruit procurement, pulp processing, and rural supply chains. Carbonated drinks, by contrast, are largely flavoured beverages with limited connection to agriculture. Treating the two categories alike ignores both their nutritional difference and their very different economic linkages. High taxation also hurts investment. When domestic sales shrink, companies delay spending on processing capacity, product development, technology upgrades, and export readiness. This matters because fruit juices have export potential but need scale at home first. Without a healthy domestic base, firms cannot invest in better shelf life, R&D and international market standards. This is why reducing or abolishing FED should be seen as a strategic correction. It can revive formal sales, support pulp production, reduce fruit wastage, protect investment, and help the industry move toward exports. It can also support more sustainable revenue by expanding the formal base instead of overtaxing a shrinking one. A practical compromise would be to reduce FED on existing juice variants and exempt the proposed no-added-sucrose or white-sugar category from FED altogether. The Fruit Juice Council has proposed reducing FED on existing variants from 20 percent to 10 percent, while granting complete FED exemption to the new no-added-sucrose or white-sugar category. This would address the government’s health concern without destroying the formal juice market. It would also encourage reformulation, product innovation, and healthier choices within the documented sector. The budget should not treat this as a favour to one industry. The better approach is to remove the extra FED layer, or at least bring it down sharply, while keeping the sector under the normal GST regime. That way, the government still collects tax, but without pushing the formal market further into decline.
EPBD SUGGESTS TAX CUTS, STRUCTURAL REFORMS
Date: 2026-06-01
Details: Published June 1, 2026 Updated about 3 hours ago By Recorder Report ISLAMABAD: Economic Policy and Business Development (EPBD) think tank has drafted Pakistan’s first comprehensive shadow federal budget, calling for sweeping tax cuts, deep structural reforms and a growth-led fiscal framework for 2026-27. Arguing that Pakistan’s repeated reliance on high taxation, excessive borrowing and short-term fire fighting has pushed the economy into a cycle of stagnation, former federal minister and chairman of the EPBD think tank, Gohar Ejaz, has unveiled shadow federal budget. In a policy paper titled “A Budget for Growth, Not Just Survival,†Ejaz criticised the existing budget-making process as closed, centralised and disconnected from the business community, arguing that those responsible for generating exports, creating jobs and paying taxes are routinely excluded from decisions that directly shape economic activity. He maintained that the country’s economic challenges are no longer primarily financial but structural and political, requiring fundamental reforms rather than incremental adjustments. The document comes at a time when Pakistan is preparing its next federal budget under continued fiscal pressure and amid ongoing reform commitments with international lenders. Against this backdrop, EPBD has positioned its shadow budget as an alternative aimed at shifting the focus from economic survival toward sustained growth. According to the paper, the proposals are based on five years of official data, benchmarked against international financial institutions’ figures and shaped through consultations with chambers of com- merce and industry stakeholders. Highlighting the scale of fiscal stress, the paper notes that Pakistan’s public debt has expanded dramatically — rising from around Rs19 trillion a decade ago to nearly Rs80 trillion — while debt servicing alone now consumes close to 60 percent of government revenues. It argues that once debt repayments, defence spending and government salaries are accounted for, limited resources remain for essential investments in infrastructure, health and education. The shadow budget also points to weak growth performance, noting that Pakistan has averaged less than two percent annual economic growth over the last three years, which it describes as inadequate for a country with a rapidly expanding population and labour force. According to the paper, low growth has contributed to declining investment, industrial contraction and rising outward migration of skilled workers. At the centre of EPBD’s recommendations is a broad-based tax reform package designed to lower the burden on documented sectors while expanding the tax net. The think tank proposes reducing the top personal income tax rate from 35 percent to 20 percent, cutting the corporate tax rate from 29 percent to 25 percent and gradually lowering the General Sales Tax (GST) from 18 percent to 15 percent over three years. It also advocates abolishing the “non-filer†category, arguing that it has failed to improve documentation and instead created distortions within the economy. The paper argues that despite substantial increases in tax collection over recent years, the country’s tax-to-GDP ratio remains stuck around 10 percent because policymakers continue relying on the same pool of salaried individuals and formal businesses. It warns that excessive taxation of compliant sectors has accelerated capital flight and brain drain, particularly among young professionals seeking opportunities abroad. To compensate for revenue losses from lower tax rates, EPBD has proposed a series of measures aimed at broadening the base and improving compliance. These include enhanced enforcement, wider use of e-invoicing, improved documentation of economic activity, rational taxation of tobacco and luxury goods and elimination of exemptions granted through statutory regulatory orders (SROs). On this basis, the think tank projects that the government could still achieve revenues of Rs14.5 trillion without increasing pressure on existing taxpayers. On the expenditure side, the proposals are equally ambitious. The shadow budget outlines a pathway to eliminating the federal fiscal deficit within three years by reducing current and development expenditures by Rs3-4 trillion, retiring costly debt, freezing the creation of new government entities and transferring devolved responsibilities to provincial governments. The document also pushes for stronger fiscal governance through full implementation of the Treasury Single Account framework, arguing that idle public funds parked in commercial banks increase borrowing costs for taxpayers. In addition, it calls for renegotiation of a new National Finance Commission (NFC) Award and reactivation of constitutional institutions such as the National Economic Council (NEC) and Council of Common Interests (CCI), which it says are essential for effective fiscal coordination between the federation and provinces. Framing the initiative as a non-partisan exercise, Ejaz stressed that the objective is not political point-scoring but introducing evidence-based alternatives to existing fiscal strategies. The paper concludes that Pakistan already possesses the industrial capacity, entrepreneurial base and demographic potential required for growth, but lacks a budgetary framework that prioritises expansion over crisis management. Copyright Business Recorder, 2026
PLANNING BODY MEETS TODAY AHEAD OF BUDGET
Date: 2026-06-01
Details: Published June 1, 2026 Updated about 3 hours ago By NNI ISLAMABAD: The Annual Planning Coordination Committee (APCC) is set to hold a crucial meeting on Monday to finalize recommendations for the federal development budget and annual economic plan for the fiscal year 2026-27, with the agenda for the session already prepared, sources said. According to sources, the meeting will consider proposals for the next fiscal year’s development budget while also reviewing the performance and utilization of the development budget during the current fiscal year. Development allocations for all federal ministries and divisions will come under detailed examination. Officials from the Ministry of Finance, Ministry of Commerce and the State Bank of Pakistan are expected to present their assessments and recommendations during the meeting. The agenda also includes presentations on the annual development plans of the provinces and special areas. Sources said the Ministry of Finance has proposed a ceiling of Rs1,126 billion for the federal Public Sector Development Programme (PSDP) for FY2026-27. In addition to the federal allocation, each province will formulate and implement its own annual development programme. The APCC is also expected to formulate recommendations for the country’s annual economic plan and set key macroeconomic targets for the upcoming fiscal year. Sources indicated that the economic growth target for FY2026-27 is likely to be fixed at 4 percent or higher. The committee will also discuss and prepare recommendations for growth targets in the agriculture, industrial and services sectors, which are considered the main pillars of the national economy. In addition, the meeting will deliberate on inflation projections for the next fiscal year. According to sources, the average inflation target may be set between 8.2 percent and 8.6 percent. The APCC will finalize its recommendations after reviewing proposals from relevant ministries, departments and provincial governments. The meeting will also assess the federal development budget and annual economic performance during the current fiscal year to help shape policy priorities for the year ahead. Following the meeting, the committee’s recommendations regarding the development budget and economic framework for FY2026-27 will be forwarded to the National Economic Council for final approval.
UPCOMING BUDGETS: PUASA URGES FEDERAL, PUNJAB GOVTS TO PRIORITISE HIGHER EDUCATION SECTOR
Date: 2026-06-01
Details: Published June 1, 2026 Updated about 3 hours ago By Hassan Abbas LAHORE: The President of the Punjab University Academic Staff Association (PUASA), Prof Dr Amjad Abbas Khan Magsi, has urged the federal government and the Punjab government to prioritise the crisis-ridden higher education sector in the upcoming Federal and Provincial Budgets for 2026–27, warning that continued neglect of public universities poses a serious threat to the country’s intellectual and economic future. Speaking to the Daily Business Recorder, Dr Magsi said that Pakistan’s public universities are caught in a deepening financial bind, with government funding effectively frozen since 2018 even as enrolment figures, inflation, and operational costs have continued to rise. “Investment in education is not an expense — it is a strategic commitment to the stability and development of the nation,†he said, endorsing the demands formally presented by the Federation of All Pakistan Universities Academic Staff Associations (FAPUASA) to both tiers of government. Dr Magsi pointed out that Pakistan’s approximately 160 public sector universities currently serve more than 1.62 million students, accounting for over 80 percent of the country’s total university enrolment. Yet, in the Federal Budget 2025–26, against a total outlay of Rs 17.573 trillion, the recurring grant for higher education stood at a mere Rs 66 billion — a figure that has seen no meaningful increase in nearly eight years despite the sector’s sustained growth and the relentless pressure of inflation. He expressed serious concern that Pakistan’s total public expenditure on education, at between 1.5 and 1.9 percent of GDP according to UNESCO’s 2024 figures, remains among the lowest in South Asia and far below the global average of 4.48 percent. The share allocated specifically to higher education, he noted, falls below one percent of GDP. The consequences of this chronic underfunding, he argued, are visible in the deteriorating quality of teaching, research, academic infrastructure, and institutional capacity across public universities. By comparison, Bangladesh allocates around two percent of its GDP to education, Iran approximately 2.8 percent, Malaysia 3.5 percent, and India more than four percent, while China, South Korea, and the United States each invest close to six percent. Dr Magsi called on the government to commit to progressively raising education spending to at least four percent of GDP in the short term, as recommended by UNESCO. On the question of faculty compensation, Dr Magsi demanded the immediate restoration of the income tax rebate for university teachers and researchers, describing its removal as a blow to both the livelihoods of academics and the state’s own commitment to fostering research and scholarship. The rebate, he recalled, had been incrementally cut from 75 percent to 25 percent before being abolished altogether, sharply reducing the take-home salaries of faculty members who already earn less and receive fewer allowances than many other professional groups in the public sector. He called on the Federal Government to restore the rebate without further delay, stressing that it represented a policy signal, not merely a financial benefit. Copyright Business Recorder, 2026
BUDGET FY27: CARROTS FADE
Date: 2026-06-01
Details: Published June 1, 2026 Updated 43 minutes ago By BR Research Earlier, expectations were building around some relief in the budget and a possible transition from stabilization to growth. Formal businesses and employees kept highlighting the unfairly high taxation on them — and rightly so — while real estate players had high hopes for sectoral relief. There were also promises made to exporters and others. For the past few months, the government kept showing them all carrots. However, the way things are culminating, there may not be much in the offing. The budget numbers — the bottom lines — are already being decided with the IMF, and the debate is now about how to achieve them. The IMF is showing no leniency despite rising global oil prices, and to meet the numbers, the government may have to forgo most of its promises to the business community and salaried individuals. That is the story. Overall economic growth is likely to slow down. Next year’s GDP growth may be lower than this year’s provisional number of 3.7 percent. Large-scale manufacturing is going to take a hit, which will have a negative impact on taxation. Interest rates are also rising again, which will push up debt servicing costs. The reliance on taxation through the petroleum levy is likely to increase at a time when oil prices are rising. The federal government’s yield from the petroleum levy is 2.5 times higher than what it gets from taxes collected by the FBR. For instance, for every Rs100 collected by the FBR, the federal government gets only around Rs40, while in the case of the petroleum levy, the full Rs100 is retained by it. Thus, petroleum prices are likely to remain high, keeping inflation elevated amid low growth. The salaried class may get some small actual relief — and much more relief in government advertisements. There may be some reduction in tax liability for low- to middle-income groups, while higher salary brackets may get some relief through a reduction in the tax surcharge. Similarly, the corporate sector may get some token reduction in super tax, but it may not get what it wants in terms of easing intercorporate dividend taxation, relaxation in minimum taxes, and other demands. Formal businesses and export-oriented firms are therefore likely to continue facing a disadvantage. Traders will remain the blue-eyed boys, while real estate players may get some relief — as they already have in the form of changes to Section 7E. The government is now returning to the old formula of trying to generate growth through a real estate pump. The eventual dump could come in the form of another balance of payments crisis. But it appears the government is losing patience. A big hit may be coming for domestic power consumers using 200 units or less. The government is likely to end cross-subsidies for them, and they may face a sharp increase in bills amid rising fuel cost adjustments. The benefit may not be passed on to those who are currently subsidizing them; instead, it may be used to lower power sector subsidies. This could bring a new round of inflation and more clamor. But more of the same is likely to continue.
FY2026-27 BUDGET: EXPECTATIONS
Date: 2026-06-01
Details: Published June 1, 2026 Updated about an hour ago By Anjum Ibrahim The International Monetary Fund (IMF) reportedly approved the Pakistan budget for next fiscal year during a week-long staff visit (13 May to 20 May), and in a press release explicitly acknowledged that the mission’s focus was on “recent developments, reform implementation and the budget strategy for fiscal year 2027†– external developments, including those related to the Middle East conflict, accounting for severe global supply shortages of oil, LNG, fertilizer, helium and other key minerals, were bizarrely deemed “contained†for Pakistan. The budget, expected to be announced this Friday, will, therefore, have few surprises for two reasons: (i) the third review of the Extended Fund Facility (EFF) and the second review of the Resilience and Sustainability Facility (RSF) documents were uploaded on the Fund website on 15 May – two days after the arrival of the mission to review the budget – detailing time-bound conditions and structural benchmarks agreed with the authorities till the next mandatory quarterly review scheduled for 15 September. The envisaged disbursement subject to reaching a staff level agreement is 760 million SDRs under the EFF and 76.9 million SDRs under the RSF; and (ii) budget formulators typically disclaim responsibility for almost 75 to 80 percent of the budgeted allocations on the grounds that they are taken by the elite/influentials and, when the country is on a Fund programme, by the IMF. The annual raise in total budgeted outlay is premised on a very optimistic projection of the Gross Domestic Product (GDP) growth rate. Post-Covid 19, with the exception of 2021-22, the growth rate has been well below projections and, given that the country has been on a rigid upfront IMF programme since 2019, this has implied slashing the Public Sector Development Programme (PSDP) to meet the deficit targets agreed with the Fund. Sadly, this has been the practice during nearly all the Fund programmes, Pakistan is currently on the twenty-fourth programme, yet, over time as was to be expected, the PSDP actual disbursement has been shrinking in terms of the percentage budgeted allocation – the July-April 2026 rate is at a low of 51 percent. The misalignment between the PSDP authorisations (by the Planning Ministry) and the actual disbursement (by the Finance Ministry) may indicate: (i) the Planning Ministry distancing itself from the lower disbursements than budgeted (though it is the Ministry’s responsibility to present more realistic allocations, given the shrinking fiscal space); and/or (ii) it may be an attempt to showcase the failure of the Finance Ministry to fund development and instead to continue to prioritise the outlay for current expenditure. The focus has remained on ensuring that the current expenditure requirements are met. The major component of this is the mark-up on loans budgeted at a little over 50 percent of the total current expenditure in 2025-26 – an outlay which, if not released, would have serious economic consequences. This is lower than what was realised in 2024-25 – at 54.5 percent – though it was budgeted at 56.8 percent of total current expenditure with the difference in total terms being 813 billion rupees. The lower outlay for mark-up this year was not due to lower envisaged borrowing but lower borrowing costs – rescheduling past loans, which lengthened the period but lowered the actual interest payment and the anticipation of lower policy rate by December last year (a rate that had to be raised due to the Middle East conflict – so much for its effects remaining contained). In this context it is relevant to note that the 1.25 trillion rupees borrowed from the 16 commercial banks to retire the circular debt was, after IMF approval, not included in the mark-up and defined as a one-off. In total terms the budgeted mark-up in 2024-25 was higher by 829,666 billion rupees than what was realised at the end of the year due to a lower policy rate over the year as well as rescheduling. The budget documents for next fiscal year 2026-27 would indicate by how much this expenditure item exceeded the budgeted amount. Defence as a percentage of current expenditure was 15.62 percent of total current expenditure 2025-26 while last year it was at 13.3 percent (with the budgeted amount under this head lower by 2.3 percent). The rise may well be due to higher operational costs due to ongoing terror attacks; however, it is relevant to restate that the actual current expenditure as per budget documents for last year declined by 813 billion rupees. Running civilian government rose to 5.9 percent of total current expenditure in the current year’s budget against 5.4 percent in last year’s revised estimates due to massive pay rises at the taxpayers’ expense. Pensions rose from 1.014 trillion rupees in the revised estimates of last year to 1.055 trillion rupees this year – money dedicated for public sector pensioners and does not include the 93 percent of those who are engaged in the private sector. While the government has made employee contributions mandatory form last year yet greater clarity is required as to whether this amount is being set up in an escrow account or a pension fund, or whether money being fungible the government is using it for meeting its expenses, which may have some consequences down the line. Benazir Income Support Programme (BISP) received less than 5 percent of current outlay as per the Fund’s insistence though the beneficiaries that have been identified through a scientific method of selection do not constitute the rising number of unemployed as a consequence of the Fund’s severely contractionary monetary and fiscal policies nor take cognizance of the rising poverty levels through the calorific method. Revenue is to be generated from (i) raising indirect taxes (sales tax in particular) with the rationale that GST C-efficiency ratio (actual revenue collection from goods and services to potential) has declined from 27.4 percent to 22.8 percent over the past ten years. The Fund proposes taxing a broad set of basic goods that remain exempt or are concessionally taxed, historical zero-rating in export sectors has narrowed the base, and post-devolution fragmentation of GST on services has added compliance and administrative complexity through four separate provincial regimes; however, these are indirect taxes whose incidence on the poor is greater than on the rich, (ii) constitutional court ruled in favour of super tax; however, there is a concern that capital flight may be further fuelled; and (iii) increasing provincial taxes and most particularly agricultural income tax that must be taxed at the same rate as on the salaried. If implemented this will have political ramifications. An out of the box solution would be for the government to implement reforms in pensions (through employee contributions that would then be channelled into existing pensioners), wage freeze for the next three years, budgeting only critical operational expenses, and realistic targets for the mark-up while focusing on creating honest taxpayers through implementing a tax structure that is fair, equitable and non-anomalous. Copyright Business Recorder, 2026
A VERY HARSH ANNUAL BUDGET IN THE OFFING?
Date: 2026-05-31
Details: Published May 31, 2026 Updated a day ago EDITORIAL: The International Monetary Fund (IMF) concluded its mission to Pakistan (13 to 20 May) and in a press release noted that the “staff visit focused on recent economic developments, reform implementation and the budget strategy for fiscal year 2027.†This led to conclusion by independent domestic economists that an agreement was reached between the government authorities and the Fund staff with respect to the expenditure and revenue allocations in the budget and the projection that the likely budget presentation date in the national assembly will be 5 June subject of course to the availability of critical members of the cabinet. The mission was, therefore, not in-country to initiate a staff level agreement on the fourth review of the ongoing 7 billion-dollar Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF) or to engage in Article IV consultations, but specifically for approval of the budget and one may well regard this exercise as a “prior†condition. The press release noted that the government remained committed to achieving a primary surplus (excluding grants) of 2 percent of GDP in 2027, a projection made in the recently released third review of the EFF and the second review of the RSF documents, with the current year’s programme target of 3.4 percent missed by 0.1 percent (3.5 percent). What is perhaps more relevant is the figure cited under underlying primary balance (excluding grants) that did not include one-off transactions was estimated at 1.6 percent in the current year, 1.3 percent programme target with 2 percent as the projection for next fiscal year; hence not included is the 1.25 trillion rupees borrowed by the government to retire the energy sector circular debt with interest payments to be passed onto the consumers as well as the sale of the Pakistan International Airlines that has netted the government 10 billion rupees with the remaining over 125 billion rupees to be in the form of equity into the airlines at a later stage with no deadline. The note also refers to support for measures that will ensure fiscal sustainability and this too is explained in the third review documents as follows: tax revenue mobilization is envisaged by: (i) eliminating sales tax expenditures, through increasing GST C-efficiency ratio that has declined from 27.4 percent to 22.8 percent over the past ten years – defined as a measure of how effectively a country collects its Goods and Services Tax by comparing actual revenue collected against the theoretical revenue that would be generated if the standard GST rate were applied universally to all consumer spending without any exemptions or collection losses - sales tax is an indirect tax whose incidence on the poor is greater than on the rich; (ii) improving compliance through the proactive application of the audit function of the Federal Board of Revenue; and (iii) increasing provincial revenues mainly through the implementation of the agriculture income tax at the same rate as is levied on all other sources of income. And finally, the press release notes: “State Bank of Pakistan reiterated its commitment to maintaining an appropriately tight monetary policy stance to anchor inflation expectations and will continue to closely monitor potential second-round effects from energy price increases. Furthermore, exchange rate flexibility should continue to serve as a key shock absorber, and efforts should continue to build a deeper foreign exchange interbank market.†The supply disruptions due to the ongoing Middle East conflict need to end before inflation can come down not only in Pakistan but other countries that rely, directly or indirectly, on Gulf countries, as well; however in the case of Pakistan the policy rate, at a high of 11.5 percent which compares extremely unfavourably with other regional competitors today, is expected to rise further with further negative implications on the debt service component of the budget as well as on lower private sector credit – elements that will constrain growth that in turn will increase unemployment that would no doubt raise the risk of staying on the programme. To conclude, one must wait for budget to be presented to parliament to gauge exactly what the authorities agreed to that would have serious consequences for the common man’s kitchen budget though, sadly, indications are that it would be an extremely harsh budget for the common man. Copyright Business Recorder, 2026
KTBA HIGHLIGHTS FBR PORTAL HURDLES IN DECLARING BUSINESS BANK ACCOUNTS
Date: 2026-05-31
Details: Budget 2026-27 Taxation May 31, 2026Faisal Shahnawaz Tax body urges amendment to align sales tax law with FBR’s digital registration procedures The Karachi Tax Bar Association (KTBA) has highlighted procedural hurdles in the Federal Board of Revenue’s (FBR) online tax system, saying registered taxpayers face difficulties in declaring business bank accounts because the prescribed sales tax registration form is no longer available on the tax authority’s digital platform. In its budget proposals for 2026-27, the KTBA pointed to issues related to Section 73 of the Sales Tax Act, 1990, which governs the declaration and use of business bank accounts by registered sales taxpayers. Under the current legal framework, a business bank account is defined as an account used by a registered taxpayer and declared to the Commissioner through Form STR-1. However, the association said Form STR-1 is no longer available through the FBR’s online registration system. According to the KTBA, taxpayers seeking to update their registration details through the eFBR portal are redirected to the IRIS platform, where amendments are processed through Form 181 (Form of Registration), which is prescribed under Section 181 of the Income Tax Ordinance, 2001. The association said the continued reference to Form STR-1 in Section 73 has created a legal and operational inconsistency, as taxpayers are currently using Form 181 to make registration amendments and declare business bank accounts. “Form STR-1 does not exist in the online environment, while all changes in taxpayer particulars are being processed through the IRIS portal using Form 181,†the KTBA said in its budget recommendations. To resolve the issue, the association has proposed replacing the reference to Form STR-1 in Section 73 of the Sales Tax Act with Form 181. It said the amendment would bring the law in line with the procedures currently being followed on the FBR’s digital platforms and remove uncertainty for registered taxpayers. Tax practitioners believe that eliminating such discrepancies could improve compliance, reduce administrative disputes and make it easier for businesses to meet documentation requirements linked to banking transactions and sales tax claims. The proposal is part of a broader set of tax reform recommendations submitted by the KTBA ahead of the federal budget 2026-27, aimed at simplifying tax procedures and improving the efficiency of Pakistan’s tax administration system.
PAKISTAN TO PRESENT FEDERAL BUDGET 2026-27 ON JUNE 5
Date: 2026-05-30
Details: Budget 2026-27 Top stories May 30, 2026Mrs. Anjum Shahnawaz National Assembly and Senate sessions summoned as government prepares to unveil Budget 2026-27. The federal government is set to present the Budget 2026-27 on June 5 after Asif Ali Zardari summoned separate sessions of the National Assembly and Senate on the same day. According to a statement issued by the President House, the National Assembly of Pakistan will meet at 5:00 p.m., followed by a session of the Senate of Pakistan at 6:00 p.m. in Islamabad to undertake proceedings related to the upcoming federal budget. The budget sessions were initially expected to be held on June 1. However, the schedule was revised due to the absence of more than 60 parliamentarians who traveled to Saudi Arabia to perform Hajj. Media reports indicated that the lawmakers are expected to return during the first week of June, prompting the government to postpone the budget presentation. Sources also suggested that the schedule could be adjusted again if proposed diplomatic talks between Iran and the United States take place in Islamabad during the same period. The government aims to complete parliamentary debate and secure approval of the budget proposals by June 24, allowing sufficient time for legislative formalities before the start of the next fiscal year. Under constitutional requirements, the federal budget must be approved by Parliament before June 30 to take effect from July 1, 2026, marking the beginning of the new financial year. The upcoming budget is expected to outline the government’s fiscal strategy, taxation measures, revenue targets and expenditure plans for the 2026-27 fiscal year amid ongoing economic reforms and commitments under Pakistan’s program with the International Monetary Fund.
FBR CHAIRMAN TO REVIEW KARACHI REVENUE DRIVE AHEAD OF FISCAL YEAR-END Taxation
Date: 2026-05-30
Details: May 30, 2026Faisal Shahnawaz FBR chairman Rashid Mahmood Langrial to assess tax collection performance and enforcement measures during key June visit. Rashid Mahmood Langrial, Chairman of the Federal Board of Revenue (FBR), is scheduled to visit Karachi on June 1, 2026, to review tax collection performance and enforcement efforts during the final month of fiscal year 2025-26. According to sources, the visit will focus on assessing progress toward annual revenue targets and evaluating measures needed to maximize tax collection before the fiscal year concludes on June 30. During meetings with senior tax officials, the FBR chairman is expected to discuss strategies aimed at improving revenue collection and strengthening enforcement against tax defaulters. Sources said the tax authority may intensify recovery efforts, including action against taxpayers with outstanding liabilities through measures such as freezing bank accounts and accelerating audits of large taxpayers to identify and recover unpaid taxes. Langrial is expected to hold detailed discussions with chief commissioners of the Large Taxpayers Office (LTO), Medium Tax Office (MTO), Corporate Tax Office (CTO), and Regional Tax Offices (RTO-I and RTO-II) during meetings at LTO Karachi. In addition to inland revenue matters, the chairman will review customs-related revenue performance during meetings at Custom House Karachi. The customs review will involve senior officials, including the Chief Collector Hyderabad and heads of major collectorates responsible for appraisement, exports and airport operations. The visit comes at a critical stage as the FBR seeks to meet its annual revenue target amid fiscal pressures and rising government expenditure requirements. Langrial is also expected to interact with young officers of the Inland Revenue Service (IRS) and Pakistan Customs, emphasizing professionalism, performance and efficiency within the country’s tax administration. Karachi, Pakistan’s largest commercial and financial center, contributes a substantial share of national tax revenues, making the city’s collection performance a key factor in achieving the FBR’s year-end revenue objectives.
NIKKEI SCALES RECORD PEAK ON MIDEAST, AI OPTIMISM
Date: 2026-05-30
Details: Published May 30, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average rose to a record high on Friday, powered by renewed optimism for a near-term peace deal in the Middle East and enthusiasm about AI shares after strong earnings from Dell Technologies. The Nikkei notched a lifetime-high close by climbing 2.5 percent to 66,329.50, and also marked an all-time intraday peak at 66,505.02. The broader Topix advanced 1.4 percent to 3,957.17, also a record close, and set a new intraday high at 3,984.58. Sources told Reuters that the US and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though US President Donald Trump has yet to approve it, and Iranian state media said it had not been finalised. Conflicting headlines in recent days around progress in negotiations between Washington and Tehran have seen stocks swing, but for the week, the Nikkei and Topix gained 4.7 percent and 1.7 percent, respectively.
CHINESE EQUITIES FALL, LENOVO LIFTS HONG KONG
Date: 2026-05-30
Details: Published May 30, 2026 Updated about 2 hours ago By Reuters HONG KONG: Chinese stocks declined on the last trading day of May as investors booked profits from the semiconductor sector while Lenovo Group helped Hong Kong shares to rise for the first time in four sessions. At the close, China’s blue-chip CSI300 Index was down 0.5 percent while the Shanghai Composite Index showed a 0.7 percent decline. The CSI 300 gained 1.8 percent over the month while the Shanghai Composite lost 1.1 percent. Hong Kong’s Hang Seng benchmark closed 0.7 percent up but finished the month 2.3 percent down. Market participants say funds are starting to rotate from hot sectors to underperforming sectors and the market is likely to continue to fluctuate. The real estate and liquor sectors outperformed the market, rising by 4.2 percent and 3.4 percent respectively, while the semiconductor sector tumbled more than 5 percent. “We expect market dynamics to turn clearer and smoother around or after the summer, though near-term volatility is likely to persist,†said Morgan Stanley analysts. Consumption remains subdued in China, they said. In Hong Kong, shares of Lenovo, China’s top PC maker, soared more than 20 percent after US rival Dell jumped 40 percent in after-hours trading on strong AI demand. The smaller Shenzhen index ended 1.9 percent down and the ChiNext Composite index for startups lost 2.1 percent.
PIBF WELCOMES PAKISTAN-CHINA MOUS
Date: 2026-05-30
Details: Published May 30, 2026 Updated about 2 hours ago By Recorder Report LAHORE: The Pak International Business Forum (PIBF) has welcomed the recently signed Memorandums of Understanding (MoUs) between Pakistan and China for cooperation and investment in multiple sectors including industry, energy, infrastructure, technology, agriculture and trade, terming the development a positive step toward strengthening bilateral economic ties. PIBF President Dr Mushtaq Mangat said that the agreements reflect growing international confidence in Pakistan’s economic potential and strategic importance. He stated that Chinese cooperation can significantly contribute to industrial growth, technology transfer, employment generation and export enhancement if the government creates an environment conducive for investors. “Pakistan and China share a long-standing strategic partnership and these new agreements can become a milestone for economic progress. However, practical steps are required to convert these understandings into real economic activity and sustainable prosperity,†he said. Dr Mushtaq Mangat emphasized that Pakistan’s business community is currently facing enormous challenges due to high electricity tariffs, expensive gas, increasing petroleum prices, high interest rates and multiple taxation-related complications. He said industries cannot compete internationally unless the cost of doing business is brought down to regionally competitive levels. PIBF Secretary General Muhammad Ejaz Tanveer said that while foreign investment agreements are encouraging, the government must simultaneously introduce structural economic reforms to restore investor confidence and strengthen domestic industry. “Reducing the prices of electricity, gas and petroleum products is essential for industrial revival. Without affordable energy and stable economic policies, industries will continue to struggle and foreign investors may hesitate to expand operations in Pakistan,†he said. Muhammad Ejaz Tanveer urged the government to seriously consider the seven-point economic revival agenda proposed by PIBF for sustainable economic growth. He said the agenda focuses on practical reforms aimed at reducing the financial burden on industries and promoting investment. He briefly outlined the seven points, including reduction in interest rates to facilitate business activity, revival of Development Finance Institutions (DFIs) for long-term industrial financing, provision of targeted facilities for exporters and SMEs, broadening of the tax net while lowering excessive tax rates, simplification of the taxation system through digital reforms, provision of regionally competitive electricity and gas tariffs for industries, and implementation of governance reforms to improve efficiency in the energy and economic sectors. Dr Mushtaq Mangat added that Pakistan possesses immense economic opportunities and can attract substantial foreign investment provided there is policy continuity, economic stability and ease of doing business. “The business community fully supports every initiative that strengthens Pakistan’s economy and enhances international cooperation. However, agreements alone are not enough; they must be backed by economic reforms that provide relief to industries, investors and the common man,†he said. Muhammad Ejaz Tanveer reiterated that PIBF would continue to work closely with policymakers, stakeholders and the business community for industrial revival, export growth and sustainable economic development in Pakistan. Copyright Business Recorder, 2026
FBR ANNOUNCES WEEKEND WORKING DAYS FOR TAX COLLECTION
Date: 2026-05-29
Details: May 29, 2026 Faisal Shahnawaz Tax offices to remain open on Saturday and Sunday as authorities move to boost revenue collection ahead of fiscal close. The Federal Board of Revenue (FBR) has declared Saturday and Sunday, May 30 and 31, 2026, as normal working days for major tax offices across the country to facilitate taxpayers in the payment of duties and taxes. According to an official statement, all Large Taxpayers’ Offices (LTOs), Medium Taxpayers’ Offices (MTOs), Corporate Tax Offices (CTOs) and Regional Tax Offices (RTOs) will remain open during the weekend for revenue collection activities. The tax authority said the decision was taken to support taxpayers ahead of the close of the fiscal period and ensure smooth collection of duties and taxes. Earlier, the FBR had also issued a notification on May 21, 2026, directing the opening of field offices on Friday, May 29, and Saturday, May 30. In response, the State Bank of Pakistan issued instructions to commercial banks to support tax collection operations and facilitate payments. The SBP directed all commercial banks to observe extended working hours until 5:30 PM on Friday, May 29, 2026, to facilitate over-the-counter tax payments. It further instructed all Saturday-opening bank branches to remain operational from 9:00 AM to 5:30 PM on May 30. Banks have also been advised to keep designated branches open for extended periods to support special clearing operations for government transactions conducted through the National Institutional Facilitation Technologies (NIFT). The central bank additionally directed banks to ensure uninterrupted availability of digital payment channels, including internet banking, mobile apps, ATMs and other online systems, to facilitate electronic tax payments. The move is expected to help the FBR maximize revenue collection at the end of the fiscal cycle while providing added convenience to taxpayers across the country.
FBR DECLARES ADDITIONAL RECLAIMED LAND AT SAPT AS CUSTOMS AREA
Date: 2026-05-29
Details: May 29, 2026 Faisal Shahnawaz Newly notified area at South Asia Pakistan Terminal to be used for storage and handling of empty containers. The Federal Board of Revenue (FBR) has declared an additional reclaimed area adjoining the South Asia Pakistan Terminal (SAPT) as a customs area for the storage and handling of empty containers. According to an official notification, the FBR exercised powers under clause (b) of Section 10 and Section 78 of the Customs Act, 1969, to notify the additional land measuring 59,371 square meters as part of the customs area of the terminal. The newly declared customs area is located adjacent to the boundaries of the Pakistan Deep Water Container Port – South Asia Pakistan Terminal (SAPT) and will be utilized for handling and storage of empty containers. The notification specified the limits of the customs area in detail. To the north, the area is bounded by Shahid Ansari Road and the Oil Area of Karachi Port Trust covering 155 meters. To the south, it connects with the SAPT wall measuring 169 meters. To the east, the area is bounded by the sea and fencing extending 417 meters, while to the west it is bordered by the SAPT wall spanning 377 meters. The FBR stated that the permission would remain valid only during the lease period of the land granted in the name of Pakistan Deep Water Container Port (SAPT). The development is expected to facilitate port operations and improve container management capacity at one of Pakistan’s major deep-water terminals.
PSX SEEKS MAJOR TAX CUTS, INVESTOR INCENTIVES IN FY27 BUDGET
Date: 2026-05-29
Details: Budget 2026-27 Taxation May 29, 2026Faisal Shahnawaz Stock exchange proposes lower corporate taxes, restored incentives and removal of withholding taxes to boost listings and market growth. The Pakistan Stock Exchange (PSX) has proposed a series of tax relief measures and investor-friendly reforms in the federal budget 2026-27 (FY27) aimed at strengthening capital markets, encouraging new listings and improving overall investment activity. In its budget recommendations, PSX urged the government to rationalize corporate taxation, restore investor incentives and remove structural anomalies affecting listed companies and corporate groups. One of the key proposals relates to group relief under Section 59B of the Income Tax Ordinance, 2001. The exchange said companies are currently allowed to surrender assessed business losses within a corporate group for only three years, a restriction it argues discourages holding companies from listing subsidiaries. PSX proposed removing any time limitation on the group relief facility to improve corporate structuring flexibility and encourage listings. The exchange also highlighted concerns over double taxation of corporate profits. It noted that companies already face an effective tax burden of around 46%, including corporate tax, super tax, Workers Welfare Fund (WWF) and Workers Profit Participation Fund (WPPF), while dividends are further taxed at 15%. To address this, PSX urged the government to restore the inter-corporate dividend exemption by reinstating Clause 103C of Part I of the Second Schedule, which was withdrawn under the Finance Act 2021. Another recommendation relates to withholding tax on inter-company interest payments within corporate groups. PSX said such taxes create cash flow constraints, increase refund claims and add compliance burdens without generating additional revenue. It proposed reinstating exemptions previously available under Section 59B-linked group relief arrangements, which existed until tax year 2016. The exchange also opposed the taxation of bonus shares introduced through Section 236Z under the Finance Act 2023, under which companies must withhold tax at 10% on bonus share issuance. PSX called for withdrawal of the provision. To boost derivatives trading, the exchange recommended aligning capital gains tax on derivatives and futures traded at PSX with rates applied on commodity futures at the Pakistan Mercantile Exchange, which are taxed at 5%. PSX further proposed restoring tax credits under Section 62 for investments in shares, mutual funds, sukuks and life insurance policies, which were removed in the Federal Budget 2022-23. Regarding real estate investment, the exchange recommended tax exemptions on property transfers to and from REIT schemes and removal of the sunset clause introduced in June 2023 on gains related to REIT structures. PSX also called for a reduction in corporate tax rates for listed companies, arguing that Pakistan’s effective corporate tax burden is significantly higher than the Asian average of 19.74%. It proposed a permanent 5% reduction in corporate tax for listed firms, bringing the rate to 24% for companies maintaining at least 25% free float. According to PSX, these reforms would encourage new listings, improve liquidity, strengthen documentation of the economy and support long-term growth through a more vibrant capital market.
ICAP SEEKS CLARITY ON BUILDERS, DEVELOPERS TAXATION UNDER SECTION 7F
Date: 2026-05-29
Details: Budget 2026-27 Taxation May 29, 2026 Faisal Shahnawaz Chartered accountants’ body calls for clearer rules and alignment of advance tax mechanism for builders and developers. The Institute of Chartered Accountants of Pakistan (ICAP) has proposed amendments relating to taxation of builders and developers under Section 7F of the Income Tax Ordinance, 2001, in its budget proposals for 2026-27. ICAP said that although Section 7F was introduced through the Finance Act, 2024 to establish a revised taxation framework for builders and developers, the current mechanism has become complex and difficult to administer. According to the institute, the existing structure has created uncertainty regarding the determination of applicable tax liability within the real estate and construction sector. ICAP explained that the Finance Act, 2023 inserted Section 147(5C) to govern advance tax payments based on per square foot or per square yard area. The rates for advance tax calculations were aligned with those prescribed in the Eleventh Schedule of the Ordinance for projects registered under Section 100D. The institute noted that the taxation regime under Section 100D operated as a final tax regime, although the tax was collected quarterly in the form of advance tax. However, ICAP pointed out that the Finance Act, 2024 introduced Section 7F for tax year 2025 onward, shifting the taxation basis for builders and developers from area-based taxation to a fixed percentage of sale value, effectively introducing a deemed income regime linked to sales value. According to ICAP, the continued existence of Section 147(5C) in its present form following the introduction of Section 7F has created ambiguity and interpretational challenges. To address these concerns, the institute recommended prescribing comprehensive rules explaining the method, basis and procedures for calculating taxable income and tax liability under Section 7F. ICAP also proposed amendments to Section 147(5C) to align advance tax computation with the sale-value-based taxation regime introduced under Section 7F. The institute said the proposed changes would ensure consistency between the advance tax mechanism and the revised taxation framework while reducing confusion and possible gaps in tax collection. ICAP emphasized that the amendments are necessary to remove inconsistencies arising from overlapping legal provisions and establish a coherent taxation structure for builders and developers across Pakistan. According to the institute, the proposed reforms would improve clarity, fairness and effective implementation of tax laws while promoting consistent taxation practices in the construction and real estate sector.
ICAP PROPOSES PRIOR NOTICE BEFORE FBR ENTERS BUSINESS PREMISES
Date: 2026-05-29
Details: Budget 2026-27 Taxation May 29, 2026 Faisal Shahnawaz Chartered accountants’ body seeks mandatory 48-hour notice and transparent audit selection to protect taxpayer rights. The Institute of Chartered Accountants of Pakistan (ICAP) has proposed that tax authorities should be required to issue prior notice before entering taxpayers’ business premises for audit and monitoring purposes. In its budget proposals for 2026-27, ICAP raised concerns regarding Sections 175 and 177 of the Income Tax Ordinance, 2001, which grant extensive powers to officials of the Federal Board of Revenue for inspections and audit selection. According to ICAP, the discretionary and unstructured use of these powers has created concerns among taxpayers over undue harassment, lack of procedural transparency and inconsistent enforcement practices. The institute noted that under Section 175, tax authorities may enter and inspect business premises without a clearly defined requirement for advance notice or documented justification. ICAP said the existing provision creates risks of unannounced visits and possible misuse of authority. Similarly, the institute observed that Section 177 permits audit selection based on the Commissioner’s discretion in addition to computerized selection, leading to perceptions of arbitrary or targeted audits that may undermine voluntary tax compliance. To address these concerns, ICAP proposed two amendments to the law. Under Section 175, the institute recommended inserting a proviso requiring tax authorities to serve at least 48 hours prior notice before entering business premises. However, ICAP proposed an exception where the Commissioner possesses definite and credible information indicating tax fraud or concealment of income. The proposed clause states: “Provided that this requirement shall not apply in cases where the Commissioner, based on definite and credible information, has reason to believe that tax fraud or concealment of income is being committed.†Regarding Section 177, ICAP recommended that audit selection should be conducted exclusively through a transparent, computer-generated risk-based system prescribed by the FBR. The institute also proposed that the criteria and parameters used for audit selection should be documented and made publicly available to the extent consistent with enforcement requirements. ICAP said the proposed reforms would help balance effective tax enforcement with the protection of taxpayer rights. According to the institute, mandatory notice requirements would shield legitimate businesses from unnecessary disruption while preserving the authorities’ ability to act in genuine fraud cases. It added that risk-based audit selection would reduce discretionary practices, improve transparency and fairness, align Pakistan’s tax system with international standards and encourage voluntary compliance. ICAP also referred to observations made by the Supreme Court of Pakistan, stating that the apex court has consistently emphasized that statutory powers must be exercised reasonably, proportionately and in accordance with due process.
MINISTRIES LOCK HORNS OVER NEW PROPOSED TARIFF FOR INDUSTRY
Date: 2026-05-25
Details: Published May 25, 2026 Updated about 2 hours ago By Mushtaq Ghumman ISLAMABAD: Ministry of Commerce (MoC) and Ministry of Industries and Production (MoI&P) have reportedly locked horns over the new proposed tariff for industry as massive reduction is under consideration on tariff on imported vehicles and alcohol, sources in Commerce Ministry told BUSINESS RECORDER. In this regard, Tariff Policy Board (TPB), headed by the Commerce Minister, is about to finalise its recommendations for the federal budget 2026-27 in accordance with tariff rationalisation plan under National Tariff Policy (NTP) 2025-30 already cleared by the International Monetary Fund (IMF). Commerce Ministry gave a detailed briefing to the TPB on Option- II for achieving the targets of NTP for FY 2026-27. It explained that as per NTP, maximum CD slab for 2nd year will be 50percent. Therefore, all CD rates above 50 percent are required to be adjusted between 20 percent to 50percent. Currently, only auto and alcohol are above 50percent CD slab. Similarly, maximum ACD in 2nd year will be 4percent in line with NTP. To achieve this target, he proposed that ACD rates might be reduced from 6percent to 4 percent, from 4 percent to 2percent, and from 2 percent to 0 percent. However, in case of Tariff Lines where the CD rates are specific instead of Ad Valorem (14 TLs), a minimum ACD rate of 2percent might be retained instead of reducing it to 0percent due to revenue implications of approx. PKR 26-27 billion. In line with NTP, RDS are required to be eliminated by 2030 and maximum RD in second year of the implementation will be 20percent. Therefore, existing RDS of 1percent, 2 percent, and 2.5 percent might be eliminated while RDs above 20percent might be reduced to a maximum cap of 20percent. He further proposed that 20 percent or below 20 percent RDS might be reduced by 20 percent from current rates. Based on above calculation, proposed tariffs on auto sector (both CKD and CBU) with the highest CD slab of 100 percent (31 tariff lines including vehicles above 1800 cc) might be reduced from 106-156 percent to 54-74 percent (including reductions in ACD and RD). Similarly, the 90 percent CD slab (17 TLs) might be reduced to 50 percent, while the 75percent slab (14 TLs) is proposed to be lowered to 45 percent bringing the duty on CKD and CBU to 49-57 percent. Likewise, CD slabs such as 60 percent (25 TLS), 55 percent (16 TLs) and 50percent (47 TLs) are proposed to be reduced to 40percent, 35percent and 30percent. He also apprised that because of tariff rationalization, the weighted average tariff will be reduced from 8.64 percent in FY 2025-26 to 7.42 percent in FY 2026-26. Similarly, the simple average tariff against the Year-II targets of 13 percent, will be reduced from 16.56 percent in FY 2025-26 to 13.71 percent in FY 2026-27. SAPM on Industries and Production, Haroon Akhtar Khan stated that in previous meeting of the TPB, it was agreed that flexibility would be available to TPB in adjusting RD and ACD rates without deviating from the spirit of NTP. In this context, he noted that if any sector/ individual industry submits a representation for tariff rationalization, ACD/RDS might be retained within the available slabs instead of across-the-board reduction. On the auto sector, he directed the EDB team to coordinate with the Commerce team so that tariff structure of auto sector could be finalized at the earliest. The SAPM also suggested that tariff structure of Auto Policy might be shared with the Steering Committee. Secretary, Ministry of Commerce stated that tariff structure first needs to be discussed in the TPB being the relevant forum. In case of difference of opinion, matter might be referred to Steering Committee by TPB or submitted to the Prime Minister/Cabinet for decision. He further stated that, given the paucity of time, the Ministry of Industries and Production needs to finalize the Auto Policy at the earliest so that the same may be presented before TPB to timely complete the budget exercise. A private member of the TPB, while commenting on the tariff rationalization path presented by the Ministry of Commerce, stated that deviation from the targets of NTP for a given year, while adhering with the spirit of the NTP, should be substantiated with strong reasoning. Secretary, MoC, supported this view and stated that consistency should be the key in implementing the NTP. An alternate proposal was presented for implementing the Year-II targets of the NTP. The Private Member of TPB supported the reduction path of CD and ACD as proposed by the Commerce Division; however, with respect to RD, it was proposed a simplified structure whereby existing RD rates ranging from 1percent to 8percent, affecting 561 tariff lines, might be reduced to 0 percent. Simultaneously, it was proposed that existing 10 percent RD might be reduced to 5percent and RDs between 12 percent to 20percent might be reduced to 10 percent. She further proposed that rates between 24 percent to 30 percent be reduced to 15 percent; and all RDS in the range of 32 percent to 50 percent be reduced to 20percent. SAPM on Industries and Production rejected the proposal presented by Private Member of TPB, as the proposed deeper reductions in RDS would adversely affect domestic industries. He noted that NTP envisages a gradual reduction in RDs over a period of four to five years; however, the proposed scheme would expose the domestic industry to foreign goods without providing them any time for adjustment. He reiterated that flexibility should be available to the TPB in adjusting RDs keeping in view the impact of reduction of RDS on domestic industry. Secretary, Ministry of Commerce, concurred with the observations and stated that mere simplification of RDs slabs without giving due consideration to the domestic industry might not be beneficial for industry. He stressed the need for consistency while undertaking reductions under NTP. In response, the Private Member of TPB stated that primarily RDs were levied by FBR for restricting imports. Joint Secretary (Tariff Policy) shared HS code-wise details of all tariff lines where reductions in CD, ACD, and RD rates are proposed. Secretary, Ministry of Commerce, while highlighting the proposed reduction in CD from 90percent to 50percent on 17 tariff lines, covering alcohol and liquor items, observed that such reductions may be negatively highlighted in the media despite the fact revenue impact is insignificant He proposed that tariff reduction on alcohol may be presented in the next meeting of the Steering Committee. Member (Customs Policy), FBR stated that, for the upcoming meeting of Steering Committee, the Ministry of Industries and Production may be requested to highlight deviations in their policies from the NTP. Regarding individual proposals, he noted that the Board should first finalize the overall direction of tariff reductions in year-II, after which individual cases may be examined. The Minister for Commerce proposed that a list of industries likely to be affected by the tariff reductions be prepared, and that a set of basic guiding principles be developed to address their grievances. He further suggested that, for press briefings, a separate list may be compiled highlighting key products or sectors that will benefit from the reduction in tariffs. After detailed deliberations, the following decisions were taken ;(i) all members of the TPB, in principle, agreed on the reduction path proposed by the Ministry of Commerce for meeting the target of NTP for FY 2026-27; (ii) deviations from the NTP 2025-30, in the policies of the MoIP, will be presented to the Steering Committee for decision/guidance ;(iii) the proposed reduction in CD rate from 90 percent to 50 percent for alcohol and liquor items covered under 17 tariff lines will be placed before the Steering Committee and; (iv) list of industries likely to be impacted by tariff rationalization exercise for FY 2026-27 will be prepared by NTC. Copyright Business Recorder, 2026
PAKISTAN’S TAX CHALLENGE: FOUR CONVERSATIONS, ONE PROBLEM—III
Date: 2026-05-25
Details: Published May 25, 2026 Updated 36 minutes ago By Muhammad Raza Coming budget and the new policy architecture This year’s budget will also be watched for another reason. It is expected to be the first budget after the tax policy function has been shifted away from the FBR’s operational structure and placed under the Tax Policy Office in the Ministry of Finance. This separation is important in principle. Tax policy and tax administration are not the same thing. Policy should ask what the tax system should look like, how the burden should be distributed, what distortions should be removed, how compliance can be simplified, and how revenue can be made sustainable. Administration, on the other hand, must implement the law, collect revenue, enforce compliance and manage taxpayers. When both functions are too closely merged, policy can become overly influenced by immediate collection pressures. A law may be designed not because it is the best long-term policy choice, but because it is the easiest short-term collection device. This is how withholding taxes multiply, transaction taxes expand, advance collections and coercive measures become routine and visible taxpayers remain the preferred source of revenue. The creation of a separate Tax Policy Office therefore raises expectations. It creates the hope that tax measures will increasingly be guided by evidence, economic behaviour, household capacity, sectoral realities, documentation incentives and long-term reform goals rather than only by the arithmetic of the next revenue target. But expectations must also be realistic. No tax policy office, however well designed, can reform Pakistan’s tax system in one budget cycle. The coming budget will still be framed under fiscal pressure. There are already reports of significant revenue expectations for FY 2026–27 and additional tax measures being discussed. This means the real test of the coming budget may not be whether it solves everything. It cannot. The more realistic test is whether it shows a clearer direction. Does it begin reducing the excessive burden on those already visible? Does it indicate a move away from indiscriminate withholding and transaction-based taxation? Does it use data from the Economic Census, HIES and other administrative sources to classify economic activity more intelligently? Does it recognise the difference between subsistence activity, small enterprise, medium business, high-income informal activity and genuine commercial capacity? Does it begin to address agricultural income tax through provincial coordination and data-based segmentation rather than slogans? Does it simplify compliance? Does it reduce litigation triggers? Does it show that technology will be used for risk-based reform rather than automated harassment? Perhaps all of this cannot happen in one year. But even a few signals would matter. A budget is not only a revenue statement. It is also a statement of policy direction. If the coming budget shows that the state wants to collect better, not merely collect more, it would be a meaningful beginning. The country does not need a budget that promises overnight transformation. It needs a budget that reveals a credible path. What real reform should mean Pakistan’s tax debate must therefore move beyond rates, slabs and annual targets. The real reform question is not simply: what new tax should be imposed? The real question is: how can the system become broader, simpler, fairer and more credible? If the Tax Policy Office is able to bring even some of this thinking into the budget process, that itself would be an important start. The task is too large for one fiscal year. But the direction can be set in one fiscal year by including some of the following steps:- 1. Base broadening without repeatedly punishing those already compliant. Formalisation should not feel like walking into a trap. It should offer access to finance, legal protection, commercial credibility, simpler compliance and a predictable path to growth. 2. Reducing excessive dependence on withholding taxes and transaction-based collection. Withholding may be useful, but it should not become the main architecture of the income tax system particularly by treating the same as minimum tax. 3. To simplify compliance. Ordinary taxpayers and small businesses should not need a full advisory ecosystem merely to understand their basic obligations. 4. Protecting documented businesses from unfair competition. If the formal supplier becomes more expensive only because he follows the law, while the informal supplier gains a price advantage by avoiding tax, the market will continue to reward informality. 5. To improve federal-provincial coordination. After the 18th Amendment, provincial fiscal autonomy has constitutional value, especially in relation to sales tax on services and agricultural income tax. But businesses should not suffer avoidable duplication through different portals, procedures, definitions, interpretations and overlapping demands. 6. Reducing litigation and uncertainty. Disputed demands are not the same as real revenue. Businesses can plan around a rate; they cannot easily plan around arbitrary interpretation, delayed refunds and years of appellate uncertainty with continued risk of coercive recoveries. 7. To use technology with safeguards. The Economic Census, HIES, Agriculture Census, business registers, geo-tagging, digital invoicing and AI-based tools can help identify genuine economic capacity. But these tools must be used for segmentation, not indiscriminate pressure. 8. To recalibrate the treatment of wealth and assets. Pakistan should not rely on constitutionally fragile or administratively blunt asset-based levies. But neither should it allow high economic capacity to escape meaningful taxation. The path lies in better income reporting, credible capital gains taxation, unexplained wealth rules, beneficial ownership transparency, information exchange, documented transfers and provincial coordination where the Constitution requires it. Transparency as part of tax reform Finally, the state must communicate better. If citizens are asked to pay more, they should also be shown how their contribution supports schools, hospitals, infrastructure, social protection, security and essential services. Transparency must also extend to the cost of government itself. Citizens are more likely to accept difficult taxation when they believe the burden is shared and public money is used responsibly. This is especially important when the state asks citizens to enter the formal economy. Many small operators fear that documentation only means tax exposure. The state must show that documentation can also bring benefits: access to finance, legal protection, easier payments, commercial credibility, targeted support and a clearer path to growth. A properly maintained business register can help identify clusters of small businesses needing credit, infrastructure, training, digital payment support or simplified registration. Similarly, agricultural data can help identify where rural households need support and where genuine commercial agricultural capacity should contribute more fairly. In the end, trust does not grow only from collection. It grows from explanation, disclosure and visible fairness. Collecting more, or collecting better? Pakistan needs revenue. That is undeniable. But revenue collected without legitimacy has limits. A tax system may meet short-term targets by raising rates, expanding withholding taxes or increasing enforcement pressure. But if these measures weaken trust, discourage documentation and reward informality, the long-term result may be counterproductive. The real test of tax policy is not only how much it collects this year. The real test is whether it builds a system that citizens consider fair, predictable and worth complying with. This brings us back to the fourth conversation. The low-wage worker does not appear in tax debates in the same way as the salaried individual, the documented business or the informal operator. Yet in many ways, he has the most at stake. His aspiration to educate his children and improve their future depends on whether taxation translates into meaningful public services. After the 18th Amendment, much of this responsibility rests with provincial governments. If education and health outcomes do not improve, then the redistributive promise of taxation remains incomplete not in theory, but in everyday life. If the system collects revenue but does not reduce these gaps, then the burden of aspiration shifts entirely onto the individual. Pakistan’s tax challenge, therefore, is not simply about collecting more. It is about collecting better. Because in the end, taxation is not sustained by enforcement alone. It is sustained by the belief that the burden is shared fairly, the rules are applied consistently, and the state treats the compliant citizen not as an easy target, but as a partner in building the country’s fiscal future. (THIS WAS THE LAST PART OF A THREE-PART SERIES OF ARTICLES CARRIED BY THE NEWSPAPER ON SATURDAY, SUNDAY, AND TODAY) Copyright Business Recorder, 2026
PAKISTAN: UPCOMING FY27 BUDGET
Date: 2026-05-25
Details: Published May 25, 2026 Updated about 2 hours ago By Asad Rizvi The foremost challenge confronting our economic leaders as they develop a budget for a nation heavily burdened by debt and reliant on foreign loans for many decades is how to effectively formulate the budget. Emerging economies like ours continually face this daunting task, with establishing a balanced budget that ensures future financial stability being the central issue. These countries experience persistent refinancing problems, worsened by sluggish economic performance characterised by lacklustre export growth, rising import costs, and alarmingly low tax revenues, all creating complications for financing deficits. As a result, they are forced to take on new loans to service maturing debts and interest payments while frequently rolling over existing obligations. A significant obstacle is securing the necessary financing and managing the costs associated with it, which are intensified by rising global inflation and high interest rates. Poor credit ratings make borrowings more expensive and increasing the risk of currency depreciation, which, in turn, increases the burden on the domestic currency during times of uncontrollable inflation that lead to sharp increases in policy rates. This situation often drives excessive money printing and a considerable amount directed toward government expenditures to bridge deficits. To effectively tackle these problems, it is crucial to pinpoint and correct the root causes. Pakistan’s tax-to-GDP ratio has stagnated at around 10 percent, significantly lower than the Asia-Pacific average of 19 percent. Occasional increases of 1 percent to 2 percent through adjustments serve only as temporary measures, and without sustained growth, they won’t be sufficient. We have seen sudden shifts through adjustments in the advance to deposit ratio (ADR) of commercial banks over the past year, which has risen sharply without any real benefits to the economy, as this growth has not been reflected in GDP figures. Establishing a target tax-to-GDP ratio of 15 percent by FY2028-29 should be our key objective. Additionally, we need to confront the significant burdens of debt and the high costs associated with servicing it, as interest payments currently account for more than 42 percent of total expenditures. This financial crowding discourages private sector borrowers, creates mismatches, raises the risks of external financing, and places more pressure on the currency. Such a scenario is unsustainable unless the economy operates at a surplus. Moreover, inefficiencies and political interference in subsidies, along with issues like energy circular debt and loss-making state-owned enterprises (SOEs), drain financial resources. Steps must be taken to eliminate these obstacles. Once any policies are in place, the economy should shift away from protectionist measures by avoiding new tax exemptions and statutory regulatory orders (SROs) in sectors such as fertilizer, sugar, wheat, energy and others that lead to revenue losses. Another serious challenge is our excessive dependency on government borrowing, both foreign and domestic, due to persistent shortfalls in tax revenues. This practice needs to be limited, with conditions that funding requires two-thirds approval from both the parliament and the senate to resolve this issue effectively. We should aim for a primary surplus that exceeds 2 percent of GDP while also ensuring that deficits remain below 5 percent. It’s reassuring to observe considerable investments in Pakistan Investment Bonds (PIBs) instead of treasury bills. However, efforts should focus on maintaining PIBs with maturities exceeding five years, rather than opting for shorter durations, as these longer-term bonds could offer greater economic relief. Striving for a growth rate of over 5 percent in the next three to five years is essential, achievable only throu gh extending a minimum of Rs 3 trillion in credit to the private sector. Additionally, funding for the agricultural sector should surpass Rs 3.5 trillion annually. Otherwise, achieving the enormous tax collection goals set each fiscal year by IMF will not be possible unless banks significantly expand their lending portfolios. Failure to support these critical sectors, which are essential for economic recovery, will hinder progress in restoring confidence, creating jobs, improving infrastructure, and promoting growth in both private and agricultural areas. Slower growth is already having negative effects in various sectors, as it is inadequate to keep up with the increasing population of more than 4 million each year. Ultimately, our most significant economic hurdle is creating surplus liquidity for lending, which requires a strategic policy change to optimise the use of our resources. To meet the liquidity demands for credit in the private and agricultural sectors, the SBP must, despite the challenges, reduce funds injected through open market operations (Rs 14.53 trillion Conventional/Shariah OMO injection amount) while preventing any tightening of liquidity in the interbank market, which would force banks to lend to both sectors. Currently, geopolitical uncertainties and high oil prices significantly threaten economic stability. Even with the unrest in the Middle East, I don’t anticipate a significant drop in remittance flows, which are likely to remain near the intended level. Moreover, the influx of funds is not expected to be as substantial as many market predictions suggest. We might see some small ups and downs in the initial quarter of the new fiscal year, but we can expect stability to return in the following quarters. It is a common occurrence to observe a decrease in remittances in the months after Eid-ul-Azha and Eid-ul-Fitr, as expatriate Pakistanis tend to send the highest amounts during these religious festivities. The flow of remittances is essential for our foreign exchange reserves and plays a significant role in enhancing Rupee liquidity. Additionally, it supports a healthier balance of payments situation. Given the current situation stemming from geographical challenges, along with uncertainties regarding operational matters in the Strait of Hormuz, irregular shipping routes, and supply limitations, it seems unlikely that exports will make a significant recovery or increase. In the absence of a backup or alternative plan to safeguard the foreign exchange reserves, the government should thoughtfully evaluate the possibility of implementing stricter import controls on cars, electronics, cell phones, and a limited number of other products through budgetary actions, until geopolitical tensions subside. The economy cannot handle the negative impacts of weather-related shortages affecting wheat, cotton, pulses, rice, maize, and sugar. Therefore, until the US-Iran conflict is resolved. To serve the nation’s best interest, Pakistan must develop contingency plans for oil, gas and food, which may include considering a temporary 6 to 12-month ban on exporting food and essential commodities. WEEKLY OUTLOOK - MAY 25-29 Last week, the market remained anxious, concentrating on the ongoing conflict in the Middle East, which is still unresolved. On the economic side, the minutes from the recent Federal Open Market Committee (FOMC) meeting were released, revealing a more hawkish approach due to escalating inflation pressures, primarily driven by rising energy and gas prices. At the same time, the bond market and oil prices faced downward pressure, as a sell-off caused treasury yields to increase and oil prices to rise. The climb in US treasury yields raises concerns for homebuyers, contributing to higher mortgage rates. Interestingly, despite elevated oil prices, US economic data reflects resilience, with the economy showing signs of strength and a stable labour market, albeit with rising inflation. This trend suggests that the Federal Reserve is unlikely to make changes to interest rates this year. However, despite ongoing peace efforts in the Middle East, the future remains uncertain. On another note, the optimism for peace and resolution between the US and Iran has propped up gold prices. This week, gold’s direction will also hinge on the developments in the Middle East, as events will influence its pricing. A delay in reaching a settlement could lead to a drop in gold prices and a rise in oil prices, benefiting the US dollar. Conversely, a peace settlement would ease tensions and promote stability in the financial markets. #GOLD @ $ 4509- The movement of gold will remain influenced by the news related to the ongoing conflict between the US and Iran, which will dictate its direction. This week, important support levels to watch on the downside are $ 4405 and $ 4340. However, if it breaks through $ 4598, it could rise towards $ 4678. #EURO @ 1.1603- There is still potential for a decline, but the Euro is unlikely to surpass 1.1675/85. Support levels are at 1.1518 and 1.1480. #GBP @ 1.3430- As long as 1.3485 holds, Pound Sterling will continue to face downward pressure. A decline below 1.3325 is necessary to target 1.3290. #JPY @ 159.20- Traders are likely to evaluate the Bank of Japan’s determination in safeguarding their currency. The $/JPY pair may attempt to reach the 160.00-10 range. A breakout could drive it up to 161.15 or even higher. Conversely, a drop below 158.02 could lead to a more significant decline towards 156.50 or 155.40. Copyright Business Recorder, 2026
STOCKS RISE SHARPLY, OIL AND DOLLAR SLIP ON MIDDLE EAST PEACE HOPES
Date: 2026-05-25
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan rose 1% Published May 25, 2026 Updated 21 minutes ago By Reuters SINGAPORE: Stocks surged on Monday while the US dollar and oil prices slid as the prospect of a deal to end the Iran war buoyed risk appetite although a lack of clarity over when the Strait of Hormuz would open kept enthusiasm in check. The nearly three-month-long conflict in the Middle East has driven energy prices sharply higher and reshaped the global rates outlook, as inflation concerns intensify following Tehran’s effective shutdown of the key strait through which a significant share of the world’s energy flows. US President Donald Trump said on Sunday he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough. Just a day earlier, Trump said Washington and Iran had “largely negotiated†a memorandum of understanding on a deal that would reopen the waterway, which carried â one-fifth of global oil and liquefied natural gas shipments before the war. Chris Weston, head of research at Pepperstone, said markets have become less focused on the timing of a resolution and instead been keeping an eye on the tone of the headlines. “The tone has been consistently towards some sort of resolution… We’ve become very patient for a resolution deadline.†Oil price sets the tone for markets For much of the year, oil prices have steered broader markets as investors sift through often conflicting signals from Washington and Tehran, with both sides locked in negotiations since a fragile ceasefire took hold in April. On Monday, oil prices hit two-week lows to kickstart the week with Brent crude futures down over 4% to $98.83 a barrel, while U.S. West Texas Intermediate was at $92.03 a barrel, also down over 4%. The euro was up 0.33% at $1.1646, while the Japanese yen firmed to 158.85 per U.S. dollar as the safe-haven dollar gave up some of its recent gains. Nasdaq futures were 1.2% higher and S&P futures were up 0.7%. Japan’s Nikkei jumped 3% to â roar past the 65,000 level for the first time. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1%. Nick Twidale, chief market analyst at ATFX Global, expects the market to embrace more risk during the session but a sustained surge is unlikely until there is confirmation that the Strait of Hormuz will reopen. “We will need to see an agreement out in place in the coming sessions as we know there are still some major sticking points,†he said. Liquidity is likely to be thin as markets in the U.S., UK, Hong Kong and South Korea â are closed. Rate expectations reset Prolonged energy disruptions from the conflict risk pushing up prices worldwide, prompting traders to bet on further rate hikes across both developed and emerging markets. Markets are now fully pricing in a 25-basis-point hike from the U.S. Federal Reserve in January 2027, a sharp shift from expectations before hostilities erupted in late February, when two rate cuts this year were anticipated. The 30-year Treasury â bond’s yield , which is seen as a barometer of geopolitical and fiscal risk, briefly touched its highest level since July 2007 last week but has pulled back from that milestone. There was no cash trading on Monday but 30-year futures climbed 17 ticks. Data on Friday showed U.S. consumer sentiment fell to a record low in May as surging â gasoline prices linked to the Iran war intensified affordability concerns just as Kevin Warsh was sworn in as chair of the Fed. Mark Dowding, CIO for Fixed Income at RBC BlueBay Asset Management, said Warsh is likely to look past near-term elevated price data, but warned that the risk of a rate hike will continue to build as long as inflation remains on an upward trajectory.
INDIAN SHARES TO OPEN HIGHER ON US-IRAN PEACE DEAL OPTIMISM
Date: 2026-05-25
Details: • The Nifty 50 and the Sensex have declined 5.8% and 7.2%, respectively, since the Iran war broke out in late â February Published May 25, 2026 Updated 40 minutes ago By Reuters Indian shares are set to open higher on Monday, as crude oil prices fall below $100 per barrel for the first time in more than two weeks on prospects of a deal to end the Iran war. US President Donald Trump said on Saturday that Washington and Iran had “largely negotiated†a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, which carried a fifth of global oil and LNG shipments before the war. However, the Trump â administration on Sunday played down hopes of an imminent breakthrough in the three-month-old war. GIFT Nifty futures were at 23,952, as of 7:42 a.m. IST, indicating the benchmark Nifty 50 would open above Friday’s close of 23,719.3. Asian stock markets rose 1.2% and Brent crude futures were down 4% at $99.39 per barrel on optimism that a peace deal was near. The Nifty 50 and the Sensex have declined 5.8% and 7.2%, respectively, since the Iran war broke out in late â February. Foreign investors sold 44.4 billion rupees ($464.00 million) worth of Indian shares on Friday, as per provisional data. They have offloaded $23.9 billion of shares so far this year, surpassing 2025’s record annual outflows.
FTSE 100 SNAPS FOUR-WEEK LOSING STREAK
Date: 2026-05-25
Details: Published May 25, 2026 Updated about 2 hours ago By Reuters LONDON: UK’s blue-chip FTSE 100 index ended a four-week losing streak after data released this week weakened expectations of a Bank of England rate hike, giving relief to investors unsettled by political uncertainty. The blue-chip FTSE 100 index ended 0.22 percent higher on Friday, notching a 2.66 percent gain for the week. The midcap FTSE 250 closed up 0.96 percent for the day. British retail sales fell by the most in nearly a year in April, according to official figures published on Friday, adding to signs of waning consumer spending against the backdrop of the war in the Middle East and rising energy costs. Earlier this week, separate data also showed that inflation in April was softer than expected, while the unemployment rate ticked up. “The current economic backdrop is much less conducive to a long-lasting bout of inflation than it was in 2022,†said Ruth Gregory, deputy chief UK economist at Capital Economics. On Thursday, BoE policymaker Alan Taylor also said he saw less risk of second-round inflation effects from rising energy prices, than in 2022 when Russia invaded Ukraine. “Dovish data should reduce the urgency for the BoE to act. So far the MPC (Monetary Policy Committee) is taking comfort from tightening in financial conditions which they say can give them time to assess whether to hike or not,†BofA Securities analysts said. The brokerage now expects the central bank to raise borrowing costs in July, later than its previous estimate of a June hike. “Political uncertainty is likely to increase near-term policy uncertainty and lead to tighter financial conditions, which could weigh on growth,†the brokerage added. Prime Minister Keir Starmer has defied calls from his party’s lawmakers to quit, but his failure to alleviate concerns about the cost of living has disappointed voters. Chemical shares rose 3.45 percent on Friday, while aerospace and defence stocks gained 2.76 percent.
WALL STREET WEEK AHEAD: SOARING STOCKS COULD FACE ROCKY PATCH AS EARNINGS WIND DOWN
Date: 2026-05-25
Details: Published May 25, 2026 Updated about 2 hours ago By Reuters NEW YORK: High-flying US equities could face turbulence in the final days of a blowout corporate earnings season as investors confront an increasingly tricky backdrop of spiking inflation and rising bond yields. The benchmark S&P 500 wobbled this week but remains less than 1 percent below its all-time high, up more than 8 percent for the year. Strength in earnings has allowed investors to look past negative factors such as higher yields, surging oil prices and the ongoing US-Israeli war with Iran, said Anthony Saglimbene, chief market strategist at Ameriprise, but “company reporting is kind of done now.†“Investors are moving beyond the earnings season, and the macro environment is starting to take more center stage,†Saglimbene said, ahead of a shortened trading week due to the Memorial Day holiday on Monday. A selloff in the bond market has Wall Street on edge. The benchmark 10-year Treasury yield this week hit its highest level since January 2025, while the 30-year yield touched its highest since 2007. Yields, which rise as bond prices fall, pose headwinds for stocks as they increase rapidly, including by pressuring valuations and translating into higher borrowing costs for consumers and businesses. Major factors driving yields higher have been inflationary worries and war-related energy price spikes. “Inflation concerns continue to flare,†said Jim Baird, chief investment officer with Plante Moran Financial Advisors. “You’re seeing upside in long-term Treasury yields that is kind of challenging the bond market and probably puts a practical lid on equities broadly if it persists for some period of time.†A view of inflation is due on Thursday with the April reading of the personal consumption expenditures price index. The release of PCE, the measure favored by the Federal Reserve for setting its 2 percent annual inflation target, follows hot readings this month for other gauges of consumer and producer prices. “It will be another data point that likely shows that months of elevated oil prices and supply disruptions are starting to feed through into inflation data,†Saglimbene said. Inflation worries are increasingly filtering into expectations for interest rates. Futures markets now price in the potential for a rate hike by the Federal Reserve later in 2026. At the start of this year, markets were banking on more equity-friendly rate cuts. Minutes released this week from the Fed’s latest policy meeting showed officials growing more concerned that price spikes during the US-Israeli war on Iran could stoke inflation. A growing number were open to the possibility that they may need to raise rates. “At best, I’d say you’re now in more of an extended pause scenario with the potential for a turn to rate hikes later this year if the inflation story continues to heat up,†Baird said. Other economic data in the coming week include a fresh estimate of first-quarter growth and the latest consumer confidence print. With more than 90 percent of S&P 500 companies having reported results, overall first-quarter earnings are on track to have jumped more than 28 percent from a year earlier, according to LSEG IBES data. “I would say expectations for earnings and economic growth are pretty high,†said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “That’s built into where stock prices are right now.†Several key retailers will report in the coming week, including Costco, Best Buy and Dollar Tree , as investors look for signs that elevated gas prices might be eating away at other consumer spending. Walmart shares slumped on Thursday after the retailing bellwether stuck to its conservative annual sales and profit targets.
OIL SLIPS TO 2-WEEK LOW AS US-IRAN SEEN MOVING CLOSER TO PEACE DEAL
Date: 2026-05-25
Details: • Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel Published May 25, 2026 Updated 38 minutes ago By Reuters SINGAPORE: Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply â from the Middle East. Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73%. Both contracts touched their lowest since May 7 earlier in the session. Rubio says war in Gulf to last ‘weeks not months’, no US ground troops needed On Saturday, US President Donald Trump said that Washington and Iran had “largely negotiated†a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, which before the â conflict carried one-fifth of global oil and liquefied natural gas shipments. However, the two sides remain at odds on several difficult issues, with Trump saying on Sunday he had told his representatives not to rush into any deal â with Iran. MST Marquee analyst Saul Kavonic said: “Notwithstanding all the caveats and risks that remain to the peace deal and Strait of Hormuz, there is now â some light at the end of the tunnel, which will bring some near-term oil price relief.†Oil jumps after renewed US-Iran fighting, then pares gains However, analysts expect that it will â take months for oil flows through the strait to return to normal and for damaged oil and gas facilities to be repaired.
PESCO LAUNCHES ONLINE CONSUMER COMPLAINT HANDLING
Date: 2026-05-25
Details: Published May 25, 2026 Updated about 2 hours ago By Recorder Report PESHAWAR: Peshawar Electric Supply Company (PESCO) has introduced a social media platform Facebook-based e-court system to address complaints and issues of electricity consumers in an efficient and transparent manner. PESCO General Manager Muhammad Zubair Khan conducted an online session where residents of Bashirabad and other areas raised their concerns regarding electricity supply and load shedding. The forum was aimed at ensuring direct communication between consumers and authorities so that complaints could be resolved without delay. During the session, instructions were issued to review electricity distribution and reduce the duration of load shedding in affected areas while improving overall system efficiency. Officials stated that the e-court mechanism is designed to ensure quick response to public grievances and improve service delivery. Residents appreciated the initiative and expressed hope that such digital engagement will help resolve long-standing electricity issues more effectively. Copyright Business Recorder, 2026
CHECK ON FLYING INVOICES: GOVT MULLS REVISING EFS IN BUDGET
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The government is reviewing a budget proposal to revise the Export Facilitation Scheme (EFS) in the budget (2026-27) to stop commercial importers from massive misuse of flying invoices in local markets. Sources told BUSINESS RECORDER that one of the proposals is to withdraw the exemption available to the commercial importers under EFS that allows transfer of their sales tax invoice in the local market. The documented sectors have also filed budget proposals to remove the exemption given to commercial importers under the EFS. Leading players of the documented sectors including steel industry who make major contribution of all kinds of duties & taxes to the national exchequer ethically are struggling and are not able to survive due to the ongoing unfair competition between those who are committed to pay taxes and those who evade taxes & duties. To ensure fair competition and a level playing field, and above all to increase govt revenue, the proposal is to abolish the exemption given to commercial importers under EFS that allows transfer of their sales tax invoice in the local market to prevent massive misuse of flying invoices under this scheme. This also requires rationalization of S. No. 57, Table-2 of the Sixth Schedule (Exemption Schedule of the Sales Tax Act) for checking misuse of input tax. The documented sectors have also proposed a reduction in the discount rate from 17.5% to 0% at import stage under this scheme. The order of Deferment of Value Addition Sales Tax from 17.5% is causing not only huge revenue loss to FBR, but also creating distortion in the steel scrap market by cost differences in the landed cost of the same product in the country. This order is unjustified and unlawful in the eyes of the law and must be corrected immediately. Among the steel industry, the resolution of these issues of all documented sectors aimed at ensuring a level playing field for the entire spectrum of steel industry. Copyright Business Recorder, 2026
FPCCI DEMANDS RESTORATION OF FTR FOR EXPORTERS
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Recorder Report KARACHI: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has officially, as part of the Proposals for the Federal Budget 2026-2027, strongly advocated for the immediate reinstatement of the Final Tax Regime (FTR) for exporters of goods. The apex trade body, in its budget proposals, has highlighted that the previous withdrawal of the FTR has severely hindered the export sector by introducing critical operational bottlenecks, he added. Sheikh stressed that the removal of FTR has resulted in a significant increase in compliance requirements and extensive documentation for exporters. Furthermore, this policy shift has fuelled tax-related uncertainty and led to a rise in audit harassment –diminishing the ease of doing business for the export community. He emphasised the urgent need for a policy reversal to protect the nation’s economic recovery. He said the withdrawal of the Final Tax Regime for exporters of goods has significantly increased compliance requirements, documentation, tax-related uncertainty and excessive audit hassles. It is our core recommendation to reinstate the FTR for exporters as a full and final liability to reduce this severe compliance burden on the business community, he added. Sheikh elaborated on the collaborative approach the government must take to ensure long-term stability. While we strongly recommend reinstating the Final Tax Regime to ease the burden on our exporters, we also propose that the exact rate of the final tax may be negotiated with relevant stakeholders to ensure a balanced, growth-oriented revenue model, he added. However, Saquib Fayyaz Magoon, SVP FPCCI, has explained the necessity for incentivisation and flexibility in taxation frameworks for exporters. To truly boost our national exports, an option may be provided in the upcoming budget to individual exporters to opt between the Final Tax Regime (FTR) or the Normal Tax Regime (NTR) as per their convenience and business structure, he added. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, stated that FPCCI maintains that facilitating exporters through rationalized tax frameworks like the FTR is vital for sustainable economic growth, expanding the export base and improving Pakistan’s international competitiveness in the export markets vis-à -vis regional competitors. Copyright Business Recorder, 2026
REBOUND IN TEXTILE EXPORTS
Date: 2026-05-23
Details: Published May 23, 2026 Updated about an hour ago EDITORIAL: Federal Bureau of Statistics (PBS) released provisional data that showed textile exports rebounding in April this year, by 21 percent, compared to the same month last year. In fiscal year 2026, textile and clothing exports declined during five months (0.57 percent in October, 2.57 percent in November, 8.56 percent in December, 7.22 percent in February and 7.06 percent in February). The major contributors for the rise in April 2026 were knitwear (from 23.54 million rupees in April last year to 24.94 million rupees in March 2026) and ready-made garments (15.18 million rupees in April last year to 16.30 million rupees in March this year). This is significant, given the global recession that has impacted on demand for consumer items subsequent to the US/Israel war on Iran that began on 28 February 2026. The improved data of the textile sector indicates that in spite of the government suspending incentives – fiscal and monetary as well as subsidised electricity attributable to the conditions agreed with the International Monetary Fund (IMF) under the ongoing 7 billion-dollar Extended Fund Facility programme – exports nonetheless did increase and therefore a rigorous analysis is required to determine the causes so as to better replicate these effects on other export sectors. And, it is also critical for the government to challenge the textile sector’s repeated claims that over 150 units have closed down due to the withdrawal of incentives. In addition, oil seeds, nuts and kernels exports surged by 419.7 percent to 33.4 million dollars in April 2026 over the same month last year, and chemicals and pharmaceutical exports also rose by 35.15 percent year on year as did sports, rising by 33.8 percent; surgical goods and medical instruments exports rose by 7.62 percent and tobacco posted a gain of 80.29 percent. A decline was noted in food group, 4.55 percent, and in rice exports, 9.33 percent, with vegetable exports declining by a whopping 78.3 percent in April this year over the same month last year. Cumulative exports in April this year amounted to 2479 million dollars compared to 2174 million dollars in April last year (a 14 percent rise) and 691,589 million rupees this year over 610,190 million-rupees last year (13.34 percent rise) April 2025. Imports rose from 6,098 million dollars in April 2025 to 6763 million dollars last month, a 10.91 percent rise. Total exports (July-April) 2025 amounted to 26,892 million dollars; however, in the corresponding period this year exports declined to 25,209 million dollars – a decline of 6.26 percent. Total imports (July-April), however, rose on the back of the Middle East conflict with oil, fertilizer and minerals supply disruptions raising total imports to 7,494,398 million rupees in 2025 compared to 16,141,381 million rupees in the same period this year. The trade deficit rose to negative 9059.9 billion rupees (32.199 billion dollars) July-April 2026 (against negative 7,418 million rupees (26.59 billion dollars) in the comparable period of last year – rising by a disturbing 21 percent in dollar terms and 22.14 percent in rupee terms. The IMF insisted in the third review documents that “the next phase of duty reductions under the National Tariff Policy will be legislated under the FY27 budget, and efforts to remove and simplify Pakistan’s extensive non-tariff barriers also need to move forward†with obvious implications for a rise in imports. In addition, the Fund maintained that “as part of the broader regulatory streamlining effort, a new national regulatory registry will be established as a comprehensive source on business regulations, starting with the federal government and ICT governments (new proposed end-June 2027 Structural Benchmark), which will improve transparency and reduce regulatory uncertainty. The authorities are also in the process of finalizing amendments to the Companies Act for submission to Parliament (end-June 2026 SB), focusing on reducing regulatory burdens and transaction costs and improving corporate governance and transparency for both listed and unlisted companies.†And, of course, the phasing out of fiscal incentives for special economic zones (SEZs), special technology zones (STZs), and export processing zones (EPZs) by 2035 will reduce fiscal costs; however, it is also expected to negatively impact on output. To conclude, these structural benchmarks may negatively impact on existing productive units and would be resisted; however, as noted by the Fund in 2024 extending fiscal and monetary incentives to industries has yet to lead to the graduation of infant industries. And, while the transition phase would have negative consequences one can only hope that in the medium term domestic industry is strengthened and enabled to compete internationally. Copyright Business Recorder, 2026
GOVERNMENT TO REDUCE SALARY TAX BURDEN IN FY27 BUDGET: MINISTER
Date: 2026-05-23
Details: Budget 2026-27 Taxation May 23, 2026Mrs. Anjum Shahnawaz State ministry signals targeted relief for salaried class in FY27 budget amid IMF-linked fiscal constraints The government is expected to reduce the tax burden on salaried individuals in the upcoming FY27 federal budget, Minister of State for Finance and Revenue Bilal Azhar Kayani said. Speaking at a pre-budget seminar organized by the Rawalpindi Chamber of Commerce and Industry (RCCI), the minister said the federal budget for FY27 is expected to be presented in the first week of June 2026. He said the government intends to provide relief to taxpayers and the salaried class, but acknowledged that fiscal space remains limited due to commitments under the International Monetary Fund (IMF) programme. Kayani assured the business community that there would be “zero tolerance†for harassment by tax authorities and emphasized continued efforts to improve the tax administration system. He said Pakistan has achieved macroeconomic stability over the past two years through fiscal discipline, pointing to improved foreign exchange reserves and restored confidence from international financial institutions. The minister added that despite regional geopolitical tensions, the Pakistani rupee remained stable and the country avoided fuel shortages seen in some other regional economies. He said boosting exports and strengthening domestic economic capacity remain key government priorities, with the long-term goal of reducing reliance on IMF assistance. Kayani also highlighted ongoing reforms aimed at supporting small and medium enterprises (SMEs), including an extension in the utilization period for imported goods for small exporters to 18 months to improve ease of doing business. On privatization, he said the process is progressing rapidly, noting that the privatization of Pakistan International Airlines has recently been completed, while work on three power distribution companies is underway. He added that the government is also pursuing housing finance initiatives approved by the prime minister to stimulate construction sector activity. Business leaders attending the seminar urged the government to abolish the super tax, reduce corporate and sales tax rates, and increase the income tax threshold for salaried individuals. They also called for measures to reduce the cost of doing business and the introduction of a long-term industrial policy to ensure sustainable economic growth.
ABHI MFB TO ESTABLISH SUPER AGENT NETWORK ACROSS COUNTRY
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Recorder Report KARACHI: ABHI Microfinance Bank Ltd. (ABHI MFB) has entered into a strategic partnership with CBA, a powerhouse venture of EPL (PVT) Limited. This mega-collaboration is uniquely positioned to drastically expand nationwide financial accessibility, accelerate digital innovation, and empower millions of retail merchants across the country. Under this game-changing alliance, ABHI Microfinance Bank Ltd (Abhi MFB) will leverage CBA’s widespread digital footprint to deploy a secure, next-generation Super Agent Network and tailored Retailer Lending Solutions. This collaboration directly addresses key financial hurdles facing Pakistan’s Micro, Small, and Medium Enterprises (MSMEs) by bridging the gap in business liquidity, formal credit, and branchless banking infrastructure. This infrastructure deployment enhances financial interoperability, expanding branchless banking deep into urban and semi-urban hubs under a highly compliant operational framework: According to statement, the network activates widespread real-time cash-in/cash-out services, digital transaction routing, and secure biometric account opening for underserved retail ecosystems. To ensure stability, the framework dictates strict mutual safeguards. Either party can terminate the agreement immediately for an unrectified material breach (with a 30-day cure period) or provide 30 days’ written notice for termination without cause, ensuring all outstanding accounts are securely settled. The partnership embeds instant digital credit facilities and essential working capital directly into CBA’s fast-growing merchant ecosystem, replacing traditional banking hurdles with a streamlined architecture. Copyright Business Recorder, 2026
NIKKEI RALLIES TO RECORD CLOSE AS AI SHARES SHINE
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average soared to a record-high close on Friday as AI shares rallied on the back of gains for US peers. The Nikkei ended the day up 2.7 percent at 63,339.07, despite failing to breach the all-time intraday peak of 63,799.32 from May 14. The broader Topix added 1 percent to 3,892.46. A closely watched US chip share gauge, the Philadelphia SE Semiconductor Index, advanced 1.3 percent overnight. Japanese equities have stormed back from multi-week lows hit on Wednesday, buoyed in large part by signs the Iran war may be reaching a conclusion, which have also helped lower oil prices and global bond yields. “While the correction in Japanese equities - particularly AI stocks - could linger, we do not expect it to become prolonged or severe,†BofA Securities strategists Masashi Akutsu and Tetsuhiro Takuyama wrote in a report. “From a medium-term perspective, we maintain a preference for AI-related names and a bullish stance on Japanese equities.â€
CHINA STOCKS REBOUND BUT FALL FOR SECOND WEEK
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Reuters SHANGHAI: China stocks bounced on Friday but logged a second consecutive week of declines as soaring tech shares face growing profit-taking pressure. The Hong Kong market rose as Lenovo Group’s forecast-smashing results boosted sentiment. China’s blue-chip CSI300 Index ended the session up 1.3 percent, but was down 0.3 percent for the week. The Shanghai Composite Index, which on Thursday logged its biggest drop since March, rebounded 0.9 percent. In Hong Kong, benchmark Hang Seng advanced nearly 1 percent, led by tech shares as Lenovo surged 20 percent to its highest level in 26 years. China stocks have been climbing this year as AI-led optimism helps overcome investor worries about the broader economy. BNP Paribas said there’s a dramatic improvement in earnings expectations in China and some other Asian economies, but “this is, however, not a broad-based story but one nearly entirely driven by the tech super-cycle.†The bank warned that “any reversal of the (tech) cycle will create a material headwind to regional equities,†but “in the near-term, it remains the only story.†Goldman Sachs also painted a picture of a bifurcated Chinese economy where the red-hot tech sector contrasts with ailing “old economy†industries. “The ongoing Middle East conflict and higher energy prices have negatively impacted the Chinese economy,†Goldman Sachs said in a note. However, “the Chinese economy has so far been more flexible than expected in adapting to higher oil prices.†The Wall Street bank said investors should closely monitor Chinese exports, which have been a key growth engine. It added that “there have been some encouraging signs from the property market in top-tier cities.â€
EUROPEAN SHARES END AT MORE THAN ONE-MONTH HIGH
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European shares finished at their highest in over a month on Friday, led by technology stocks as risk sentiment got a lift on expectations that a deal to end the Middle East conflict could be near. The pan-European STOXX 600 ended 0.73 percent higher at 625.12 points and logged its biggest weekly gain in seven. US Secretary of State Marco Rubio said that there was some progress towards an agreement with Tehran but more work is required, the latest development in the US-Iran impasse that has ensued since Washington suspended bombing in a fragile ceasefire in early April. Key disagreements between Tehran and Washington involve Iran’s uranium stockpile and controls on the Strait of Hormuz. Reflecting the broader uncertainty, crude prices rose 1 percent to USD103 a barrel. Analysts expect a deal that includes opening the strategic waterway to lift European equities that have lagged peers, given the region’s dependence on oil imports that have become costly since the war. “We are neutral on Europe and euro zone equities, given their sensitivity to higher energy costs, while we view the more defensive Swiss market and European healthcare more favourably,†said Mark Haefele, chief investment officer at UBS Global Wealth Management. AI optimism that has driven global indexes to record highs also helped the European tech index rise almost 3.2 percent. Chip giant Nvidia outlined strong forecasts earlier this week, suggesting strong demand for tech infrastructure. Among European chip stocks, Infineon added nearly 8 percent, STMicroelectronics gained 5.2 percent and ASML rose 4.7 percent. Also aiding the sector was French President Emmanuel Macron’s comments that the government will invest an additional €1 billion (USD1.16 billion) in its quantum strategy and €550 million to support the microelectronics sector. Among laggards, Puig tumbled 13.4 percent after the Spanish perfumery ended merger talks with US cosmetics maker Estée Lauder. Julius Baer fell 6.9 percent after the Swiss bank’s net new money inflows came in below expectations.
WALL ST CLIMBS, DOW AT RECORD HIGH
Date: 2026-05-23
Details: Published May 23, 2026 Updated about 2 hours ago By Reuters NEW YORK: Wall Street’s main indexes rose on Friday ahead of a long weekend, with the blue-chip Dow hitting a record high for the first time since the Iran war began, as investors tracked progress in talks to end the nearly three-month-old conflict. The S&P 500 is on track for an eighth consecutive weekly gain, which would mark its best winning streak since December 2023. Most megacap and growth stocks traded higher, with Apple up 2 percent, hitting a market capitalization of more than USD4.5 trillion for the first time. Semiconductor stocks, a key driver of recent Wall Street gains, were broadly up with the Philadelphia chip index rising 2.4 percent. Qualcomm led the pack with a 12 percent jump. PC makers Dell Technologies and HP Inc surged over 15 percent each after China’s Lenovo Group reported a better-than-expected 27 percent jump in quarterly revenue. In the latest on the Iran situation, Reuters reported that a Qatari negotiating team arrived in Tehran in coordination with the United States to try to help secure a deal to end the war and resolve outstanding issues. “The market has been working under the assumption that there’s going to be relatively near-term resolution,†said Thomas Hayes, chairman at Great Hill Capital LLC. “If that assumption proves to be wrong, the market will catch down very quickly. The market has been trained that there’s an embedded Trump put in the market.†Global stocks have whipsawed since the conflict began in late February, but hopes of an eventual resolution to the war, optimism in the AI trade and resilient earnings growth have propelled US stocks to record highs this month. The market recovery, however, has faced some hurdles as investors fret about the inflationary impact of surging oil prices, pushing government bond yields higher around the world and hitting risk appetite this week. At 11:34 a.m. ET, the Dow Jones Industrial Average rose 408.59 points, or 0.82 percent, to 50,697.24, the S&P 500 gained 48.08 points, or 0.65 percent, to 7,493.79 and the Nasdaq Composite gained 174.66 points, or 0.67 percent, to 26,467.76. Seven out of the 11 major S&P 500 sector indexes were higher, led by information technology. Meanwhile, government bond yields were steady after Federal Reserve Governor Christopher Waller said the Fed should axe the “easing bias†from its policy statement and effectively open the door to a possible rate hike. Kevin Warsh will be sworn in as Fed leader at the White House later in the day, taking over the reins from Jerome Powell, a pivotal moment for monetary policy and the American economy. The CBOE volatility index hit a more than two-week low ahead of the three-day market holiday, with US markets shut on Monday for Memorial Day. Meanwhile, the price-weighted Dow notched its first intraday record high since February 10, becoming the last of the three main US stock indexes to hit the milestone.
NBP SECURES 7 BEST PRACTICE AWARDS AT GDEIB AWARDS 2026
Date: 2026-05-22
Details: Published May 22, 2026 Updated 32 minutes ago By Press Release KARACHI: National Bank of Pakistan (NBP) has secured 7 Best Practice Awards at the Global Diversity, Equity and Inclusion Benchmarks (GDEIB) Awards 2026, marking an important recognition of the Bank’s continued efforts to promote diversity, equity, and inclusion across its organizational landscape. Representing the Bank at the ceremony, Saman Abbasi, EVP – Divisional Head, Learning & Development and Organizational Effective-ness, received the award along with her team on behalf of NBP. The recognition acknowledges the Bank’s ongoing work to strengthen inclusive policies and practices, encourage broader representation, and foster a workplace culture grounded in fairness, respect, and opportunity. It reflects NBP’s belief that inclusive institutions are better positioned to grow sustainably, strengthen culture, and create lasting impact. NBP continues to advance its people agenda in line with contemporary global benchmarks and institutional priorities, while reinforcing its commitment to building a workplace that is equitable, forward-looking, and responsive to the evolving expectations of a modern financial institution. Copyright Business Recorder, 2026
NIKKEI RALLIES ON FRESH OPTIMISM OVER AI
Date: 2026-05-22
Details: Published May 22, 2026 Updated 33 minutes ago By Reuters TOKYO: Japan’s Nikkei share average climbed by the most in two weeks on Thursday on renewed enthusiasm for technology stocks and easing geopolitical tensions linked to the Iran war. The benchmark Nikkei 225 Index rose 3.14 percent to close at 61,684.14, its biggest one-day increase since May 7. The broader Topix climbed 1.64 percent to 3,853.81. The Nikkei mirrored Wall Street gains ahead of earnings from AI bellwether Nvidia, which forecast sales above market estimates. Oil prices dropped sharply overnight after US President Donald Trump said negotiations to end the war in Iran were in the final stages, easing supply concerns. Investor sentiment also got a boost from an averted labour strike at Samsung Electronics, which could have disrupted South Korea’s economy and global chip supply, and from reports that OpenAI is preparing to go public. SoftBank Group, a major investor in the company and other AI ventures, surged to its daily limit.
SHANGHAI STOCK BENCHMARK LOGS BIGGEST DROP SINCE MARCH
Date: 2026-05-22
Details: Published May 22, 2026 Updated 34 minutes ago By Reuters HONG KONG: China stocks gave up earlier gains and tumbled in afternoon trading on Thursday, with the semiconductor sector leading losses as profit-taking pressure piled up. China’s blue-chip CSI 300 index was down 1.4 percent at market close, after rising as much as 1.8 percent earlier in the session. Shanghai Composite Index tumbled more than 2 percent, falling below the 4,100-point level in its biggest single-day drop since March 23. Tech sectors led the declines, with the tech-focused STAR 50 Index losing 3.7 percent after hitting a fresh record high in the opening hours. The CSI Semiconductor Index closed down 4.4 percent and the CSI AI Index lost 3.7 percent. Indexes tracking mid-caps and small-caps were down 3.4 and 3.5 percent, respectively. “AI and chip stocks, having outperformed earlier, are now facing the steepest corrections amid profit-taking,†said Kenny Ng, securities strategist at Everbright Securities International. The correction could continue in the near term, compounded by disappointing macroeconomic data released earlier in the week, he said, adding the Shanghai stock benchmark could test the 4,000-point level. In Hong Kong, the benchmark Hang Seng Index was down 1 percent, and the Hang Seng Tech Index lost 2.2 percent. Geopolitical uncertainties also weighed on sentiment. US President Donald Trump said on Wednesday that negotiations with Iran were in the final stage, suggesting he was prepared to wait a few days to “get the right answers†from Tehran. But Trump also warned of renewed attacks if Iran did not agree to a deal. “From a broad market perspective, we remain positive and optimistic,†said Xiaoning Zhang, China equity strategist at J.P. Morgan, forecasting a year-end target of 5,200 for the CSI 300 Index in the base case. “Against a backdrop of ample liquidity and broadly improving earnings, our strategy is to focus on high-quality growth and selective stock-picking,†she added. Around the region, MSCI’s Asia ex-Japan stock index was firmer by 2.4 percent while Japan’s Nikkei index was up 3.1 percent.
COMMERCIAL & INDUSTRIAL IMPORTS: MAJOR TRADE BODIES DEMAND END TO TAX DISPARITY
Date: 2026-05-22
Details: Published May 22, 2026 Updated 7 minutes ago By Recorder Report KARACHI: Commercial importers have called on the federal government to end the tax gap between commercial and industrial imports of raw materials, saying the disparity is driving tax avoidance, distorting the market, and leading to substantial losses in revenue for the national exchequer. Industry sources said that current tax differential, ranging between 26-28 percent total impact in comparison, is not commercially viable for genuine commercial importers. As a result, some of the importers are increasingly resorting to informal arrangements to remain competitive in the domestic market, of which the other commercial importers are unable to compete in the market. All major trade bodies have serious reservations on this issue and also taken up in their budget proposals for the next fiscal year submitted to the federal government, calling for the complete removal of the existing tax differential between commercial and industrial imports of raw material. Importers have proposed two options to the government. The first is the complete elimination of the tax differential between commercial and industrial imports of raw materials. Alternatively, they suggested narrowing the gap by reducing taxes on commercial imports and capping the differential at 2 to 3 percent. According to industry representatives, the commercial import bill could potentially double if tax rates are rationalized and the market is brought into the formal economy, ultimately leading to higher tax revenue collection. They further claimed that such reforms, particularly by lowering the tax burden on commercial imports, would significantly boost documented imports, discourage risky informal practices, and channel billions of rupees in additional tax revenue directly into the national exchequer. They said that higher tax burden on commercially imported raw materials, compared to industrial imports, has created significant market distortions. They added that a wide range of goods are being cleared under industrial import categories and later diverted to the open market, resulting in substantial revenue losses for the government. According to them, this practice is largely driven by the sizeable tax differential between commercial and industrial import channels. Industry sources said it has increasingly become common practice for goods to be imported under the names of industrial importers. They added that, in such cases, an informal premium estimated at around 25-30 percent of the tax differential is reportedly settled through private arrangements. They warned that this informal system shifts revenue benefits away from the government and into undocumented channels. Copyright Business Recorder, 2026
SITARA PETROLEUM BECOMES 10TH IPO OF 2026 AT PSX
Date: 2026-05-22
Details: Published May 22, 2026 Updated about an hour ago By Muhammad Saqib KARACHI: Sitara Petroleum Service Limited (SPSL) on Thursday formally joined the Pakistan Stock Exchange (PSX) after successfully completing one of the country’s largest and most widely participated private-sector Initial Public Offerings (IPO), raising approximately Rs4.8 billion amid overwhelming investor response. The listing marks the 10th IPO of the year, reflecting growing momentum in Pakistan’s capital market as both institutional and retail participation continue to strengthen despite global economic uncertainties. According to details shared at the listing ceremony held at the Pakistan Stock Exchange, Sitara Petroleum’s IPO attracted the highest-ever participation in Pakistan’s IPO history, with nearly 25,000 applications received across both the book-building and retail subscription phases. The transaction raised approximately Rs4.8 billion, making it among the largest private-sector IPOs in Pakistan’s history, while demonstrating strong investor confidence in the company’s fuel retail and logistics business model. The book-building portion of the offering, comprising 126 million ordinary shares, was fully subscribed within just eight minutes and ended up oversubscribed seven times, underscoring exceptionally strong demand from institutional investors and high-net-worth individuals. Meanwhile, the retail subscription phase also witnessed robust participation, with the 42 million-share retail portion oversubscribed 3.4 times, attracting nearly 24,000 applications from investors nationwide, highlighting growing retail engagement in Pakistan’s equity market. The overall transaction comprised 279.914 million ordinary shares, including both pre-IPO and IPO offerings, representing 16.66 percent of the company’s post-IPO paid-up capital. The pre-IPO placement, comprising 111.914 million ordinary shares or 6.66 percent of post-issue capital, successfully raised approximately Rs1.66 billion at a price of Rs14.85 per share. The IPO component included 168 million ordinary shares, equivalent to 10 percent of the company’s post-listing paid-up capital. The company had initially offered the IPO at a floor price of Rs13.50 per share, but strong investor demand during book building pushed the strike price to Rs18.90 per share, reaching the upper end of the price band. As a result, the IPO transaction size increased to approximately Rs3.17 billion at the discovered strike price, compared to Rs2.27 billion at the floor price, reflecting strong market appetite for the offering. The IPO attracted participation from a diverse investor base, including institutional investors, corporates, high-net-worth individuals and retail investors, reflecting broad confidence in the company’s future growth trajectory and business fundamentals. Copyright Business Recorder, 2026
MILLAT TRACTORS TO EXPORT TRACTORS TO NIGERIA, MEXICO
Date: 2026-05-22
Details: Published May 22, 2026 Updated about an hour ago By Recorder Report LAHORE: Millat Tractors Limited Chairman Sikandar Mustafa Khan has said that his group will start exporting tractors to Nigeria and Mexico soon after the US-Iran war is over. He disclosed this while speaking at a function his group held for the Founders Group at a local hotel in Lahore.†Consignments are ready and we will start export as early as the war in Middle East is over.†He maintained that the government has already granted permission for the export of tractors and all other necessary formalities have been fulfilled by his group. “Millat tractors has achieved 95 percent localization and now we are focusing on diversification and export,†he pointed out. The Chairman Millat Tractors claimed that his company’s tractors are not only the cheapest in the world but also outstanding in quality. Pattern-in-chief of Founders Group Mian Misbaur Rehman said that the Middle East war has badly affected Pakistan’s economy which was already under pressure because of high cost of production. He also asked the business community to send their budget proposals to him at the earliest so that these could be discussed with the federal finance minister and other concerned departments before the announcement the federal budget. Chairman Founders Group Sheikh Muhammad Ibrahim highlighted the importance of chambers and said they serve as a bridge between the government and the business community. But, unfortunately, these forums have not been able to play this role due to their internal conflicts, he added. Copyright Business Recorder, 2026
MG MOTOR PAKISTAN UNVEILS MG4 EV URBAN IN PAKISTAN
Date: 2026-05-22
Details: Published May 22, 2026 Updated about an hour ago By Press Release LAHORE: MG Motor Pakistan has officially unveiled the all-new MG4 EV Urban, introducing a modern electric hatchback designed to make EV ownership more practical, accessible, and technology-focused for Pakistan’s evolving automotive market. The launch event brought together dealership leadership, media representatives, and industry stakeholders for an exclusive first look at MG’s latest global electric vehicle offering. The event also included a dedicated product training session for MG dealership teams and executives. Positioned as a stylish and practical urban EV, the MG4 EV Urban combines a 43-kWh battery with a front-wheel-drive electric motor producing 110 kW power and 250 Nm torque, delivering up to 316 km WLTP range on a single charge. The vehicle also supports DC fast charging, enabling 10–80% charging in approximately 28 minutes. Priced at Rs 6,949,000, the vehicle targets young professionals, urban families, and technology-oriented buyers looking to transition towards electric mobility without compromising on design, safety, or usability. Copyright Business Recorder, 2026
AIRBUS, AIR FRANCE FOUND GUILTY OF MANSLAUGHTER OVER 2009 ATLANTIC CRASH
Date: 2026-05-22
Details: Published May 22, 2026 Updated about an hour ago By AFP PARIS: Paris’ appeals court Thursday found Air France and Airbus guilty of involuntary manslaughter over the 2009 crash of a Rio-Paris flight that killed 228 people, the worst disaster in France’s aviation history. The Paris Court of Appeal ruled that the French flag carrier and Europe’s leading aerospace manufacturer were “solely and entirely responsible for the crash of flight AF447,†ordering each to pay 225,000 euros ($261,000) - the maximum fine for corporate manslaughter. While the penalties are symbolic, the ruling will be seen as significant reputational damage for both companies. On June 1, 2009, Air France Flight AF447, travelling from Rio de Janeiro to Paris, was cruising over the Atlantic when the pilots lost control of the aircraft, causing it to plunge into the ocean. There were no survivors among the 216 passengers and 12 crew on board the Airbus-built A330 aircraft, the dead including 72 French nationals and 58 Brazilians. The companies, who have denied any criminal liability, blaming pilot error, had been acquitted by a lower court in 2023. That verdict was a blow to the victims’ families, who said they were outraged by the court’s decision to clear the companies of the charges. Although prosecutors at the time had asked for the charges to be dropped, they had subsequently lodged the appeal to allow “the full potential of the legal appeals procedure†to play out. The eight-week appeal trial ran between September and December last year. In November, prosecutor Rodolphe Juy-Birmann lambasted the behaviour of Air France and Airbus over the years. “Nothing has come of it — not a single word of sincere comfort,†he said. “It’s a rock-solid defence. One word sums up this whole circus: indecency.†Lawyers for the families have argued that both companies were aware of the problem with pitot tubes, which are used to measure flight speed, and that the pilots were not trained to deal with such a high-altitude emergency. The court heard how a malfunction with the tubes, which became blocked with ice crystals during a mid-Atlantic storm, caused alarms to sound in the plane’s cockpit and the autopilot system to switch off. Experts highlighted how, after the instrument failed, the pilots put the plane into a climb that caused the aircraft to stall and then crash into the ocean.
OIL PRICES WHIPSAW ON PROSPECTS FOR US-IRAN DEAL
Date: 2026-05-22
Details: Published May 22, 2026 Updated about an hour ago By Reuters NEW YORK: Oil prices whipsawed in a volatile trading session on Thursday, trading lower on uncertain prospects for a resolution in the US-Israeli war with Iran. Brent crude futures lost USD2.80, or 2.7 percent, to USD102.22 a barrel at 1:57 p.m. ET (1757 GMT). US West Texas Intermediate futures shed USD2.45, or 2.5 percent, to USD95.81 a barrel. Earlier in the day, oil prices swelled by 3 percent after REUTERS reported that Iran’s supreme leader issued a directive that dented hopes for a swift resolution to the war. The REUTERS report about that directive, which cited two senior Iranian sources, signaled that Tehran is hardening its stance on a key US demand. The directive from Ayatollah Mojtaba Khamenei could further complicate negotiations and frustrate US President Donald Trump’s efforts to broker an end to the war. The development came a day after Iran announced a new “Persian Gulf Strait Authority,†which would oversee a “controlled maritime zone†in the Strait of Hormuz. Prices were volatile. Gains accelerated after US Secretary of State Marco Rubio said a proposed tolling system in the strait would make a diplomatic deal unfeasible. Prices pared gains later after he added that officials from Pakistan, which is acting as a mediator, will travel to Iran for talks. “We’ve been in this situation multiple times before, which ultimately led to disappointment,†ING analysts said in a note on Thursday, forecasting an average Brent price of USD104 a barrel in the current quarter. Separately, UBS raised its oil price forecasts by USD10 a barrel on Thursday, projecting Brent crude at USD105 a barrel and WTI crude at USD97 in September. Iran warned against further attacks and unveiled steps entrenching its control of the strait, which remains mostly closed. Before the war, the strait carried oil and liquefied natural gas shipments equal to about 20 percent of global consumption. Economic activity in the euro zone shrank at its sharpest rate in more than 2-1/2 years in May as a war-driven surge in living costs hammered demand for services across Europe and firms accelerated layoffs, surveys showed on Thursday. Seven leading OPEC+ oil-producing countries will likely agree to a modest hike in July output when they meet on June 7, REUTERS reported on Thursday, citing four sources. Typically, output decisions from the group would move markets, but that was not the case during Thursday’s session, as supply disruptions linked to the Iran war continue to affect deliveries from several producers.
OIL MARKET COULD HIT ‘RED ZONE’ IN JULY-AUGUST: IEA
Date: 2026-05-22
Details: Published May 22, 2026 Updated 23 minutes ago By Reuters LONDON: The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the “red zone†in July-August, the head of the International Energy Agency said on Thursday. “We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation,†Fatih Birol said in a speech at Chatham House in London, in reference to the oil supply crisis brought about by the Iran war. Attacks on energy infrastructure and Iran’s effective closure of the Strait of Hormuz have removed over 14 million barrels per day (bpd) of oil supply from the Middle East, the largest oil supply crisis in history. The Red Zone Birol did not elaborate on what exactly a ‘red zone’ would look like. But he said that the oil market surplus ahead of the Iran war, the IEA’s coordinated 400 million barrel strategic reserve release, and commercial stockdraws combined are not enough to solve the crisis. “The single most important solution is fully and unconditional opening of the Strait of Hormuz,†Birol said. The 32-member IEA’s coordinated strategic reserve release, the largest such release in history, is now flowing to the market at a rate of about 2.5 million to 3 million barrels per day, Birol said. At that pace, the final supplies from the initial 400 million barrel release will hit the market by the start of August, REUTERS calculations show, coinciding with Birol’s potential red zone. The IEA is ready to coordinate further releases if necessary, Birol added. Middle East production recovery will be slow It will take a lot of time to bring Middle East oil production and refining capacity back to pre-war levels, and the recovery time will differ from country to country, Birol said. “My biggest fear is Iraq,†Birol said, as its finances have been damaged substantially by reduced oil revenues, and as a lack of storage capacity has forced Iraq to shut down oil fields, which can be complicated to revive.
OGDC SECURES EIGHT OFFSHORE BLOCKS
Date: 2026-05-22
Details: Published May 22, 2026 Updated 24 minutes ago By Press Release ISLAMABAD: Oil and Gas Development Company Limited (OGDC), Pakistan’s largest exploration and production company, has secured eight offshore exploration blocks under the Offshore Bid Round 2025, marking a major expansion of its exploration portfolio. The Government of Pakistan has reopened its offshore exploration frontier after nearly two decades through the signing of Production Sharing Agreements (PSAs) and Exploration Licences (ELs) under the Offshore Bid Round 2025. The signing ceremony was held at the Ministry of Petroleum in Islamabad and was witnessed by Federal Minister for Petroleum Ali Pervaiz Malik. The Minister termed the development a defining milestone in efforts to revitalise offshore exploration, attract investment, and reduce reliance on imported energy. At the signing ceremony, OGDC was represented by MD/CEO Ahmed Hayat Lak and Head of Exploration Dr Khalid Amin Khan. Secretary Petroleum Division, MDs of Joint Venture (JV) partners and representatives of Government Holdings Private Limited (GHPL) were also present. Under the Offshore Bid Round 2025, OGDC has been awarded a total of eight exploration blocks, including two blocks as Operator and six blocks as a joint venture partner with other exploration and production companies. The agreements were formally signed by OGDC and its JV partners. The reopening of Pakistan’s offshore exploration frontier marks a significant step toward unlocking untapped energy potential and strengthening long-term energy security through enhanced domestic exploration activity. The development significantly strengthens OGDC’s offshore exploration footprint and underscores its commitment to advancing domestic energy exploration and contributing to Pakistan’s long-term energy security. Copyright Business Recorder, 2026
FBR ORDERS MANDATORY DOCUMENTATION, REGISTRATION FOR INGOS
Date: 2026-05-21
Details: Taxation May 21, 2026Shahnawaz Akhter New SRO introduces stricter disclosure requirements and mandatory registration framework for INGOs The Federal Board of Revenue (FBR) has amended income tax rules to make registration compulsory for International Non-Governmental Organizations (INGOs), tightening compliance requirements under the country’s tax framework. The FBR issued SRO 879(I)/2026 dated May 20, 2026, amending the Income Tax Rules, 2002. The move follows a previously issued draft notification, SRO 856(I)/2026 dated May 11, 2026. Under the amended Rule 80B, the FBR has revised identification and registration requirements and introduced an expanded disclosure framework for INGOs operating in Pakistan. The updated rules replace clause (a) of sub-rule (1) with requirements for CNIC, NICOP, POC or foreign passport details. A new sub-rule has also been inserted mandating additional information for INGO registration. Expanded disclosure requirements for INGOs Under the new provisions, INGOs will be required to provide comprehensive details including: • Name of taxpayer and business address • Accounting period and contact numbers • Principal business activity • Details of principal officer or authorized representative • Authorization letter for appointment of representative • Cell phone and email address of authorized officer • Tax registration or incorporation documents from home country • Embassy verification of credentials • Local residence proof including rent/lease agreement and utility bills • No Objection Certificate (NOC) from the Ministry of Interior and Narcotics Control • Memorandum of Understanding (MoU) with the Government of Pakistan • Details of directors, trustees or major shareholders holding 10% or more stake Officials said the amendments aim to improve transparency, strengthen oversight of foreign-funded organizations, and ensure compliance with Pakistan’s legal and regulatory framework. The new rules are expected to enhance monitoring of INGOs operating in the country while formalizing documentation standards for registration and renewal processes.
‘ENHANCED COTTON PRODUCTION KEY TO FARMERS’ PROSPERITY’
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Multan and Dera Ghazi Khan divisions have achieved 81 percent and 93 percent, respectively, of the cotton sowing targets assigned by the Punjab Agriculture Department (PAD) for the current season. According to official figures, the department had set a target to cultivate cotton over 775,000 acres in Multan division and more than 425,000 acres in Dera Ghazi Khan Division. The progress was reviewed during a meeting on cotton sowing held in Multan under the chairmanship of Secretary Agriculture Punjab, Iftikhar Ali Sahoo. The meeting was attended by Commissioner Multan Aamir Karim Khan, Special Secretary Agriculture South Punjab Sarfraz Hussain Magsi, Director Generals Agriculture Punjab Abdul Hameed, Naveed Asmat Kahloon and Dr Aamir Rasool, along with officers of the Irrigation Department, Dr Muhammad Iqbal Bandesha, Asif Majeed, Khalid Mahmood Khokhar, Muhammad Ilyas and other stakeholders. Commissioner Dera Ghazi Khan Chaudhry Ashfaq Ahmed and deputy commissioners of the relevant districts also joined the meeting online. Addressing the participants, the Secretary Agriculture said enhanced cotton production was the guarantee of farmers’ prosperity. He appreciated the cooperation extended by divisional and district administrations in achieving cotton cultivation targets. He directed field formations to fully utilise their professional capabilities in guiding farmers so that production targets could be achieved successfully. Sahoo further said that the availability of fertilisers at officially notified prices in markets was being ensured, while indiscriminate action against those involved in the adulteration of agricultural pesticides was continuing across the province. He added that, in consultation with experts and keeping in view the prevailing weather conditions, a fresh cotton advisory would soon be issued to provide timely guidance to farmers. Copyright Business Recorder, 2026
JAPAN’S NIKKEI ENDS NEAR THREE-WEEK LOW
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average closed at a near three-week low on Wednesday, with SoftBank Group leading the decline, as investors locked in profits on AI-related stocks that had powered the market’s recent rally. The Nikkei slipped 1.23 percent to 59,804.41, its lowest close since May 1. The index ended lower for a fifth consecutive session. The broader Topix declined 1.53 percent to 3,791.65. Market participants sold shares that had driven the Nikkei to record highs earlier this month, according to Kazuaki Shimada, chief strategist at IwaiCosmo Securities. “But this is an appropriate adjustment of Nikkei’s reliance on a small group of shares.†The Nikkei had reached an all-time high of 63,799.32 on May 14.
WALL ST RISES ON CHIP RALLY AHEAD OF NVIDIA RESULTS
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 3 hours ago By Reuters NEW YORK: Wall Street’s main indexes rose on Wednesday, as a rebound in chip stocks ahead of Nvidia’s quarterly results lifted sentiment after a recent selloff driven by rising bond yields and inflation concerns. Nvidia, the world’s most valuable company and the centerpiece of the global AI boom, rose 2 percent. The company’s results are expected after the closing bell. Investors will crunch the numbers for signs that appetite for AI infrastructure remains strong enough to support lofty valuations across the technology and AI space. The broader chip sector also advanced on Wednesday. Marvell Technology rose 7.8 percent, Intel gained 6.3 percent and Micron Technology added 3.6 percent. The Philadelphia SE Semiconductor index advanced 2.9 percent. “Nvidia’s earnings come at just the right time when the market needs some reassurance that the promise of AI can overpower the headwind of rising bond yields,†said James Demmert, chief investment officer at Main Street Research. “The sticking points in Nvidia’s earnings report are any signs of margin compression due to rising memory prices, along with how the company is navigating sales in China.†US stocks have come under pressure in recent days as a selloff in global bond markets drove yields higher. Traders were expecting the US Federal Reserve to raise interest rates at the turn of the year as the conflict in the Middle East pushes oil prices higher, reviving inflation worries. The benchmark 10-year Treasury yield, which touched a 16-month high of 4.687 percent in the previous session, eased to 4.588 percent on Wednesday. Brent crude futures extended losses on the day, falling 5.6 percent to USD105.13 after US President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues. At 11:51 a.m. ET, the Dow Jones Industrial Average rose 529.35 points, or 1.08 percent, to 49,894.89, the S&P 500 gained 72.83 points, or 0.99 percent, to 7,426.44 and the Nasdaq Composite gained 359.73 points, or 1.39 percent, to 26,230.44.
OIL PRICES SLIDE 6PC
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 2 hours ago NEW YORK: Oil prices fell about 6 percent on Wednesday after US President Donald Trump said that negotiations with Iran were in the final stages, although investors remained wary about the outcome of peace talks as disruption to Middle Eastern supply continued. Brent crude futures settled USD6.26, or 5.63 percent, lower at USD105.02 a barrel and US West Texas Intermediate futures were down USD5.89, or 5.66 percent, at USD98.26. Trump said negotiations with Iran were in the final stages but warned of further attacks unless Iran agreed to a deal. Iranian foreign ministry spokesperson Esmaeil Baghaei said Iran was ready to develop protocols for safe shipping traffic in cooperation with other coastal states, without providing further details. Despite signs of progress, some market participants and analysts remained wary about the outcome of negotiations and global supply tightness that will likely persist even if the US and Iran reach a deal. “You’ve got to take all these pronouncements with a grain of salt these days, but the market was also quick to reward it and price in the hope of a resolution,†said John Kilduff, partner at Again Capital. Analysts at Citi said on Tuesday that they expect Brent crude to rise to USD120 a barrel in the near term, stating that oil markets are underpricing the risk of prolonged supply disruption, and Wood Mackenzie estimated that it could approach $200 if the Strait of Hormuz stays largely shut until the end of the year. Similarly, PVM analysts said global oil stocks could reach critically low levels. “Yet, as observed lately, market players are comparatively nonchalant (or complacent) about what the conflict might bring,†PVM said. The premium on Brent contracts for delivery next month over contracts for delivery in six months an indicator of traders’ views of current supply tightness - is around $20 a barrel, way below last month’s highs above USD35. Russian Deputy Prime Minister Alexander Novak said on Wednesday that some countries were lifting sanctions on Russian oil because global markets cannot function without it, the state TASS news agency reported. Three supertankers were crossing the Strait of Hormuz on Wednesday, carrying oil bound for Asian markets, after waiting in the Gulf for more than two months with 6 million barrels of Middle East crude on board. The number of vessels crossing the strait remains well below the 130 or so ships that crossed daily before the war. The CEO of UAE’s ADNOC, Sultan Al Jaber, said on Wednesday it will take at least four months to get back to 80 percent of pre-conflict flows. To make up the supply shortfall, countries are relying on commercial and strategic inventories. US crude stockpiles fell last week as demand remained elevated, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel draw.
NEW UAE PIPELINE BYPASSING HORMUZ NOW 50PC COMPLETE
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 3 hours ago DUBAI: A new crude oil pipeline that bypasses the Strait of Hormuz and which the United Arab Emirates began building last year is now 50 percent complete, the CEO of state oil giant ADNOC, Sultan Al Jaber, said on Wednesday. Iran has largely kept the waterway critical for global oil and gas supplies shut to all ships apart from its own since the US-Israeli strikes in February, sending energy prices and inflation surging, fanning fears of an economic downturn. The Abu Dhabi Media Office publicly revealed the project’s existence for the first time last week, saying the UAE will accelerate construction of a new oil pipeline to double its export capacity via the port of Fujairah by 2027. Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed ADNOC to fast-track the West-East Pipeline project during an executive committee meeting, the media office said. “Today, it’s already almost 50% complete, and we are accelerating its delivery toward 2027,†Al Jaber said during a live-streamed Atlantic Council event. “Right now, too much of the world’s energy still moves through too few choke points. That is exactly why the UAE made the decision more than a decade ago to invest in infrastructure that bypasses the Strait of Hormuz,†Al Jaber said. The existing Abu Dhabi Crude Oil Pipeline (ADCOP), also known as the Habshan-Fujairah pipeline, can carry up to 1.8 million barrels per day and has proved crucial as the UAE seeks to maximise exports from the Gulf of Oman coast, just outside the strait. Al Jaber said some of ADNOC’s facilities had been directly targeted and some infrastructure directly hit and the assessment of damage was ongoing. It will take in some cases weeks and in others months to return to full operational capacity, he said.
US NATGAS PRICES EASE ON FORECASTS FOR LOWER DEMAND AFTER HEATWAVE
Date: 2026-05-21
Details: Published May 21, 2026 Updated about 3 hours ago NEW YORK: US natural gas futures eased about 1percent on Wednesday with the approach of milder, more spring-like weather over the next week or so and the long Memorial Day holiday weekend, which together should depress gas demand, after a heatwave blasted the Mid-Atlantic region so far this week. In addition, analysts said gas prices were down following a 4percent drop in oil prices after US President Donald Trump again asserted that the war in Iran would end “very quicklyâ€. After rising for five days in a row, front-month gas futures for June delivery on the New York Mercantile Exchange fell 3.6 cents, or 1.2percent, to USD3.078 per million British thermal units (mmBtu). On Tuesday, the contract closed at its highest since March 19. Financial group LSEG said average gas output in the US Lower 48 states fell to 109.3 billion cubic feet per day (bcfd) so far in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. Meteorologists forecast the weather will remain mostly warmer than normal through June 4. Temperatures in Washington, D.C., were on track to hit 96 degrees Fahrenheit (35.6 degrees Celsius) on Wednesday after hitting a record-breaking 97 F on Tuesday before dropping to 70 F on Thursday and 61 F on Friday and Saturday, according to weather forecaster AccuWeather.
FBR REVISES PROPERTY VALUATION TABLES FOR NISHTAR TOWN LAHORE
Date: 2026-05-20
Details: Revised valuation tables issued through SRO 876(I)/2026 cover multiple DHA phases and commercial sectors in Lahore The Federal Board of Revenue (FBR) has revised property valuation tables for Nishtar Town, Lahore, for the purpose of determining withholding tax collection on property transactions. The tax authority issued SRO 876(I)/2026 on May 19, 2026, amending valuation rates under Section 68(4) of the Income Tax Ordinance, 2001. According to the notification, the revised valuation tables apply to various residential and commercial properties located in Nishtar Town, including several sectors and phases of Defence Housing Authority (DHA) Lahore. The updated rates cover residential open plots, residential super structures, commercial open plots, and commercial super structures in areas such as DHA Phase VI, DHA Phase VII, DHA Phase VIII, DHA Phase IX Prism sectors, DHA Phase X, DHA Phase XI Rahbar, DHA Phase XII EME Sector, and DHA Phase XIII Ex-DHA City. Under the revised valuation table, residential open plot values in DHA Phase VI excluding C, M and N blocks were fixed at Rs1,132,460 per marla, while commercial open plot rates in the same area were set at Rs1,182,410 per marla. Similarly, the valuation for commercial broadway properties in DHA Phase VIII was notified at Rs4,988,970 per marla, while residential plot valuations in DHA Phase IX Prism sectors excluding A, P, Q and J were set at Rs453,460 per marla. The notification also introduced a new valuation entry for One Central DHA in Nishtar Town, where the residential open plot valuation has been fixed at Rs760,000 per marla and commercial open plot valuation at Rs1.1 million per marla. The revised property valuation rates will be used by tax authorities for calculating withholding taxes on sale and purchase transactions of immovable properties in the notified localities.
FBR CONVERTS UPCOMING WEEKLY HOLIDAYS INTO WORKING DAYS TO BOOST TAX COLLECTION
Date: 2026-05-20
Details: Tax authority opens LTOs, MTOs, CTOs and RTOs on May 23–24 amid revenue shortfall pressure The Federal Board of Revenue (FBR), Pakistan’s tax authority, has converted the upcoming weekend into working days for tax offices as it steps up efforts to improve revenue collection amid growing pressure to meet its annual target. The Federal Board of Revenue (FBR) said in a circular that all Large Taxpayers’ Offices (LTOs), Medium Taxpayers’ Offices (MTOs), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs) will remain open on Saturday and Sunday, May 23 and 24, 2026. It said both days will be treated as normal working days to facilitate taxpayers and ensure uninterrupted collection of duties and taxes. Sources said the decision comes as the FBR faces a widening tax collection shortfall in the fiscal year 2025–26 and is taking administrative measures to narrow the gap. The FBR is pursuing a revised tax collection target of 13.98 trillion rupees for FY2025–26. However, performance data for the first ten months of the fiscal year indicates a significant shortfall, raising concerns about end-year revenue outcomes. Pakistan remains under an International Monetary Fund (IMF) programme, where meeting revenue targets is a key condition. Any shortfall could complicate fiscal management and budget preparations for 2026–27. Analysts say the move reflects growing urgency within the tax administration to accelerate collections during the final stretch of the fiscal year.
ASIAN STOCKS FALL FOR 4TH DAY AS HIGHER YIELDS BITE, ALL EYES ON NVIDIA RESULTS
Date: 2026-05-20
Details: • MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% on Wednesday Published May 20, 2026 Updated 9 minutes ago By Reuters SYDNEY: Asian stocks fell for a fourth straight session on Wednesday as war-driven inflation fears hammered bonds, while investors awaited earnings from Nvidia to see whether the world’s most valuable company might help markets navigate higher borrowing costs. The sell-off in global bond markets persisted overnight as investors ramped up bets that the Federal Reserve may need to increase interest rates this year. The benchmark 10-year Treasury yield hit a 16-month high of 4.687% overnight, while the 30-year yield climbed to 5.198%, levels not seen since 2007. Oil prices slipped a little on Wednesday, with Brent crude futures off 0.2%, but stayed above $110 a barrel at $111.07. The Strait of Hormuz remained effectively closed and US President Donald â Trump said he might need to strike Iran again a day after he said he was postponing an imminent attack to allow for more negotiations with Tehran. In Beijing, Chinese leader Xi Jinping will host his “old friend†Russian President Vladimir Putin, less than a week after Trump’s high-profile visit. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% on Wednesday, while Japan’s Nikkei dropped 1.6%. South Korea’s KOSPI was down 2%. Chinese blue-chips slipped 0.4%, while Hong Kong’s Hang Seng index eased 0.7%. Europe’s pan-region stock futures fell 0.5%. Nasdaq futures were flat while the S&P 500 futures slipped 0.1%. “At this point of time, it remains my base case that we are seeing a corrective pullback after an absolutely phenomenal rally,†said Tony Sycamore, analyst at IG. “The US yields obviously are creating some rumbles in the market and now â attracting a lot of attention. “Nvidia could come out and absolutely exceed expectations … but I don’t think so. I think the ability for Nvidia to just absolutely shoot the lights out and shock everybody like it has done, I don’t think that’s in its book of tricks anymore.†The chipmaking giant will announce first quarter earnings after the market close on Wednesday. Expectations, as always, are sky-high. Revenue is projected to increase by almost 80% â to nearly $79 billion, according to the median forecast in an LSEG survey of analysts. Treasuries nursed losses in Asia, with the yield on benchmark U.S. 10-year notes holding steady at 4.6713%, having jumped 21 basis points in the past three sessions. The 30-year yield was flat at 5.1858% after a 17 â bps jump from last Thursday. The dollar stood near a six-week high against its major peers. It was steady at 159.05 yen , having gained for seven straight sessions that unwound most of the intervention-driven gains on April 30 when Japanese authorities stepped into the â market to safeguard the yen at the 160 mark. The euro last bought $1.1594, having touched its lowest level since April 8 overnight. The British pound was at $1.3380, not far from the six-week low it touched earlier this week. Gold prices slipped 0.4% to $4,463 an ounce, the lowest since the end of March as the U.S. dollar gained.
INDIAN SHARES SEEN LOWER AS YIELDS, OIL RISE ON TRUMP'S IRAN THREAT
Date: 2026-05-20
Details: • GIFT Nifty futures were at 23,417 Published May 20, 2026 Updated 15 minutes ago By Reuters Indian shares are likely to open lower on Wednesday, tracking broader Asian markets, as bond yields and oil prices remain elevated following U.S. President Donald Trump’s renewed threats to strike Iran. GIFT Nifty futures were at 23,417, as of 7:13 a.m. IST, indicating that benchmark Nifty 50 will open below 23,618, the closing level on Tuesday. Trump said that the U.S. may need to strike Iran again and that he had been â an hour away from ordering an attack before postponing it. Asian markets fell 0.6%, while 30-year U.S. treasury yields rose to their highest levels since 2007. The Iran war, which began in late February, has pushed energy prices higher and rattled investors globally. Oil-importing countries such as India have witnessed aggressive foreign selling in equities due to concerns over the impact of high oil prices on the economy and inflation. Foreign investors â sold Indian shares worth 24.58 billion rupees ($254.63 million) on Tuesday, per provisional data. They have offloaded $23 billion worth of shares so far this year, already surpassing record annual outflow seen last year. Apart from global macroeconomic developments, investors will â also react to a slew of quarterly earnings.
NIKKEI GIVES UP EARLY GAINS AS TECH SHARES FALL
Date: 2026-05-20
Details: Published May 20, 2026 Updated about 6 hours ago By Reuters TOKYO: Japan’s Nikkei share average surrendered early gains to end lower on Tuesday, as technology heavyweights tracked overnight declines in their US peers, even as positive data prompted investors to buy economically sensitive stocks. The Nikkei fell 0.44 percent to 60,550.59, after rising more than 1 percent earlier in the session, extending the losing streak to a fourth session. The broader Topix rose 0.63 percent to 3,850.67. “The market is trying to determine how much longer the declines of US technology stocks will continue,†said Yugo Tsuboi, chief strategist at Daiwa Securities. “Investors also want to see the outcome of Nvidia earnings.†The Nasdaq and the benchmark S&P 500 closed lower on Monday as investors took some profits in technology stocks.
OIL PRICES EASE AFTER TRUMP SAYS US WILL END IRAN WAR 'VERY QUICKLY'
Date: 2026-05-20
Details: • Brent crude oil futures fell 45 cents, or 0.4%, to $110.83 a barrel Published May 20, 2026 Updated 40 minutes ago By Reuters TOKYO: Oil prices eased on Wednesday after US President Donald Trump again asserted the war with Iran will end “very quicklyâ€, though investors remain wary about the outcome of peace talks amid continued disruptions to Middle East supply from the conflict. Brent crude oil futures fell 45 cents, or 0.4%, to $110.83 a barrel by 0050 GMT, while US West Texas Intermediate futures were down 27 cents, or 0.3%, to $103.88. Both benchmarks fell nearly $1 on Tuesday after US Vice President JD Vance said the U.S. and Iran had made progress in talks, with neither side wanting to see a resumption of â military action. “Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the US stance shifting daily,†said Toshitaka Tazawa, an analyst at Fujitomi Securities. “Oil prices are likely to remain elevated given the possibility of renewed U.S. attacks on Iran and expectations that, even if a peace deal is reached, crude supply will not quickly return to pre-war levels,†he said. Despite Trump’s assertion to US lawmakers late on Tuesday about a quick end to the conflict, he earlier said the United States may need to strike Iran again and he had been an hour away from ordering an attack before postponing it. His comments on the need to strike again came a day after he said he â had paused a planned resumption of hostilities following a new proposal by Tehran to end the U.S.-Israeli war. In his remarks on Tuesday Trump also said Iran’s leaders are begging for a deal and warned a new US attack would happen in coming days if no agreement was reached. The US-Israeli war against Iran has caused the effective closure of the Strait of Hormuz, which normally carries about a â fifth of global oil supplies, creating the world’s biggest oil supply disruption, according to the International Energy Agency. Citi on Tuesday said it expects Brent crude to rise to $120 a barrel in the near term, stating that oil markets are under-pricing the risk of a prolonged supply disruption â and broader tail risks. To make up the shortfall in global supplies from the war, countries are relying on their commercial and strategic inventories. In the US, crude oil inventories fell for a fifth straight week last week, according to market sources citing â American Petroleum Institute data released on Tuesday, while fuel stocks also fell. US crude stockpiles reported by the Energy Information Administration are expected to have fallen by about 3.4 million barrels in the week to May 15, according to a REUTERS poll. The weekly EIA data is due later on Wednesday.
OIL PRICES SETTLE DOWN AFTER VANCE CITES PROGRESS IN IRAN TALKS
Date: 2026-05-20
Details: Published May 20, 2026 Updated about 6 hours ago By Reuters HOUSTON: Oil prices settled lower on Tuesday after Vice President JD Vance said the US and Iran had made progress in talks, with neither side wanting to see a resumption of military action. “We think that we’ve made a lot of progress. We think the Iranians want to make a deal,†Vance told reporters at a White House briefing. On Monday, Trump posted on social media that he was holding off on a military attack that had been scheduled for Tuesday. Efforts to reach a deal with Iran continued, though he added the US was ready to resume attacks if a deal was not reached. Brent futures for July settled down 82 cents, or 0.73 percent, at USD111.28 a barrel. The US West Texas Intermediate crude contract for June delivery, which expired on Tuesday, settled down 89 cents, or 0.82 percent, to USD107.77. The more-active July contract settled down 23 cents at USD104.15. Even with Tuesday’s dip, prices remained elevated. On Monday, Brent hit its highest since May 5 and WTI its highest since April 30. “We continue to have significant amounts of oil offline and with the regional infrastructure being in the crosshairs we are just holding our breath here until either we get a deal or another round of military action, so a pretty significant binary outcome awaits,†said John Kilduff, partner at Again Capital. The Middle East conflict has effectively closed the Strait of Hormuz, a critical waterway that typically carries daily about a fifth of global supplies of oil and liquefied natural gas, creating the world’s biggest oil supply disruption, according to the International Energy Agency. Tehran’s latest peace proposal to the US involves ending hostilities on all fronts including Lebanon, the exit of US forces from areas close to Iran and reparations for destruction caused by the war, state media reported on Tuesday. Meanwhile, the US imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks. It also blocked 19 vessels it said were involved in shipping Iranian petroleum and petrochemicals to foreign customers. Elsewhere, Chinese state refiners have slashed oil throughput by more than 1 million barrels per day since the outbreak of the Iran war, analysts and market sources said, as disruption to crude supplies and poor margins forced them to scale back operations. Chinese state refiners are processing 8.4 million barrels per day of crude this month, down from 8.6 million bpd in April and 9.5 million bpd in March, according to consultancy Energy Aspects. That compares with about 10 million bpd before the US and Israel attacked Iran at the end of February. US Treasury Secretary Scott Bessent extended a sanctions waiver by 30 days to allow “energy-vulnerable†countries to continue purchasing Russian seaborne oil. Separately, Russia’s Ryazan oil refinery, which accounts for almost 5 percent of the country’s total refining volumes, stopped processing after a Ukrainian drone attack last Friday, two industry sources said on Tuesday.
US NATURAL GAS FUTURES HIT 7-WEEK HIGH AS EAST COAST HEAT LIFTS DEMAND
Date: 2026-05-20
Details: Published May 20, 2026 Updated about 6 hours ago By Reuters NEW YORK: US natural gas futures climbed about 2percent to a fresh seven-week high on Tuesday on a drop in output in recent weeks and expectations that a heat wave this week along the East Coast will boost power demand for gas to keep air conditioners humming. That price increase came despite forecasts for less gas demand over the next two weeks than previously expected due primarily to a drop in flows to liquefied natural gas (LNG) export plants to an expected 16-week low. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 5.2 cents, or 1.7percent, to USD3.076 per million British thermal units (mmBtu), putting the contract on track for its highest close since March 27 for a third day in a row. That also put the front-month up for a fifth day and kept it in overbought territory for a second day in a row for the first time since January. Financial group LSEG said average gas output in the US Lower 48 states fell to 109.3 billion cubic feet per day (bcfd) so far in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. Meteorologists forecast the weather will remain mostly warmer than normal through June 3. Temperatures in Washington, D.C., will reach a record-breaking 99 degrees Fahrenheit (37.2 degrees Celsius) on Tuesday and a record-tying 96 F on Wednesday, after topping out at 93 F on Monday, according to weather forecaster AccuWeather.
LTO KARACHI HITS HISTORIC HIGH WITH RS3 TRILLION COLLECTION IN 10MFY26
Date: 2026-05-19
Details: Written by Shahnawaz Akhter Large Taxpayers Office posts 10% growth in net revenue amid strong direct tax performance The Large Taxpayers Office (LTO) Karachi has reported record revenue collection of nearly Rs3 trillion during the first 10 months of fiscal year 2025-26, marking its highest-ever performance for the period, according to official data. The LTO Karachi, the largest revenue-collecting arm of the Federal Board of Revenue, recorded gross collections of close to Rs3 trillion during July–April 2025-26, compared with Rs2.83 trillion in the same period last year, reflecting 10% growth. After accounting for refunds of Rs117 billion, net collections stood at Rs2.80 trillion, up from Rs2.56 trillion in the corresponding period of the previous fiscal year. Strong growth in direct taxes Direct tax collections rose sharply by 16% to Rs1.59 trillion, compared with Rs1.37 trillion a year earlier, driven by improved compliance among large taxpayers and higher withholding inflows. Sales tax collections, including imports and domestic components, edged up to Rs1.03 trillion from Rs1.02 trillion last year. However, refunds increased to Rs68 billion, 19% higher than the same period last year. FED collections also rise Federal excise duty (FED) collections posted a 14% increase, reaching Rs195 billion compared with Rs171 billion in the corresponding period of FY25. Revenue performance under pressure but stable growth Officials said the steady growth came despite challenging macroeconomic conditions and reflected continued efforts to improve enforcement and compliance within the large taxpayer segment. The LTO Karachi remains a key contributor to Pakistan’s overall tax base, with analysts noting that its performance is critical to meeting broader revenue targets.
PAKISTAN CUSTOMS TO AUCTION USED VEHICLES IN KARACHI ON MAY 20
Date: 2026-05-19
Details: Written by Shahnawaz Akhter Toyota Land Cruiser, Prius and Honda Civic among vehicles listed for public auction Pakistan Customs has announced a public auction of old and used vehicles scheduled for May 20, 2026, at the Anti-Smuggling Organization (ASO) NMB Wharf in Karachi. According to the customs authorities, the auction will be conducted on an “as is where is basis.†Vehicles listed for customs auction The auction includes several imported and used vehicles, including: • Toyota Land Cruiser • Honda Civic 2008 model • Toyota Prius 2010 model • Toyota Lexus 2008 model, 5700cc • Toyota Mark X 2005 model • Toyota Surf Jeep • Suzuki Swift 2007 model • Honda Airwave 2009 model • Toyota Land Cruiser 2018 model Several additional Toyota Prius and Honda Civic vehicles are also included in the auction list. Auction terms and conditions Customs authorities said successful bidders must deposit 25% earnest money along with a copy of their Computerized National Identity Card (CNIC) on the spot. Authorities added that sealed tenders accompanied by a pay order equal to 25% of the bid amount in favor of the Collector of Customs (Enforcement), Customs House Karachi, would also be accepted one day before the auction at the auction section of Customs House Karachi. Under applicable tax rules, income tax of 10% will apply to tax filers, while non-filers will be charged 20% along with the bid amount. Successful bidders will also be required to submit an undertaking and obtain a No Objection Certificate (NOC) from the collectorate for vehicle registration in accordance with the Federal Tax Ombudsman’s order issued on May 13, 2022, before delivery orders are released.
FBR MAKES POS INTEGRATION MANDATORY FOR ISLAMABAD SERVICE PROVIDERS
Date: 2026-05-19
Details: Written by Shahnawaz Akhter Service providers in ICT directed to adopt electronic invoicing system under new order The Federal Board of Revenue (FBR) has made Point of Sale (POS) integration with its computerized system mandatory for service providers operating in the Islamabad Capital Territory (ICT), according to a new general order issued on Monday. The tax authority issued Sales Tax General Order (STGO) No. 05 of 2026 (ICT), directing service providers falling under Table-1 and Table-2 of the ICT (Tax on Services) Ordinance, 2001 to integrate their business operations with the FBR’s computerized system for real-time reporting of services. FBR sets deadlines for POS integration The FBR said amendments introduced through the Finance Act 2025 empowered the board to require service providers to connect their hardware and software systems with the tax authority through licensed integrators, including Pakistan Revenue Automation Limited (PRAL). Under the new order, public limited companies and firms with annual turnover exceeding Rs1 billion must complete registration by May 25, 2026. Such entities are required to complete system testing by June 5 or June 10 and start issuing electronic invoices by June 15 or June 20, 2026. Companies with annual turnover below Rs1 billion, as well as individuals and associations of persons with turnover exceeding Rs100 million, have been assigned deadlines ranging between May 30 and June 20, 2026. Meanwhile, all other registered service providers must complete registration by June 1, testing by June 15 and begin issuing electronic invoices no later than June 25, 2026. Electronic invoicing aimed at improving tax collection The FBR clarified that service providers already integrated with the board’s computerized POS system before the latest order would not need to repeat the integration process. Tax experts said the mandatory POS integration and electronic invoicing framework is expected to improve documentation of the services sector, enhance transparency and strengthen sales tax collection in Islamabad. The initiative forms part of broader tax administration reforms aimed at increasing digital compliance and reducing undocumented economic activity in Pakistan.
INDIAN SHARES TO OPEN TAD HIGHER AFTER TRUMP HINTS AT IRAN DEAL; ADANI GROUP IN FOCUS
Date: 2026-05-19
Details: • GIFT Nifty futures were at 23,688 Published May 19, 2026 Updated 8 minutes ago By Reuters Indian shares are likely to open marginally higher on Tuesday, after US President Donald Trump signalled a possible nuclear deal with Iran that revived hopes of a de-escalation to the three-month-old war. GIFT Nifty futures were at 23,688, as of 7:17 a.m. IST, pointing to a Nifty 50 open above Monday’s close of 23,649.95. Trump said he called off a planned attack on Tehran after it sent a peace proposal, and that there was now a “very good chance†of reaching a deal limiting â Iran’s nuclear program. The comments have offered some hope of de-escalation, but the situation remains highly fluid, and investors remain wary about the risk of renewed escalation, said Ponmudi R, chief executive officer at Enrich Money. India raised the prices of petrol and diesel by roughly 0.90 rupees a litre on Tuesday. It was the second hike in a week as the government sought to recoup losses caused by the crude oil surge. The benchmark Nifty 50 and Sensex are down about 7% â since the beginning of the war in late February. Foreign investors, who have been persistent sellers of Indian equities since the war, bought shares worth 28.14 billion rupees ($292.08 million) on Monday, as per provisional data. Also in focus will be the Adani Group. The â U.S. administration moved to dismiss criminal fraud charges against the conglomerate’s billionaire owner Gautam Adani, while also settling alleged Iran sanctions violations involving one of his companies.
ASIAN SHARES MIXED, BONDS RECOVER AS OIL EASES ON TRUMP'S IRAN COMMENTS
Date: 2026-05-19
Details: • MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.22% Published May 19, 2026 Updated 25 minutes ago By Reuters SINGAPORE: Asian shares wobbled on Tuesday while bonds found their footing following a steep selloff after US President Donald Trump’s decision to pause a planned attack on Iran and his claim there was a good chance of a nuclear deal sent oil prices lower. Trump said on Monday he had paused a planned attack against Iran to allow for negotiations to take place on a deal to end the war, after Tehran sent a new peace proposal to Washington. He subsequently said there was a “very good chance†the U.S. could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon. Still, investors remained cautious after being rattled in the previous session by a weekend drone strike in the United Arab Emirates. “We’ve seen a lot of back and forth already,†said Fabien Yip, a market analyst at IG. “Until we actually see real action happening (in the Strait of Hormuz), â whereby ships are passing through safely and we see a material rebound in the numbers of traffic going through in the Strait, I think the market in general is shrugging off the commentary from either side.†Brent crude futures fell more than 2% to $109.41 a barrel on the back of Trump’s comments, while U.S. crude was down 1.3% to $107.25 per barrel, though both remained more than 50% above their pre-war levels. In share markets, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.22%, while Japan’s Nikkei rose 1%. South Korea’s Kospi fell 2%. Nasdaq futures reversed early gains to trade 0.07% lower, while S&P 500 futures lost 0.03%. In Europe, EUROSTOXX 50 futures rose 0.4%, while FTSE futures and DAX futures edged 0.3% and 0.4% higher, respectively. The all-important artificial intelligence trade will be tested by earnings from Nvidia that are due on Wednesday, where expectations are sky-high for the world’s most valuable company. “Nvidia’s earnings are the ultimate test for a stock market that is not only trading at record highs, but one that â also had a breathtaking bounce off of the March lows, as Nvidia is the market’s shorthand for everything AI and this market’s gains have been driven in large part by AI over the past few years,†said Richard Reyle, chief investment officer at Questar Capital Partners. Bond selloff abates The fall in oil prices helped stem a steep selloff in global bonds on Tuesday, though worries remained about the lasting inflationary shock from the Iran war. Yields on the benchmark 10-year US Treasury note eased from a more than one-year high to 4.5974% in early Asian trade, â while the two-year yield was down slightly to 4.0564%. Japanese government bond yields, which shot to record highs in the previous session, were similarly down across the curve. Overnight, G7 finance ministers acknowledged mounting concerns over public debt and bond market volatility as they met in Paris. Markets are now pricing in rate hikes from major central banks this year on expectations policymakers will have to tighten â policy to combat a resurgence in inflation driven by higher-for-longer energy prices. “While the economic rationale for pricing persistently higher inflation over the coming years on the current supply shock is weak particularly given the labor market backdrop, a return of supply-side volatility and the sanguine growth tone in markets both argue for more risk premium through the â inflation curve,†Goldman Sachs analysts said in a note. In foreign exchange, the dollar has benefited from safe-haven demand since the onset of the war and was up 0.1% at 159 yen , putting traders on alert for any intervention from Tokyo to shore up its ailing currency. The euro was down 0.1% at $1.1643, while sterling similarly fell 0.1% to $1.3419. Elsewhere, spot gold eased marginally to $4,562.50 an ounce, having come under pressure from rising bond yields.
NIKKEI SLIPS FOR THIRD DAY AS GLOBAL BOND SELLOFF
Date: 2026-05-19
Details: Published May 19, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average closed lower on Monday for a third consecutive day, as a global bond market selloff and escalating tensions in the Middle East weighed on risk appetite. The benchmark Nikkei 225 Index fell 1 percent to close at 60,815.95, while the broader Topix slid 0.97 percent to 3,826.51. Investor sentiment weakened after major Wall Street indexes closed lower on Friday, led by declines in artificial intelligence-related stocks. Meanwhile, yields on Japanese government bonds soared on Monday, extending the global fixed-income market selloff on concerns the Iran war could fuel inflationary pressures. Reports of drone incursions in the United Arab Emirates and Saudi Arabia further heightened geopolitical concerns. US President Donald Trump warned that Iran must act “fast†as diplomatic efforts to end the conflict appeared to stall.
BUSINESS COMMUNITY CONCERNED OVER IRAN POWER IMPORT TARIFF
Date: 2026-05-19
Details: Published May 19, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Pakistan’s business community has expressed serious concerns over the newly-approved electricity import tariff from Iran, warning that the move could raise industrial power costs to more than Rs44 per unit after adding transmission losses, surcharges, and distribution charges. The National Electric Power Regulatory Authority (NEPRA) recently approved a tariff of 12.40 US cents per kilowatt-hour for the import of 204 megawatts of electricity from Iran’s state-owned TAVANIR for the Makran region of Balochistan. At the current exchange rate, the tariff translates to nearly Rs35 per unit at the base level before domestic charges are applied. Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) Chairman Mian Anjum Nisar said Pakistan could not achieve export-led growth while industries continued to pay some of the highest electricity prices in South Asia. He pointed out that competing regional economies offer industrial electricity at significantly lower rates, with China charging Rs20–28 per unit, Bangladesh Rs18–25, and Vietnam Rs16–22 per unit. The BMP also reiterated its demand for restructuring Pakistan’s energy sector, citing annual Independent Power Producers (IPP) payments of Rs3.4 trillion and the worsening circular debt crisis. Industry leaders argued that rising electricity tariffs were suppressing industrial demand, creating a cycle that further increases per-unit fixed costs for consumers. Copyright Business Recorder, 2026
CCP APPROVES INVESTMENT BY CDC IN NCMCL
Date: 2026-05-19
Details: Published May 19, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The Competition Commission of Pakistan (CCP) Monday approved a proposed investment by the Central Depository Company of Pakistan Limited (CDC) in Naymat Collateral Management Company Limited, a move that officials say could strengthen the country’s evolving warehousing and collateral management infrastructure without harming market competition. The approval, granted by the CCP following a first-phase review under the Competition Act, 2010, allows CDC to subscribe to additional ordinary shares in Naymat Collateral Management Company Limited (NCMCL). The transaction comes at a time when Pakistan is attempting to modernise commodity financing and strengthen confidence in warehouse receipt systems, particularly for agricultural and traded commodities. NCMCL is currently the only collateral management company registered with the Securities and Exchange Commission of Pakistan for accreditation and oversight of warehouses operating under the country’s Electronic Warehouse Receipt framework. The CDC, established in 1993, is one of Pakistan’s key capital market institutions, providing electronic custody of securities, settlement facilitation and related depository services. NCMCL, incorporated in 2020, operates as a collateral management company responsible for warehouse oversight, verification and reporting services for commodities held as collateral. In its assessment, the CCP defined the relevant market as collateral management and warehousing oversight services within Pakistan. The regulator concluded that the deal would not significantly alter competition dynamics because the two companies operate in separate and unrelated business segments. The CCP’s merger order stated: “The Transaction will have minimal effects on the market dynamics in terms of competition and market structure considering the fact that post-merger market share would not increase. Further, it would not produce any anti-competitive effects such as collusion or removal of an effective competitor because the relevant market is fragmented.†The FBR has also been notified. The acquisition neither constituted horizontal integration nor vertical integration, reducing the likelihood of anti-competitive effects such as market foreclosure or collusion. The transaction would not create entry barriers or substantially lessen competition in the market. The decision reflects Pakistan’s broader effort to facilitate investment and improve institutional infrastructure in financial and commodity markets while maintaining regulatory oversight of competition concerns. The CCP formally authorised the transaction under Section 31 of the Competition Act. Copyright Business Recorder, 2026
FBR TO SEEK TOUGHER PENALTIES FOR DIGITAL INVOICING VIOLATIONS IN FINANCE BILL 2026
Date: 2026-05-18
Details: Written by Shahnawaz Akhter Pakistan commits to stricter enforcement of digital invoicing under IMF-backed reforms The Federal Board of Revenue (FBR) is set to propose stricter penalties for taxpayers failing to comply with digital sales tax invoicing requirements in the upcoming Finance Bill 2026, as part of Pakistan’s commitments under reforms linked to the International Monetary Fund. According to official documents, Pakistan has assured the IMF that the FBR will introduce legal amendments aimed at strengthening enforcement against non-compliance with the digital invoicing regime. Digital invoicing rollout gains pace Under the existing framework, all entities registered as sales tax filers were required to register on the FBR’s digital invoicing platform by December 31, 2025. However, by the end of March 2026, only around one-third of registered taxpayers were reportedly issuing live digital invoices through the system. To accelerate adoption, the FBR plans to issue two notifications by the end of March 2026 allowing easier correction of invoicing errors and permitting multiple licensed integrators to connect with the system. Officials expect all active sales taxpayers to adopt the digital invoicing system by July 31, 2026. FBR expects Rs46 billion additional revenue The new digital invoicing mechanism has been designed to simplify sales tax filing procedures and automate the calculation of sales tax liabilities for taxpayers. Authorities believe the system will improve monitoring of business transactions and reduce tax evasion, potentially generating an additional Rs46 billion in revenue during fiscal year 2026-27. Pakistan Revenue Automation Limited (PRAL) has assigned 16 personnel to support the operation of the system. The FBR will monitor the performance of the digital invoicing initiative through key performance indicators, including the total value of invoices processed digitally and the number of taxpayers issuing live invoices on the platform. The proposed penalties and enforcement measures are part of broader tax administration reforms aimed at improving documentation of the economy and strengthening revenue collection.
FBR TO INTRODUCE NEW AUDIT SELECTION PARAMETERS TO RAISE TAX REVENUE
Date: 2026-05-18
Details: Written by Shahnawaz Akhter Tax authority plans broader reforms to strengthen compliance and expand tax base The Federal Board of Revenue (FBR) will develop new audit selection parameters aimed at improving revenue collection and broadening Pakistan’s tax base as the country faces persistent tax shortfalls, officials said. The move is part of wider revenue administration reforms designed to strengthen tax compliance and improve monitoring of high-risk taxpayers. According to officials, the FBR has already implemented several key measures under its ongoing transformation plan, including the deployment of a Compliance Risk Management (CRM) system to strengthen taxpayer audits, expansion of digital invoicing systems, and enhanced production monitoring mechanisms. FBR plans centralized audit policy The tax authority said it will prepare a new audit manual and audit policy by the end of August 2026 to ensure fair and transparent treatment of taxpayers. Under the proposed framework, audit case selection will be centralized through administrative prioritization and monitoring of high-risk cases using the CRM system. Officials believe the reforms could help improve tax enforcement while reducing arbitrary audit practices. Revenue reforms aimed at widening tax base Despite recent reforms, the FBR continues to face challenges in meeting revenue targets, highlighting concerns over Pakistan’s narrow tax base and weak documentation of the economy. Authorities expect revenue gains from the new measures to begin materializing in fiscal year 2026-27, although officials acknowledged that current reforms mainly target existing taxpayers. The FBR is now expected to intensify efforts to expand retailer tax registration and push for stricter enforcement measures linked to tax filing. Under proposed reforms, the tax authority may seek powers to restrict certain high-value transactions to individuals who have filed income tax returns, a move aimed at encouraging greater tax compliance and documentation of economic activity. The measures are part of broader efforts to stabilize public finances and strengthen Pakistan’s revenue collection system amid ongoing fiscal pressures.
WEEKLY COTTON REVIEW: SECTOR SHOWS EARLY SIGNS OF SEASONAL ACTIVITY
Date: 2026-05-18
Details: Published May 18, 2026 Updated about 2 hours ago By Naseem Usman KARACHI: Pakistan’s cotton sector is showing early signs of seasonal activity, with trade sources indicating that the new cotton crop is likely to arrive in the market ahead of the usual schedule. In a significant development, approximately four to five ginning factories across Sindh and Punjab are expected to commence partial operations as early as May, underscoring the faster-than-anticipated maturation of the new crop. Price signals from the field reflect the season’s early momentum. New crop seed cotton, locally known as phutti, has fetched between Rs 10,000 and Rs 11,500 per 40 kilograms, while ginned cotton has been changing hands at Rs 21,750 to Rs 22,000 per maund. Traders and market observers attribute the upward pressure on cotton prices to the earlier onset of the new season, which has tightened near-term supply expectations and lifted sentiment across the cotton value chain. However, the international price environment presents a contrasting picture. New York cotton futures, after experiencing sharp swings, recorded a notable decline of eight cents, a development that could temper enthusiasm in export-oriented segments of Pakistan’s textile sector if the trend persists. On the policy front, the textile and apparel industry moved swiftly to engage the government ahead of the federal budget. A high-level delegation from the sector met with the Finance Minister and presented a detailed set of recommendations aimed at securing fiscal relief and boosting export competitiveness. The meeting underscores growing industry concern over cost pressures and the need for a supportive budgetary framework. In a parallel development, the All Pakistan Textile Mills Association, APTMA, has mounted strong opposition to the Punjab Infrastructure Development Cess Amendment Bill 2026, arguing that the proposed levy would impose an additional financial burden on an industry already contending with elevated input costs. APTMA has warned that such a measure could undermine the competitiveness of Pakistani textiles in global markets at a time when the sector can least afford further cost escalation. Adding weight to the industry’s concerns, APTMA Chairman Mian Kamran Arshad has written a formal letter to Federal Minister Rana Tanveer Hussain, urging the government to give cotton the policy attention it deserves as the country’s foremost foreign exchange-earning crop. In his communication, the chairman stressed that without deliberate and sustained government support for cotton cultivation and its downstream industrial use, Pakistan risks squandering one of its most valuable economic assets. The local cotton market experienced an overall bullish trend during the past week, even as available stocks have shrunk to critically low levels. Currently, only approximately 20,000 bales remain in stock, making supply extremely tight across the market. In a modest sign of seasonal activity, early-picked cotton from the new 2026-27 crop has begun arriving in partial quantities. However, full-scale ginning operations are not expected to resume until at least June 15, when some factories may begin working on a partial basis. Prior to Eid ul-Adha, only two ginning factories one located in Burewala and another in Khanewal are anticipated to produce two to three lots each from the early-harvested cotton. In terms of current pricing, early-picked Phutti is being traded at Rs. 10,000 to Rs. 11,600 per 40 kilograms, while processed cotton is fetching Rs. 21,250 to Rs. 22,000 per maund. In the province of Sindh, one or two ginning factories in Sanghar are also expected to resume limited operations in the near future. On the policy front, the government has this year imposed a 0.9 percent Cess Tax on cotton transported from Sindh and Balochistan to Punjab, adding to the financial burden on the supply chain. Compounding the situation further, a sharp rise in energy, petrol, and diesel prices is expected to drive transportation costs significantly higher. As a result, textile mills in Punjab will likely be forced to pay considerably more for cotton sourced from Sindh, particularly during the early weeks of the season when a substantial volume of cotton traditionally moves from Sindh to Punjab’s mills. Textile mill owners, meanwhile, have expressed concern over the sustainability of rising cotton prices. According to them, given the prevailing conditions in the cotton yarn market, a price of Rs. 18,000 to Rs. 18,500 per maund represents the maximum viable range, and any purchase above this threshold would translate into financial losses. This sentiment suggests that cotton prices may not climb steeply at the outset of the new season. However, market participants acknowledge that a significant rally in New York cotton futures could alter the outlook and shift market dynamics considerably. The affectees of the Karachi Cotton Exchange Building have raised serious questions over the lack of a strong collective response to the occupation of the historic exchange building by the Federal Investigation Agency with the assistance of the Evacuee Trust Property Board. They noted that the Karachi Cotton Exchange, which was established even before the creation of Pakistan, holds immense historical significance, yet its seizure has failed to generate the level of protest that similar incidents have provoked elsewhere. The affectees drew a sharp comparison with the situation in Multan, where all cotton-related institutions had jointly and forcefully opposed an attempt to hand over land belonging to the Cotton Crop Research Institute to the Multan Gymkhana. That unified resistance compelled the government to reverse its decision. The affectees questioned why an equally vigorous campaign had not been launched to protect the Karachi Cotton Exchange building, urging all stakeholders in the cotton industry to take immediate and decisive action. They further noted that a case concerning the building is currently pending before the Sindh High Court and stressed that a well-organised and effective campaign must be launched without further delay to safeguard this historic institution. On the domestic market front, cotton prices across Sindh and Punjab are currently ranging between 20,000 and 23,000 rupees per maund, varying according to quality and payment conditions. Meanwhile, Naseem Usman, Chairman of the Karachi Cotton Brokers Forum, reported that after a recent uptick in international cotton prices, New York cotton futures retreated by eight American cents per pound. According to the weekly export and sales report released by the United States Department of Agriculture, total sales for the marketing year 2025–26 stood at 47,700 bales. Vietnam emerged as the leading buyer, purchasing 31,800 bales, followed by Indonesia in second place with 4,100 bales. Turkey and Pakistan both purchased 2,700 bales each, placing them in third and fourth positions respectively. For the upcoming marketing year 2026–27, total sales were recorded at 29,700 bales. Vietnam once again led all purchasing nations with 31,800 bales, while Mexico ranked second with 8,800 bales and Bangladesh came in third with 4,400 bales. Pakistan’s cotton sector has scripted history by commencing its ginning season during the second week of May for the very first time, marking a significant milestone in the country’s agricultural calendar. With cotton arrivals already underway in both Punjab and Sindh, prices of seed cotton and lint have registered an extraordinary surge right from the opening days of the season, signalling a buoyant market outlook for the months ahead. On the ground, the early momentum is clearly visible. Following the partial harvesting of cotton in the coastal belt of Sindh, four ginning factories in Khanewal and one in Burewala have commenced processing operations over the past two days. Ginners based in Punjab have simultaneously begun procuring cotton from regions where early sowing was undertaken on a considerably larger scale this February compared to previous years. In Sanghar and Tando Adam, one ginning factory each has also initiated cotton procurement, with expectations that both will be running at full capacity within the coming days. Cotton Ginners Forum Chairman Ihsan ul Haq confirmed that prices have climbed sharply from the very start of the new season. Initial transactions for seed cotton were recorded between Rs10,000 and Rs10,500 per 40 kilograms, while advance deals for lint were settled at around Rs21,700 per maund. The market has since moved higher, with seed cotton deals now being finalized at up to Rs11,600 per 40 kilograms and lint prices reaching Rs22,500 per maund. Several market sources have indicated that lint transactions are also taking place at Rs23,000 per maund, with some reports placing deals as high as Rs23,500 per maund, a development that has further strengthened expectations of a sustained upward trend in prices. Haq also noted that the historically early start to the ginning season would prove beneficial for textile mills, which have been grappling with limited lint availability. Fresh supplies entering the market ahead of schedule are expected to ease the supply crunch before it deepens further. To put this development in perspective, Pakistan’s cotton ginning season has traditionally commenced in June. The cotton year 2025–26 had itself been considered a landmark, as the season opened in the third week of May. This year, however, the season has begun a full week earlier still, entering territory that has no precedent in the country’s cotton history. Against this backdrop of record early activity, the industry is simultaneously pressing the government for structural reforms it says are long overdue. All Pakistan Textile Mills Association Chairman Kamran Arshad has addressed a strongly worded letter to Federal Minister for Food Security Rana Tanvir Hussain, demanding the immediate implementation of decisions already approved by the Cabinet Committee on cotton rehabilitation. The letter cautions that continued inaction and delays by the relevant authorities are inflicting measurable damage on the national economy. Among the key demands outlined in the letter is a fundamental governance overhaul, specifically the dissolution of the Pakistan Central Cotton Committee and its replacement with an industry-led Pakistan Cotton Advisory Council. APTMA is also calling for the transfer of cotton cess collection to the Federal Board of Revenue to ensure greater transparency and accountability. The association further demands that 70 percent of the funds generated through cess be exclusively directed toward cotton research and development, and that the new institutional structure meaningfully incorporate the provinces, farmers, research bodies, and the seed sector as stakeholders. Copyright Business Recorder, 2026
ASIAN MARKETS SINK AS OIL PRICES SURGE
Date: 2026-05-18
Details: Published May 18, 2026 Updated about 2 hours ago By Reuters BENGALURU: Emerging Asian markets posted sharp declines on Friday as surging oil prices and sluggish US-Iran peace negotiations compounded fears surrounding inflation and economic stability. MSCI’s emerging Asia equities gauge fell nearly 2 percent, dragged by a more than 6 percent slump in South Korea’s KOSPI. The benchmark briefly crossed the 8,000 mark before reversing sharply on losses in major chipmakers, with Samsung Electronics down 8.6 percent and SK Hynix falling 7.7 percent. Despite limited progress in US-Iran talks, hopes of a truce have lifted the regional benchmark nearly 20 percent since late March, when reports of a potential ceasefire first surfaced. “We see today’s pressure more as markets digesting the strong recovery rally since April, rather than a decisive shift into broad risk-off,†said Song Zhe, senior Asia and global EM equities investment specialist at BNP Paribas Asset Management. Investor focus remained on Beijing, where US President Donald Trump concluded his two-day state visit on Friday. Trump and China’s Xi Jinping have agreed that they oppose Iran acquiring nuclear weapons and “want the straits openâ€. “There’s definitely some unease about the stalled peace talks between the US and Iran, especially concerning the impact on inflation and interest rates via higher energy prices,†said Kyle Rodda, senior financial market analyst at Capital.com. Oil prices continued to rise on Friday, heading for a weekly gain of more than 5 percent after President Donald Trump said China wants to buy oil from the United States. Meanwhile, traffic through the critical Strait of Hormuz remained constrained. Meanwhile, Malaysia’s economy expanded faster than projected in the first quarter, supported by resilient domestic demand that helped cushion shocks stemming from the Middle East conflict. Malaysia’s central bank slightly raised its 2026 growth forecast, although it expects headline inflation to accelerate this year. Malaysian shares and the ringgit fell around 0.4 percent each. The currency stands out as one of the best performers so far this year, with a year-to-date gain of nearly 3 percent, including a weekly advance of 0.7 percent.
WALL STREET WEEK AHEAD: NVIDIA, RETAILER REPORTS TO SHED LIGHT ON AI BOOM
Date: 2026-05-18
Details: Published May 18, 2026 Updated about 2 hours ago By Reuters NEW YORK: Two themes critical to the US stock market — the artificial intelligence boom and inflation-pressured consumer spending — will come under the microscope this week with earnings reports from semiconductor giant Nvidia and a host of retailers led by Walmart . Stock indexes have charged higher in recent weeks, with the benchmark S&P 500 and technology-heavy Nasdaq Composite near record levels. Two factors influencing market action in “almost parallel tracks†have been developments with AI and the spike in energy prices caused by the war in Iran, said Allen Bond, portfolio manager at Jensen Investment Management. “There is not a lot of overlap in the two narratives, but one day to the next, the developments … can really drive the market,†Bond said. Stocks pulled back on Friday, as rising crude prices stoked inflation fears that also drove bond yields sharply higher. Still, the S&P 500 has climbed nearly 17 percent since its low for the year in late March, and is now up more than 8 percent in 2026. After the sharp rise, several investors said the market was poised for a breather. Some worried that relatively few stocks have led the recent gains, suggesting the rally may be less robust than it seems. For example, only about one-fifth of S&P 500 components had outperformed the index since the March 30 low as of Thursday morning, according to LSEG data. “There are really a smaller set of names driving the overall index returns again,†said Patrick Ryan, chief investment strategist at Madison Investments. “It’s not necessarily a healthy market when you have that many stocks being left behind.†Nvidia reports results on Wednesday, as an exceptionally strong first quarter for US corporate profit growth winds down. Shares of Nvidia, the world’s largest company by market capitalization, and other semiconductor stocks have propelled indexes higher in recent weeks. Nvidia shares are up 36 percent since the March low, while the Philadelphia SE semiconductor index is up more than 60 percent, amid voracious demand for chips as tech companies spend massively to build data centers and other AI-related infrastructure. Nvidia’s AI products have driven its shares up over 1,800 percent since the latest bull market began in October 2022. “What we need to see from Nvidia is evidence that justifies the increase in the stock price and justifies their position and their benefit from this increased spending in data centers,†Bond said. “The results will be looked at … as a signal into the health of the rest of the industry.†One topic is whether rivals are eroding Nvidia’s market share, said Yung-Yu Ma, chief investment strategist at PNC Financial Services Group. “It’s probably going to be more a story of, is Nvidia able to defend its leadership position as well as it has been able to the past few years?†Ma said. The coming week also offers an update on the retail industry. Walmart, the world’s largest retailer, posts quarterly results on Thursday. Other retailers reporting this week include Home Depot, Target and TJX Cos. Investors have been wary that war-related inflation will start to weigh on consumer spending, which accounts for more than two-thirds of the US economy. Data this week showed high monthly readings for both consumer and wholesale prices, with the Producer Price Index for April posting its largest rise since March 2022. Earlier this month, the US national average gasoline price topped USD4.50 a gallon for the first time in nearly four years. Investors will want to hear from retailers about spending trends and whether they have changed in recent weeks, PNC’s Ma said.
FBR AUTHORIZES VENDORS FOR PRODUCTION MONITORING IN BEVERAGE SUB-SECTORS
Date: 2026-05-16
Details: Written by Shahnawaz Akhter Move aims to enhance tax compliance and curb revenue leakages in bottled water and juice industries The Federal Board of Revenue has taken another step toward strengthening tax compliance and industrial transparency by finalizing the authorization of vendors for production monitoring systems in the beverages sector, including bottled water and packaged juices. According to the tax authority, three firms have been officially approved as vendors for the deployment and implementation of production monitoring solutions: M/s ISSM Labelling Solutions, M/s Tollink, and M/s Authentik. The FBR said the authorization process was carried out through a transparent and competitive framework in line with applicable regulatory requirements, ensuring that selected companies possess the technical capability to provide reliable monitoring systems. Officials said the initiative is part of broader efforts to expand digital monitoring across key industrial sectors to reduce tax evasion and improve revenue collection. The FBR has already implemented production monitoring and track-and-trace systems in major industries such as cement, sugar, fertilizer, and tobacco, which officials say have significantly improved revenue assurance and reduced leakages. In addition, video-analytics-based monitoring systems have recently been finalized for the textile and tiles sectors and are currently in the implementation phase. The tax authority said the expansion into the beverages sector reflects its strategy to strengthen real-time production tracking, improve documentation, and ensure equitable enforcement across industries. It added that modern technology-driven systems will help improve compliance while supporting a more transparent and efficient business environment. However, the FBR also warned that non-compliance with installation requirements will result in strict enforcement actions, including penalties, legal proceedings, sealing of premises, and other measures under the Sales Tax Act, 1990. Stakeholders have been advised to cooperate fully with authorized vendors and FBR teams to ensure timely implementation of the monitoring systems. Officials reiterated that the broader objective of these reforms is to widen the tax base and strengthen fiscal sustainability through improved oversight of industrial production.
NO UNDER-INVOICING DETECTED IN IMPORTED VEHICLES, SOLAR PANELS: MINISTER
Date: 2026-05-16
Details: Written by Mrs. Anjum Shahnawaz Government says no violations detected in key import sectors over past five years Minister of State for Finance Bilal Azhar Kayani on Friday informed the National Assembly that no cases of under-invoicing had been detected in the import of used vehicles or solar panels during the past five years, according to data provided by the Federal Board of Revenue. Responding during the question hour, the minister said that although concerns regarding under-invoicing existed in certain import sectors, no specific violations involving commercial imports of used vehicles or solar panels had been identified. He told lawmakers that under SRO 1895(I)/2025 issued on September 30, 2025, the government allowed the commercial import of five-year-old used vehicles until June 30, 2026. However, he added that no commercial imports of used vehicles had taken place under the scheme so far. “As a result, there are currently no reported cases of under-invoicing in this category,†the minister said. Regarding solar panels, Bilal Azhar Kayani stated that customs authorities had not detected any under-invoicing case in solar panel imports during the last five years based on direct evidence. He said the government was implementing multiple reforms through the FBR to strengthen customs enforcement and reduce tax evasion risks. These measures include faceless customs assessment systems, post-clearance audits, and enhanced risk management mechanisms designed to identify high-risk consignments through data-driven analysis. The minister said the reforms aim to minimize human interaction in customs procedures while improving transparency and trade facilitation. During supplementary questions, Bilal Azhar Kayani also highlighted the government’s social protection and energy transition initiatives. He said the Benazir Income Support Programme currently has a budget allocation of Rs716 billion and supports more than 10 million deserving families, primarily through women beneficiaries. On renewable energy policy, the minister said the government continues to promote solar energy adoption as part of its broader energy transition strategy. He added that existing net metering consumers would continue under current arrangements, while new users are being shifted toward net billing mechanisms to maintain sustainability of the power system. Bilal Azhar Kayani said the government remains committed to providing targeted subsidies and relief measures despite fiscal constraints, while also maintaining economic discipline.
FBR TARGETS BOTTLED WATER PRODUCTION THROUGH ELECTRONIC MONITORING
Date: 2026-05-16
Details: Written by Shahnawaz Akhter Electronic production tracking system introduced to curb sales tax evasion The Federal Board of Revenue has launched an electronic monitoring system for bottled water production aimed at preventing sales tax evasion and improving tax compliance in the sector. In this regard, the FBR issued Sales Tax General Order (STGO) No. 3 of 2026 for the implementation of electronic monitoring at bottled water manufacturing facilities across the country. The monitoring initiative has been launched under Section 40C(2) of the Sales Tax Act, 1990, read with Rules 150ZQR and 150ZQT of Chapter XIV-BA of the Sales Tax Rules, 2006. According to the FBR, all registered persons involved in the production and packaging of bottled water, including toll manufacturers, are required to install an electronic production monitoring system with immediate effect. The tax authority directed all relevant businesses to complete installation of the system by June 15, 2026. Under the new framework, manufacturers will be required to install industrial barcode scanners, counting sensors, industrial computers, IP cameras, network video recorders, programmable logic controllers, LED displays, and uninterrupted power supply systems. The monitoring setup will also include specialized production monitoring software capable of real-time tracking and transmission of production data to the FBR’s central control unit. According to the order, the system must support real-time object detection and counting, quantitative production analysis, data archiving, detection of unexpected production stoppages, and analytics for legal enforcement actions. The FBR said the monitoring systems would be supplied, installed, and maintained by vendors authorized by the board. To ensure implementation, Chief Commissioners Inland Revenue have been directed to appoint dedicated focal persons to coordinate with bottled water manufacturers and authorized vendors. Tax experts said the move is part of broader efforts by the FBR to digitize industrial monitoring and reduce underreporting of production and sales in sectors vulnerable to tax leakage. They noted that electronic production monitoring has previously been introduced in industries such as sugar, tobacco, fertilizer, and cement to improve revenue collection and transparency. The latest initiative reflects the government’s ongoing push toward documentation of the economy and technology-driven tax administration reforms.
STOXX 600 LOGS WEEKLY LOSSES ON INFLATION WOES
Date: 2026-05-16
Details: Published May 16, 2026 Updated about 4 hours ago By Reuters FRANKFURT: Europe’s STOXX 600slid and logged weekly losses on Friday as concerns over energy-induced inflation pressures due to the US-Iran standoff rattled global markets. The pan-European benchmark closed down 1.5 percent at 606.92 points, snapping two straight days of gains. Germany’s DAX declined the most among regional bourses, down 2.1 percent on Friday. Positive corporate earnings and a rally in semiconductor shares aided gains this week, but were overshadowed by cost-of-living worries as energy prices stay elevated. Europe’s materials index led declines, dropping 5.1 percent tracking weaker metal prices, while the defence sector fell 3.6 percent, the worst weekly performance among individual sectors. Semiconductor firms paused their recent rally, with ASML, and Aixtron down 4.4 percent and 6 percent, respectively. US President Donald Trump finished his two-day meeting with China’s President Xi Jinping, which yielded little headway with regard to reopening the Strait of Hormuz. Trump also said his patience with Iran was running out. “Energy prices are pretty much the biggest problem facing Europe and ultimately, there doesn’t appear to be any political will to address that and markets are pricing that,†said Michael Hewson, senior market analyst at iForex. Inflation data out of several European countries and the US this week showed that the jump in energy costs have started reflecting in consumer and producer prices, prompting investors to price in at least two rate hikes by the end of the year by the European Central Bank. Reflecting this, bond markets also witnessed a selloff. “Markets which are more reliant on foreign energy imports and manufacturing heavy, which is energy intensive, feel the pain a bit more,†said Daniel von Ahlen, senior macro strategist at GlobalData TS Lombard. Economically sensitive cyclical sectors also came under pressure, with banks dropping 6 percent as BNP Paribas and Deutsche Bank lost 3 percent and 2.6 percent, respectively. Meanwhile political uncertainty was rife in the UK as Prime Minister Keir Starmer struggled to hold on to power after his main rival signalled a challenge to his leadership. The blue-chip FTSE 100 ended down 1.7 percent, while the more domestically-focused mid-cap index lost 1 percent.
WALL ST RETREATS AS RISING YIELDS TEST AI-FUELED GAINS
Date: 2026-05-16
Details: Published May 16, 2026 Updated about 4 hours ago By Reuters NEW YORK: Wall Street’s main indexes pulled back sharply on Friday, as inflation fears triggered by the Middle East conflict drove up Treasury yields and threatened to derail an AI-fueled rally that had driven stocks to record highs. The yield on 10-year Treasury notes, a benchmark for global borrowing costs, hit 4.58 percent - its highest level since May 2025. Global bond yields also jumped as increasing evidence of economic damage from the Iran war prompted investors to assume interest rates will rise faster than expected and growth will suffer. The odds of the US Federal Reserve hiking interest rates by 25 basis points in December have more than doubled over the past week to about 40 percent, according to CME Group’s FedWatch tool, after hotter-than-expected inflation readings signaled price pressures may prove harder to contain. “Investors are repricing oil higher for longer and factoring in a more persistent inflation backdrop,†said Tom Ross, Head of High Yield at Janus Henderson Investors. “The other, less talked about factor we believe the market is starting to get its head around is the impact of AI… the short-term impact of the huge wave of data center rollout is inflationary.†Brent crude prices rose over 3 percent to USD109.59 a barrel after comments from US President Donald Trump and Iran’s foreign minister dented hopes of a quick end to the 2-1/2-month-old conflict in the Middle East. At 12:08 p.m. ET, the Dow Jones Industrial Average fell 519.39 points, or 1.04 percent, to 49,544.07, the S&P 500 lost 79.60 points, or 1.06 percent, to 7,421.64 and the Nasdaq Composite lost 360.56 points, or 1.35 percent, to 26,274.66. The energy sector was the lone gainer, rising 1.4 percent, while all other sectors traded lower, led by losses in technology. Recently strong chip stocks came under pressure with Nvidia and AMD each falling more than 3 percent, while Intel dropped 6.5 percent, and the Philadelphia SE Semiconductor Index slid 3.5 percent. The pullback followed another record-setting session on Wall Street on Thursday, when investors had largely brushed aside inflation worries and pushed stocks higher on continued enthusiasm around artificial intelligence.
PAKISTAN CUTS PETROL, DIESEL PRICES BY RS5 PER LITRE
Date: 2026-05-16
Details: Written by Mrs. Anjum Shahnawaz Weekly fuel price review lowers petrol to Rs409.78, diesel to Rs409.58 per litre Ministry of Energy on Friday reduced petroleum prices by Rs5 per litre each in the latest weekly review, providing relief to consumers after sharp increases in the previous adjustment. According to an official notification, the price of petrol (Motor Spirit) was cut to Rs409.78 per litre from Rs414.78, while high-speed diesel (HSD) was reduced to Rs409.58 per litre from Rs414.58. The revised prices came into effect from midnight on May 16. The latest reduction follows a steep increase of around Rs15 per litre in the previous weekly review, when the government raised fuel prices amid fluctuations in global crude oil markets and pressure from the exchange rate. Pakistan has been revising petroleum prices on a weekly basis since the escalation of tensions involving the United States, Israel, and Iran earlier this year, which disrupted global energy markets and increased uncertainty over oil supplies. The conflict intensified concerns over the Strait of Hormuz, a critical global shipping route that handles nearly one-fifth of the world’s oil and gas supplies during normal periods. Despite the domestic cut in fuel prices, international oil markets remained volatile on Friday. Global crude prices rose sharply after remarks by Donald Trump and Iran’s foreign minister weakened expectations of a deal to end attacks and seizures of vessels near the Strait of Hormuz. Brent crude futures climbed more than 3% to $109.07 per barrel, while US West Texas Intermediate (WTI) crude rose to $105.02 per barrel. Over the week, Brent crude advanced 7.72%, while WTI gained more than 10% amid concerns over the fragile ceasefire linked to the Iran conflict. Analysts said the reduction in local petroleum prices was mainly supported by adjustments in import costs and government pricing considerations despite continuing volatility in global oil markets.
JEWELERS PROPOSE SPECIAL REGIME FOR INCOME TAX PAYMENT AND RECORD KEEPING
Date: 2026-05-15
Details: Written by Shahnawaz Akhter Sarafa association seeks simplified turnover-based tax system for jewelry sector The All Pakistan Sarafa Gems and Jewelers Association has proposed a special tax regime for jewelers aimed at simplifying income tax payments and record-keeping procedures for the sector. President of the association, Qasim Shikarpuri, presented the proposed “Special Procedure for Income Tax 2026†for the jewelry industry. He said the government could introduce the regime under Section 99C of the Income Tax Ordinance, 2001, which empowers authorities to adopt special tax procedures for specific sectors. According to Shikarpuri, the objective of the proposed regime is to make the jewelry business simpler, more transparent, and financially stable. He said the proposed procedure would introduce a clear turnover-based tax system that would help jewelers avoid unnecessary complexities, excessive tax burdens, and administrative harassment. Under the proposed framework, separate final tax rates have been suggested for goldsmiths, retailers, manufacturers, and bullion dealers. The association also proposed allowing jewelers to submit simplified tax returns while maintaining stock declarations only in grams or tolas instead of financial value. Shikarpuri said fluctuations in international and local gold prices make valuation-based stock declarations difficult for the industry. The proposed regime further suggests that once tax payments are made under the special procedure, businesses should not face normal tax assessments or additional proceedings. The proposal also includes facilitation measures aimed at promoting banking channels and digital payments within the jewelry sector. According to the association, the simplified regime would help restore confidence among jewelers while supporting documentation of the economy, broadening the tax base, and improving trust between businesses and the government. Shikarpuri urged the government, the Federal Board of Revenue, and other relevant institutions to implement the proposed procedure to create a sustainable and business-friendly environment for jewelers across Pakistan.
PATEL URGES SUNSET CLAUSE TO END SUPER TAX IN PAKISTAN
Date: 2026-05-15
Details: Written by Shahnawaz Akhter EY Ford Rhodes partner calls for corporate tax reforms to improve investment climate Haider Ali Patel on Thursday urged the government to introduce a sunset clause in Section 4C of the Income Tax Ordinance, 2001, to define a clear end date for the levy of super tax in Pakistan. Speaking at a two-day seminar hosted by the Karachi Tax Bar Association, Patel said the super tax was disproportionately burdening sectors that were already contributing significantly to the tax system. He noted that the super tax, imposed at rates ranging from 4% to 10%, is charged in addition to corporate tax on documented sectors and is primarily borne by transparent, audited, and listed companies. Patel said the levy was introduced retrospectively through the Finance Act 2022 and largely affected the documented corporate sector. Although the Federal Constitutional Court upheld the tax, including its retrospective application, as legally valid, he argued that “legal validity does not equal economic wisdom.†According to Patel, the super tax discourages investment by penalizing companies that create jobs, pay taxes, and maintain financial transparency. He warned that foreign investors remain cautious while domestic businesses hesitate to expand due to uncertainty surrounding additional taxation. Patel recommended that the government reassess the super tax based on affordability and its impact on Pakistan’s investment climate rather than focusing solely on its legal status. Among other proposals, he suggested reducing the corporate tax rate to 25% to improve competitiveness with regional economies and remove disincentives for businesses to incorporate formally. He also advocated phasing out parallel taxation regimes by merging Section 113, Alternate Corporate Tax (ACT), and withholding tax-based minimum tax into a single transparent minimum tax system with low rates and carry-forward provisions. Patel further proposed targeted tax incentives for listed companies to encourage transparency and attract large private businesses to the capital market. Tax experts at the seminar said reforms aimed at simplifying the tax structure and lowering the burden on compliant sectors could help improve investor confidence and support economic growth.
PM COMMITTEE RECOMMENDS GROWTH-ORIENTED TAX MEASURES IN BUDGET 2026-27
Date: 2026-05-15
Details: Written by Mrs. Anjum Shahnawaz Committee stresses balanced fiscal policies to broaden tax base and support investment growth A committee constituted by Shehbaz Sharif has recommended growth-oriented tax measures for the upcoming federal budget 2026-27, as the government seeks to strengthen revenue collection while supporting economic expansion. The committee met on Thursday under the chairmanship of Ishaq Dar to continue deliberations on tax policy proposals for the forthcoming budget. According to officials, the committee reviewed progress on multiple proposals and emphasized the need for balanced measures aimed at broadening the tax base, increasing revenue generation, and encouraging investment and economic growth. The committee reiterated that the government’s priority was to introduce growth-oriented policies that enhance revenues without placing additional burden on compliant taxpayers. Participants discussed various taxation proposals and examined measures designed to improve fiscal stability while maintaining support for businesses and investors. The meeting was attended by Ahad Cheema, SAPM Tariq Bajwa, Bilal Azhar Kiyani, the finance secretary, chairman of the Federal Board of Revenue, and senior officials from relevant ministries. The recommendations come as the government prepares the federal budget for fiscal year 2026-27 amid efforts to stabilize the economy, improve tax collection, and maintain growth momentum. Analysts said the upcoming budget is expected to focus on expanding the tax net, improving compliance, and supporting key sectors of the economy while balancing commitments linked to fiscal reforms.
S&P 500, NASDAQ HIT RECORD HIGHS
Date: 2026-05-15
Details: Published May 15, 2026 Updated about 2 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq touched fresh intraday record highs on Thursday, powered by Nvidia’s gains and another rally in technology shares, as investors assessed fresh economic data and a high-stakes US-China summit. Nvidia rose 3.9 percent, giving the chipmaker a market valuation of about USD5.7 trillion, after Reuters reported citing sources that the US has cleared about 10 Chinese firms to buy its second-most powerful AI chip, the H200. The gains fueled a weeks-long rally in technology stocks, especially chipmakers, that has helped drive Wall Street to repeated records despite lingering concerns over the Middle East conflict. “Nvidia has clearly been a big beneficiary, both from the China announcement and from the broader artificial intelligence theme,†said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “The underlying AI theme and trend is real — we just think investors may be pulling a little too much forward from the future.†Meanwhile, Cisco soared 14.4 percent to an all-time high after the tech networking giant said it would cut nearly 4,000 jobs as part of a restructuring, and raised its annual revenue forecast after a surge in hyperscaler orders. US retail sales increased 0.5 percent in April, in line with estimates, but some of the rise in receipts was likely due to higher inflation as the war with Iran boosted prices of energy products and other commodities. Additionally, the number of Americans filing claims for unemployment benefits increased moderately last week, pointing to a stable labor market. At 12:08 p.m. ET, the Dow Jones Industrial Average rose 492.38 points, or 0.99 percent, to 50,185.58, the S&P 500 gained 71.35 points, or 0.96 percent, to 7,515.60 and the Nasdaq Composite gained 294.47 points, or 1.12 percent, to 26,696.82. The Dow was hovering near its all-time high. Seven of the eleven main S&P 500 sectors were in positive territory, with technology leading gains, rising 2.1 percent. Software shares, which have struggled this year, also advanced. The S&P 500 software index rose 1.4 percent, though it remained down 16.3 percent year-to-date. Financials gained 0.7 percent, with asset managers also moving higher. Apollo Global, Blackstone and Ares Management rose between 3.3 percent and 4 percent. Investors were also watching the US-China summit, where Chinese President Xi Jinping told President Donald Trump at the start of two days of talks that trade negotiations were making progress. Xi, however, warned that tensions over Taiwan could put relations on a dangerous path and even risk conflict.
ASIAN EQUITIES RISE ON AI, TRUMP-XI SUMMIT IN FOCUS
Date: 2026-05-15
Details: Published May 15, 2026 Updated about 2 hours ago By Reuters BENGALURU: Most emerging Asian equity markets rose on Thursday as artificial intelligence-led optimism boosted sentiment, while currencies edged down against a firm dollar ahead of the much-anticipated US-China summit. MSCI’s EM Asia equities gauge rose 0.8 percent, helped by a 1.8 percent gain in South Korea’s KOSPI and a 0.9 percent jump in Taiwan stocks. The two tech-heavy markets account for about 40 percent of the MSCI index. A sustained boom in artificial intelligence has lifted regional chipmakers, with Samsung Electronics surging more than 3 percent to a record high, while rival SK Hynix neared the USD1 trillion market capitalisation mark. “Strong performance among Asian AI/Semiconductors stocks has been providing support for the Asian equity markets,†said Poon Panichpibool, a market strategist at Krung Thai Bank, while warning that downside risks from stretched valuations remain. The ongoing high-stakes summit between US President Donald Trump and China’s Xi Jinping has yielded few surprises so far, with Xi saying that trade talks were making progress at the start of a two-day meeting. “I think the market players remain hopeful about the Trump-Xi summit which could de-escalate the Middle East conflict and further facilitate the US-Iran peace talk,†said Panichpibool, pointing to the broadly neutral to mildly bullish sentiment across Asian markets. While investors initially saw scope for economic gains, analysts doubt Beijing will pressure Tehran too hard or scale back strategic support for Iran, seen as a counterweight to the United States, leaving the geopolitical outlook uncertain. The summit also touched on Taiwan, with Xi warning disagreements could trigger regional conflict. China’s yuan, both onshore and offshore, rose to three-year highs against the dollar, while the Shanghai Composite index fell 1.5 percent. Philippine stocks climbed 1.2 percent, a day after gunshots erupted at the Senate. Jollibee Foods was among the top performers with a 3.7 percent rise, after losing nearly 17 percent over the last two sessions on declining profits, an uncertain outlook and its removal from MSCI’s Philippine global standard index. Meanwhile, Bangkok’s SET Index rose 1.1 percent for a second consecutive session, after the country’s finance minister indicated that economic growth could exceed 3 percent within the next one to two years. In currencies, the South Korean won heldat 1,488.32 a dollar, while the Malaysian ringgit and Taiwan dollar were little changed.
REGIONAL SITUATION CREATES TRADE OPPORTUNITIES FOR KARACHI: VIETNAM ENVOY
Date: 2026-05-15
Details: Published May 15, 2026 Updated 10 minutes ago By Recorder Report KARACHI: Ambassador of Vietnam to Pakistan Pham Anh Tuan has said that evolving geopolitical and trade dynamics in the region have created new opportunities for Pakistan, particularly for Karachi, which possesses the potential to rapidly emerge as a regional trade and logistics hub owing to the strategic importance of Karachi Port. Speaking during his visit to Karachi Chamber of Commerce & Industry (KCCI), Ambassador Pham Anh Tuan observed that disruptions in global supply chains due to ongoing tensions in the Middle East and the broader US-Israel-Iran conflict have compelled businesses worldwide to explore alternative trade and trans-shipment routes. In this scenario, Karachi Port could play a vital role in connecting regional markets, particularly the Middle East, through enhanced maritime and trans-shipment activities. The meeting was also attended by Head of Vietnam Trade Mission in Karachi Nguyen Thi Diep Ha, President KCCI Muhammad Rehan Hanif, Senior Vice President KCCI Muhammad Raza, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Ahsan Arshad Sheikh and members of the KCCI Executive Committee. Ambassador Pham Anh Tuan stated that this was his second visit to Karachi and also his second interaction at KCCI, which reflected the importance attached by the Vietnamese Embassy to strengthening engagement with Pakistan’s business community, particularly through KCCI which plays a pivotal role in promoting bilateral economic cooperation. Highlighting Vietnam’s economic progress, the Ambassador noted that Vietnam remains one of Asia’s fastest-growing economies. He said that Pakistan and Vietnam enjoy longstanding friendly relations encompassing political, economic and cultural cooperation. Referring to bilateral trade, he noted that trade volume between the two countries stood at approximately USD850 million, which, despite remaining stable over recent years, still falls significantly short of its actual potential. The Ambassador further informed that both countries have initiated discussions on a Preferential Trade Agreement (PTA), which would substantially benefit the business communities of both sides. Under the proposed PTA framework, tariffs on more than 100 product lines are expected to be reduced to zero, thereby creating new avenues for bilateral trade expansion and industrial collaboration. He added that negotiations are progressing positively and both governments are actively pursuing the agreement. Emphasizing the need for stronger business-to-business interaction, Ambassador Pham Anh Tuan invited KCCI to send a high-powered trade delegation to Vietnam to explore investment opportunities, joint ventures and commercial partnerships. “Let us work together to further strengthen engagement between the business communities of both countries and take Pakistan-Vietnam relations to new heights through collective and collaborative efforts,†he added. Earlier, President KCCI Muhammad Rehan Hanif, while welcoming the Vietnamese delegation, stated that KCCI attaches immense importance to strengthening economic relations between Pakistan and Vietnam. He informed that KCCI, being the country’s largest chamber with over 30,000 direct members and representation from seven industrial zones of Karachi, serves as the principal voice of Pakistan’s business and industrial community. Karachi contributes over 65 percent revenue to the national exchequer and accounts for more than 52 percent of Pakistan’s exports, making it the country’s foremost industrial and commercial hub. He observed that Pakistan and Vietnam enjoy cordial bilateral relations founded on mutual respect, cooperation and shared aspirations for economic prosperity. However, despite encouraging progress in bilateral trade relations over the years, the existing trade volume remains far below the true potential available to both economies. He noted that Vietnam has emerged as a remarkable success story in Asia through rapid industrialization, export-led growth, manufacturing excellence and economic reforms, while Pakistan offers tremendous opportunities in textiles, agriculture, pharmaceuticals, leather products, sports goods, surgical instruments, information technology, food processing and several other sectors. President KCCI emphasized that enhanced interaction between the business communities of both countries could open new avenues for trade, investment, technology transfer, industrial collaboration and joint ventures. He appreciated the efforts of the Vietnam Trade Mission in facilitating closer business-to-business connectivity and reaffirmed KCCI’s commitment to promoting stronger international trade relations and exploring new global markets for Pakistani businesses. Copyright Business Recorder, 2026
MINISTER URGED TO UNLOCK FULL EXPORT POTENTIAL OF LEATHER INDUSTRY
Date: 2026-05-15
Details: Published May 15, 2026 Updated 8 minutes ago By Recorder Report ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, on Thursday held a detailed consultative meeting with representatives of Pakistan’s leather industry to discuss export performance, competitiveness challenges, taxation pressures, market access issues, and reform proposals aimed at strengthening industrial growth and export potential. During the meeting, industry representatives highlighted that despite Pakistan’s strong livestock base, well-established manufacturing expertise, and significant export capacity in leather garments, gloves, footwear, handbags, and other value-added products, the sector continues to face multiple structural constraints. They pointed out that high production costs, fragmented compliance requirements, and elevated taxation levels are undermining the industry’s global competitiveness. The delegation expressed serious concerns over the cumulative burden of multiple inspections, approvals, certifications, and taxation imposed by federal, provincial, and municipal authorities. They stressed the need for a simplified and harmonized compliance framework, along with the introduction of a one-window taxation system to improve ease of doing business and reduce operational inefficiencies. Rising cost of doing business remained a key concern, with stakeholders highlighting difficulties in import financing and high duties on industrial raw materials. According to participants, these factors are adversely affecting export competitiveness and constraining the sector’s expansion in international markets. The industry also presented preliminary budget proposals, including tariff rationalization, reduction in duties on raw materials, and tax relief measures for export-oriented units. Participants emphasized that exporters require facilitation across the broader industrial ecosystem, including affordable access to inputs, improved financing facilities, enhanced market access, and greater regulatory efficiency. They further underscored the untapped export potential of Pakistan’s leather sector, citing opportunities linked to the country’s large livestock base, value chain expansion, and deeper penetration into regional and global markets. Federal Minister Jam Kamal Khan acknowledged the concerns raised by stakeholders and stated that improving Pakistan’s export competitiveness would require both immediate facilitation measures and long-term structural reforms in taxation, market access, financing, and industrial productivity. He reaffirmed the Ministry of Commerce’s commitment to continued engagement with industry stakeholders to advance practical reforms and strengthen export-oriented manufacturing sectors. The meeting concluded with a consensus on sustained public-private collaboration to address sectoral bottlenecks and unlock the full export potential of Pakistan’s leather industry. Copyright Business Recorder, 2026
OIL PRICES RISE MORE THAN 3% AMID FEARS OF RENEWED US-IRAN COMBAT
Date: 2026-05-15
Details: Published May 15, 2026 Updated about 8 hours ago By Reuters HOUSTON: Oil prices gained more than 3% on Friday, climbing over $3 a barrel after comments from U.S. President Donald Trump and Iran’s foreign minister further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz. Brent crude futures gained $3.24, or 3.06%, to $108.96 a barrel by 10:49 a.m. CDT (1549 GMT). U.S. West Texas Intermediate futures were up $4.13, or 4.08%, at $105.03. Over the week, Brent has climbed 7.54% and WTI 9.7% on uncertainty over the shaky ceasefire in the Iran conflict. “The tone between the U.S. and Iran has once again become significantly more confrontational. While the ceasefire holds, hopes for a swift reopening of the Strait of Hormuz have faded,†Commerzbank analysts said. Iran has “no trust†in the U.S. and is only interested in negotiating with Washington if it is serious, foreign minister Abbas Araqchi said on Friday, adding that Iran is prepared to go back to fighting but also prepared for diplomatic solutions. Trump said he was running out of patience with Iran and that he had agreed with Chinese President Xi Jinping that Iran cannot be allowed to have a nuclear weapon and must reopen the Strait of Hormuz. President Xi did not comment on his discussions with Trump about Iran, though China’s foreign ministry issued a statement. “This conflict, which should never have happened, has no reason to continue,†the ministry said. Among deals the market was looking for from the U.S.-China summit, Trump said China wants to buy oil from the United States. Trump also said he could lift sanctions on Chinese companies that buy Iranian oil. “Market focus is back on the deadlock and a blockaded Strait of Hormuz, with a tail risk of renewed military escalation,†said Vandana Hari, founder of oil market analysis provider Vanda Insights. Iran’s Revolutionary Guards said that 30 vessels had crossed the Strait of Hormuz between Wednesday evening and Thursday, still far short of the 140 a day that was typical before the war, but a substantial increase if confirmed. “An increasing number of vessels are filtering through the Strait … although currently this has a more tangible impact on sentiment than on the actual oil balance,†said PVM analyst Tamas Varga. The strait’s closure comes at a time when reserves are running thin. “The world has consumed its oil safety net at a historic rate,†Phil Flynn, senior analyst with Price Futures Group, said in a note. “While strategic releases and demand reduction have prevented immediate chaos, the margin for error is shrinking rapidly. A prolonged closure of the Strait of Hormuz points toward tighter physical markets, potential refined product shortages, and upward pressure on prices in the coming weeks and months.†Shipping analytics firm Kpler said on Thursday that 10 ships had sailed through the strait in the past 24 hours, compared with the five to seven that have crossed daily in recent weeks. “Crude is trading higher on a combination of the Trump-Xi meeting doing little to bring us closer to a reopening of the Strait of Hormuz, and continued Ukrainian attacks on Russian refineries,†said Saxo Bank analyst Ole Hansen.
FBR TO LAUNCH AI-BASED SYSTEM TO CHECK FALSE DATA IN TAX RETURNS THROUGH FINANCE BILL 2026
Date: 2026-05-14
Details: Written by Shahnawaz Akhter Government plans technology-driven tax reforms to curb evasion and improve transparency Islamabad: The Federal Board of Revenue (FBR) is planning to introduce an AI-based tax system through the upcoming Finance Bill 2026 to identify false information in tax returns and strengthen enforcement against tax evasion. The proposal was discussed during a high-level meeting in Islamabad chaired by Federal Minister for Economic Affairs Ahad Cheema to review tax enforcement measures for the federal budget 2026-27. The meeting was attended by Federal Minister for Climate Change Musadik Malik, Advisor to the Prime Minister on Industries and Production Haroon Akhtar Khan, Minister of State for Finance Bilal Azhar Kayani, FBR Chairman Rashid Mahmood Langrial, Attorney General for Pakistan Mansoor Usman Awan, and senior officials. AI-based monitoring system under consideration During the briefing, FBR officials presented several proposals aimed at reducing the tax gap, curbing underreporting, preventing under-invoicing, and controlling smuggling activities. Among the major proposals was the introduction of an AI-based tax system capable of detecting false declarations and suspicious transactions in tax returns through automated digital monitoring mechanisms. Officials said the proposed system would help strengthen oversight, minimize tax fraud, and improve documentation in the economy through technology-driven enforcement tools. E-auction system for confiscated goods proposed The meeting also discussed plans to introduce an electronic auction system for confiscated customs goods to improve transparency and efficiency in the disposal process. According to officials, the digital auction mechanism would reduce manual intervention and enhance accountability within customs operations. Government seeks business-friendly reforms Federal Minister Ahad Cheema emphasized that the government intends to implement tax reforms while maintaining a business-friendly environment and supporting economic growth. He stated that the government supports a tax administration framework with minimum human interaction to improve transparency and reduce opportunities for corruption and discretionary practices. “All reforms should be practical, technology-oriented and capable of delivering effective results,†the minister said during the meeting. Focus on digital transformation of tax administration Participants agreed that digitally automated systems and technology-based solutions are essential for modernizing Pakistan’s tax administration system. The government reiterated its commitment to: • Broadening the tax base • Improving revenue collection • Enhancing transparency • Reducing tax evasion • Promoting sustainable economic growth The proposed AI-based tax system is expected to become one of the major reform initiatives under the Finance Bill 2026 as Pakistan moves toward digital tax enforcement and automated compliance monitoring.
FBR TAX-TO-GDP RATIO SLIPS IN 9MFY26 DESPITE 10% REVENUE GROWTH
Date: 2026-05-14
Details: Written by Shahnawaz Akhter Pakistan’s tax collection rises to Rs9.31 trillion but tax-to-GDP ratio declines ISLAMABAD – The tax-to-GDP ratio based on revenue collection by the Federal Board of Revenue (FBR) declined during the first nine months of fiscal year 2025-26 despite a 10% increase in overall tax collection. According to data released by the finance ministry, the FBR tax-to-GDP ratio slipped to 7.19% in 9MFY26 compared to 7.62% recorded during the corresponding period of the previous fiscal year. FBR collects Rs9.31 trillion in 9MFY26 The FBR collected Rs9.31 trillion during July-March FY26, compared to Rs8.45 trillion collected during the same period of FY25. The figures reflect an increase of around 10% in tax revenues on a year-on-year basis. However, the decline in the tax-to-GDP ratio indicates that economic expansion outpaced the growth in tax collection during the period under review. GDP expansion lowers tax ratio According to the official figures, Pakistan’s GDP size was estimated at Rs129.57 trillion in 9MFY26 compared to Rs114.69 trillion in 9MFY25. Although tax revenues increased significantly, the larger expansion in GDP resulted in a lower ratio of tax collection relative to the size of the economy. Economists often view the tax-to-GDP ratio as a key indicator of a country’s fiscal capacity and efficiency in revenue mobilization. Direct taxes record strong growth The FBR’s collection of direct taxes increased to Rs4.64 trillion during the first nine months of FY26 compared to Rs4.13 trillion in the same period of the previous fiscal year. The increase reflects higher income tax collection and improved enforcement measures implemented by tax authorities. Indirect tax collection also rises Meanwhile, indirect tax collection rose to Rs4.67 trillion in 9MFY26 compared to Rs4.32 trillion recorded a year earlier. Indirect taxes include sales tax, customs duties and federal excise duties, which continue to contribute significantly to Pakistan’s overall revenue structure. Challenges remain for tax reforms Despite the growth in overall revenue collection, the decline in the tax-to-GDP ratio highlights ongoing structural challenges in Pakistan’s taxation system, including narrow tax base, undocumented economic activity and limited compliance levels. The government and international financial institutions, including the International Monetary Fund (IMF), have repeatedly emphasized the need for broad-based tax reforms to improve revenue generation and strengthen fiscal sustainability. Analysts say improving the tax-to-GDP ratio remains critical for reducing Pakistan’s reliance on borrowing and supporting long-term macroeconomic stability.
INDIAN SHARES SNAP 4-SESSION LOSING RUN
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago MUMBAI: Indian shares rose on Wednesday after four sessions of steep losses, led by gains in gold and silver ETFs after a hike in import tariffs, though high crude prices and persistent foreign outflows limited gains. The Nifty 50 rose 0.14 percent to 23,412.60, while the BSE Sensex added 0.07 percent to 74,608.98. Ten of the 16 major sectors logged gains. The small-caps and mid-caps rose 0.3 percent and 0.8 percent, respectively. The Nifty and Sensex had lost about 4 percent each over the past four sessions as the US-Iran deadlock pushed crude prices higher and heightened concerns over the economic fallout from the conflict. “Near-term market trajectory will be driven by oil, inflation trends and Iran war developments, while the environment and dip-buying reflects selective risk-taking than broad-based optimism,†said PL Capital.
S&P 500 HOLDS NEAR RECORD HIGHS AS TECH BOOST OFFSETS HOT INFLATION DATA
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago NEW YORK: The S&P 500 hovered near its record highs on Wednesday as chip stocks and megacap tech shares rose, even though hot producer prices data reinforced bets that the Federal Reserve would keep monetary policy restrictive. Alphabet and Tesla climbed 2.6 percent and 3.6 percent, respectively. The Philadelphia SE Semiconductor index was last up 2.3 percent and testing a new record high, bouncing back from a selloff in the previous session. US producer prices increased more than expected in April, posting their biggest gain since early 2022, the latest indication that inflation was accelerating amid the war with Iran. The data comes a day after US consumer inflation posted the sharpest increase in three years in April and knocked the S&P 500 and the Nasdaq from their record highs. “Frankly, inflation pressures were already percolating before the Iran conflict, and while much of the damage can be undone if we get a quick resolution, today’s PPI print is a reminder of the level and intensity of the coming price pressures at the consumer level,†said Steve Wyett, chief investment strategist at BOK Financial. Traders now expect the Fed to stay on hold all through the year and a 34.3 percent chance of a rate hike by December, compared with an around 15 percent chance seen a week ago, according to the CME FedWatch Tool. Markets are expecting a potentially more hawkish central bank under Kevin Warsh, whom the Senate confirmed to the board on Tuesday and could move to approve as chair as soon as Wednesday. Jerome Powell’s term ends on Friday. Meanwhile, President Donald Trump landed in Beijing accompanied by an entourage that included Nvidia’s Jensen Huang and Elon Musk, after pledging to urge China’s Xi Jinping to “open up†to US business at the start of their two-day summit. Trump had said ahead of the high-stakes summit that he did not expect to ask Xi to help resolve the conflict with Tehran. Wall Street has been wary that a prolonged conflict could keep energy prices elevated, adding to inflationary pressures and complicating the US Federal Reserve’s policy decisions.
MOST GULF MARKETS FALL WITH IRAN CEASEFIRE IN FOCUS
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago DUBAI: Most Gulf stock markets ended lower on Wednesday, as investors monitored a fragile Middle East ceasefire and the upcoming high-stakes meeting in China between US President Donald Trump and Chinese President Xi Jinping. US Treasury Secretary Scott Bessent has said that the two presidents will discuss the Iran war, and urged China to “join us in this international operation†to open the Strait of Hormuz to international shipping. But while Beijing worked behind the scenes to convince Iran to hold peace talks with the US in Pakistan last month, analysts say it would not act solely at Washington’s behest. Saudi Arabia’s benchmark index fell 0.2 percent, hit by a 2.1 percent slide in Saudi Arabian Mining Company.
PAAPAM SEEKS MORE INDUSTRIAL LAND
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (Paapam) has urged the Punjab government to ensure adequate availability of industrial land for the province’s auto parts and engineering sector, citing growing challenges faced by manufacturers. In a formal appeal, the association stated that the industry, with major clusters in Lahore, Sialkot and Gujranwala, supplies precision-engineered components for tractors, passenger cars, motorcycles and defence vehicles, while also contributing significantly to the country’s exports. The Paapam said limited access to industrial land, delays in plot allotments and what it described as unjustified plot cancellations were hampering the sector’s growth and expansion. The association appealed to Maryam Nawaz to expedite pending allotments and expand industrial estates by at least 20,000 acres every alternate year to meet the industry’s future requirements. The Paapam also proposed the establishment of Plug and Play Industrial Units for small and medium enterprises (SMEs) and Cottage Business Residence Parks aimed at promoting inclusive industrial growth. Chairman Usman Aslam Malik said improved access to industrial land would help attract new investment and generate thousands of employment opportunities across Punjab. Copyright Business Recorder, 2026
OPEC CUTS 2026 GLOBAL OIL DEMAND GROWTH FORECAST
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago LONDON: OPEC on Wednesday lowered its forecast for global oil demand growth in 2026, joining other forecasters such as the International Energy Agency in cutting expectations due to the Iran war. The producer group sees a smaller hit to demand than the IEA, which earlier on Wednesday increased its estimate of the decline in oil use this year. OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The war has effectively closed the Strait of Hormuz, a key global oil route, curbing millions of barrels of Middle East output and sending fuel prices soaring. The surge is hitting consumers and businesses, and prompting government steps to conserve supplies. READ MORE: OPEC oil output hits new low in April on Hormuz export disruption, Reuters survey finds World oil demand will rise by 1.17 million barrels per day in 2026, OPEC said, down from 1.38 million bpd expected previously. For 2027, OPEC expects oil demand to rise by 1.54 million bpd, up 200,000 bpd from the previous forecast. “The global economic growth continues to show resilience for this year despite geopolitical tensions, particularly in the Middle East,†OPEC said, leaving its economic growth forecasts unchanged. Global oil demand is expected to average 104.57 million bpd in the second quarter, down from the 105.07 million bpd forecast last month, OPEC said. The previous report had already cut the second-quarter estimate by 500,000 bpd. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, had agreed to resume output increases from April, but the closure of Hormuz has made it impossible to deliver on the deal. The report said output fell further in April. OPEC+ crude output averaged 33.19 million bpd in April, down 1.74 million bpd from March, the report said, citing secondary sources OPEC uses to monitor its production. The April figure includes the United Arab Emirates, which left OPEC on May 1.
OIL SETTLES LOWER ON US RATE HIKE FEARS
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago HOUSTON: Oil prices settled lower on Wednesday as investors worried about possible US interest rate hikes and awaited updates on a high-stakes summit in Beijing between US President Donald Trump and China’s Xi Jinping. Brent crude futures closed down USD2.14, or 2 percent, to USD105.63 a barrel. US West Texas Intermediate futures fell USD1.16, or 1.14 percent, to USD101.02. Boston Federal Reserve President Susan Collins said on Wednesday the US central bank may need to raise interest rates if inflation pressures do not abate, a sign that the war has begun to weigh on the US economy. Higher oil prices have pushed up fuel costs and economists expect to see effects in the months ahead. US producer prices in April posted their biggest increase in four years, boosted by soaring costs for goods and services, the latest sign of accelerating inflation during the war with Iran. In April, US consumer prices rose sharply for a second straight month, producing the largest annual increase in inflation in nearly three years. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Trump landed in Beijing on Wednesday, a day after saying he did not think he would need China’s help to end the war, even as prospects for a lasting peace deal weakened and Tehran tightened its grip over the Strait of Hormuz. China is the biggest buyer of Iranian oil despite sanctions pressure from the Trump administration. Trump is scheduled to meet Xi on Thursday and Friday. “There is likely to be some structural tightness (in the oil market) for at least the balance of this year,†said Rystad analyst Janiv Shah. OPEC on Wednesday lowered its forecast for world oil demand growth in 2026. The International Energy Agency said global oil supply would not meet total demand this year as the war wreaks havoc on Middle East production. US crude stocks fell by 4.3 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.1-million-barrel draw, the US Energy Information Administration said. Gasoline stocks fell by 4.1 million barrels in the week, compared with analysts’ expectations in a Reuters poll for a 2.9-million-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 0.2 million barrels versus expectations for a 2.7-million-barrel drop. The data briefly boosted oil futures. On Tuesday, oil prices rose more than 3 percent as hopes for a lasting US-Iran ceasefire faded, dimming prospects for reopening the Strait of Hormuz. Iran’s Foreign Minister Abbas Araqchi said on Wednesday that Kuwait had “unlawfully†attacked an Iranian boat and detained four Iranian citizens in the Gulf. He added that Tehran demands their release and reserves the right to respond.
US NATURAL GAS FUTURES HIT SIX-WEEK HIGH AS OUTPUT DECLINES
Date: 2026-05-14
Details: Published May 14, 2026 Updated about 2 hours ago NEW YORK: US natural gas futures climbed about 3percent to a six-week high on Wednesday on forecasts for more demand than previously expected and a continued decline in output in recent days. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 8.1 cents, or 2.8percent, to USD2.924 per million British thermal units (mmBtu), putting the contract on track for its highest close since March 27. In the cash market, average gas prices at the Waha Hub in West Texas have remained in negative territory for a record 68 days in a row as pipeline constraints trap gas in the Permian region, the nation’s biggest oil-producing shale basin. In the West, mild weather and ample hydropower supplies cut next-day power prices at the Mid Columbia hub in Oregon to their lowest since June 2022 and pushed spot power at South Path 15 in Southern California into negative territory for a ninth time so far this year. LSEG said average gas output in the US Lower 48 states slid to 109.3 billion cubic feet per day (bcfd) so far in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. On a daily basis, output was on track to drop by 3.8 bcfd over the past four days to a preliminary 15-week low of 106.4 bcfd on Wednesday due mostly to declines in Texas and Louisiana. Preliminary data is often revised later in the day. Output has fallen in recent weeks as low spot prices caused some energy firms, like EQT, the second-largest US gas producer, to reduce production as they wait for prices to rise in the future. Analysts said mild weather earlier this spring allowed energy firms to inject more gas into storage than usual so far this year. But, they noted, recent output declines coupled with higher demand from near-normal weather likely reduced the inventory surplus to around 6percent above normal during the week ended May 7, down from 7percent above during the week ended May 1. Meteorologists forecast the weather will remain mostly near normal through May 28. LSEG projected average gas demand in the Lower 48 states, including exports, would hold around 98.9 bcfd this week and next. Those forecasts were higher than LSEG’s outlook on Tuesday. Average gas flows to the nine big US LNG export plants fell from a monthly record high of 18.8 bcfd in April to 17.2 bcfd so far in May due in part to maintenance at several plants, including Freeport LNG in Texas and Cameron LNG in Louisiana.
FBR ISSUES NEW IMPORT VALUES FOR SOLAR PANELS
Date: 2026-05-13
Details: Federal Board of Revenue on Tuesday issued fresh import values for solar panels for the assessment of customs duty and taxes on imported consignments. The new values were notified by the Directorate General of Customs Valuation through Valuation Ruling No. 2077/2026 under Section 25A of the Customs Act, 1969. According to the ruling, the revised valuation replaces Valuation Ruling No. 2012/2025 issued on July 18, 2025. International price increase prompts revision Customs authorities said the previous valuation had become outdated due to a significant increase in international solar panel prices over the past year. The FBR stated that officials conducted a detailed analysis of import data, declared values, assessed values and prevailing international market prices before revising the customs values. Authorities also held a meeting with stakeholders on April 27, 2026 to gather feedback and documentary evidence regarding current market conditions. New customs values for imported solar panels Under the revised ruling, the customs values for solar panels have been fixed as follows: • Solar Panels from Tier-I manufacturers: US$0.105 per watt • Solar Panels from manufacturers other than Tier-I: US$0.095 per watt The ruling applies to imports under PCT Code 8541.4300 from all origins. Tier-I manufacturers list specified The FBR clarified that the higher customs value of US$0.105 per watt will apply to imports from Tier-I manufacturers listed in Bloomberg NEF’s Global PV Market Outlook for the first quarter of 2026 and fourth quarter of 2025. The list includes major global solar brands such as: • Jinko Solar • LONGi • Trina Solar • JA Solar • Canadian Solar Lower assessment for SKD imports The valuation ruling further stated that solar panels imported in semi knocked down (SKD) condition will be assessed at 12.5 percent lower than the notified customs values. The FBR also clarified that where declared invoice values are higher than the notified customs values, customs duty and taxes will be charged on the higher declared amount. Officials said the revised valuation aims to ensure more accurate assessment of imported solar products in line with prevailing international market prices.
WALL ST FALLS AS HOT INFLATION, IRAN TENSIONS WEIGH
Date: 2026-05-13
Details: Published May 13, 2026 Updated about 2 hours ago NEW YORK: The S&P 500 and the Nasdaq pulled back from record highs on Tuesday, with technology stocks leading declines, after a hotter-than-expected inflation report and stalled efforts to resolve the Middle East conflict weighed on sentiment. US consumer prices rose at a brisk pace for a second straight month in April, pushing annual inflation to its highest level in nearly three years and reinforcing expectations that the Federal Reserve will keep interest rates unchanged for longer. While a strong earnings season has helped underpin market sentiment in recent weeks, investors remained on edge as negotiations between Washington and Tehran have shown little sign of progress. President Donald Trump said a ceasefire with Iran was “on life support†after Tehran rejected a US proposal to end the conflict, keeping crude prices elevated and fuelling inflation worries. “The market is now looking at the Fed and saying the next move, if there is one, it might be a hike, not a cut. And that certainly would be a change of framework for the markets,†said Scott Welch, chief investment officer of Certuity. Ahead of the war, traders had expected two rate cuts, per CME Group’s FedWatch Tool, but currently expect the Federal Reserve to keep interest rates steady through the end of the year. At 12:30 p.m. ET, the Dow Jones Industrial Average fell 177.42 points, or 0.36percent, to 49,527.05, the S&P 500 lost 65.48 points, or 0.88percent, to 7,347.36 and the Nasdaq Composite lost 448.73 points, or 1.71percent, to 25,825.79. Technology stocks were a big drag on the markets on Tuesday, with chip stocks that have skyrocketed in recent days falling sharply. The Philadelphia SE Semiconductor index tumbled almost 6percent but still remained up about 50percent so far this quarter. The sector was also knocked by news that South Korea’s presidential policy adviser Kim Yong-beom floated an idea of “citizens dividendâ€, as he argued in a social media post that excess earnings in the era of AI should be redistributed to all citizens. “There’s been such a remarkable rally in the semiconductor and mega cap tech stocks over the last several weeks, that I think investors are starting to take some profits,†Welch added. Intel tumbled 9.7percent after climbing more than 17percent over the previous two sessions, while Qualcomm dropped 13.7percent after hitting a record high on Monday. Looking ahead, markets are keeping a close eye on Trump’s visit to China, which begins on Wednesday, with expectations low for progress on Iran or on the trade front. Among other movers, Zebra Technologies jumped 16.8percent after the barcode scanner maker raised its annual sales growth forecast, betting on robust demand for its products that help automate manufacturing workflows.
CHINA STOCKS END LOWER ON PROFIT-TAKING
Date: 2026-05-13
Details: Published May 13, 2026 Updated about 2 hours ago SHANGHAI: China stocks edged lower from an 11-year high on Tuesday, as investors took profits and turned their focus to a highly anticipated meeting between the world’s two largest economies this week. Hong Kong shares were also down. China’s blue-chip CSI300 Index ended 0.1percent lower, while the Shanghai Composite Index lost 0.3percent. Hong Kong benchmark Hang Seng was down 0.2percent. US President Donald Trump is set to meet his Chinese counterpart Xi Jinping on May 14-15, the first since they paused a bruising trade war in October. China and the United States should take a long-term view and allow trade to continue serving as “the ballast and propeller†of bilateral relations, while constantly opening up new areas for cooperation, state media said in an editorial on Tuesday. Consumer staples and rare earth shares fell 1.5percent and 3.2percent, respectively, leading declines onshore. UBS analyst Meng Lei said a recovery in earnings growth and various liquidity support measures will continue to drive onshore shares’ upward momentum. The Shanghai Composite Index’s breakthrough of a key psychological level of 4200 points is not an endpoint, but rather a step in the market’s ongoing upward trajectory as it breaks through successive resistance levels, Meng said. Onshore artificial intelligence shares rose 0.8percent against a broad decline. Semiconductor shares extended gains, up 0.5percent, to a record high. Chinese short-video platform Kuaishou Technology’s stock jumped as much as 11percent on a report that the firm plans to spin off Kling AI. Materials and energy shares rose in Hong Kong, up 1.1percent and 1.4percent, respectively. Tech majors fell 0.7percent.
APTMA URGES PUNJAB GOVT TO WITHDRAW PIDC BILL 2026
Date: 2026-05-13
Details: Published May 13, 2026 Updated about an hour ago ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has urged the Punjab government to withdraw the Punjab Infrastructure Development Cess (Amendment) Bill 2026, calling for a complete review of the levy mechanism in consultation with industrial stakeholders. In a letter addressed to Chief Minister Maryam Nawaz Sharif, APTMA Chairman Kamran Arshad expressed “deep concerns and reservations†over the bill passed by the Punjab Assembly on May 6, 2026, stating that it has triggered shock, dismay, and distress across the business community in the province. APTMA noted that the bill imposes a cess on “all goods manufactured, produced, consumed, imported into Punjab or exported out of Punjab at the rate of 0.90 percent of the total value of such goods.†It warned that the levy would significantly increase costs for industries in Punjab, particularly the export-oriented textile sector. The Association emphasized that textile exporters operate in highly competitive international markets with thin margins, where prices are largely dictated by global buyers. The imposition of a 0.90 percent cess at multiple stages — import, manufacturing, consumption, and export — would erode competitiveness and potentially push exporters out of global markets, as the additional cost cannot be passed on to international customers. “This will not only weaken the competitiveness of exports originating from Punjab but may ultimately lead to the closure of industrial units,†the letter stated. APTMA further criticized what it termed “unbridled enforcement powers†granted to cess officers, warning that these provisions could create fear and uncertainty within the business community. “To add insult to injury, excessive enforcement powers have been vested in cess officers, creating panic among trade and industry,†Arshad said, adding that provisions related to the establishment of pickets, check posts, monitoring stations, electronic surveillance, and penalties of up to ten times the cess amount could obstruct the free movement of goods and expose businesses to harassment and bureaucratic high-handedness. The Association also highlighted a disparity between Punjab- and Sindh-based industries, stating that Punjab’s industrial units would effectively face double taxation. While Punjab-based businesses would have to pay cess in both Punjab and Sindh — since most import and export consignments pass through Sindh — industries located in Sindh would pay the cess only once. “This creates an unequal cost structure and places Punjab-based industry at a significant competitive disadvantage,†APTMA maintained. It further pointed out that Punjab has already experienced considerable deindustrialization due to high energy costs and an unfavourable business environment. The new cess, it warned, would further increase the cost of doing business, discourage industrial expansion, and deter investment, particularly in export-oriented sectors. “At a time when Punjab needs to expand its industrial base and boost exports, such measures will increase production costs and undermine competitiveness,†the association added. In view of these concerns, APTMA has called for the immediate withdrawal of the bill and urged the government to revisit the cess framework through meaningful consultation with industry stakeholders to ensure that policy measures do not hinder industrial growth, exports, and investment. Copyright Business Recorder, 2026
CONVERSION OF CCRI LAND INTO GYMKHANA CLUB OPPOSED
Date: 2026-05-13
Details: Published May 13, 2026 Updated about 2 hours ago LAHORE: The Pakistan Cotton Ginners Association (PCGA) and the Pakistan Cotton Brokers Association have jointly opposed the proposed conversion of land belonging to the Central Cotton Research Institute (CCRI), Multan, into a Gymkhana Club, warning that such a move would seriously damage Pakistan’s already fragile cotton research and development framework. In separate appeals to the government, both organizations stressed that CCRI Multan is a historic and specialized institution of national importance that has played a pivotal role in the country’s cotton sector for more than five decades. PCGA Chairman Sham Lal Manglani urged the Punjab chief minister to immediately cancel the proposed project and declare the land of CCRI Multan a “National Agricultural Research Heritage Site.†He said the institute has remained Pakistan’s central cotton research facility since 1970 and has developed over 40 high-quality cotton varieties, many of which are still widely cultivated by farmers. He said CCRI houses Pakistan’s largest cotton gene pool, preserving more than 6,200 germplasm accessions collected from 41 countries, describing it as a valuable national asset for the country’s agricultural and economic security. He added that the institute’s experimental fields, laboratories, and integrated research system are interconnected and cannot be relocated or replaced. Manglani said CCRI Multan had played a crucial role in the country’s bumper cotton crops during 1991-92, 2004-05, and 2014-15, while also representing Pakistan at international forums, including the International Cotton Advisory Committee (ICAC). He warned that further weakening of the institute could force farmers to abandon cotton cultivation, adversely impacting edible oil, livestock feed, milk, meat production, and the broader rural economy. The PCGA demanded immediate cancellation of the proposed Gymkhana Club project, declaration of CCRI as a National Agricultural Research Heritage Site, and release of a special grant of Rs2 billion for revival of the institute and clearance of its liabilities. Meanwhile, Pakistan Cotton Brokers Association Chairman Rana Muhammad Shafqat, in a letter addressed to Prime Minister Muhammad Nawaz Sharif, said the justification that other institutions could substitute the role of CCRI was inconsistent with scientific realities and ground conditions. He stated that CCRI Multan possesses decades of uninterrupted research experience, a rich germplasm repository, and a proven record of developing successful cotton varieties. He maintained that the institute’s dedicated focus on cotton research could not be effectively replaced by general agricultural universities or relatively new institutions with limited achievements in the field. The association highlighted that despite severe financial and resource constraints, institutions operating under the Pakistan Central Cotton Committee had continued to deliver meaningful results, including cotton varieties such as Sitara-547 and CRIS-682, which gained widespread farmer acceptance and contributed positively to recent cotton seasons. Both organizations emphasized that while alternative sites could be identified for a Gymkhana Club in Multan, it would be impossible to relocate decades of cotton genetic research, rare germplasm resources, and the country’s integrated cotton research infrastructure. Copyright Business Recorder, 2026
MOU INKED WITH CHINESE CO: MILLAT TRACTORS ENTERING EV MARKET
Date: 2026-05-13
Details: Published May 13, 2026 Updated about 2 hours ago KARACHI: Millat Tractors Limited (MTL), one of Pakistan’s leading tractor manufacturers, has announced plans to enter the country’s emerging electric mobility sector through a strategic partnership with a Chinese electric bike manufacturer, marking a significant diversification move beyond its traditional agricultural machinery business. In a material information disclosure submitted to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP), the company said a subsidiary of Millat Tractors had signed a Memorandum of Understanding (MoU) with a leading Chinese electric bikes (E-Bikes) manufacturer for the assembly, manufacturing and marketing of electric bikes in Pakistan. The development signals Millat Group’s formal entry into Pakistan’s fast-evolving electric vehicle (EV) market, as the country moves toward cleaner and more energy-efficient transportation under the government’s recently introduced electric vehicle policy framework. According to the company, the collaboration is aimed at establishing local capabilities for the assembly and manufacturing of electric bikes, while also developing a nationwide marketing network to cater to growing consumer demand for affordable and environmentally sustainable transport solutions. Analysts said the agreement is aligned with the Government of Pakistan’s National Electric Vehicle (EV) Policy 2025-30, which seeks to accelerate adoption of electric mobility, reduce reliance on imported fossil fuels, and lower carbon emissions in the transport sector. The company noted that the memorandum marks an important milestone in expanding the group’s product portfolio beyond agricultural equipment and into new mobility technologies, positioning it to capitalize on emerging opportunities in Pakistan’s transportation market. Industry experts say the move comes at a time when Pakistan’s two-wheeler market is witnessing increasing interest in electric alternatives due to high fuel prices, rising urban commuting costs, and growing policy incentives aimed at promoting green transportation. Electric motorcycles and scooters are increasingly being viewed as a cost-effective mobility solution, particularly for urban consumers and delivery services. Millat Tractors Limited, a key player in Pakistan’s farm machinery industry, is widely known for manufacturing tractors and agricultural equipment, and its expansion into electric bikes marks one of the most significant strategic shifts in its business model in recent years. Copyright Business Recorder, 2026
BANKING CUSTOMERS: MOHTASIB PROVIDES OVER RS1.87BN RELIEF IN CY25
Date: 2026-05-12
Details: Published May 12, 2026 Updated about 2 hours ago By Recorder Report KARACHI: The Banking Mohtasib Pakistan (BMP) has provided relief of over Rs 1.87 billion to the banking customers by disposing of 36, 280 complaints against commercial banks during the calendar year 2025. The relief provided in 2025 is 13 percent higher than previous year )2024), in which the monetary relief amounting to Rs 1.65 billion was provided by resolving 27,753 complaints. According to the Banking Mohtasib’s Annual Report for the year 2025, released on Monday, out of 36,280 complaints disposed of during the year, 32,002 complaints were resolved amicably through reconciliation, while 1,973 complaints were decided after a record 2,206 formal hearings held at various centers of the country. In compliance with the legal requirement, the Banking Mohtasib Sirajuddin Aziz has already presented the Annual Report 2025 to the Governor, State Bank of Pakistan, Jameel Ahmad. At least 2,305 complaints were disposed of or rejected being incomplete, frivolous or due to lack of jurisdiction of Banking Mohtasib. During the year under review, 35, 130 complaints were received, while 13, 793 complaints were brought forward from the previous year, according to the Annual Report. Complaints relating to the banking sector received through the Prime Minister’s Portal totaled 7,342 during 2025, compared to 7,193 complaints received in 2024, reflecting a 2 percent increase, while 27,788 complaints were lodged directly with the BMP Office during 2025, showing an increase of 18 percent compared to 23,409 complaints received in the preceding year. According to the Annual Report, there was an overall increase of 15 percent in the total number of complaints received during the year 2025 as compared to 2024. However, a significant improvement 31 percent increase was observed in the disposal of complaints, as pendency of cases was reduced by 8 percent. There was a massive surge of complaints during the year 2025 due to increasing use of digital and electronic platforms as well as the growth in Mobile and Digital applications. According to the breakdown of major complaints, there has been a significant rise in cases related to internet banking, IBFT, e-commerce, mobile apps and digital banking, which increased to 5,345 in 2025 from 4,535 in 2024. Complaints related to fraud also climbed to 4,615 in 2025, compared to 4,171 in 2024. Meanwhile, complaints regarding blockage or dormancy of accounts surged to 4,766 in 2025 from 3,208 a year earlier. Complaints about service inefficiency and delays also rose notably to 3,596 in 2025, up from 2,673 in 2024. On the other hand, complaints related to consumer products, including credit and debit cards as well as personal, auto and agricultural loans, declined to 2,315 in 2025 from 2,871 in 2024. Similarly, complaints pertaining to ATMs also decreased to 1,839 in 2025, compared to 2,144 recorded in 2024. With a view to protecting people from fraudulent activities, which are rampant now a days, the Banking Mohtasib Pakistan, Sirajuddin Aziz emphasized upon the banking customers not to disclose their personal and financial credentials to any third person. On receipt of suspicious calls, they should immediately approach the nearest branch of their bank or contact the Helpline of the bank. Copyright Business Recorder, 2026
SHARES OF INDIAN JEWELLERS SLIDE AFTER MODI URGES PAUSE ON GOLD PURCHASES
Date: 2026-05-12
Details: Published May 12, 2026 Updated 36 minutes ago By Reuters MUMBAI: Shares of Indian jewellery retailers tumbled on Monday after Prime Minister Narendra Modi urged people to refrain from buying gold for a year to protect foreign exchange reserves, stoking fears that tariff hikes to curb imports of the metal may be in the offing. The Iran war has sent oil prices surging and that in turn has resulted in mounting pressure on India’s balance of payments and the rupee. India is the world’s third-largest oil importer and consumer, meeting more than 90percent of its crude oil needs and about half of its natural gas demand through imports. Modi’s remarks about gold on Sunday came in tandem with a range of other measures urged, including fuel conservation, increasing working from home and limits on travel and imports. Gold is in high demand in India, particularly for weddings with gold jewellery seen as a crucial part of a bride’s attire and a popular gift from family and friends. While it is the world’s second-largest gold consumer, India relies on imports to meet nearly all of its demand.
BOFA SETTLES ALLEGATION OF INSIDER TRADING RULE VIOLATION WITH INDIA REGULATOR
Date: 2026-05-12
Details: Published May 12, 2026 Updated 14 minutes ago By Reuters BENGALURU: The Indian investment banking and securities arm of Bank of America agreed to settle allegations of insider trading and merchant banking rule violations with the country’s markets regulator by paying 5.9 million rupees (USD61,903), the Securities and Exchange Board of India said on Monday. In its settlement order, the SEBI stated that a show-cause notice sent to BofA Securities India alleged the firm’s failure to maintain the structured digital database required by insider trading regulations. BofA declined to comment on the settlement order and the allegations. The SEBI said BofA Securities India agreed to settle the proceedings without admitting or denying the alleged violations. In January, REUTERS, citing a regulatory notice, reported that the SEBI had accused BofA Securities India of breaching insider trading rules and internal “Chinese wall†norms in connection with a 2024 share sale. The notice followed a SEBI investigation into BofA Securities India’s role in managing a March 2024 share sale in Aditya Birla Sun Life Asset Management. According to the notice, which was reviewed by REUTERS but not made public, the SEBI found that BofA’s deal team, while in possession of unpublished price-sensitive information related to the share sale, had contacted potential investors “directly/indirectlyâ€. The regulator had also alleged that BofA suppressed material facts and made false statements during the investigation, which was triggered by a whistleblower complaint in 2024.
DUBAI HOLDING UNIT BECOMES EMAAR’S LARGEST SHAREHOLDER
Date: 2026-05-12
Details: Published May 12, 2026 Updated about an hour ago By Reuters DUBAI: Emaar Properties said on Monday that the Investment Corporation of Dubai, the government’s main investment arm, had transferred its entire shareholding in the company to Emirates Power Investment LLC, a subsidiary of Dubai Holding, an investment conglomerate owned by the emirate’s ruler. • Following the transaction, Emirates Power Investment now owns 22.27 percent of Emaar’s total issued shares, according to a company disclosure to the Dubai Financial Market. • Emaar added that Dubai Holding Group’s total shareholding in the developer increased to 29.73 percent, making it the company’s largest shareholder. • The company did not disclose the financial value of the transaction.
OIL PRICES SETTLE HIGHER
Date: 2026-05-12
Details: Published May 12, 2026 Updated about 2 hours ago By Reuters HOUSTON: Oil prices settled almost 3 percent higher on Monday after US President Donald Trump said the ceasefire with Iran was “on life support,†leaving the Strait of Hormuz largely closed with no clear end in sight to the war. Brent crude futures settled up USD2.92, or 2.88 percent, at USD104.21 a barrel. US West Texas Intermediate settled at USD98.07 a barrel, up USD2.65, or 2.78 percent. Brent reached a session high of USD105.99 and WTI hit a peak of USD100.37. Last week, both benchmarks recorded 6 percent weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil to transit through the Strait of Hormuz. But on Monday, Trump said the ceasefire with Iran was “on life support,†after dismissing Tehran’s response to a US peace proposal as “stupid.†Days after Washington floated a proposal aimed at reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, including Lebanon, where US ally Israel is fighting Iran-backed Hezbollah militants. Tehran also demanded compensation for war damage, emphasized its sovereignty over the strait, and called on the US to end its naval blockade, guarantee no further attacks, lift sanctions and remove a ban on Iranian oil sales. Within hours, Trump dismissed Tehran’s offer in a social media post as “totally unacceptable.†“The narrative has changed again from de-escalatory to escalatory in a matter of a few days and oil markets respond to it - although only modestly,†said Florence Schmit, an energy strategist at Rabobank. Trump to meet with Xi this week in Beijing Trump is scheduled to arrive in Beijing on Wednesday and is expected to discuss Iran among other topics with Chinese President Xi Jinping, according to US officials. “I don’t think anyone is looking for the US to up the ante anytime in the balance of the week as long as this China, Trump meeting is going on,†said Bob Yawger, director of energy futures at Mizuho. The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco CEO Amin Nasser said on Sunday. Saudi Arabian crude oil exports to China are expected to fall further in June after buyers cut nominations because of costly prices linked to the US-Iran conflict and lower supplies, trade sources told REUTERS. OPEC oil output dropped further in April to the lowest in more than two decades, a REUTERS survey found, as the war effectively closed the strait and forced export cuts. Crude output by the 12-member Organization of the Petroleum Exporting Countries in April fell by 830,000 barrels per day month-on-month to 20.04 million bpd, the survey found. March’s figure was revised 700,000 bpd lower due to a change in the Saudi estimate.
US STOCKS DROP AFTER REPORT SHOWS APRIL INFLATION SURGE
Date: 2026-05-12
Details: Published May 12, 2026 Updated about 12 hours ago NEW YORK: Wall Street stocks dipped early Tuesday as US consumer inflation hit a three-year high following a surge in gasoline prices due to the Iran war. The consumer price index rose 3.8 percent year-on-year in April, up from March’s 3.3 percent figure. The report comes as the two-and-a-half month US-Iran conflict churns on. Both sides have refused to make concessions and repeatedly threatened to resume fighting, but neither appears willing to return to all-out war. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 49,458.97. The broad-based S&P 500 declined 0.4 percent to 7,384.74, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 26,135.22. Both the S&P 500 and Nasdaq ended at records on Monday. The inflation data means more Federal Reserve officials will support keeping interest rates flat, said Nationwide Chief Economist Kathy Bostjancic. “This would increase the hurdle for the Fed to cut rates later this year, despite Kevin Warsh coming on to lead the (Fed) and being more inclined to argue for rate reductions,†Bostjancic said in a note.
FBR REPORTS 37% SURGE IN REVENUE PAID WITH INCOME TAX RETURNS
Date: 2026-05-11
Details: Federal Board of Revenue has reported a 37 percent increase in revenue paid along with income tax returns for the tax year 2025, reflecting improved tax compliance and higher voluntary payments. According to official figures released by the FBR, total tax collected with income tax returns reached Rs222 billion during tax year 2025 compared with Rs162 billion in the preceding tax year. The data showed a significant increase in voluntary tax payments made under Section 137 of the Income Tax Ordinance, 2001. Voluntary tax payments rise significantly The FBR collected Rs212 billion as voluntary payments under Section 137 with income tax returns during tax year 2025. These payments excluded collections under Section 113 and Section 113A of the Income Tax Ordinance, 2001. In the previous tax year, voluntary payments under the same category stood at Rs156 billion. The increase indicates greater participation by taxpayers in filing returns and paying outstanding liabilities voluntarily. Minimum tax collection also increases According to the official data, tax collection under Section 113, which relates to minimum tax, increased to Rs9.36 billion during tax year 2025 compared with Rs4.64 billion in the previous year. The rise in minimum tax payments contributed further to the overall growth in revenue received with tax returns. Collection from small retailers declines Meanwhile, tax collection under Section 113A, applicable to small retailers at the rate of 0.75 percent, declined during the year. The FBR collected Rs249 million under this category in tax year 2025, compared with Rs840 million recorded in the previous year. Analysts believe the overall increase in revenue paid with returns reflects improved documentation efforts and enhanced compliance measures introduced by the tax authority.
WEEKLY COTTON REVIEW: MARKET WITNESSES SHARP PRICE SURGE
Date: 2026-05-11
Details: Published May 11, 2026 Updated about an hour ago KARACHI: Pakistan’s cotton market is currently experiencing a sharp upward pressure on prices, influenced by fluctuations in quality standards and prevailing payment conditions. Market experts warn that available cotton stocks have reached critically low levels, creating a severe imbalance between supply and demand that continues to destabilise the market. Forward trading activity for the new crop has begun to gain momentum, with partial deals for early-arriving cotton now being finalized. The forward contract price for deliveries scheduled between May 20 and May 30 has been settled at Rs. 21,750 per maund, while seed cotton is trading at Rs. 10,000 per forty kilograms. Cotton farmers across the country are in a state of growing distress as production continues its prolonged downward spiral. Adding to their concerns is the rapid encroachment of sugar mills into areas that have historically been the heartland of cotton cultivation. Experts warn that this trend will cause irreversible damage to an already struggling crop. Fields that once bore the country’s prized white gold now stand occupied by sugarcane plantations, raising urgent questions not just about agricultural choices but about the direction of the nation’s economic priorities. Rana Shafqat, Chairman of the Pakistan Cotton Brokers Association, threw his full weight behind APTMA’s position on the matter. “APTMA’s demands are completely justified and we stand firmly with them,†he said, adding that the revival of cotton is inseparable from the broader economic revival of Pakistan itself. APTMA Chairman Kamran Arshad has formally called upon Federal Minister Rana Tanvir Hussain to ensure immediate implementation of decisions that were already approved by the Cabinet Committee for cotton sector restoration. Arshad cautioned that prolonged negligence and administrative delays are inflicting measurable harm on the national economy and that the situation has reached a point where further inaction is no longer acceptable. The contrast with regional competitor India could not be more striking. The Indian Cabinet has approved an allocation of Rs. 5,669 crore specifically aimed at boosting domestic cotton production. Separately, it has earmarked Rs. 1,768.56 crore for the Cotton Corporation of India to purchase cotton directly from farmers at the government-mandated minimum support price, offering them a vital financial safety net. Pakistan, by comparison, has yet to move beyond promises. While India backs its cotton farmers with billions in state funding, Pakistan continues to allow sugar mills to be established on land traditionally reserved for cotton, a move widely seen as a betrayal of the sector and a serious threat to the country’s long-term economic stability. The local cotton market recorded an overall bullish trend during the past week as stocks continued to remain scarce. Early arrivals of the new crop are expected from June, though initial prices are likely to be on the higher side. Cotton is currently trading between Rs 19,500 and Rs 23,000 per maund, depending on quality and payment conditions. Future contracts for new crop cotton have been settled at Rs 21,750 per maund, while 40-kilogram Phutti has been sold at Rs 10,000 with deliveries scheduled between May 20 and 30. On the policy front, recommendations have been forwarded to the government for the upcoming budget, urging a reduction and elimination of taxes on the cotton sector. APTMA has also submitted its budget proposals, and industry stakeholders expect the Karachi Cotton Association to follow suit with its own annual recommendations, as has been the tradition in previous years. Cotton growers and trade participants have long been voicing alarm over the unrelenting decline in cotton production. A growing concern is the rapid installation of sugar mills in traditional cotton-growing regions, which is progressively squeezing out cotton cultivation. What was once Pakistan’s white gold is now being described as a crop increasingly alienated from its own land. Fields that once shimmered with cotton are today carpeted with sugarcane. Industry voices are clear that this is not simply an agricultural shift but a question of national priorities. Cotton, they stress, sustains an entire ecosystem of livelihoods, binding together farmers, ginners, textile manufacturers, and exporters into a chain that supports millions of workers. Sugarcane, by contrast, is widely regarded as an industry concentrated in the hands of a powerful few, with its economic benefits rarely trickling down to those at the grassroots. When policymakers allow powerful interests to dictate agricultural direction, it is the smallholder farmer who ultimately pays the price, not just with a lost harvest but with a diminished future. Should white gold vanish from Pakistani fields, the loss would extend far beyond agriculture, taking with it an economy, a national identity, and the aspirations of countless families. The crisis is further deepened by an excessive tax burden on the textile sector and energy costs that remain the highest in the region. These compounding pressures have forced textile mills into closure at an alarming rate over recent years. According to APTMA, more than 150 textile mills across the country have already shut down, while several others are barely managing to survive under acute financial distress. Adding to the industry’s woes, the Evacuee Trust Property Board has been in occupation of the Cotton Exchange Building since December 12, 2025, having taken control with the assistance of the FIA. The occupation has rendered it impossible to issue the daily cotton spot rate, a publication that serves as a vital reference point for the entire trade. Cotton availability in both Sindh and Punjab remains extremely thin, with prices continuing to hover between Rs 19,500 and Rs 23,000 per maund, subject to quality and prevailing payment terms. International cotton prices continued their upward trajectory, with New York cotton futures hovering between 82 and 85 US cents per pound, according to Naseem Usman, Chairman of the Karachi Cotton Brokers Forum. The USDA’s weekly export and sales report revealed that 123,300 bales were sold for the 2025-26 marketing year, with Pakistan emerging as the top buyer, securing 38,800 bales. India followed in second place with purchases of 27,200 bales, while Vietnam rounded out the top three with 18,800 bales. For the upcoming 2026-27 marketing year, sales reached 48,400 bales. Guatemala led the pack by purchasing 35,200 bales, with Indonesia ranking second at 19,000 bales and Vietnam placing third with 5,800 bales. On the shipments front, total exports amounted to 327,500 bales during the reported period. Vietnam dominated as the largest importer, receiving 135,000 bales, while Bangladesh and Pakistan trailed closely behind with 29,600 and 29,100 bales respectively. The All Pakistan Textile Mills Association (APTMA) has sought the intervention of Minister for National Food Security and Research Rana Tanveer Hussain for the revival and implementation of key decisions related to the cotton sector. In a letter to the minister, APTMA Chairman Kamran Arshad drew attention to the approved minutes of the 6th meeting of the Cabinet Committee on Essential/Cash Crops, held under the chairmanship of the deputy prime minister. He highlighted several time-bound priority decisions that require urgent action by the ministry, including: (i) establishment of an industry-led governance structure through the transformation of the Pakistan Central Cotton Committee (PCCC) into the Pakistan Cotton Advisory Council (PCAC); (ii) collection of cotton cess through the Federal Board of Revenue (FBR); (iii) allocation of 70 percent of cess funds exclusively for cotton research and development (R&D); and (iv) inclusion of provinces, research institutions, farmers, and the seed sector in the new institutional framework. “Since the Cabinet Committee meeting, the APTMA has repeatedly urged the ministry to ensure swift implementation of all decisions made with the consensus of stakeholders. However, it is regrettable that no concrete measures have yet been initiated by the concerned authorities despite the passage of considerable time and repeated reminders,†the APTMA chairman stated. He warned that the inordinate delay in implementation is fraught with significant national loss, particularly as the cotton sowing season has already commenced in various parts of the country. According to him, continued inaction by the Ministry could further accelerate the persistent decline in cotton production, leading to increased imports and putting additional pressure on the country’s valuable foreign exchange reserves. In view of the foregoing, APTMA has called for immediate action on the following measures: (i) issuance of a notification for the operationalisation of PCAC; (ii) necessary legal amendments to enable the collection of cess through FBR; (iii) allocation of 70 percent of cess funds for R&D; (iv) establishment of the approved industry-led governance structure; and (v) sharing of a time-bound implementation plan with the APTMA. The textile industry, he noted, has consistently demonstrated its commitment to supporting national cotton revival efforts. However, without urgent and decisive policy and institutional actions, the agreed strategy cannot translate into tangible outcomes. He urged the minister to personally intervene to ensure immediate progress on these decisions in order to safeguard the cotton crop and the cotton-based industry, which provides employment to millions across the country. Rana Shafqat, Chairman of the Pakistan Cotton Brokers Association, has emphasized that the revival of the cotton sector is inseparable from the revival of the Pakistani economy, warning that any negligence in this regard will have serious consequences for the country’s overall economic health. Expressing his full support for a recent letter written by APTMA Chairman Mian Arshad Kamran to Federal Minister for Food Security Rana Tanveer Hussain, Rana Shafqat urged the government to move swiftly on implementing decisions that were taken under the chairmanship of Deputy Prime Minister Ishaq Dar concerning the Cotton Revival Programme. Rana Shafqat further appealed to the Federal Minister for Food Security to take immediate and concrete action, pointing out that the cotton sowing season is currently in full swing across the country. He noted that 30 percent of Punjab’s provincial sowing target has already been completed, stressing that the remaining window of opportunity must not be wasted. He called on authorities to accelerate measures for cotton revival without further delay, underlining that timely intervention is critical to ensuring a successful crop season and broader economic stability. Copyright Business Recorder, 2026
FAYSAL BANK & AVANZA STRENGTHEN DIGITAL COLLABORATION
Date: 2026-05-11
Details: Published May 11, 2026 Updated about an hour ago KARACHI: Faysal Bank, one of the leading and most innovative Islamic banks in the country, has further reinforced its strategic partnership with Avanza Solutions in the digital banking space. Faysal Bank’s digital banking suite offers industry-leading, customer-centric solutions with a strong focus on intuitive and easy-to-adopt intelligent technology. Powered in part by Avanza’s CRM and digital platforms, the Bank has made significant progress in advancing its digital-first vision. At a recent ceremony held at Faysal Bank’s Head Office, a major milestone was celebrated—100 million successful digital transactions via Avanza’s new mobile banking platform. Senior leadership and key contributors from both organizations were in attendance. Addressing the audience, leadership from both organizations reaffirmed their commitment to driving innovation through collaboration and agreed to explore the development of a sandbox environment for AI-based smart solutions. Copyright Business Recorder, 2026
INTERNATIONAL CARPET EXHIBITION: CARPET MAKERS CONCERNED OVER NOT RELEASE FOR FUNDS
Date: 2026-05-11
Details: Published May 11, 2026 Updated about an hour ago LAHORE: The Pakistan Carpet Manufacturers and Exporters Association has expressed serious concern over the absence of approved funds for the 42nd International Carpet Exhibition to be held this October. This delay poses a risk of hindering preparations and disrupting vital connections with foreign buyers. During a meeting chaired by Chairman Mian Atiq-ur-Rehman today, the association emphasized the need for immediate financial approval. This funding is necessary for organising the event and establishing contacts with international buyers, who historically contribute millions of dollars through deals at the exhibition. In addition to concerns about funding for the Lahore event, issues regarding subsidies for participation in global exhibitions remain unresolved. This is particularly important as 18 renowned exporters are registered for an exhibition in China in July, but they are awaiting subsidies from Pakistan’s Trade Development Authority. This delay has sparked fears that Pakistan may miss a crucial opportunity to showcase its carpet products on a global stage. The Trade Development Authority has been urged to expedite funding approval to arrange necessary logistics such as hotel accommodations and reception packages for international participants. The association also emphasized the importance of subsidies for upcoming exhibitions in Turkey and Germany, stressing that they are crucial for preparation and participation.
BUSINESSMEN URGE KP GOVT TO ABOLISH 1PC IDC ON EXPORTS
Date: 2026-05-11
Details: Published May 11, 2026 Updated about an hour ago PESHAWAR: Business-men and exporters in Khyber Pakhtunkhwa associated with diverse sectors urged the provincial government of Khyber Pakhtunkhwa to immediately abolish the one percent Infrastructure Development Cess (IDC) on exports. The demands were raised during a meeting of All Pakistan Commercial Exporters Association (APCEA) held under the chairmanship of Chairman, Iftikhar Ahmad and Senior Vice Chairman Hanan Khan. The meeting called for immediate reopening of the Torkham Border Crossing for Pak-Afghan trade to help revive commercial and economic activities in the region. On the special invitation of the chairman, founding members of the association including Khalid Sultan, Pervez Elahi Malik, Zia-ul-Haq Sarhadi, Haji Mamoor Khan, Mazharul Haq, Engr. Manzoor Elahi, Faiz Muhammad (Faizi), Haji Tahir Hussain, Faqir Hussain and Mumtaz Khan, along with other prominent businessmen, participated in the meeting. Addressing the participants, Chairman APCEA Iftikhar Ahmad said the gemstone sector possessed immense potential to boost economic activities in the region through exports of precious and semi-precious stones to international markets. Chairman APCEA said businessmen associated with the gemstone industry had been facing multiple challenges during the last few months, resulting in a continuous decline in trade volume, which required urgent attention from the relevant authorities. If gemstone traders were facilitated by the government and departments concerned, including Customs and Income Tax authorities, the sector could generate substantial foreign exchange for the country, he added. The APCEA chairman said despite limited resources, the gemstone sector could emerge as a game changer for the national economy provided it received proper government support and patronage. He also briefed the participants about measures being taken by the association’s office-bearers for revamping the APCEA office to make it suitable for meetings with senior federal and provincial officials as well as foreign delegations. Speaking on the occasion, former APCEA chairman Zia-ul-Haq Sarhadi stressed the need for removing hurdles hindering trade promotion in the region. Sarhadi, who is also Senior Vice President of the Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI) and Executive Member of the Sarhad Chamber of Commerce and Industry (SCCI), urged the Khyber Pakhtunkhwa government to immediately abolish the one percent cess on exports. He further demanded reopening of the Torkham border to restore Pak-Afghan trade activities and facilitate thousands of businessmen, labourers and daily wage workers associated with cross-border trade. The senior businessmen paid tribute to Chairman APCEA Iftikhar Ahmad and Senior Vice Chairman Hanan Khan for their performance and efforts for the betterment of the association and expressed best wishes for their future success. Copyright Business Recorder, 2026
DIGITAL BANKING PRODUCTS AND SERVICES: ZTBL CREATES 900 JOBS FOR GRADUATES, POSTGRADUATES
Date: 2026-05-11
Details: Published May 11, 2026 Updated about an hour ago ISLAMABAD: Zarai Taraqiati Bank Limited (ZTBL) through digital banking products and services, has reached small farmers and created over 900 employment opportunities for fresh graduates and postgraduates across the country. ZTB President/CEO Tahir Yaqoob Bhatti, President/CEO of Zarai Taraqiati Bank Limited (ZTBL), said this during a visit to Maqbool Ahmad Gondal, Auditor General of Pakistan, office. During the meeting, Bhatti briefed the Auditor General on the “Reforms and Transformation Strategyâ€** implemented at ZTBL in 2023, which helped steer the organization out of financial and administrative challenges. He shared that ZTBL has transformed into a vibrant institution, achieving record financial performance year after year while creating more than 900 employment opportunities for fresh graduates and postgraduates across the country. He further highlighted that, through digital banking products and services, ZTBL is reaching small farmers more efficiently. He also shared that the bank follows a unique business model in which branch managers and mobile credit officers visit villages and far-flung areas to provide agri-financing and other banking services at farmers’ doorsteps. Maqbool Ahmad Gondal appreciated ZTBL’s performance and its role in improving the livelihoods of small farmers and strengthening the rural economy. While assuring full support and cooperation from his office, the Auditor General emphasized that accountability, transparency, and good governance should remain key priorities for sustaining the bank’s financial growth. Copyright Business Recorder, 2026 APPLE, INTEL REACH PRELIMINARY CHIP-MAKING DEAL: WSJ Published May 11, 2026 Updated about an hour ago WASHINGTON: Intel has reached a preliminary deal to make some chips for Apple devices, the Wall Street Journal reported on Friday, in a potential boost to Intel’s contract manufacturing business and Washington’s push to shore up US chip production. The companies were engaged in intensive talks for more than a year and they hammered out a formal deal in recent months, the report said, citing people familiar with the matter. Intel’s stock extended gains to rise 15 percent on the news, while Apple shares were up about 1.7 percent in afternoon trading. Landing an Apple contract would give Intel a steady stream of demand from one of the world’s largest consumer electronics companies, bolstering both its reputation and a manufacturing business that has fallen behind TSMC in recent years. The Journal report said the US government, which became Intel’s largest shareholder last year under a deal with its CEO Lip-Bu Tan, played a major role in bringing Apple to the negotiating table. An administration official said he could not speak to the reported Apple-Intel preliminary deal, but said the administration had generally been trying to bolster Intel. “In general, we want to and have been helping Intel,†the official said, adding the effort was not because of the equity stake in Intel, but because the company is a major US semiconductor producer. “We have been trying to drum up business for Intel.†The tie-up would also further the Trump administration’s goal of bringing more chip production to the US and strengthening domestic manufacturing. It is unclear which Apple products Intel would make chips for, according to the report. Intel and Apple declined to comment.
AURANGZEB ASSURES FACILITATIVE TAX MEASURES IN BUDGET 2026-27
Date: 2026-05-11
Details: Written by Mrs. Anjum Shahnawaz Finance minister meets ICAP delegation Muhammad Aurangzeb has assured chartered accountants that the government will introduce facilitative tax measures in the upcoming Budget 2026-27. The finance minister held a meeting at the Finance Division with a delegation from the Institute of Chartered Accountants of Pakistan (ICAP). During the meeting, Aurangzeb emphasized the importance of continuous engagement with professional bodies and industry stakeholders to ensure economic and taxation policies remain practical and aligned with the country’s reform agenda. Government pursuing tax administration reforms The finance minister highlighted the government’s ongoing efforts to modernize the tax administration system through reforms focused on people, processes and technology. He said the reforms aim to simplify procedures, improve transparency, reduce unnecessary human intervention and facilitate taxpayers. Aurangzeb also highlighted the operationalization of the Tax Policy Office under the Finance Division, describing it as a significant institutional reform to strengthen tax policy formulation and coordination between policy and administration. Technology and AI improving tax compliance The meeting also discussed the growing role of technology and digital systems in improving tax compliance and revenue administration. The finance minister said AI-led production monitoring and technology-based oversight mechanisms introduced in different sectors are helping improve documentation, strengthen compliance and reduce leakages in the system. According to officials, the government is focusing on expanding digitization and automation to make the tax system more efficient and business-friendly. ICAP presents budget proposals The ICAP delegation presented various proposals related to documentation, group taxation structures, export-oriented services and harmonization of tax treatment across sectors. Discussions also covered measures aimed at improving competitiveness, facilitating investment, enhancing ease of doing business and broadening the tax base. Aurangzeb acknowledged the recommendations and assured the delegation that the proposals would be carefully reviewed during the budget formulation process. Government reiterates commitment to transparent tax system The finance minister reiterated the government’s commitment to building a transparent, technology-driven and facilitative tax system that supports economic growth and improves governance. The ICAP delegation was led by Samiullah Siddiqui and included Jehanzaib Amin, Ahmed Raza Mir and Zeeshan Ijaz.
FBR INTRODUCES NEW TAX ENROLMENT RULES FOR FOREIGN NGOS
Date: 2026-05-11
Details: Written by Shahnawaz Akhter Federal Board of Revenue on Monday introduced new conditions for foreign non-government organizations seeking e-enrolment in Pakistan’s national tax system. The tax authority issued SRO 856(I)/2026 dated May 11, 2026, proposing amendments to the Income Tax Rules, 2002. According to the notification, the amendments revise Rule 80 and outline additional documentation and disclosure requirements for international NGOs operating in Pakistan. Detailed information required for registration Under the proposed amendments, foreign NGOs applying for registration will be required to provide detailed organizational and operational information. The required details include: • Name of taxpayer • Business address • Accounting period • Business phone number • Principal business activity • Name and address of principal officer or authorized representative Applicants will also need to submit an authority letter authorizing the principal officer or representative to apply for registration in Pakistan. Embassy verification and Interior Ministry NOC mandatory The proposed rules further require foreign NGOs to submit: • Tax registration or incorporation documents from their home country • Verification letter from the relevant embassy • Proof of local residence, including rent or lease agreements and utility bills • No Objection Certificate (NOC) issued by the Ministry of Interior and Narcotics Control • Memorandum of Understanding (MoU) signed with the Government of Pakistan The amendments also require NGOs to provide contact details, including mobile numbers and email addresses of authorized representatives. Shareholding and trustee details required The FBR has also proposed disclosure requirements regarding directors, trustees and major shareholders. Foreign NGOs will be required to provide the names, nationalities, passport details and shareholding percentages of directors, trustees, partners or shareholders holding 10 percent or more shares. Tax experts said the new measures are aimed at improving transparency, documentation and regulatory oversight of foreign organizations operating in Pakistan. Amendments proposed under Income Tax Rules 2002 The draft amendments were proposed under the Income Tax Rules, 2002 and are expected to become part of the e-enrolment framework after completion of the required legal process. Officials said the move is intended to strengthen compliance standards and ensure proper verification of foreign NGOs working in the country.
NIKKEI PULLS BACK FROM RECORD HIGH
Date: 2026-05-09
Details: Published May 9, 2026 Updated about 3 hours ago By Reuters TOKYO: Japan’s Nikkei share average retreated on Friday from a record high set in the last session, as SoftBank Group declined and renewed US-Iran hostilities weighed on investor sentiment. The Nikkei edged down 0.19 percent to 62,713.65. It jumped 5.6 percent on Thursday to close at a record high after crossing the psychological level of 63,000 for the first time. The index rose 5.4 percent in the holiday-shortened week. The broader Topix slipped 0.29 percent on Friday to 3,829.48. It rose 2.7 percent for the week. “Compared with the previous session’s sharp gains, the decline in today’s market is marginal,†said Hitoshi Asaoka, chief strategist at Asset Management One. Also weighing on the market was a rise in crude oil prices after the United States and Iran exchanged fire and put a month-long Middle East ceasefire in doubt. Technology investor SoftBank Group fell 4.56 percent to drag the Nikkei lower the most after the US-listed shares of Arm Holdings tumbled overnight on smartphone market weakness and AI chip supply concerns.
CHINA STOCKS GAIN DESPITE RENEWED US-IRAN HOSTILITIES
Date: 2026-05-09
Details: Published May 9, 2026 Updated about 3 hours ago By Reuters SHANGHAI: Chinese stocks recorded a fifth consecutive weekly gain on Friday, despite renewed US-Iran hostilities threatening a fragile ceasefire, while investors await the meeting between Beijing and Washington next week for cues on economic policies. At the close, the benchmark Shanghai Composite index was flat, while the blue-chip CSI300 Index fell 0.58 percent. In Hong Kong, the benchmark Hang Seng Index declined 0.87 percent, while the city’s tech shares eased 0.36 percent. For the week, both the SSEC and CSI300 notched their fifth consecutive weekly gains, the longest winning streak since last July, with the former rising 1.65 percent and the latter up 1.34 percent this week. The HSI Index has gained 2.39 percent for the week. The US and Iranian forces clashed in the Gulf, and the UAE came under renewed attack, endangering a month-old ceasefire and shaking hopes for a diplomatic solution to the crisis. Semiconductor shares led the losses, as investors locked in profit following recent gains. A sub-index tracking the sector lost 2.73 percent. Shanghai’s tech-focused STAR50 Index dropped 2.29 percent. “China remains a relative bright spot, supported by strong risk appetite and renewed inflows,†Wee Khoon Chong, APAC macro strategist at BNY, said in a note. “Geopolitics (Middle East) and next week’s US–China developments are key near-term catalysts.†Much of the market attention will shift to US President Donald Trump’s visit to China next week and a string of domestic data, including trade on Saturday, inflation on Monday, and credit lending data later next week.
EUROPEAN SHARES SLIDE AS MIDDLE EAST TENSIONS FLARE
Date: 2026-05-09
Details: Published May 9, 2026 Updated about 3 hours ago By Reuters FRANKFURT: European shares slipped on Friday in broad-based losses as a flare-up in the Middle East conflict hit risk sentiment at the end of a week dominated by geopolitics. The pan-European STOXX 600 closed down 0.7 percent at 612.14 points, though it posted a second straight weekly gain, albeit small. Major regional markets followed suit, with Germany’s DAX falling 1.3 percent to lead declines. Washington said it expected an Iranian response as soon as Friday to its latest proposal to end the Gulf conflict, even as US and Iranian forces clashed and the United Arab Emirates came under renewed attack. “Investors somehow understand that the process of getting to a peace agreement will not be nice, clean, and linear and that there will be setbacks and disagreements along the way,†said Richard Flax, chief investment officer at Moneyfarm. European stocks have remained sensitive to geopolitical headlines, with the region’s energy dependence fuelling concerns about inflation and growth. Also weighing on sentiment was US President Donald Trump’s warning that the European Union would face “much higher†tariffs if trade commitments were not met by July 4. Most STOXX sub-sectors declined, with financials and industrials the biggest drags, down 0.7 percent and 1.5 percent, respectively. Rheinmetall tumbled 9.2 percent after JPMorgan downgraded the defence group to “neutral†from “overweightâ€. Its results this week showed first-quarter revenue below analysts’ expectations. The defence sector declined 3.6 percent. British Airways owner IAG shed 2.8 percent after forecasting lower annual profit than expected due to soaring jet fuel costs. The travel index fell 1.4 percent. Commerzbank said it plans to cut 3,000 jobs as it targets higher profits while fending off a takeover by Italy’s UniCredit. The stocks closed down 3.9 percent and 1.3 percent, respectively. Amadeus rose 1.9 percent after the Spanish travel technology company reported quarterly core earnings above market expectations and maintained its guidance. Meanwhile, European Central Bank President Christine Lagarde said the central bank is well placed to react to any rise in inflation, while Executive Board member Isabel Schnabel warned of increasing inflation risks linked to the Iran war. S&P 500, NASDAQ HIT RECORD HIGHS ON TECH RALLY Published May 9, 2026 Updated about 3 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq touchedfresh peaks on Friday, boosted by gains in Nvidia and other technology stocks, while a stronger-than-expected jobs report allayed concerns over the state of the labor market. Tech heavyweights Nvidia and Apple rose 2.3 percent and 1.8 percent, respectively, while the Philadelphia SE Semiconductor index recovered from Thursday’s losses to reach a new high on expectations of strong AI infrastructure demand. Data showed US employment increased more than expected in April and the unemployment rate held steady at 4.3 percent - pointing to labor market resilience and reinforcing expectations that the Federal Reserve would leave interest rates unchanged for some time. “It was encouraging that hiring broadened across sectors, a sign of improving labor market breadth,†said Angelo Kourkafas, senior strategist at Edward Jones. “The Fed will remain firmly on hold as the focus now is going to be on the energy-driven inflation pressures in the months ahead.†Traders continued to bet that the central bank will hold interest rates steady in the 3.50 percent to 3.75 percent range until the end of the year. At 11:44 a.m. the Dow Jones Industrial Average rose 24.36 points, or 0.05 percent, to 49,621.33, the S&P 500 gained 53.99 points, or 0.74 percent, to 7,391.10, and the Nasdaq Composite was up 340.22 points, or 1.32 percent, to 26,144.57. The S&P 500 and the Nasdaq were on track for a sixth straight week of gains, in what could be the longest such winning streak since October 2024. The Dow was set for a second consecutive week of advances. The overall optimism helped investors look past fresh attacks between US and Iranian forces in the Gulf. Brent crude rose above USD100 a barrel as hopes faded for a quick resolution to the Middle East conflict and the gradual reopening of the Strait of Hormuz, a key transit route for oil and liquefied natural gas. The US said it expected a response from Tehran to its latest proposal later on Friday. Despite concerns that oil prices were fueling inflation, the S&P 500 and the Nasdaq have hit record highs, helped by a strong earnings season, signs of a resilient economy and optimism around artificial intelligence. “There’s a huge secular movement at play within the tech sector, and specifically microchips,†said Charlie Ripley, senior investment strategist for Allianz Investment Management. “While there is some concentration, it’s reflective of what’s happening in the real economy with the AI buildout and the expansion.†Of the 440 S&P 500 companies that have reported first-quarter results so far, 83 percent have topped analysts’ earnings estimates, according to data compiled by LSEG. That compares with a long-term average of about 67 percent.
PIBF PRESENTS SEVEN-POINT ECONOMIC REVIVAL AGENDA
Date: 2026-05-09
Details: Published May 9, 2026 Updated about 3 hours ago By Recorder Report LAHORE: The Pak International Business Forum (PIBF) has proposed a seven-point economic revival agenda for the upcoming federal budget, urging the government to introduce business-friendly reforms aimed at restoring industrial growth, strengthening exports, reducing inflationary pressures and improving the overall investment climate in the country. PIBF President Dr Mushtaq Mangat said Pakistan’s economy requires stable, growth-oriented and long-term policies instead of temporary fiscal measures. He observed that businesses are currently facing immense pressure due to high interest rates, expensive energy, taxation complexities and rising fuel costs. The PIBF leadership, including Secretary General Muhammad Ejaz Tanveer and Chief Organizer Muaz Qazi, emphasized that immediate structural reforms are essential to revive investor confidence and economic activity. The forum called for rationalization of interest rates, stating that expensive borrowing has severely affected industrial expansion, particularly for small and medium enterprises. PIBF also urged revival of Development Finance Institutions (DFIs) and provision of targeted financing facilities for export-oriented sectors to promote investment and industrial growth. On taxation, PIBF stressed the need to broaden the tax base while lowering tax rates and simplifying compliance procedures. The forum proposed a digitized single-window tax system to reduce procedural hurdles and improve transparency. It also called for consistent economic policies and incentives for compliant taxpayers and reinvestment. Discussing the energy sector, Muaz Qazi said high electricity and gas tariffs have significantly increased production costs and reduced the competitiveness of Pakistani products in global markets. PIBF demanded regionally competitive energy tariffs for industries, especially exporters, along with structural reforms to reduce line losses and improve governance of distribution companies. The forum also highlighted the negative economic impact of rising petroleum prices, stating that increasing fuel costs contribute directly to inflation in transport, agriculture and manufacturing sectors. PIBF proposed establishment of a fuel price stabilization mechanism and rationalization of petroleum levies to provide relief to consumers and businesses. On ease of doing business, PIBF urged the government to establish a fully digital one-window operational framework to simplify approvals, registrations and regulatory compliance. The forum also emphasized policy continuity, reduction in unnecessary regulations and introduction of fast-track commercial dispute resolution mechanisms to encourage local and foreign investment. Muhammad Ejaz Tanveer stressed the importance of human capital development, stating that Pakistan must align education and technical training with industry requirements. PIBF recommended expansion of vocational training, apprenticeship programs and digital skills development, particularly in IT, freelancing and remote work sectors, to enable Pakistani youth to compete globally. The forum also proposed a “District Economy Model†aimed at promoting decentralized economic growth by developing each district according to its local strengths and resources. PIBF stated that the model would help reduce migration pressures on major cities, generate employment opportunities at the local level and promote balanced regional development. Dr Mushtaq Mangat urged the government to incorporate these recommendations into the upcoming federal budget and broader economic policymaking framework to ensure sustainable growth, industrial revival and long-term economic stability in Pakistan. Copyright Business Recorder, 2026
PSW AND TDAP PARTNER TO BOOST TRADE DIGITALISATION
Date: 2026-05-09
Details: Written by Shahnawaz Akhter Pakistan Single Window and Trade Development Authority of Pakistan have signed a memorandum of understanding (MoU) to accelerate the digitalisation of Pakistan’s trade ecosystem. The partnership aims to improve regulatory efficiency and provide integrated digital services to exporters and importers across the country. PSW and TDAP to Integrate Digital Trade Platforms According to a joint statement issued on Friday, PSW will work closely with TDAP to harmonise export facilitation processes and integrate key digital platforms into the broader PSW system. The integration will include TDAP’s Pakistan Trade Portal and Exporters Directory to provide traders with seamless and real-time access to critical trade information and services. Officials stated that the initiative will help reduce dependence on manual procedures and support paperless trade operations. TDAP to Expand Outreach for Digital Trade Reforms Under the agreement, TDAP will utilise its network of regional offices, trade associations and international connections to identify stakeholders that can benefit from PSW’s digital reforms. TDAP will also provide dedicated space to PSW at major domestic trade events to increase awareness and encourage adoption of digital trade tools. The collaboration aims to improve ease of doing business and modernise Pakistan’s export facilitation system. Focus on Data-Driven Trade Policies The MoU also places strong emphasis on data-driven decision-making and secure trade data-sharing between the two organisations. According to the statement, the partnership will support market analysis and the development of evidence-based policies for the local trade community. PSW and TDAP also plan to jointly develop export-readiness toolkits and compliance checklists to help small and medium-sized enterprises (SMEs) meet international market requirements. Women Entrepreneurs to Benefit From Initiative A major component of the agreement focuses on gender-responsive trade facilitation and digital inclusion for women-led businesses. The two organisations will work together to improve export readiness for women entrepreneurs and encourage participation in international exhibitions and trade delegations. The initiative will particularly support participants of the WTO Award-winning Khadijah Women Entrepreneurship Programme. PSW CEO Highlights Importance of Partnership Aftab Haider described the collaboration as another step towards building a unified and inclusive trade ecosystem in Pakistan. He stated that the partnership would allow TDAP to benefit from PSW’s data collection and dissemination capabilities for targeted trade promotion initiatives, especially for women entrepreneurs. According to him, PSW would also benefit from TDAP’s expertise and experience to improve digital services and knowledge products. Joint Capacity-Building Sessions Planned The partnership will also include joint capacity-building and training sessions. Under the initiative, PSW will provide orientation to TDAP officials regarding new digital modules and regulatory updates to ensure both organisations provide consistent guidance to the trade community. Officials said the collaboration would help strengthen Pakistan’s trade and maritime footprint while supporting long-term export
PAKISTAN DROPS PETROL BOMB: FUEL PRICES SOAR ABOVE RS414 PER LITRE
Date: 2026-05-09
Details: Written by Mrs. Anjum Shahnawaz Pakistan has witnessed another devastating fuel price hike after the federal government sharply increased petrol and diesel prices by nearly Rs15 per litre, pushing both products above the alarming Rs414 mark for the first time. According to a notification issued by the Ministry of Energy on Friday night, the revised petroleum prices came into effect from May 9, 2026, intensifying financial pressure on inflation-hit consumers and businesses already struggling with soaring living costs. Petrol Price Climbs to Record Rs414.78 Per Litre Under the latest revision, the price of petrol (motor spirit) surged by Rs14.92 per litre, taking the new rate to a staggering Rs414.78 per litre compared to the previous Rs399.86. High-speed diesel (HSD) also became significantly more expensive, with the government increasing its price by Rs15 per litre to Rs414.58 from Rs399.58. The government said the revised ex-depot prices would remain effective for the upcoming week under the ongoing weekly fuel pricing mechanism. Third Consecutive Fuel Hike Sparks Public Outrage The latest increase marks the third straight hike in petroleum prices, triggering fears of another inflation storm across the country. During the previous two weeks alone, petrol prices had already jumped cumulatively by Rs33.28 per litre, while diesel prices surged by a massive Rs46.16 per litre. The repeated increases have sparked frustration among motorists, transporters, traders, and households, many of whom say fuel has become increasingly unaffordable. Middle East Crisis Sends Global Oil Prices Surging The fresh increase in domestic fuel prices comes amid escalating tensions in the Middle East, which have rattled international oil markets. Global crude prices rose sharply on Friday after renewed fighting between the United States and Iran raised fears of supply disruptions and uncertainty surrounding the strategically vital Strait of Hormuz. Brent Crude futures climbed by $1.41, or 1.41%, to $101.47 per barrel, while West Texas Intermediate (WTI) crude rose by $1.12, or 1.18%, to $95.93 per barrel. Earlier in the day, oil prices had surged more than 3% as traders reacted to fears of a broader regional conflict. Inflation Fears Deepen as Transport, Food Costs Likely to Rise Economists warn that the relentless increase in petroleum prices could unleash another wave of inflation across Pakistan, particularly impacting transport fares, food prices, agriculture, and industrial production costs. The sharp rise in diesel prices is expected to hit the agriculture and logistics sectors the hardest, while higher petrol prices may further burden salaried and middle-class households already struggling to manage daily commuting expenses. Analysts caution that if global oil prices continue their upward trajectory, Pakistanis may face even more painful fuel adjustments in the coming weeks.
CCRI ADVISES GROWERS TO ADOPT HEATWAVE PROTECTION STEPS
Date: 2026-05-08
Details: Published May 8, 2026 Updated about a minute ago By Recorder Report LAHORE: In view of a severe heatwave forecast in parts of Punjab and Sindh from May 7 to May 11, the Central Cotton Research Institute (CCRI) Multan has advised cotton growers to immediately adopt precautionary measures to protect the crop from extreme temperatures likely to range between 46°C and 50°C. Director CCRI Sabahat Hussain said the early-sown cotton crop had now reached 60 to 70 days of age and required immediate management interventions to reduce heat stress and ensure healthy crop growth. She advised farmers to apply a foliar spray comprising 300 grams of Potassium Sulphate, 250 grams of Zinc Sulphate and 250 grams of Borax mixed in 100 litres of water per acre. The ingredients should first be dissolved separately and then mixed together before spraying. For improved results, the spray application should be repeated after 15 days. She further recommended light irrigation during the heatwave period, preferably during the cooler morning or evening hours, to minimise water loss and reduce stress on the crop. According to the CCRI director, the early cotton crop has entered the flowering and boll formation stage therefore farmers should apply one bag of urea per acre to support proper plant growth and development. She also warned growers to immediately destroy spindle-shaped flowers showing signs of bollworm attack to prevent the spread of infestation at the initial stage. In addition, she advised installation of recommended pheromone traps in fields at the earliest possible stage and urged farmers to conduct pest scouting at least twice a week. Sabahat Hussain emphasised that timely agronomic management and continuous crop monitoring during the ongoing heatwave could significantly help in protecting the cotton crop from potential losses. Copyright Business Recorder, 2026
PAKISTAN’S HBL GOES LIVE ON TEMENOS CORE BANKING
Date: 2026-05-08
Details: Published May 8, 2026 Updated about 2 hours ago GRAND-LANCY, (Switzerland) and COPENHAGEN, (Denmark): Temenos (SIX: TEMN), a global leader in banking technology, on Thursday announced that Habib Bank Limited (HBL), a leading financial institution in Pakistan, has successfully gone live with Temenos Core Banking in one of the region’s most ambitious modernization programmes. The initial go-live supports Conventional and Islamic Banking and includes a first phase migration of customer accounts from 200 branches in Pakistan to the Temenos platform. The milestone is a major step in HBL’s strategy to deliver agility, resilience, and scalability in its operations. Once fully rolled out, this landmark programme will cover the Bank’s branch network and more than 40 million accounts, processing approximately 20 million transactions per day. Delivered by Systems Limited, utilizing the Country Model Bank accelerator, this implementation brings Temenos Core and Temenos Data Hubto a hybrid-cloud architecture powered by Red Hat Open Shift. The modern platform accelerates product launches, boosts processing speed and efficiency, and delivers real-time data for analytics and regulatory compliance. Muhammad Nassir Salim, President & CEO - HBL, commented: “The deployment of Temenos’ core banking is a pivotal moment in HBL’s technology transformation. It equips us to drive innovation, product agility and scalable efficiency. This is a large and complex project, and Temenos with Systems Limited have shown exceptional focus towards making this initiative successful.†William Moroney, Chief Revenue Officer at Temenos, said: “By replacing legacy systems with Temenos’ cloud-native core, HBLgains a highly robust and scalable platform capable of supporting the largest and most complex banking operations. This modernization empowers HBL to deliver innovative services to tens of millions of customers with speed, security, and efficiency. We are proud to partner with HBL on this strategic transformation.†Ammara Masood, GM Global BFS, Systems Limited, added: “This successful go-live reflects our ability to deliver complex, large-scale multi-country banking modernization programmes. Working alongside Temenos, we ensured an implementation that meets HBL’s strategic objectives and lays a strong foundation for future growth and long-term success.†Copyright Business Recorder, 2026
NIKKEI BLAZES PAST 63,000 ON EARNINGS
Date: 2026-05-08
Details: Published May 8, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average shot to a record high on Thursday and the nation’s bonds rallied as financial markets reopened after holidays, catching up with optimism over strong technology earnings and signs of a potential peace deal in the Middle East. The benchmark Nikkei 225 Index jumped 5.58 percent, the most in more than a year, to close at an unprecedented 62,833.84. The gauge reached as high as 63,091.14, breaking through the psychological level of 63,000 for the first time. The broader Topix climbed 3 percent to 3,840.49. Japanese government bonds (JGBs) rose after a three-day trading break that saw the yen appreciate on suspected intervention by authorities in Tokyo. The yen bought 156.375 per dollar, largely steady a day after a sprint to a 10-week high of 155 fuelled talk of further official support. Wall Street indexes hit record highs overnight as positive results from Advanced Micro Devices propelled euphoria over the red-hot artificial intelligence sector. Iran said it is reviewing a US proposal to end the more than two-month war, while President Donald Trump said the US has had very good talks with Tehran.
EUROPEAN SHARES PULL BACK AS MIDEAST PEACE PROSPECTS ASSESSED
Date: 2026-05-08
Details: Published May 8, 2026 Updated about 2 hours ago By Reuters FRANKFURT: European shares slipped on Thursday after a steep rally in the previous session, as investors assessed progress towards a US-Iran peace deal that pushed crude prices sharply lower. The pan-European STOXX 600 ended 1.1 percent lower after rising more than 2 percent on Wednesday. Most regional bourses, including in France, Germany and Britain , also fell. European energy stocks dropped 2.5 percent as crude fell below USD100 a barrel. Shell lost 2.9 percent despite beating first-quarter profit estimates and raising its dividend by 5 percent. Oil prices came under pressure as the US and Iran edged towards a temporary agreement to halt their war, sources and officials said. Tehran is reviewing a proposal that would stop the fighting but leave the most contentious issues unresolved. European equities have lagged global peers since the conflict began, with elevated energy costs from supply disruption following the closure of the Strait of Hormuz fuelling inflation fears and clouding growth prospects. “There are still no clear signs that a durable peace agreement is imminent, and the path to resolution - if and when it materialises - is unlikely to be linear in our view,†said Tom Nelson, head of market strategy at Franklin Templeton Investment Solutions. “Markets are forward-looking, but in this case, they may be looking through a level of uncertainty that remains materially unresolvedâ€. On the earnings front, spirits group Campari tumbled 14.5 percent after first-quarter revenue missed expectations. Peers Diageo and Pernod Ricard fell more than 2 percent each, while the beverages index dropped 2.1 percent. Defence stocks shed 2.7 percent, with Rheinmetall down 6.9 percent after the German group reported first-quarter results and said it had submitted a bid to buy German Naval Yards Kiel. Shares of Siemens Healthineers fell 4.7 percent after the medical technology company cut its full-year outlook, citing structural changes in the Chinese market and higher inflation expectations. Conversely, Persil maker Henkel rose 3.3 percent after meeting first-quarter sales expectations. On the macro front, euro zone financial integration has made steady progress in recent years but equity markets remain fragmented, the European Central Bank said in a report.
TDAP SIGNS MOU WITH PSW
Date: 2026-05-08
Details: Published May 8, 2026 Updated 26 minutes ago By Press Release KARACHI: The Trade Development Authority of Pakistan (TDAP) and Pakistan Single Window (PSW) have signed a strategic MoU to streamline trade processes, enhance real-time access to services, and strengthen export growth through digital integration. Under this collaboration, TDAP will now have direct access to PSW data, enabling more informed, data-driven trade facilitation. Additionally, TDAP’s Pakistan Trade Portal and Exporters Directory (Export Gallery) will be integrated with PSW—making it easier for exporters to access opportunities and services through a single, seamless platform. The partnership also reinforces TDAP’s commitment to women’s economic empowerment, enabling women entrepreneurs—especially from the Khadijah Women Entrepreneurship Programme — to expand into global markets through improved digital access and capacity building. A collaborative move towards a more inclusive, efficient, and future-ready trade ecosystem. Copyright Business Recorder, 2026
SUPPLY OF TOYOTA GENUINE MOTOR OIL: WAFI ENERGY, IMC ENTER INTO STRATEGIC PARTNERSHIP
Date: 2026-05-08
Details: Published May 8, 2026 Updated about an hour ago By Recorder Report KARACHI: Wafi Energy Pakistan and Indus Motor Company (IMC) have formally entered into a strategic partnership for the supply of Toyota Genuine Motor Oil (TGMO) across Pakistan. Under the agreement, Wafi Energy Pakistan will supply two key lubricant grades, including Petron Plus 10W-30 and Petron 20W-50, both developed to meet Toyota’s global standards for engine performance, protection, and efficiency. The agreement was signed in Karachi by Danish Ansari, Director Lubricants at Wafi Energy Pakistan, and Abdul Rab, Director Sales, Marketing & Customer First Division at Indus Motor Company, in the presence of senior leadership from both organizations. As the licensed Shell brand partner in Pakistan, Wafi Energy brings globally recognized lubricants technology and OEM expertise to the table, while Indus Motor Company contributes its extensive Toyota distribution and after-sales network. Together, the two companies aim to ensure consistent availability of genuine, OEM-compliant motor oils across Toyota’s nationwide service network. Ali Asghar Jamali, Chief Executive Officer of Indus Motor Company, emphasized that Toyota customers in Pakistan expect uncompromising quality, calling TGMO “an essential part of delivering on that promise.†Abdul Rab, Director Sales, Marketing & Customer First Division at Indus Motor Company, said: “ensuring the consistent availability of Toyota Genuine Motor Oil is essential for maintaining optimal vehicle performance, reliability, and seamless customer experience across our network. This partnership further reinforces our commitment to delivering the highest standards of quality to our customers in Pakistan.†Copyright Business Recorder, 2026
INDIVIDUALS, SMES & AOPS: FBR ISSUES DRAFT OF ‘COMPLEX’ E-RETURN FORM
Date: 2026-05-08
Details: Published May 8, 2026 Updated a day ago By Recorder Report ISLAMABAD: The Federal Board of Revenue (FBR) has issued draft of the complicated/complex electronic income tax return for individuals, small and medium enterprises (SMEs), association of persons and companies for Tax Year, 2026. The cumbersome return forms have been notified by the FBR through an SRO.835(I)/2026. The FBR has also notified draft of the electronic income tax return forms for association of persons/firms. Under the S.R.O835(1)/2026, the draft Electronic Returns for Individuals, SME, AOPs and companies for Tax Year, 2026 have been issued for comments. Copyright Business Recorder, 2026
INDIAN NON-BANK LENDERS PLAN $1.6 BILLION IN DEBT SALES AS YIELDS DECLINE, BANKERS SAY
Date: 2026-05-08
Details: • A drop in Indian corporate debt yields, especially for shorter term funds Published May 8, 2026 Updated about 16 hours ago By Reuters MUMBAI: Five AAA-rated non bank finance companies (NBFCs) are planning to raise as much as 150 billion rupees ($1.6 billion) through sale of bonds maturing from two years to five years, three merchant bankers said on Friday. A drop in Indian corporate debt yields, especially for shorter term funds, has prompted companies to go back to the market after a quiet April. Below are some of the issues likely to hit the market soon, based on information from merchant bankers, who declined to be identified as they are not authorised to speak to the media. Bajaj Finance aims to raise 90 billion rupees through two separate debt issuances, while Tata Capital plans to mobilise 17.70 billion rupees through a dual-tranche bond sale. Bajaj Housing Finance posts 14% profit rise, margins under pressure Bajaj Housing Finance is targeting 15 billion rupees, and M&M Financial Services is looking to raise 10 billion rupees. Poonawalla Fincorp accepted bids worth 10 billion rupees earlier on Friday. None of the companies responded to Reuters’ requests for comment. Yields on AAA-rated papers of up to five-year maturity have eased by around 15 basis points over last couple of days as oil prices have eased on hopes of a resolution to the Iran war. India’s IIFL Finance revives dollar-bond plan, to meet investors, sources say Bankers said firms are trying to front-load borrowings before volatility returns, particularly with geopolitical risks still unresolved. Benefit of bond funding over bank loans like tenor flexibility, better liability matching, faster rate transmission makes it favourable, Priyashis Das, CEO at a bond trading platform Altifi said.
IRAN WAR PAUSES GLOBAL EASING PUSH BY CENTRAL BANKS IN APRIL
Date: 2026-05-07
Details: Published May 6, 2026 Updated about 11 hours ago By Reuters LONDON: The Iran war has seen major central banks put interest rates on hold in April and stymied an easing push in emerging economies as policymakers face inflation pressures and volatile markets. Six of the central banks overseeing the 10 most heavily traded currencies left rates unchanged last month: the U.S. Federal Reserve, the European Central Bank and the Bank of England, but also Canada, New Zealand and Japan. Central banks in Switzerland, Australia, Sweden and Norway held no rate-setting meetings. “Oil prices have surged and markets are pricing higher inflation and rate hikes, even if central banks stayed on hold,†said Christian Keller, head of economics research at Barclays. Since the Iran war began on February 28, fears of supply disruption have pushed oil prices sharply higher, with the surge in energy costs feeding into fuel and transport prices and lifting global inflation expectations. In the year to end-April, G10 central banks have delivered no rate cuts and 50 basis points of hikes across two moves by Australia’s central bank. Australia built on those hikes when it lifted interest rates again on May 5. In 2025 and 2024, G10 central banks delivered 850 bps and 800 bps in easing, respectively. The trend was also visible across emerging economies. Two central banks from a Reuters sample of 18 developing economies - Brazil and Russia - trimmed interest rates by a total of 75 bps in April, the first time the monthly tally of cuts has fallen below 100 bps in a year. Of the other 11 to hold rate meetings, 10 kept rates unchanged. Meanwhile, policy makers in the Philippines delivered a rate hike to keep a lid on rising inflation. Latest inflation data from the country blew past all expectations while its currency - like others in Asia - has flirted with or hit fresh record lows, cementing a view that more tightening is on the cards. Emerging economies, which often have higher shares of their inflation basket exposed to energy and food, are expected to feel price pressures more keenly. However, analysts point to a better starting point for many than in recent crises, such as COVID-19 or Russia’s full-scale invasion of Ukraine in 2022. “Monetary policy now is at not only positive levels, but there is plenty of room for central banks to ease if they need to ease, which is quite different than the policy levels versus inflation levels that we had on the last global shock,†said Carlos Carranza, from the M&G emerging market debt team.
EUROPE’S STOXX 600 UP OVER 2PC ON IRAN DEAL OPTIMISM
Date: 2026-05-07
Details: Published May 7, 2026 Updated about 5 hours ago By Reuters FRANKFURT: Europe’s STOXX 600 jumped over 2 percent on Wednesday in a broad-based rally as reports of a possible peace deal between Washington and Tehran boosted risk appetite and sent oil prices sharply lower, while upbeat company earnings added to the optimism. The pan-European STOXX 600 closed up 2.2 percent at 623.25 points, to its strongest level since April 17. Major regional bourses mirrored the rally. France’s CAC 40 led the pack with a 2.9 percent jump while Italy’s benchmark gained 2.4 percent, hovering near its highest level since 2000. Iran said it was reviewing a new US proposal, following reports that the two parties were closing in on a one-page memorandum to end the war in the Gulf. Crude slipped nearly 7 percent with energy the only major STOXX sector trading down 2.5 percent. Lower oil prices helped the oil price sensitive travel sector advance 5.8 percent, leading sector-wise gains on the index. “Signs of progress in the deal is in some ways more positive for Europe than it is for the US, just because it’s a sensitive regionâ€, said Kiran Ganesh, multi-asset strategist at UBS Global Wealth Management. “Once this Iran issue has passed, then the underlying picture looks really strong for corporate earningsâ€, Ganesh added. Easing crude prices could temper concerns of energy price driven inflation, a crucial factor that hangs as a major drag on European equities which are still below their pre-war levels, while the S&P 500 has hit multiple fresh peaks ever since the outset of the Iran war. Money markets are currently pricing in a 67.6 percent chance that the European Central Bank hikes rate at its June meeting, down from a nearly 85 percent chance on Tuesday, according to LSEG data. Banks and industrials were up 3.8 percent and 3.2 percent, respectively, and the biggest boosts on the European benchmark on Wednesday. Defence shares added 4.7 percent. Italy’s Leonardo gained 5 percent after reporting higher first-quarter earnings, while Norway’s Kongsberg also jumped 5 percent after its order intake more than doubled for the quarter. Demant surged 13.3 percent and marked its biggest one-day gain since October 2008 after the Danish hearing aids maker beat quarterly sales growth estimates.
S&P 500, NASDAQ HIT FRESH PEAK ON IRAN PEACE DEAL HOPE
Date: 2026-05-07
Details: Published May 7, 2026 Updated about 5 hours ago By Reuters NEW YORK: The S&P 500 and the Nasdaq hit record highs on Wednesday, buoyed by signs of a resolution in the Middle East conflict, while strong earnings from Advanced Micro Devices sparked a rally in chipmakers. Advanced Micro Devices’ shares rose nearly 17 percent to a record high after the company forecast second-quarter revenue above expectations on robust demand for its data-center chips. Shares of rival Intel jumped 2.4 percent, while a broader gauge of US chipmakers climbed 3.5 percent to a fresh peak on continued optimism around AI demand. Global stocks surged and oil prices slumped following reports that the United States and Iran were closing in on an agreement for a one-page memorandum to end the war in the Gulf region. Iran said it was reviewing a new US proposal. In its current form, the memorandum would declare an end to the conflict and the start of a 30-day period of negotiations on a detailed agreement to open the Strait of Hormuz, limit Iran’s nuclear program and lift US sanctions, Axios reported. Oil prices fell below USD100 a barrel for the first time since April 22, helping ease concerns about inflationary pressures. “The market is responding to the de-escalation optimistically, on top of a strong earnings season,†said Josh Chastant, managing director, public markets at GuideStone Funds. US stock markets have remained resilient in recent weeks even as diplomatic efforts to end the conflict have failed to produce a breakthrough, with investors instead focusing on the earnings season. S&P 500 companies are on track for their highest profit growth in more than four years. Of the 314 S&P 500 companies that reported through May 1, 83 percent beat analysts’ profit estimates, according to LSEG I/B/E/S data. At 12:30 p.m., the Dow Jones Industrial Average rose 510.85 points, or 1.04 percent, to 49,809.10, the S&P 500 gained 82.14 points, or 1.13 percent, to 7,341.36 and the Nasdaq Composite gained 395.68 points, or 1.56 percent, to 25,717.84. US private payrolls posted their largest increase in 15 months in April, pointing to continued labor market stability even as the conflict in the Middle East clouds the economy’s outlook.
DUBAI LEADS GULF GAINS ON IRAN PEACE HOPES
Date: 2026-05-07
Details: Published May 7, 2026 Updated about 5 hours ago By Reuters DUBAI: Dubai led gains across most Gulf stock markets on Wednesday after a report said the White House believed it was nearing agreement on a memorandum to end the war with Iran, while falling oil prices weighed on Saudi Arabia’s index. News outlet Axios reported that the US expected Iranian responses on several key points in the next 48 hours. A Pakistani source involved in the peace efforts confirmed the report to Reuters on Wednesday. “Markets in GCC rebounded as sentiment improved amid calmer conditions in the region and a more reassuring rhetoric from US officials,†said Joseph Dahrieh, managing director at Tickmill.
OIL PRICES FALL SHARPLY TO TWO-WEEK LOWS
Date: 2026-05-07
Details: Published May 7, 2026 Updated about 6 hours ago By Reuters NEW YORK: Oil prices fell sharply to two-week lows on Wednesday as optimism grew about a possible end to the war in the Middle East, with reports the United States and Iran were nearing an initial peace deal. Brent crude futures settled USD8.60, or 7.83 percent, lower at USD101.27 a barrel, having earlier dropped below USD100 for the first time since April 22. US West Texas Intermediate crude lost USD7.19, or 7.03 percent, to USD95.08. A source from mediator Pakistan said the United States and Iran were closing in on an agreement on a one-page memorandum of understanding. Iran said on Wednesday it was reviewing a new US proposal. An Iranian foreign ministry spokesperson, cited by Iran’s ISNA news agency, said Iran would convey its response soon via Pakistan. Iran had said earlier that it would only accept a fair and comprehensive agreement. US media outlet Axios reported that the US expects Iranian responses on several key points in the next 48 hours, citing sources saying this was the closest the parties had come to an agreement since the war began. “There’s a growing sense that the chance of the Strait of Hormuz reopening is greater, regardless of whether we get a lasting peace deal with Iran or not,†said Phil Flynn, senior analyst with Price Futures Group. Both crude contracts hit their lowest in two weeks, with Brent hitting an intra-session low of USD96.75 before paring losses after US President Donald Trump said it was “too soon†to consider face-to-face talks with Tehran, and as a senior Iranian parliament member said the US proposal was more of a wish list than a reality. The US military said on Monday that it destroyed several Iranian small boats as part of efforts to help stranded ships exit the Strait of Hormuz. “A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices,†said Rystad Energy chief oil analyst Paola Rodriguez-Masiu. However, the global oil flow would take time to normalize even if the strait is restored. “The six-to-eight-week lag between credible access conditions and real flow normalization is not a conservative estimate, it is a structural feature of how shipping markets work,†Rodriguez-Masiu added. Crude oil supply losses from halted marine traffic through the strait since the war began in February have driven up prices, with Brent trading last week at its highest since March 2022. The Strait of Hormuz closure has resulted in a drawdown in global oil and fuel inventories as refineries try to offset production shortfalls. “A partial deal may be enough for Strait of Hormuz shipping to gradually normalize,†said Raymond James analyst Pavel Molchanov, adding that if the decline holds, prices at the pump could cool over the next one to two weeks for US consumers.
US NATURAL GAS FUTURES DROP AS LNG EXPORT FLOWS DROP, IRAN PEACE TALKS WEIGH
Date: 2026-05-07
Details: Published May 7, 2026 Updated about 6 hours ago By Reuters NEW YORK: US natural gas futures eased to a one-week low on a reduction in flows to liquefied natural gas (LNG) export plants during the normal spring maintenance season and as news the US and Iran were closing in on an agreement to end the Iran war caused prices to dive across the energy complex. Oil futures plunged over 10percent earlier this morning on the Iran war news. Front-month gas futures for June delivery on the New York Mercantile Exchange fell 3.5 cents, or 1.3percent, to USD2.753 per million British thermal units (mmBtu), putting the contract on track for its lowest close since April 29. In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 63 days in a row as pipeline constraints trap gas in the Permian region, the nation’s biggest oil-producing shale basin. Financial group LSEG said average gas output in the US Lower 48 states slid to 109.3 billion cubic feet per day (bcfd) so far in May, down from 109.5 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. Output has declined over the past couple of months due in part to low spot prices, which prompted energy firms like EQT, the second-largest US gas producer, to temporarily reduce production as they wait for prices to rise later in the year. Analysts said mostly mild weather earlier this spring allowed energy firms to inject more gas into storage than usual. They noted, however, that recent output declines coupled with cooler weather and higher demand likely reduced the inventory surplus to around 7percent above normal during the week ended May 1, down from 8percent above during the week ended April 24.
PAKISTAN LOSES RS350BN ANNUALLY TO ILLICIT CIGARETTE TRADE, PHILIP MORRIS INTERNATIONAL TELLS MINISTER
Date: 2026-05-07
Details: • Nearly 45 to 47 billion cigarettes are being sold, delegation tells minister Published May 7, 2026 Updated about 19 hours ago By BR Web Desk Federal Minister for Commerce Jam Kamal Khan held a detailed meeting with a delegation led by Marco Mariotti, President, CIS & Central Asia, Philip Morris International, to discuss key challenges facing Pakistan’s tobacco sector, including illicit trade, regulatory gaps, and export potential, according to an official statement on Thursday. During the meeting, the delegation briefed the minister on the growing scale of illicit cigarette trade in Pakistan, noting that a significant portion of the market remains undocumented, resulting in an estimated annual revenue loss of around Rs350 billion, i.e. USD1.25 billion. It was highlighted that nearly 45 to 47 billion cigarettes are being sold without payment of taxes, creating an uneven playing field for the formal sector. The discussion focused on structural issues in the tobacco supply chain, particularly the procurement of tobacco leaf, under-reporting of production, and weak traceability mechanisms. The delegation pointed out that although registered companies operate under strict regulatory frameworks, undocumented production and misuse of contracts enable informal players to access raw materials and expand illicit manufacturing. According to the statement, participants emphasised that the issue extends beyond taxation, with concerns relating to undocumented income, money laundering, and broader economic distortions. The minister was informed that a limited number of actors benefit disproportionately from the undocumented segment, while formal businesses continue to face compliance and cost pressures. The delegation stressed that while laws, tax stamp systems, and regulations are already in place, their implementation remains inconsistent. It was noted that enforcement requires coordinated action by multiple institutions, including federal and provincial authorities. The role of the Pakistan Tobacco Board (PTB) was also discussed. Participants highlighted that while the Board has regulatory functions such as crop estimation and price setting, its enforcement capacity is limited. The need for restructuring and strengthening the board to play a more proactive role in documentation and monitoring was emphasised. The meeting also reviewed policy challenges arising from Pakistan’s commitments under the International Monetary Fund programme, particularly regarding the gradual removal of import restrictions and equal treatment of commercial and industrial importers. While these reforms aim to liberalise trade, stakeholders noted that they may complicate efforts to control the supply of key inputs used in cigarette manufacturing. Jam Kamal acknowledged the complexity of the issue, describing it as a “multi-layered challenge†requiring a comprehensive approach from farm-level production to retail enforcement. He emphasised that the core problem lies in weak enforcement rather than the absence of policy. The minister underscored the importance of aligning federal and provincial efforts, noting that effective regulation of tobacco cultivation and local markets requires active provincial involvement alongside federal agencies such as the FBR and FIA. He reiterated the government’s commitment to supporting the formal sector, promoting exports, and ensuring a fair and transparent business environment. He further directed that stakeholder proposals be consolidated into actionable recommendations, with a focus on strengthening enforcement mechanisms, improving traceability, and gradually reducing the size of the informal economy.
PAKISTAN APEX COURT STRIKES DOWN TAX ON DEEMED PROPERTY INCOME
Date: 2026-05-07
Details: Written by Mrs. Anjum Shahnawaz ISLAMABAD, May 7, 2026 — Pakistan’s Federal Constitutional Court on Thursday declared the tax on deemed property income unlawful, dismissing appeals filed by the Federal Board of Revenue (FBR) and striking down Section 7E of the Income Tax Ordinance, 2001. The court ruled that the provision “shall be deemed not to have been part of the Income Tax Ordinance from day one,†effectively nullifying the controversial tax measure introduced through the Finance Act 2022. The short order further declared that all actions, notices, and proceedings initiated by the FBR and Commissioners of Inland Revenue under Section 7E were without lawful authority and stood set aside. Section 7E imposed tax on certain immovable properties, including plots and properties not under active use, by treating them as generating rental income even if they were not rented out. Under the provision, any immovable property owned by a taxpayer beyond the first property was considered to generate deemed rental income if it was self-occupied, unused, or not producing rental income. Agricultural land and business-use properties were also covered in certain cases. The law assumed notional rental income equal to 20% of the property’s FBR-assessed value and imposed a 5% tax on that deemed income, effectively translating into an annual tax of around 1% of the property’s assessed value. After hearing arguments, the court held that Section 7E was “ultra vires the Constitution†and “void ab initio,†declaring the provision unconstitutional from the outset. Federal Constitutional Court Chief Justice Aminud-Din Khan noted in the order that the provision had been challenged before multiple high courts across the country on constitutional grounds. The ruling follows a series of conflicting judgments by various high courts. The Peshawar High Court and the Balochistan High Court had previously declared the provision unconstitutional, while the Islamabad High Court partially struck down subsection (2) of the law. A ruling by the Lahore High Court upholding the provision was later overturned by a division bench, whereas the Sindh High Court had dismissed similar petitions. As a result of Thursday’s judgment, appeals filed by taxpayers were allowed, while petitions filed by the FBR and the Commissioner of Inland Revenue were dismissed. The court also disposed of all related proceedings. The Federal Constitutional Court had reserved its verdict on April 30 before issuing the short order on Thursday.
PAKISTAN SET TO REDUCE PTA MOBILE PHONE TAXES FOR OVERSEAS PAKISTANIS
Date: 2026-05-07
Details: Written by Hamza Shahnawaz ISLAMABAD, May 7, 2026 – Pakistan is considering reducing taxes on mobile phones registered through the Pakistan Telecommunication Authority to provide relief for overseas Pakistanis visiting the country, a senior federal minister told the Senate on Thursday. Minister for Parliamentary Affairs Tariq Fazal Chaudhry said the government was seriously reviewing proposals aimed at easing the tax burden on expatriates bringing mobile phones from abroad. Responding to a supplementary question raised during the Senate’s Question Hour session, the minister said overseas Pakistanis had repeatedly sought relaxation in PTA mobile phone taxes during overseas conventions held in Pakistan. He said mobile phones brought into the country from abroad typically remain operational for only a few weeks before services are suspended unless the applicable PTA registration tax is paid. The minister noted that tax rates currently vary according to the model and value of mobile phones, adding that the government was actively considering measures to make the system more convenient for overseas Pakistanis. Chaudhry said facilitating overseas Pakistanis remained a priority for the government, particularly as the country sought to strengthen investor confidence and improve economic conditions. Pakistan relies heavily on remittances sent by overseas workers, which remain a key source of foreign exchange earnings for the South Asian economy.
FBR ISSUES DRAFT INCOME TAX RETURN FORMS FOR TAX YEAR 2026
Date: 2026-05-07
Details: Written by Shahnawaz Akhter ISLAMABAD, May 7, 2026 – Pakistan’s Federal Board of Revenue on Thursday issued draft income tax return forms for individuals for tax year 2026 and sought feedback from stakeholders before finalising the forms for the upcoming filing season. The tax authority issued SRO 835(I)/2026 to notify the draft electronic income tax return forms and invited taxpayers, tax practitioners and other stakeholders to submit input within seven days. According to the draft return forms, taxpayers will be required to provide a summary of their economic transactions for the selected tax year. “Please review available data of your economic transactions for the selected tax year. This is indicative data which keeps on updating as per available information. Therefore, correct reporting of income and tax thereon is primarily your own responsibility,†the FBR said in the draft instructions. Under the salary income section, salaried individuals will have to provide employer registration numbers, employer names and details of deductions made during the year. The draft forms also require taxpayers to declare income earned from property during tax year 2026. In addition to forms for salaried individuals, the FBR also issued draft return forms covering business income categories. Tax experts said the early release of draft forms indicates that the authorities intend to begin the annual tax return filing season on July 1, 2026, allowing taxpayers the standard three-month filing period ending on September 30, 2026. Pakistan has been focusing on improving tax compliance and documentation of the economy as part of broader fiscal reforms linked to ongoing programmes with the International Monetary Fund.
FBR REVISES CUSTOMS VALUES FOR SMART WATCHES IMPORTS IN PAKISTAN
Date: 2026-05-07
Details: Written by Hamza Shahnawaz ISLAMABAD, May 7, 2026 — The Federal Board of Revenue (FBR) has revised customs values for imported smart watches, smart bands and smart rings in a move aimed at curbing under-invoicing and protecting government revenue. The Directorate General of Customs Valuation issued Valuation Ruling No. 2076/2026 under Section 25A of the Customs Act, 1969 to determine updated customs values for non-GSM wearable devices imported into Pakistan. According to the ruling, customs authorities observed widespread under-invoicing in imports of smart wearable devices, resulting in revenue losses to the national exchequer. Officials said the revised valuation was finalized after examining import data, conducting market inquiries and consulting stakeholders. The valuation directorate held a meeting with importers and traders on April 7, 2026, asking them to submit documentary evidence regarding prevailing market prices and import values. Authorities reviewed 90 days of import data, including declared and assessed values, before determining the revised customs values. The ruling stated that transaction value methods and identical or similar goods valuation methods could not be relied upon due to inconsistent declarations by importers. As a result, customs values were determined under Section 25(7) of the Customs Act, 1969. New customs values for smart watches, bands and rings S. No. Description PCT Code Origin Category A (US$/Piece) Category B (US$/Piece) Category C (US$/Piece) 1 Non-GSM Smart Watch 8517.6280 All Origins 5.0 3.0 1.5 2 Smart Band / Ring 8517.6280 All Origins 4.5 2.5 1.25 The ruling also classified wearable brands into three categories for valuation purposes. Category A brands Amazfit, Armitron, Aurafit, Awei, Black Shark, Blaktron, Boost, CMF, Fire-Boltt, Fitbit, Haylou/Yolo, Honor, Howear, Imilab, Infinix, Itel, Joyroom, Kieselect, LDNIO, Lenovo, Mibro, Miniso, Nordic, Oppo, Oraimo, Realme, Redmi, Sveston, Tozo, Vivo, Wiwu and Xiaomi/Mi. Category B brands Dany, Faster, Login, Ronin and Zero. Category C brands All other low-end brands. The FBR clarified that premium brands including Apple, Samsung, Huawei, Garmin and Google would be assessed separately by collectorates under Section 25 of the Customs Act at values higher than Category A brands. The ruling further stated that where the declared invoice value exceeds the notified customs values, duties and taxes would be assessed on the higher declared value. In the case of air consignments, customs authorities will also add the difference between air freight and sea freight charges while determining assessable value for import taxation.
SINDH SLASHES SALES TAX TO 2% FOR MOTORCYCLE RIDE SERVICES IN MAJOR RELIEF MOVE
Date: 2026-05-06
Details: Written by Faisal Shahnawaz KARACHI – In a significant move to support low-income workers and provide public relief, the Sindh government has officially reduced the sales tax rate for motorcycle ride services from 5% to 2%. The decision was finalized during a provincial cabinet meeting chaired by Chief Minister Syed Murad Ali Shah. The Chief Minister emphasized that the government is committed to accelerating development while providing direct relief to citizens affected by ongoing inflation and economic pressures. Comprehensive Rs30 Billion Development Agenda The cabinet approved a massive Rs30 billion agenda covering infrastructure, healthcare, education, and digital governance. “We are focusing simultaneously on infrastructure improvement and social protection to ensure the benefits of governance reach the grassroots level,†stated CM Murad Ali Shah. Key Highlights of the Cabinet Decisions 1. Subsidies and Direct Public Relief • Motorcycle Fuel Subsidy: The cabinet extended the fuel subsidy program until May 31, 2026, with an additional allocation of Rs2 billion. To date, over 548,000 applicants have already received Rs2,000 each. • Fishermen Support: A Rs515 million fuel subsidy package was approved for fishermen in Karachi, Thatta, Sujawal, and Badin to offset rising diesel costs that have slashed fish production by 20%. 2. Karachi and Regional Infrastructure • Karachi Roads: Rs6.5 billion was granted for the immediate restoration of roads across 24 town municipal corporations in Karachi. • Indus River Bridge: Rs147.2 million was allocated for the design of a 1.12km bridge between Hyderabad and Kotri. • Water and Drainage: Major funding was approved for water supply in Qasimabad (Rs800 million), drainage in Larkana (Rs4 billion), and the S-III sewage project in Karachi (Rs2 billion). 3. Healthcare and Education Initiatives • Sukkur Trauma Centre: Rs635.48 million was allocated for a 50-bed trauma and emergency center at Ghulam Muhammad Medical College Hospital, expected to be operational by June 2026. • Early Childhood Education: Rs90 million was approved for a new building at St. Patrick’s High School, Karachi. • Social Welfare: Rs80 million was earmarked for an orphanage in Umerkot. 4. Governance and Technology • Digital Courts: Rs48.9 million was approved for the digitization of cases in district courts to facilitate electronically certified copies. • Sindh Job Portal: Rs86.5 million was allocated for operations, alongside funding for ‘Indus AI Week 2026’. Strategic Global Partnerships The cabinet endorsed the World Bank-backed ‘Pak Flow’ project aimed at reducing methane emissions at the Jam Chakro landfill. Furthermore, a China Desk will be established within the Investment Department to facilitate agreements following President Asif Ali Zardari’s recent visit to China. The meeting concluded with key administrative appointments, including Faisal Malik as Member (Finance and Policy) of the Sindh Electric Power Regulatory Authority (SEPRA).
FBR UPDATES CUSTOMS VALUES FOR IMPORTED HAND TOOLS AFTER NINE-YEAR HIATUS
Date: 2026-05-06
Details: Written by Shahnawaz Akhter KARACHI – In a significant move to align import taxes with current international market trends, the Federal Board of Revenue (FBR) has officially revised the customs values for imported hand tools. The new rates come after a nine-year period during which the previous values remained stagnant despite global price fluctuations. The Directorate General of Customs Valuation in Karachi issued Valuation Ruling No. 2072/2026 on April 29, 2026, which immediately supersedes the long-standing Ruling No. 1200/2017. Reason for the Revision The decision to re-determine values was prompted by a formal representation from M.A. Tools and Equipment House (Pvt.) Ltd., highlighting that international prices for hand tools have surged significantly since 2017. To ensure fair taxation, the Directorate conducted a preliminary analysis of import data and held consultative meetings with stakeholders on March 26, 2026. The FBR utilized the Market Enquiry method under Section 25(7) of the Customs Act, 1969, to arrive at the new C&F values after other valuation methods were found inapplicable due to inconsistent declared values. New Customs Values for Imported Hand Tools The ruling categorizes brands into Category-A (High-end commercial brands like Ingco, Total, Tolsen, and Hans) and Category-B (Low-end brands). Description of Goods Origin Category A (US$/KG) Category B (US$/KG) Spades, Shovels, Axes & Forks China 2.30 2.05 Pliers China 3.10 2.55 Hand Operated Spanners China 3.10 2.20 Wrenches / Allen Keys / Socket Sets China 3.30 2.42 Hammer with Iron/Steel Mallet China 2.40 1.95 Planes, Chisels & Woodworking Tools China 2.80 2.50 Screwdrivers China 4.00 2.60 Screw Driver Bits and Drill Bits China 2.75 2.25 Empty Plastic Tool Kit Boxes China 1.80 1.50 Note: For origins other than China, the C&F values are generally higher as specified in the full ruling. Strict Implementation for Premium Brands The FBR clarified that elite high-end brands—such as SATA, DeWalt, Bosch, Makita, Stanley, and Hilti—are not covered by these specific table values. These premium brands must be assessed by the Clearance Collectorate at values higher than Category-A to reflect their superior market position. Guideline for Importers • Higher Declared Values: If an importer declares a value higher than the ruling, the assessment will be made on that higher value. • Air Freight: For consignments imported via air, the difference between air and sea freight will be added to the assessment. • Appeals: Any person aggrieved by this ruling may file a revision petition under Section 25D of the Customs Act within 30 days. This update is expected to increase revenue collection at the import stage while providing a level playing field for local distributors facing competition from undervalued imports.
COTTON SECTOR: APTMA SEEKS MINISTER’S SUPPORT FOR REVIVAL
Date: 2026-05-06
Details: Published May 6, 2026 Updated 6 minutes ago By Mushtaq Ghumman ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has sought the intervention of Minister for National Food Security and Research Rana Tanveer Hussain for the revival and implementation of key decisions related to the cotton sector. In a letter to the minister, APTMA Chairman Kamran Arshad drew attention to the approved minutes of the 6th meeting of the Cabinet Committee on Essential/Cash Crops, held under the chairmanship of the deputy prime minister. He highlighted several time-bound priority decisions that require urgent action by the ministry, including: (i) establishment of an industry-led governance structure through the transformation of the Pakistan Central Cotton Committee (PCCC) into the Pakistan Cotton Advisory Council (PCAC); (ii) collection of cotton cess through the Federal Board of Revenue (FBR); (iii) allocation of 70 percent of cess funds exclusively for cotton research and development (R&D); and (iv) inclusion of provinces, research institutions, farmers, and the seed sector in the new institutional framework. “Since the Cabinet Committee meeting, the APTMA has repeatedly urged the ministry to ensure swift implementation of all decisions made with the consensus of stakeholders. However, it is regrettable that no concrete measures have yet been initiated by the concerned authorities despite the passage of considerable time and repeated reminders,†the APTMA chairman stated. He warned that the inordinate delay in implementation is fraught with significant national loss, particularly as the cotton sowing season has already commenced in various parts of the country. According to him, continued inaction by the Ministry could further accelerate the persistent decline in cotton production, leading to increased imports and putting additional pressure on the country’s valuable foreign exchange reserves. In view of the foregoing, APTMA has called for immediate action on the following measures: (i) issuance of a notification for the operationalisation of PCAC; (ii) necessary legal amendments to enable the collection of cess through FBR; (iii) allocation of 70 percent of cess funds for R&D; (iv) establishment of the approved industry-led governance structure; and (v) sharing of a time-bound implementation plan with the APTMA. The textile industry, he noted, has consistently demonstrated its commitment to supporting national cotton revival efforts. However, without urgent and decisive policy and institutional actions, the agreed strategy cannot translate into tangible outcomes. He urged the minister to personally intervene to ensure immediate progress on these decisions in order to safeguard the cotton crop and the cotton-based industry, which provides employment to millions across the country. Copyright Business Recorder, 2026
IAP SUGGESTS RELIEF, TAX INCENTIVES
Date: 2026-05-06
Details: Published May 6, 2026 Updated about an hour ago By Recorder Report ISLAMABAD: The Insurance Association of Pakistan (IAP) has proposed relief measures with possible restoration of tax incentives for policyholders for promoting savings and expanding insurance penetration in budget (2026-27). Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting at the Finance Division Tuesday with a delegation of the IAP to discuss matters relating to the insurance sector in the context of the Federal Budget 2026–27. The delegation was led by Shoaib Javed Hussain, Chairman IAP. The Finance Minister welcomed the delegation and appreciated the constructive engagement of the insurance industry in contributing to the budget consultation process. He emphasized the need for sustained dialogue with key sectors to ensure that policy measures remain aligned with economic priorities and contribute to long-term financial stability and growth. The delegation presented a set of proposals focusing primarily on taxation and regulatory considerations with respect to the insurance sector. Participants discussed various aspects of the existing taxation framework, including the interaction between federal and provincial levies, and their implications for the sector. The need for consistency, coherence, and predictability in the overall tax structure was highlighted in the context of facilitating sectoral development. Discussions also covered the need to ensure clarity in the application of sector-specific laws governing insurance, particularly in relation to the broader taxation framework. The delegation underscored the importance of ensuring that existing legal and regulatory principles remain appropriately aligned with evolving policy and accounting standards. The delegation further proposed measures aimed at promoting savings and expanding insurance penetration, including the possible restoration of tax incentives for policyholders. Facilitating long-term savings instruments and encouraging wider participation, particularly among salaried individuals, were identified as key areas for consideration. Participants also shared views on strengthening the role of the insurance sector in financial sector development, including through improved alignment of investment frameworks and long-term financial instruments. Continued interaction with regulators and policymakers on sector-specific issues was highlighted as essential. The Finance Minister acknowledged the proposals presented by the delegation and noted that these would be carefully reviewed in the context of the upcoming budget. He reiterated the government’s commitment to advancing the development of the financial sector, while maintaining a balanced and sustainable approach to fiscal policy. The meeting concluded with a shared understanding on the need for ongoing engagement between the Government and the insurance industry to facilitate informed policymaking and enhance the sector’s contribution to economic growth. Copyright Business Recorder, 2026
FCEPL, SLIC TEAM UP: OVER 1,500 DAIRY FARMERS TO GET INSURANCE COVERAGE
Date: 2026-05-06
Details: Published May 6, 2026 Updated about an hour ago By Recorder Report KARACHI: Friesland Campina Engro Pakistan Limited (FCEPL), has partnered with State Life Insurance Corporation of Pakistan (SLIC), to introduce a dedicated life insurance programme for dairy farmers. The pioneering initiative aims to provide financial security insurance coverage for over 1,500 farmers and their families under the Dairy Farmers Programme. As part of the company’s ongoing commitment to ‘Doing Dairy Right’; that encompasses farmer welfare and sustainable livelihoods, the customized insurance “Dairy Farmers Insurance Programme.†is designed to support farmers’ families in the event of accidental death or permanent disability, ensuring financial protection and greater peace of mind for farming communities at no cost to the farmers. Speaking on the signing ceremony, Imran Hussain, Deputy Managing Director, FCEPL said as the first in the industry to introduce structured life insurance at no cost to the dairy farmers, FCEPL proud to set a new benchmark for farmer welfare and responsible business practices in Pakistan’s dairy sector. Faisal Mumtaz, Chief Actuary at SLIC said that through this collaboration with FCEPL, milk farmers are being offered a one-year accidental death and disability insurance cover at a preferential rate. Copyright Business Recorder, 2026
LESCO SETS UP INFORMATIVE STALL AT EXPO CENTRE
Date: 2026-05-06
Details: Published May 6, 2026 Updated about an hour ago By Saeed Akhtar Baloch LAHORE: The Lahore Electric Supply Company (LESCO) has established a dedicated informative stall at the Expo Centre Lahore to raise awareness about its modern services and commitment to customer service excellence. The stall has been established on the occasion of the 42nd annual general meeting of the Institute of Electrical and Electronics Engineers Pakistan which has attracted a large number of participants from various walks of life. During the three-day event, the LESCO is providing visitors with detailed information about its customer service initiatives, advanced digital facilities, and a range of services. Visitors are being briefed on billing systems, online services, complaint management mechanisms, and other measures introduced by the company to enhance user convenience. Chairman LESCO Board of Directors Aamir Zia while speaking on the occasion said that the company remains committed to delivering high-quality and modern services to its consumers, adding that the use of advanced technology is helping further improve service delivery. Chief Executive Officer Engr Ramzan Butt said the LESCO aims to bring services directly to consumers’ doorsteps while familiarizing them with modern digital solutions. He said such platforms play a vital role in raising consumer awareness and improving organizational performance. The initiative reflects LESCO’s ongoing commitment to promoting customer service excellence and expanding access to modern facilities, he concluded. Copyright Business Recorder, 2026
FBR ANNOUNCES MEGA AUCTION OF CONFISCATED VEHICLES ON MAY 11
Date: 2026-05-06
Details: Written by Faisal Shahnawaz ISLAMABAD, May 6, 2026 — The Federal Board of Revenue (FBR) has announced a mega auction of confiscated vehicles scheduled for May 11, 2026, in Peshawar. According to Auction Schedule No. 20/2025-26 issued by the Collectorate of Customs (Enforcement), Peshawar, the auction will be held at the Custom House at 10:00 AM. Vehicles and goods are located across multiple state warehouses, including Peshawar, Nowshera, Mardan, Abbottabad, Bannu, Kohat, and Dera Ismail Khan. The auction will be conducted by M/s Easy World, a government-appointed auctioneer, and will follow an “as is, where is†basis, meaning bidders must inspect items prior to bidding and accept them in their existing condition. Wide range of vehicles on offer The auction features a large number of vehicles, including various models of Toyota, Honda, Suzuki, Mitsubishi, and Nissan. Notable listings include Toyota Land Cruiser, Prado, Hilux, Prius, Corolla, and Honda Vezel and Accord models. Some vehicles are partially or fully damaged, while others are listed without keys or subject to legal conditions such as court stays, which bidders are required to consider before participating. Multiple locations and categories Vehicles are spread across different warehouses, including Enforcement godowns in Peshawar, Mardan, Nowshera, Abbottabad, and D.I. Khan. The listings also include trucks, buses, SUVs, and passenger cars of varying model years, ranging from older vehicles to relatively newer imports. Bidding and eligibility Authorities advised prospective bidders to thoroughly examine vehicles before participating in the auction. Only those who comply with auction procedures and payment requirements will be eligible to place bids. The FBR said such auctions are part of ongoing enforcement efforts to dispose of confiscated goods and generate revenue for the national exchequer. Interested participants can obtain further details regarding auction procedures, vehicle listings, and inspection schedules from the relevant customs offices.
FBR SETS MAY 20 DEADLINE FOR CUSTOMS CLEARING AGENTS LICENCE APPLICATIONS
Date: 2026-05-06
Details: Written by Shahnawaz Akhter ISLAMABAD, May 6, 2026 — The Federal Board of Revenue (FBR) has invited applications from eligible individuals for the grant of customs clearing agents licences, setting May 20, 2026, as the deadline for submission. The licences will be issued through a competitive process under Rule 91 of the Customs Rules, 2001, the FBR said in an official notice. Eligibility criteria Applicants must meet several requirements, including being Pakistani citizens, at least 21 years of age, and graduates from recognized universities. Candidates are also required to demonstrate adequate computer knowledge to handle Goods Declarations (GD) in systems such as PRAL and the Customs Computerized System (CCS). In addition, applicants must have a clean legal record and a sound financial standing verified by a bank. Application process and fee Interested candidates are required to submit applications using the prescribed Form-A to the relevant licensing authority — typically the Collector of Customs — by May 20, 2026. Each application must be accompanied by a non-refundable fee of Rs10,000 in the form of a pay order. Relevant documents, including the application form, syllabus, and fee details, are available through official channels. Qualification test All eligible applicants, including existing provisional licence holders, will be required to pass a qualification test to be conducted by the Institute of Business Administration. The test will consist of a written examination (100 marks) and a viva voce (50 marks). Candidates must secure at least 50% marks in both components to qualify. The written test will include a computer proficiency section focused on GD filing and PRAL systems, along with a broader assessment based on the prescribed syllabus. Candidates must pass the computer section to have the rest of their paper evaluated. Examination centres and next steps Examinations will be held in major cities including Islamabad, Lahore, Karachi, Peshawar, and Quetta. Only shortlisted candidates will be allowed to appear after scrutiny of applications by licensing authorities. The IBA will announce test dates, issue roll number slips, and communicate further details through its official website, email notifications, and national advertisements. The FBR said successful candidates will be required to fulfill additional conditions under Rule 94 of the Customs Rules, 2001, before being granted licences.
FBR AWARDS MAJOR PENALTY ‘DISMISSAL FROM SERVICE’ TO CUSTOMS OFFICIAL
Date: 2026-05-06
Details: Written by Shahnawaz Akhter ISLAMABAD, May 6, 2026 — The Federal Board of Revenue (FBR) has dismissed a customs official from service on charges of prolonged unauthorized absence, according to an official notification issued on Wednesday. The disciplinary action was taken against Shahroz Khaliq, an Inspector Customs (BS-16) posted at the Collectorate of Customs Enforcement, Peshawar. He was found guilty of “inefficiency and misconduct†under the Civil Servants (Efficiency & Discipline) Rules, 2020. According to the FBR, the official remained absent from duty without authorization since March 10, 2024, following the expiry of his approved ex-Pakistan leave. He had earlier been granted 730 days of leave without pay from March 2022 to March 2024 to pursue higher studies in Canada. Upon failing to report back after the leave period ended, the department initiated disciplinary proceedings and issued a show-cause notice in February 2026. The notice was sent to his registered addresses but returned undelivered. Authorities later shared the notice via email and WhatsApp, which was acknowledged by the officer on March 17, 2026. However, he neither submitted a response nor resumed duty. The FBR said the prolonged absence of over two years constituted gross misconduct and demonstrated a lack of interest in continuing government service. Acting under relevant provisions of the Civil Servants (E&D) Rules, the Member (Administration/HR) imposed the major penalty of “dismissal from service.†The period of suspension from January 29, 2026, onward will be treated as leave as admissible, while the earlier absence period has been classified as leave without pay. The dismissed official retains the right to file an appeal before the appropriate authority within 30 days under the Civil Servants (Appeals) Rules, 1977.
FBR HOLDS URGENT MOOT ON NEW STEPS TO BRIDGE REVENUE SHORTFALL
Date: 2026-05-05
Details: Published May 5, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: The Federal Board of Revenue (FBR) Monday convened an urgent meeting of top FBR officials on “new revenue mobilisation measures†to overcome revenue shortfall of Rs 683 billion during 2025-26. The meeting was chaired by FBR Chairman Rashid Mahmood Langrial and attended by all FBR’s relevant members here on Monday at the FBR Headquarters. The meeting on new revenue mobilisation measures discussed all aspects of enforcement actions to be taken during May-June period of 2025-26. In an extraordinary development, sources said that the embargo may be imposed on taxpayers where recovery is admissible under the law, stay expired, but taxpayer is not willing to pay the legitimate amount of pending tax despite all efforts. Moreover, the FBR will issue instructions to the field formations to maximize efforts on recovery of arrears and attachment of bank accounts in cases where court stays have been expired. The recovery of pending tax arrears is the top priority of the FBR and all action would be taken where stay has been expired. The enforcement measures, including attachment of bank accounts, would be enforced where six months have been expired after stay orders. According to sources, the new revenue mobilization measures does not mean any new taxation measures or mini-budget for the outgoing fiscal year. However, recovery of pending dues from taxpayers is the top priority of the FBR during the remaining period of 2025-26. Copyright Business Recorder, 2026
FTO DISMISSES RS70M TAX EVASION COMPLAINTS, REJECTS FRIVOLOUS CASES
Date: 2026-05-05
Details: Published May 5, 2026 Updated about 2 hours ago By Sohail Sarfraz ISLAMABAD: A complaint involving alleged tax evasion of over Rs 70 million and the suspension of a sales tax registration has been closed by the Federal Tax Ombudsman (FTO), underscoring that the Office does not entertain frivolous complaints or matters already pending before courts of law. The case, which mainly raised questions about procedural non-compliance by tax administration, ultimately fell outside the FTO’s jurisdiction due to parallel litigation. The complaint was filed under Section 10(1) of the Federal Ombudsman Ordinance, 2000, challenging the suspension of the complainant’s Sales Tax Registration Number (STRN). The complainant contended that the registration was suspended on May 2, 2025, without prior notice or an opportunity of hearing—allegedly in violation of Section 21 of the Sales Tax Act, 1990, read with Rule 12 of the Sales Tax Rules, 2006, and relevant case law of the Sindh High Court. It was further argued that, under the law, such suspension is temporary and becomes void if not followed by a blacklisting order within 90 days. According to the complaint, despite the lapse of more than the prescribed period, the authorities neither issued a blacklisting order nor restored the STRN, resulting in financial losses and disruption of business operations. However, the Revenue Division, in its comments, raised serious concerns regarding the complainant’s tax declarations. It was pointed out that the complainant—registered as a manufacturer of ice blocks—had declared an unusually high carry-forward amount of over Rs. 19 million without making any corresponding tax payments. This discrepancy translated into a potential sales tax liability exceeding Rs. 70 million, with officials questioning the plausibility of maintaining such large stock volumes in a business dealing with a perishable commodity like ice. During proceedings, it also emerged that the complainant had filed a constitutional petition before the Sindh High Court seeking the same relief—namely, the restoration of the suspended registration—after approaching the FTO. The Ombudsman observed that both proceedings effectively sought identical outcomes. In light of this, the FTO ruled that the matter had become sub judice, thereby falling outside its jurisdiction under Section 9(2)(a) of the FTO Ordinance, 2000, which bars the office from intervening in cases pending before a competent court. Consequently, the complaint was closed without further investigation, and the case record was consigned. The decision reinforces the Tax Ombudsman’s stance that while genuine grievances are addressed, frivolous or parallel litigations will not be entertained, ensuring that the forum is not misused and remains focused on legitimate taxpayer relief. FTO Office demonstrates Zero Tolerance in cases where any sort of tax fraud has been detected by tax authorities or under investigation at FBR. Copyright Business Recorder, 2026
RETURN FILING 2026: CHECK NOW BUSINESS INCOME TAX RATES
Date: 2026-05-05
Details: Written by Shahnawaz Akhter KARACHI: The income tax return filing for tax year 2026 is expected to begin in July for taxpayers across Pakistan. Individuals and Associations of Persons (AOPs) earning business income are advised to review the updated tax rates to ensure accurate and timely filing. The Federal Board of Revenue (FBR) has issued revised business income tax slabs for the tax year 2026, aiming to provide clarity and reduce errors during the return filing process. Business Income Tax Rates for 2026 The following tax rates apply to individuals and AOPs (excluding salaried individuals): S# Taxable Income (PKR) Rate of Tax 1 Up to 600,000 0% 2 600,001 – 1,200,000 15% of amount exceeding 600,000 3 1,200,001 – 1,600,000 90,000 + 20% of amount exceeding 1,200,000 4 1,600,001 – 3,200,000 170,000 + 30% of amount exceeding 1,600,000 5 3,200,001 – 5,600,000 650,000 + 40% of amount exceeding 3,200,000 6 Above 5,600,000 1,610,000 + 45% of amount exceeding 5,600,000 Special Provision for Professional Firms According to the FBR, in the case of an AOP classified as a professional firm — which is prohibited from incorporation under relevant laws or regulatory bodies — the maximum tax rate of 45% will be reduced to 40%. Guidance for Taxpayers Tax experts recommend that business owners and partnerships carefully calculate their taxable income under the applicable slab to avoid penalties or misreporting. Early preparation ahead of the filing season can help ensure compliance with FBR regulations. The upcoming return filing season is expected to witness increased scrutiny, making it essential for taxpayers to stay informed about the latest tax rules and rates.
FBR MANDATES PETROLEUM LEVY INFORMATION IN SALES TAX RETURN
Date: 2026-05-05
Details: Written by Shahnawaz Akhter ISLAMABAD, May 5, 2026 – The Federal Board of Revenue (FBR) has made it mandatory for registered taxpayers to declare petroleum development levy and climate support levy details in monthly sales tax returns. The requirement has been introduced through SRO 800(I)/2026, under which amendments have been made to the Sales Tax Rules, 2006. Mandatory Reporting in Annexure-L According to the notification, taxpayers must now provide complete information regarding the collection and deduction of petroleum levy and climate support levy in Annexure-L of the sales tax return. This includes detailed reporting of levy amounts associated with petroleum product transactions. Invoice-Level Data Requirements The FBR has also directed that domestic sales invoices must include key information such as: • Name of the registered person • Particulars of the buyer • Province of sale origin • Relevant documentation • Applicable tax period Officials said the move is aimed at enhancing transparency and strengthening compliance within the petroleum sector. Improving Documentation and Compliance FBR officials noted that the initiative will help streamline petroleum sales across the country and ensure proper documentation of petroleum levy and climate support levy collections. The government currently generates significant revenue through petroleum levies on the sale of petroleum products, making improved reporting essential for fiscal management. Strengthening Revenue Monitoring The mandatory disclosure is expected to improve monitoring of levy collections and reduce discrepancies in reporting, contributing to better revenue administration. Authorities believe the step will support efforts to broaden the tax base and enhance the efficiency of Pakistan’s tax system.
SENATE SEEKS DETAILS OF FBR CORRUPTION CASES OVER PAST FIVE YEARS
Date: 2026-05-05
Details: Written by Shahnawaz Akhter ISLAMABAD, May 5, 2026 – The Senate of Pakistan has sought comprehensive details of corruption cases within the Federal Board of Revenue (FBR) over the past five years. The move comes after Senator Muhammad Talha Mahmood submitted a starred question requesting information on corruption and misappropriation cases across various wings, directorates, and offices of the FBR. Senate Seeks Detailed Breakdown In his query, the senator asked the Ministry of Finance and Revenue to provide: • Details of corruption and misappropriation cases reported during the last five years • Names and designations of officers and officials found involved • Actions taken against those responsible in each case FBR Directs Nationwide Data Collection In response, the FBR has issued directives to all chief commissioners and Directors General Inland Revenue to compile and submit the required data. Officials have been instructed to provide details covering employees from BS-1 to BS-15, including APS BS-16, across Inland Revenue field formations. The data will cover the period from January 1, 2021, to date and must be submitted to the FBR by May 8, 2026. Information to Include in Report The FBR has specified a structured format for submission, requiring: • Names and designations of officials • Nature and details of charges • Penalties imposed in proven cases • Dates of disciplinary actions Accountability in Focus The development reflects increasing parliamentary scrutiny of governance and accountability within Pakistan’s tax administration. The compiled report is expected to provide insight into the extent of corruption cases and enforcement actions taken within the FBR over recent years.
WEEKLY COTTON REVIEW: FIA MOVE INVITES SHARP CRITICISM
Date: 2026-05-04
Details: Published May 4, 2026 Updated about an hour ago By Naseem Usman KARACHI: The Federal Investigation Agency (FIA) has allegedly taken over Pakistan’s historic Cotton Exchange Building with the apparent backing of the Evacuee Trust Property Board (ETPB) to establish its Karachi headquarters. The move has drawn sharp criticism from the building’s affectees, particularly because the matter is already subjudice before the Sindh High Court. Critics have termed the occupation unlawful and a blatant disregard for judicial proceedings. The fallout from this alleged seizure has been immediate and far-reaching. The daily cotton spot rate, a critical pricing benchmark for Pakistan’s domestic cotton trade, has remained suspended since December 12, 2025, leaving traders, ginners and farmers without an official price reference and pushing the entire cotton supply chain into a state of uncertainty. The domestic cotton market is already under considerable strain. Available stocks have dwindled to negligible levels, with whatever little remains changing hands at prices between Rs19,500 and Rs21,000 per maund. Despite the grim supply situation, early signs of activity in the new crop season have offered some relief to market participants. Future trading for the 2026-27 crop has begun on a partial basis, with Phutti deals of forty kilograms being settled at Rs10,000 and ginned cotton fetching Rs21,750 per maund, signalling cautious optimism among buyers and sellers alike. On the global front, international cotton markets are witnessing a strong bullish momentum. New York Cotton Futures have surged to hit the key target of 85 US cents, reflecting robust international demand and a tightening global supply outlook that could have significant implications for Pakistani exporters in the months ahead. Back home, the broader industrial landscape continues to present a challenging picture. Successive hikes in petroleum prices, electricity tariffs and gas charges, compounded by the State Bank of Pakistan’s decision to raise the benchmark interest rate, have taken a heavy toll on industrial output across the board. The textile sector, already navigating a difficult operating environment, has been among the hardest hit, with rising input costs squeezing profit margins and dampening production capacity. Against this backdrop of domestic challenges, Pakistan’s textile industry has managed to make its mark on the world stage. Pakistani exhibitors delivered a standout performance at the prestigious Techtextil and Texprocess international trade fairs, showcasing the sector’s technical capabilities and product diversity to a global audience. Cotton prices remained largely stable in the local market during the past week amid extremely thin trading activity. Although the current season has come to an end, very little stock remains, while reports are beginning to emerge about the partial arrival of new crop cotton. Some future contracts were settled at Rs 21,750 per maund for cotton and Rs 10,000 per 40 kilograms for Phutti. Tensions in the Middle East have created abnormal conditions in markets, particularly causing a sharp rise in energy prices whose negative effects are becoming visible across various commodities, including cotton. International cotton markets are also showing an upward trend in prices. Industrial production has been adversely affected by rising energy costs, including petroleum products, electricity and gas, as well as an increase in the State Bank’s policy rate. The textile sector has been among those bearing the brunt of these developments. Cotton prices are showing firmness globally. Drought conditions in the United States, combined with intense heat waves over cotton-growing regions in Pakistan and India, are pointing toward higher cotton prices in the new season. Production in Brazil also appears lower than expected, and reports from Africa are similarly discouraging. Market observers believe that cotton prices in Pakistan are likely to remain favourable. The Evacuee Trust Property Board (ETPB) has been in occupation of the Cotton Exchange building since December 12 with the assistance of the FIA, which has made it impossible to issue the daily cotton spot rate, a figure of considerable importance to the market. The small quantities of cotton still available in Sindh and Punjab are trading at between Rs 19,500 and Rs 21,000 per maund, depending on quality and condition. Karachi Cotton Brokers Forum Chairman Naseem Usman stated that international cotton markets are trending upward. New York cotton futures were quoted between 81.85 and 84.56 US cents per pound. According to the USDA weekly export and sales report, a total of 162,900 bales were sold for the 2025-26 season. Vietnam led all buyers with purchases of 55,600 bales, followed by Pakistan in second place with 33,300 bales, and Honduras in third with 29,700 bales. For the 2026-27 season, Turkey, China, Guatemala, Honduras and Pakistan collectively purchased approximately 105,700 bales. Cotton prices continue to reach new highs, with the 85-cent target nearly achieved. Both July and December contracts closed near their weekly highs, signalling the possibility of a further bullish trend in the market. However, this sharp price surge is largely driven by supply concerns, particularly due to drought conditions in Brazil and the United States. Should weather conditions improve and rainfall occur, production could increase, potentially pulling prices down by around 500 points. The current rally is considered overly aggressive and difficult to sustain over the long term, though prices could still climb as high as 88 cents. Demand remains a weak factor in the market at present. Textile mills have not increased production, nor are they shifting from synthetic fibre to cotton, as consumer demand has shown no meaningful growth. The market is therefore entirely supply-driven at this stage. Furthermore, no major shift in the production season is expected, as planting has already begun in the Northern Hemisphere and the area under cultivation is largely fixed. Shortages of resources, seeds, financing, and machinery continue to hinder any expansion in cultivated acreage. Weather continues to dominate the market outlook. Prices may remain volatile within the 80 to 85 cent range. The narrowing price gap between old and new crop contracts suggests that this rally is being driven purely by seasonal factors rather than any fundamental shift in market dynamics. Since the United States and Brazil account for a significant share of global cotton trade, crop conditions in both countries will continue to influence market direction. Mills have stepped up price-fixing activity in recent weeks, which could provide some support to prices through May. Exports performed better than expected, pointing to a possible improvement in demand, though mills continue to report sluggish business activity. Pakistan’s textile sector demonstrated outstanding performance at the Techtextil and Texprocess 2026 exhibitions held in Frankfurt, Germany, successfully capturing the attention of international buyers. Pakistan’s participation was characterized by deep buyer interest in its products, active engagement, and a growing international reputation. The event brought together over 1,700 exhibitors from 54 countries, reflecting the depth and diversity of the global textile industry. From established manufacturers to emerging players, participants presented new developments and practical solutions that highlighted steady industry growth and adaptability. Thousands of trade visitors, including buyers, industry professionals, and decision-makers, attended the exhibitions and actively interacted with exhibitors these engagements created valuable opportunities for networking, sourcing, and future business partnerships. The Trade Development Authority of Pakistan (TDAP) led a national pavilion featuring Sadaqat Limited, Haroon Fabrics, JK Spinning, and Ahmed Fine Weaving. Independent exhibitors, including Artistic Milliners, H Nizam Din & Sons, Master Textile, Sapphire Finishing, Nishat, Pakwinz International, and M Bilal Textiles, further strengthened Pakistan’s presence with a diverse product range. Mohd Noman Qadir, Export Manager at Pakwinz International, said the fair was highly productive, with strong orders from European buyers. He added that their presence in Germany aims to explore advanced technologies and European developments to help boost exports and support economic growth back home. Raheel Walani, Senior Manager Sales & Marketing at Art Mill said that the fair was very successful. The flow of visitors was strong, and they attracted buyers from many countries. He added that the company secured excellent business opportunities during the event. Copyright Business Recorder, 2026
JAPAN’S NIKKEI RISES ON TECH RALLY
Date: 2026-05-04
Details: Published May 4, 2026 Updated about 2 hours ago By Reuters TOKYO: Japan’s Nikkei share average edged higher on Friday, helped by gains in a small group of technology stocks, while the yen’s rally helped government bond prices rebound. The Nikkei closed 0.38 percent higher at 59,513.12. It, however, dipped 0.3 percent for the week, snapping a third straight week of gains. The broader Topix reversed early declines to end 0.04 percent higher at 3,728.73 and inched up 0.3 percent for the week.
WALL ST WEEK AHEAD: US STOCKS RALLY COULD FIND FUEL IN EARNINGS
Date: 2026-05-04
Details: Published May 4, 2026 Updated about 2 hours ago By Reuters NEW YORK: Investors will look for another batch of earnings reports and fresh employment data to drive a resilient US stocks rally higher next week, in the face of spiking oil prices and a more hawkish Federal Reserve. Major US stock indexes were at record-high levels on Thursday, following a sharp month-long rebound from concerns about economic fallout from the Middle East war. A broadly strong season for corporate profits is underpinning bullishness for US equities and countering other market headwinds. The benchmark S&P 500 and the technology-heavy Nasdaq Composite both ended April on Thursday with their biggest monthly gains since 2020. The S&P 500 rose more than 10 percent for April, while the Nasdaq jumped over 15 percent. “We have these fast-rising profits on one side, and then on the other, we have upward pressures on oil prices and bond yields,†said Angelo Kourkafas, senior global investment strategist at Edward Jones. “We’ve rallied a lot in April, so potentially we may enter some period of consolidation as this pull and push is playing out.†Stocks this week largely shrugged off a renewed surge in oil prices with benchmark Brent crude topping USD120 a barrel and hitting a four-year high before pulling back. Energy markets were poised to swing on developments in the two-month US-Israeli war with Iran, which has choked off a major supply of oil. While a ceasefire agreement helped catalyze the stock market’s rebound, continued tensions in the Middle East were poised to keep investors on edge. “With each passing day, the economic risk grows,†said Jeff Buchbinder, chief equity strategist for LPL Financial. “If we’re sitting here in a month or two, and Brent crude is still over USD120, and we’ve still got a blockade and maybe bombs are still falling, that is a very different scenario than what we’re looking at right now.†More than 100 companies in the S&P 500 are set to post results next week, with markets digesting the heart of the reporting season. Overall S&P 500 earnings as of Thursday were on track to climb more than 20 percent in the first quarter from a year ago, according to Tajinder Dhillon, head of earnings and equity research at LSEG Data & Analytics. This week, megacap companies investing in artificial-intelligence infrastructure reported results that yielded mixed market reactions. Shares of Alphabet jumped on Thursday after the Google parent showed blowout cloud-computing growth, while shares of Microsoft and Meta Platforms slumped after less stellar results. Data analytics firm Palantir, entertainment company Walt Disney and restaurant chain McDonald’s are among the high-profile companies due to report next week.
AUSTRALIAN SHARES SNAP EIGHT-SESSION LOSING STREAK
Date: 2026-05-04
Details: Published May 4, 2026 Updated about 2 hours ago By Reuters SYDNEY: Australian shares rose for the first time this week on Friday, with miners leading a broad-based rebound, as an overnight pullback in oil prices encouraged investors to cautiously rebuild positions. The S&P/ASX 200 index closed 0.7 percent higher at 8,729.80, marking its best session since April 8, but still lost 1.4 percent over the week after eight consecutive sessions in the red. Oil prices eased overnight from a four-year peak on Thursday, while strong earnings from mega-cap technology companies lifted Wall Street. Some buying interest in the ASX200 was expected after consecutive sessions of losses, William Taylor, COO and portfolio manager at etfshares, said, adding that the solid US corporate results buoyed global risk appetite. However, Taylor cautioned against treating the benchmark’s current level as a firm floor, saying “today’s bounce looks more like a relief rally than a clear change in market directionâ€. “The rally still needs to be tested, particularly with oil prices sensitive to US-Iran tensions, inflation risks elevated, and the RBA decision still ahead.†Miners led gains, rising 2.1 percent, with Rio Tinto and BHP each up over 2 percent after iron ore prices firmed on improved Chinese factory activity. Although the sector is still down 3.2 percent for the week. Financials fell 0.3 percent, with a 2.8 percent drop in ANZ weighing the sector down. The bank flagged an increase in provisions to cover potential loan loss stemming from the Middle East conflict, while also reporting a 6 percent rise in half-year cash earnings. Meanwhile, major grocer Coles rose 3.7 percent after reporting higher quarterly sales, which took the consumer staples index 1.1 percent higher. The focus next week will be on the central bank’s monetary policy decision on Tuesday, where a quarter-point rise in the cash rate is about 83 percent priced in by markets. A hike delivered with a measured message could comfort investors, but messaging that stresses concerns about inflation could put renewed pressure on equities, Taylor said.
UAE EXITS ARAB OIL EXPORTER GROUP OAPEC
Date: 2026-05-04
Details: Published May 4, 2026 Updated about 2 hours ago By Reuters LONDON: The United Arab Emirates has left the Organization of Arab Petroleum Exporting Countries (OAPEC), an alliance that does not set production policies for its members, a statement from the intergovernmental organisation showed on Sunday. The statement follows UAE’s surprise announcement on April 28 of its departure from the OPEC and OPEC+ producer groups, to prioritise boosting its own output. OAPEC was formed in 1968 with the aim of boosting cooperation among Arab oil exporters.
FBR PLANS HARSH MEASURES TO OVERCOME REVENUE SHORTFALL
Date: 2026-05-04
Details: Written by Mrs. Anjum Shahnawaz ISLAMABAD, May 4, 2026 – The Federal Board of Revenue (FBR) is preparing to introduce strict enforcement measures to boost revenue collection and reduce the widening shortfall in the ongoing fiscal year. An urgent meeting was held at the FBR headquarters on Monday, chaired by Chairman Rashid Mehmood Langrial and attended by senior officials of the tax authority. The session focused on revenue mobilisation strategies for the May–June period of FY2025-26. Focus on Enforcement and Recovery According to officials, the meeting reviewed all aspects of enforcement actions, including recovery of outstanding tax arrears and legal mechanisms to ensure compliance. Sources said the FBR is considering imposing strict recovery actions in cases where taxpayers are legally liable but have not paid dues despite the expiry of stay orders issued by courts. Possible Account Attachments and Legal Actions The new measures may include attachment of bank accounts and other enforcement actions in cases where court stays have expired, particularly if more than six months have passed since such orders lapsed. Officials emphasized that recovery of pending tax arrears remains the top priority, and all legal options will be exercised where applicable. No New Taxes or Mini-Budget Planned Sources clarified that the proposed revenue mobilisation drive does not involve any new taxation measures or a mini-budget for the outgoing fiscal year. Instead, the focus will remain on recovering existing dues and improving compliance during the remaining months of FY2025-26. Government’s Revenue Priority The FBR reiterated that strengthening enforcement and ensuring timely recovery of outstanding taxes is essential to meeting annual revenue targets and reducing fiscal pressure. Officials believe that improved recovery mechanisms could help narrow the revenue gap without introducing additional tax burdens on the public.
FBR WAIVES PENALTIES ON RS8.77 BILLION TAX LIABILITY OF PIA
Date: 2026-05-04
Details: Written by Shahnawaz Akhter ISLAMABAD, May 4, 2026 – The Federal Board of Revenue (FBR) has announced a waiver of penalties and default surcharge on tax liabilities amounting to Rs8.77 billion payable by Pakistan International Airlines (PIA). According to a notification issued on Monday, the FBR stated that the decision was taken under Section 183 of the Income Tax Ordinance, 2001, and in line with a federal cabinet decision dated December 31, 2025. The federal government has exempted default surcharge and penalties on PIA’s current tax liabilities totaling Rs8,765,972,000, subject to final determination. The move is aimed at facilitating the successful completion of the airline’s divestment process to prospective buyers and ensuring timely execution of bid-related agreements. Officials said the relief is part of broader efforts to streamline the privatization of the national carrier, which has faced persistent financial challenges in recent years. The FBR further clarified that the waiver is conditional. PIA must settle its outstanding tax liabilities—recorded as of June 30, 2025—within four years. The repayment plan includes a one-year grace period, after which the amount will be paid in equal annual installments. The payment schedule will commence following the “First Completion†stage, as defined in the Share Purchase and Subscription Agreement between the Government of Pakistan and the successful bidder. Analysts view the development as a key step toward reducing PIA’s financial burden and improving its attractiveness to investors during the privatization process.
FBR REVISES CUSTOMS VALUES OF FIRE ALARM SYSTEM PARTS AFTER UNDER-INVOICING DETECTION
Date: 2026-05-04
Details: Written by Shahnawaz Akhter Karachi, May 4, 2026 – The Federal Board of Revenue has revised customs values of fire alarm system parts following the detection of under-invoicing by importers. The Directorate General of Customs Valuation issued Valuation Ruling No. 2075/2026 under Section 25A of the Customs Act, 1969 to standardize import values and prevent revenue losses. Reason for Revision According to the ruling, discrepancies in declared import values led to inconsistent assessments across collectorates, prompting authorities to conduct a detailed analysis of import data, market prices, and stakeholder input. Officials reviewed 90 days of import data and conducted market inquiries but found significant variations, making traditional valuation methods unreliable. As a result, customs values were determined under Section 25(9) of the Customs Act. Revised Customs Values of Fire Alarm System Parts The FBR has set new customs values (C&F) for various fire alarm system components across three categories (A, B, and C): S. No. Description of Goods PCT Code Cat-A (USD) Cat-B (USD) Cat-C (USD) 1 Addressable Fire Alarm Control Panel (100 devices) 8531.1000 580.00 377.00 301.60 2 Addressable Fire Alarm Control Panel 8531.1000 1530.00 994.50 795.60 3 02 Loop Addressable Control Panel 8531.1000 1900.00 1235.00 988.00 4 Photoelectric Smoke Detector 8531.1000 14.00 9.10 7.28 5 Detector Base with LED 8531.9090 11.50 7.48 5.98 6 Heat Detector 8531.1000 13.00 8.45 6.76 7 Multi Detector 8531.1000 16.50 10.72 8.58 8 Flame Detector 8531.1000 280.00 182.00 145.60 9 Detector Base 8531.9090 2.50 1.62 1.30 10 Double Action Pull Station 8531.1000 23.00 14.95 11.96 11 Weatherproof Pull Station 8531.1000 27.50 17.88 14.30 12 Weatherproof Box 8531.1000 27.00 17.55 14.04 13 Interface Module 8531.1000 13.00 8.45 6.76 14 Indoor Sounder with Flasher 8531.1000 38.50 25.03 20.02 15 Outdoor Sounder with Flasher 8531.1000 51.00 33.15 26.52 16 Weatherproof Back Box 8531.1000 10.00 6.50 5.20 17 Loop Isolator Module 8531.1000 24.00 15.60 12.48 18 Conventional 2 Zone Panel 8531.1000 129.00 83.85 67.08 19 Conventional 4 Zone Panel 8531.1000 158.00 102.10 82.16 20 Conventional 8 Zone Panel 8531.1000 220.00 143.00 114.40 21 Optical Detector 8531.1000 7.50 4.88 3.90 22 Conventional Base 8531.9090 2.50 1.62 1.30 23 Optical Multi Detector 8531.1000 8.00 5.20 4.16 24 Heat Detector 8531.1000 7.00 4.55 3.64 25 Manual Call Point 8531.1000 10.00 6.50 5.20 26 Sounder with Flasher 8531.1000 33.00 21.45 17.16 27 Sensor Base 8531.9090 1.90 1.23 0.99 28 Addressable Manual Call Point 8531.1000 35.00 22.75 18.20 29 Addressable Sounder with Flasher 8531.1000 16.00 10.40 8.32 Values are in US dollars per piece (C&F basis). Implementation and Key Conditions The ruling states that if declared import values exceed the prescribed customs values, the higher value will be used for duty assessment. Additionally, air freight differences will be added where applicable. Authorities have directed all customs collectorates to ensure strict implementation and report any anomalies. Impact on Imports The revised valuation is expected to curb under-invoicing practices, improve transparency, and enhance revenue collection. It will also create a uniform benchmark for assessing fire alarm system imports across Pakistan. Conclusion The move by the FBR to revise customs values of fire alarm system parts reflects ongoing efforts to strengthen compliance and standardize import valuations under the Customs Act, 1969.
RANA TANVEER CALLS FOR DAIRY SECTOR TAX REFORMS TO BOOST NUTRITION, AFFORDABILITY
Date: 2026-05-03
Details: Written by Mrs. Anjum Shahnawaz Islamabad, May 3, 2026 – Federal Minister for National Food Security and Research Rana Tanveer Hussain has emphasized the need for dairy sector tax reforms in Pakistan, calling for rationalized taxation and structural changes to improve affordability, ensure safe nutrition, and support farmers. He made these remarks during a pre-budget 2026-27 consultation jointly organized by the Sustainable Development Policy Institute and the Pakistan Dairy Association, according to a press release issued on Sunday. Focus on Tax Relief and Sector Growth The minister noted that livestock contributes nearly 60 percent to Pakistan’s agriculture sector and holds strong potential for improving domestic nutrition and boosting exports. He acknowledged that existing taxation policies, particularly General Sales Tax (GST) on dairy products, have negatively impacted production and sectoral growth. “Softening of the tax regime can help increase both production and revenue,†he said, adding that reducing GST on milk is feasible. He also revealed that pilot projects for pasteurization and the development of “safe milk cities†are under consideration to enhance quality and formalize the sector. Concerns Over Informal Economy In his welcome remarks, Dr Abid Qaiyum Suleri, Executive Director of SDPI, proposed multiple taxation scenarios and suggested placing processed milk in a third schedule. He warned that rural milk collection centres were shutting down, as pricing policies for processed milk were impacting loose milk markets. Meanwhile, Usman Zaheer Ahmad, Chairman of the Pakistan Dairy Association, highlighted that nearly 40 percent of children in Pakistan suffer from stunting due to malnutrition, despite milk being widely consumed. He noted that around 98 percent of the dairy sector remains informal, with limited quality control mechanisms. He further revealed that the imposition of 18 percent GST in 2024 led to a 27 percent decline in the formal dairy sector. He proposed reducing GST to 10 percent and integrating parts of the informal economy into the tax net, potentially generating up to Rs250 billion in revenue. Nutrition and Public Health at Risk Zainab Naeem, Head of Ecological Sustainability and Circular Economy Unit at SDPI, stressed that milk should be treated as a basic nutritional necessity rather than a luxury item. She called for policies to enhance affordability for low- and middle-income households. Farrah Naz, Country Director of the Global Alliance for Improved Nutrition, said malnutrition costs Pakistan around 3 percent of its GDP annually, with over 40 percent of children under five affected by stunting. She advocated reducing GST on milk from 18 percent to 5 percent and strengthening formal dairy systems. Policy and Investment Challenges Naeem Hassan, Director of Business Taxation at the Ministry of Finance, described the recommendations presented by SDPI and the Pakistan Dairy Association as practical and implementable. Additional Secretary at the Special Investment Facilitation Council, Sajid Mehmood Qazi, pointed out structural weaknesses in the tax system, noting that over-reliance on documented sectors discourages formal business growth. Eman Fatima from the Prime Minister’s Office Board of Investment highlighted regulatory hurdles affecting new entrants in dairy farming, reiterating that high GST has slowed sectoral growth. Food Safety and Long-Term Strategy Dr Ihtesham Khan of the Food and Agriculture Organization raised concerns about public health, warning that loose milk often contains harmful micro-toxins due to poor feed quality and lack of testing. Dr Sajid Amin Javed, Deputy Executive Director (Research) at SDPI, emphasized the need for a long-term, integrated policy framework combining fiscal, health, and rural development strategies. He called for incentivizing private sector investment and developing cooperative models to connect small farmers with markets. Outlook The consultation highlighted a broad consensus on the need for dairy sector tax reforms in Pakistan, with stakeholders urging the government to reduce GST, formalize the industry, and prioritize nutrition and food safety in the upcoming federal budget 2026-27.
OPEC+ HIKES OIL PRODUCTION QUOTAS WITHOUT MENTIONING UAE PULL-OUT
Date: 2026-05-03
Details: • Seven major producers will add 188,000 barrels per day to their total production quota for June Published May 3, 2026 Updated about 9 hours ago By Reuters LONDON: Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates. The seven major producers will add “188,000 barrels per day†to their total production quota for June, as part of “their collective commitment to support oil market stability,†according to a statement published by OPEC+. The statement made no mention of the United Arab Emirates, which quit the body this week. Oil market analysts had widely expected the increase of 188,000 barrels, which is similar to the 206,000-barrel daily increases OPEC+ announced in both March and April, subtracting the portion allotted to the UAE. But raising the quota on paper may not have much impact on actual production, which is already short of the limit. Untapped OPEC+ reserves are mainly located in the Gulf region, and exports there are trapped by the blockade of the vital Strait of Hormuz, imposed by Iran in response to the US-Israeli strikes that started the war on February 28. Jorge Leon, an analyst at Rystad Energy, told AFP on Sunday that the cartel was looking to send “a two-layer message†that the UAE’s exit would not disrupt how OPEC+ operates and that the group still exerts control over global oil markets despite massive disruption to oil trade due to the war. “While output is increasing on paper, the real impact on physical supply remains very limited given the Strait of Hormuz constraints,†Leon told AFP. “This is less about adding barrels and more about signaling that OPEC+ still calls the shots.†The UAE, one of the world’s top producers, announced April 28 it was withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) and the expanded OPEC+ group, after chafing at their production quotas. The withdrawal took effect on Friday. Neither group has reacted publicly so far – making the lack of any mention of the UAE in Sunday’s statement notable. The statement followed an online meeting by OPEC+ members Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.
US NATURAL GAS FUTURES CLIMB AS OUTPUT FALLS, LNG EXPORTS SURGE
Date: 2026-05-03
Details: Published May 3, 2026 Updated a day ago By Reuters NEW YORK: US natural gas futures edged up about 1percent to a fresh three-week high on Friday on a drop in output over the past month and near-record liquefied natural gas exports. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 3.7 cents, or 1.3percent, to USD2.804 per million British thermal units (mmBtu), putting the contract on track for its highest close since April 7 for a second day in a row. For the week, the front-month was up about 2percent after gaining about 10percent last week. In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 60 days in a row as pipeline constraints trap gas in the Permian region, the nation’s biggest oil-producing shale basin. Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 69 times so far this year. Waha prices have averaged a negative USD2.17 per mmBtu so far in 2026, compared with a positive USD1.15 in 2025 and a positive USD2.88 over the past five years (2021 to 2025). Financial group LSEG said average gas output in the US Lower 48 states fell to 109.8 billion cubic feet per day (bcfd) in April, down from 110.4 bcfd in March and a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was down even more, on track to start May at a preliminary 108.6 bcfd on Friday as low spot prices prompted energy firms like EQT, the second-largest US gas producer, to temporarily reduce production. Preliminary data, however, is often revised later in the day. Analysts said mostly mild weather earlier this spring allowed energy firms to inject more gas into storage than usual. They noted, however, that recent output declines coupled with cooler weather and higher demand likely reduced the inventory surplus to around 7percent above normal during the week ended May 1, down from 8percent above during the week ended April 24. Looking ahead, meteorologists forecast the weather will remain mostly near normal through May 16. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 103.2 bcfd this week to 100.0 bcfd next week and 99.4 bcfd in two weeks. The forecasts for this week and next week were similar to LSEG’s outlook on Thursday. Average gas flows to the nine big US LNG export plants rose to a monthly record of 18.8 bcfd in April, up from 18.6 bcfd in March and the prior all-time high of 18.7 bcfd in February.
S&P 500, NASDAQ RALLY TO FRESH HIGHS
Date: 2026-05-02
Details: Published May 2, 2026 Updated about 2 hours ago By Reuters NEW YORK: The benchmark S&P 500 and the Nasdaq Composite touched record highs on Friday and were on course for their longest weekly winning streaks since 2024 as strong corporate earnings helped investors look past inflation risks. Sentiment was boosted after a report from Iranian state media said Tehran had sent its latest proposal for negotiations with the United States to Pakistani mediators on Thursday. Friday’s session wraps up a heavy week of Big Tech earnings and economic data. Analysts now see S&P 500 first-quarter earnings growth at 27.8 percent - the fastest pace since the fourth quarter of 2021 and up from 16.1 percent last week, according to LSEG IBES data. Markets will wait to see if the rally holds in May, historically the start of a weaker six-month stretch for stocks. Since 1945 through April 2026, the S&P 500 has gained an average of about 2 percent from May to October, according to data from Fidelity. That compares with an average gain of about 7 percent from November through April. However, the May-to-October period has seen more solid returns in the last decade, suggesting the strategy to “sell in May and go away†is not without risks. Economic data released this week raised fears the equity buying frenzy was due for a reality check. Although US economic growth regained momentum in the first quarter, consumer spending, the economy’s main growth engine, decelerated, while the personal savings rate declined, suggesting households tapped into savings to support outlays. “If we see persistently high oil prices for a prolonged period of time, that will increase transportation costs and the cost of manufacturing goods, which will cascade into higher prices overall,†said Devin Cattelan, portfolio manager at Verecan Capital Management. US manufacturing activity was steady in April, but supplier delivery performance worsened as the Middle East conflict disrupted shipping in the Strait of Hormuz, boosting prices for raw materials and other inputs to a four-year high. Adding to the unease, US President Donald Trump said he would increase tariffs on cars and trucks from the European Union to 25 percent, saying the EU had not complied with its trade deal. At 12:17 p.m. ET, the Dow Jones Industrial Average was flat, the S&P 500 rose 42.15 points, or 0.58 percent, to 7,251.16, and the Nasdaq Composite gained 266.35 points, or 1.07 percent, to 25,158.67. Six of the 11 main S&P sectors were in the green, with the S&P 500 information technology sector gaining the most with a 1.6 percent rise. The S&P 500 ended April with its biggest monthly percentage gain since November 2020, while the Nasdaq Composite advanced the most since April 2020. The Dow’s monthly rise was its biggest since November 2024. Apple jumped 4.8 percent after robust demand for its flagship iPhone 17 and MacBook Neo led the company to forecast solid sales growth for the fiscal third quarter.
EM STOCKS AND CURRENCIES INCH UP IN THIN TRADE
Date: 2026-05-02
Details: Published May 2, 2026 Updated about 2 hours ago By Reuters BENGALURU: Indexes tracking emerging market stocks and currencies inched up in holiday-thinned trade on Friday with attention on the Iran war and the prospect of more intervention to support the Japanese yen. MSCI’s gauge tracking global EM currencies was up 0.2 percent, set for its biggest monthly gain since November 2023 in April. The stocks equivalent was also up 0.2 percent, on track for its sharpest monthly advance since May 2009 last month. Both indexes were set for marginal weekly gains as uncertainty over the Iran conflict largely offset any optimism around corporate earnings. On Friday, the Japanese yen suddenly jumped against the dollar, a day after official buying lifted the fragile currency. “The bigger issue is whether intervention can do more than briefly stabilise markets. Japan faces structural pressures: it is a major energy importer amid elevated oil prices, and its central bank is cautiously pursuing policy normalisation after years of ultra-loose settings,†Elwin de Groot, head of macro strategy at Rabobank, said. “Authorities can resist market forces for a time, but they cannot fundamentally change them.†The dollar index, which measures the greenback against a basket of currencies, dipped 0.1 percent. South Africa’s rand weakened 0.3 percent, partly due to a 1 percent fall in gold prices, while most currencies in emerging Europe slipped against the euro. Romania’s leu fell to a record low versus the euro on Thursday due to worries about the future of Ilie Bolojan’s minority government which faces a no confidence vote in early May. Trading volumes were thin on Friday as Poland, Hungary, Romania, Turkey, South Africa and many developed European markets were shut for public holidays. Meanwhile, progress in the Middle East conflict was stalled as concerns of renewed military escalation between the US and Iran led investors to price in continued disruption to shipping through the crucial Strait of Hormuz. Since its outset, the conflict has battered global markets and clouded prospects of global economic growth as countries scrambled to tackle the impact of energy-driven inflation pressures. This week, the US Federal Reserve’s board was the most divided since 1992, as some policymakers thought an “easing bias†in the policy statement was not appropriate amid the conflict. European Central Bank President Christine Lagarde said on Thursday the option of an interest rate hike was already on the table, while the Bank of England said the worst economic impacts could entail “forceful†rate rises. More economic data and interest rate decisions next week will provide further clarity on the war’s impact on emerging economies.
TDAP, EMBASSY OF PAKISTAN IN OMAN FACILITATE REAP TEAM’S VISIT
Date: 2026-05-02
Details: Published May 2, 2026 Updated about 2 hours ago By Press Release MUSCAT: The Trade Development Authority of Pakistan (TDAP), in collaboration with the Embassy of Pakistan in Oman, successfully organized a three-day visit of a delegation from the Rice Exporters Association of Pakistan (REAP) to Oman from April 27–29, 2026. The visit aimed to boost bilateral trade, particularly in the rice sector, and explore new avenues for cooperation between Pakistan and Oman. The REAP delegation, comprising 18 members, commenced its engagements with a meeting at the Oman Chamber of Commerce and Industry (OCCI), where they were warmly received by Chairman Sheikh Faisal Bin Abdullah Al Rawas. Both sides held detailed discussions on enhancing bilateral trade, with a particular focus on increasing Pakistan’s rice exports to Oman. The Chairman OCCI expressed keen interest in strengthening trade ties and announced plans to send a multi-sectoral delegation of Omani importers to Pakistan in the third week of May 2026. He also shared ongoing efforts to resolve the Oman visa restrictions for Pakistani nationals, expressing optimism for a positive outcome in the near future. In collaboration with OCCI, the Pakistan Mission in Muscat organized a business networking event connecting REAP members with key stakeholders in Oman’s rice market. The event was attended by major importers, distributors, hypermarkets, and food companies. Presentations were delivered highlighting Pakistan’s rice production capacity and export potential, especially for the GCC market. The session concluded with productive B2B interactions, fostering direct engagement between Pakistani exporters and Omani buyers. Recognizing logistical challenges in regional trade, the Pakistan Mission also facilitated a high-level meeting between the REAP delegation and representatives from shipping companies, Oman’s Ministry of Transport, port authorities, and logistics firms. Discussions focused on improving supply chains and addressing issues such as delays at Jebel Ali Port. Omani stakeholders proposed practical and cost-effective solutions, including alternative routing through Omani ports to streamline exports to GCC destinations. On April 29, the delegation met with Sheikh Salim Abdullah Al Ghufaili, Director General of the Food Security Authority under the Ministry of Agriculture, Fisheries and Water Resources. The Authority plays a key role in procuring rice for Oman’s strategic reserves. The meeting aimed to familiarize Pakistani exporters with the Authority’s registration and procurement processes, encouraging broader participation in future tenders. The Director General agreed to organize an online session for Pakistani exporters to explain registration and inspection procedures. He also positively considered the proposal by REAP Chairman Faisal Jehangir to explore Gwadar Port operations as a viable logistics option for rice exports to Oman. The visit marks a significant step toward strengthening trade relations between Pakistan and Oman, particularly in the agri-food sector. It underscores the commitment of both countries to fostering sustainable economic partnerships and unlocking new opportunities for mutual growth. Copyright Business Recorder, 2026
CRUDE FUTURES FALL
Date: 2026-05-02
Details: Published May 2, 2026 Updated about 3 hours ago By Reuters HOUSTON: An Iranian proposal on negotiations with the US sent crude oil futures diving on Friday, but prices remained on track for weekly gains, with Tehran still blocking the Strait of Hormuz and the US Navy blocking exports of Iranian crude. Brent crude futures for July settled at USD108.17, down USD2.23 a barrel, or 2.02 percent. West Texas Intermediate futures finished at USD101.94 a barrel, down USD3.13, or 2.98 percent. Iran sent its latest proposal for negotiations with the United States to Pakistani mediators on Thursday, state news agency IRNA reported on Friday, a move that could improve prospects for breaking an impasse in efforts to end the Iran war. Still, the Brent benchmark and WTI were poised for a 2.95 percent gain over the week. Brent’s June contract hit USD126.41 a barrel on Thursday, marking the highest level since March 2022, before ending the session down. “This Iran proposal has given hope to the market that there is an off-ramp for the United States,†said Phil Flynn, senior analyst with Price Futures Group. Oil prices have been on the rise since the US and Israel attacked Iran at the end of February, resulting in the closure of the Strait of Hormuz and the disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supply. A ceasefire has been in place since April 8. UAE presidential adviser Anwar Gargash said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides. By the end of trading on Friday, the oil market appeared to be accepting the uneasy truce in the conflict. “The market rises and falls on the prospects of an outcome to the conflict,†said John Kilduff, partner with Again Capital. “And right now the situation is a stalemate, at least until the market closes.†A senior official of Iran’s Revolutionary Guards had threatened on Thursday “long and painful strikes†on US positions if Washington renewed attacks on Iran, pushing oil prices to intraday peaks before retreating. US President Donald Trump was scheduled to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict, a US official told REUTERS. Washington did not immediately announce any details of its plans.
KARACHI CHAMBER BACKS FBR MONITORING OF JEWELERS, WARNS AGAINST HARASSMENT
Date: 2026-05-01
Details: Written by Shahnawaz Akhter KARACHI, May 1, 2026– The Karachi Chamber of Commerce and Industry has backed the monitoring of jewelers’ business transactions by the Federal Board of Revenue, while cautioning against harassment by tax officials. A delegation of jewelers met KCCI office bearers on April 30 to discuss concerns over the tax authority’s move to deploy Inland Revenue officials at shops and workshops to monitor transactions. According to sources familiar with the meeting, the chamber clarified that tax officials are legally empowered to monitor business activities under Section 175 of the Income Tax Ordinance 2001, which grants authorities the power to enter and search premises. However, the Karachi Chamber of Commerce and Industry stressed that it does not support any unlawful conduct by officials, including harassment under the pretext of monitoring. The jewelers’ delegation sought the chamber’s support against the deployment of tax officials, arguing that the exercise has created operational hurdles and raised concerns over privacy for both traders and customers. They said that the presence of officials at business premises was leading to undue interference and, in some cases, alleged misuse of authority, resulting in disruption to normal commercial activities. KCCI representatives assured the delegation that the matter would be raised with senior officials of the Federal Board of Revenue, including calls to expand the tax base by bringing unregistered jewelers into the formal system. The meeting took place as a separate delegation of jewelers held talks with the FBR chairman in Islamabad on the same issue. Previous negotiations between the tax authority and the jewelry sector have failed to resolve the dispute, with the FBR maintaining that powers granted under Section 175 cannot be withdrawn. The Karachi Chamber of Commerce and Industry reiterated its support for lawful tax enforcement while emphasizing the need to safeguard businesses from undue pressure and ensure a balanced approach to compliance.
FBR BRACES FOR HISTORIC TAX SHORTFALL IN FY2025-26
Date: 2026-05-01
Details: Written by Shahnawaz Akhter Islamabad, May 1, 2026: The Federal Board of Revenue (FBR) is heading toward a historic shortfall in tax collection for the fiscal year 2025-26 after missing its revenue targets during the first ten months (July–April). According to provisional data and media reports, the FBR has fallen short of its cumulative target by approximately Rs683 billion, raising concerns that the total gap could widen to nearly Rs1 trillion by the end of the fiscal year. Revenue Targets and Collection Gap The FBR was initially assigned a tax collection target of Rs14.13 trillion for FY2025-26, which was later revised downward to Rs13.93 trillion. However, the tax authority has so far collected Rs10.16 trillion in the first ten months. This leaves a daunting task of collecting around Rs3.77 trillion during May and June to meet the revised target—an objective that appears increasingly difficult under current economic conditions. April Performance Adds Pressure The shortfall trend continued in April 2026, where the FBR collected Rs952 billion, missing the monthly target of Rs1.03 trillion by about Rs77 billion. This underperformance has further intensified pressure on the tax machinery to accelerate collections in the remaining months. Challenging Economic Environment Analysts point to multiple factors behind the revenue gap, including slower economic activity and external uncertainties such as ongoing Middle East tensions. These challenges have dampened business growth and reduced taxable transactions, making it harder for the FBR to meet ambitious targets. Expectations for Remaining Months Officials within the FBR remain cautiously optimistic, suggesting that the agency could generate approximately Rs2.8 trillion in the final two months. However, even with this projection, the overall shortfall would still hover close to Rs1 trillion, marking one of the largest revenue gaps in Pakistan’s history. Fiscal Implications A significant tax shortfall could have broader implications for Pakistan’s fiscal stability, potentially increasing reliance on borrowing and complicating budget planning for the upcoming fiscal year. The FBR tax shortfall for FY2025-26 underscores the challenges facing Pakistan’s revenue system amid economic headwinds. With limited time remaining, achieving the revised target appears unlikely, making fiscal adjustments inevitable in the near term.
PAKISTAN INFLATION RETURNS TO DOUBLE DIGITS AT 10.9% IN APRIL 2026
Date: 2026-05-01
Details: • Inflation stood at 6.19% in 10MFY26 Published May 1, 2026 Updated about 17 hours ago Pakistan’s headline inflation clocked in at 10.9% on a year-on-year (YoY) basis in April 2026, as shown by Pakistan Bureau of Statistics (PBS) data on Friday, a reading higher than the Ministry of Finance’s estimate of 8-9%. The consumer price index (CPI) was recorded at 7.3% in March 2026. The CPI stood at 0.3% in April 2025. On month-on-month basis, it increased by 2.5% in April 2026 as compared to an increase of 1.2% in the previous month and a decrease of 0.8% in April 2025. During the first ten months of the fiscal year, inflation stood at 6.19% against 4.73% recorded in the same period last year. CPI inflation urban increased by 11.1% on year-on-year basis in April 2026, as compared to an increase of 7.4% in the previous month and an increase of 0.5% in April 2025. On a month-on-month basis, it increased by 2.7% in April 2026 as compared to an increase of 1.3% in the previous month and a decrease of 0.7% in April 2025. CPI inflation rural increased by 10.6% on year-on-year basis in April 2026, as compared to an increase of 7.2% in the previous month and a decrease of 0.1% observed in April 2025. On month-on-month basis, it increased by 2.1% in April 2026 as compared to an increase of 1% in the previous month and a decrease of 1% in April 2025. In its Monthly Economic Update & Outlook, March 2026, the Finance Division had anticipated inflation to remain in single digits, within the range of 8-9% for April 2026. “Amid ongoing supply chain constraints [due to geopolitical tension in Middle East], inflation is anticipated to remain within the range of 8-9% for April 2026,†the ministry said in its latest Monthly Economic Update & Outlook April 2026 published on Thursday. Meanwhile, Insight Securities Head of Research Muhammad Shahroz said in a commentary that headline inflation could stand at 10.1% for April 2026. “The [expected] increase is mainly driven by low base effect coupled with elevated food and housing index. On a month-on-month basis, inflation is expected to inch up by 1.7%. This surge is primarily driven by higher retail fuel prices coupled with elevated LPG prices,“ he said. The rising inflation rate agreed State Bank of Pakistan (SBP) to increase its key policy rate by 100 basis points to 11.5% this week. This was the first hike in the past three years.
VENEZUELA'S OIL EXPORTS JUMP TO HIGHEST SINCE 2018, WITH MORE SALES TO US, INDIA
Date: 2026-05-01
Details: • A total of 66 vessels departed from Venezuelan waters, compared with 61 ships that carried 1.08 million bpd of crude Published May 1, 2026 Updated about 13 hours ago By Reuters Venezuela’s oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by more sales to the United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday. The South American country has been draining oil inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January, which led to a flagship supply pact between the governments of U.S. President Donald Trump and Venezuela’s interim President Delcy Rodriguez. The agreement, coupled with U.S. licenses easing sanctions on the country, has allowed PDVSA’s joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes from the state firm for sales to refiners in the U.S., Europe and Asia. India’s Reliance buys Venezuelan oil directly from PDVSA, document and data show In April, a total of 66 vessels departed from Venezuelan waters, compared with 61 ships that carried 1.08 million bpd of crude and refined products in March, according to the data, based on tanker movements. The April average is the highest monthly volume since late 2018, before U.S. sanctions were imposed on Venezuela’s energy industry.
FTO EXPOSES CASE OF ‘CYBER INTRUSION’ INTO TAX SYSTEM
Date: 2026-04-30
Details: Published April 30, 2026 Updated about 2 hours ago ISLAMABAD: The Federal Tax Ombudsman (FTO) has brought to light a significant case of alleged cyber intrusion into the tax system, resulting in unauthorised revision of a taxpayer’s sales tax return and fraudulent adjustment of input tax credit worth millions of rupees. According to official findings, unidentified individuals gained illegal access to the taxpayer’s IRIS profile by misusing login credentials and revised the return for October 2025. Through this activity, fake supplies amounting to Rs. 415.6 million were introduced, carrying a GST impact of Rs. 74.8 million and effectively consuming the entire carry-forward input tax credit of the taxpayer. The affected party approached the FTO seeking an independent inquiry into the hacking incident, removal of fake invoices, restoration of the input tax credit, and strict legal action against those responsible. Upon examination of the supply chain trail and investigation reports, it emerged that the fraudulent activity was part of a broader, organised network. The findings indicate possible facilitation by some individuals associated with the Federal Board of Revenue (FBR) and Pakistan Revenue Automation Limited, suggesting that such manipulation could not have been carried out without insider access to the sensitive taxpayer data. Investigators observed that cybercriminals exploited information related to dormant and blacklisted taxpayers, as well as entities holding substantial accumulated input tax credits to introduce fake transactions into the system. The fraudulent supply chain was traced across multiple jurisdictions, and several beneficiaries have already been identified for legal proceedings by relevant field formations in Karachi, Lahore, Multan, Quetta, and Islamabad. The FTO noted that since the fraudulently adjusted input tax credit has already moved through the supply chain, its immediate restoration would be premature until the investigation is completed and the main perpetrators are identified. The Ombudsman declared the unauthorised use of login credentials and revision of tax records as maladministration under the relevant provisions of the law and issued key directives to address the matter. The Directorate General of Intelligence and Investigation (Inland Revenue) has been tasked with conducting a comprehensive probe to identify all beneficiaries and trace those involved in the cyber fraud, including individuals within or outside FBR and PRAL, using digital evidence such as IP addresses. Chief Commissioners of major tax offices have been directed to extend full cooperation in identifying beneficiaries throughout the supply chain and ensuring coordinated enforcement action. In addition, the IRS Business Process Re-engineering (BPR) team has been instructed to recommend immediate system upgrades, including stricter controls over changes in taxpayer credentials such as CNIC, mobile numbers, and biometric verification, along with enhanced supervisory oversight to prevent misuse of IDs and passwords. The FBR has further been directed to submit a comprehensive compliance report within 60 days, detailing the progress of the investigation and measures taken to prevent recurrence. The case highlights serious vulnerabilities in the digital tax infrastructure and highlights the urgent need for stronger cybersecurity mechanisms and internal accountability to safeguard both taxpayers and public revenue. Copyright Business Recorder, 2026
INDIAN SHARES SET TO OPEN LOWER AS OIL SURGE WEIGHS ON SENTIMENT
Date: 2026-04-30
Details: • GIFT Nifty futures were trading at 24,119.50 points Published April 30, 2026 Updated 2 minutes ago India’s stock benchmarks are poised to open lower on Thursday as a surge in oil prices weighed on market sentiment, potentially outweighing stock-specific earnings-led gains. GIFT Nifty futures were trading at 24,119.50 points, as of 8:11 a.m. IST, indicating that the benchmark Nifty 50 would open below Wednesday’s close of 24,177.65. Brent crude rose to $120 per barrel after US President Donald Trump spoke with oil companies about measures to mitigate the impact of a possible months-long blockade of Iran’s ports, raising fears â of an extended supply disruption. Higher oil prices raise inflation risks for India, the world’s third-largest crude importer, as well as pressure economic growth and corporate earnings. Overnight, the US Federal Reserve kept rates on hold as expected, amid intensifying concerns about a rise in inflation due to the Iran war, as markets priced out any cuts in 2026. A combination of elevated oil prices and cautious monetary signals from central banks is likely to continue to weigh on global sentiment this â session, keeping risk appetite subdued, said Hariprasad K, founder of Livelong Wealth. Other Asian stock markets were down 0.2%. Both the Nifty and Sensex rose about 0.8% each on Wednesday, helped by stock-specific gains after quarterly earnings and bottom picking after a recent correction. Both â the indexes are up about 8% in April so far, partially rebounding from the more than 11% drop in March. However, a sustainable recovery will hinge on the US-Iran â relation, reversal of record high foreign outflows and an uptick in corporate earnings. From a domestic perspective, positioning is likely to remain cautious ahead of the long â weekend and upcoming state election outcomes on May 4, Hariprasad said. Among stocks, Bajaj Finance will be in focus after the non-bank lender posted a 22% growth in March-quarter profit.
TECH SHARES RISE IN ASIA, BONDS SCARRED BY CENTRAL BANK HAWKS AS OIL SPIKES
Date: 2026-04-30
Details: *MSCI's broadest index of Asia-Pacific shares outside Japan was flat on Thursday Published April 30, 2026 Updated 13 minutes ago SYDNEY: AI-related shares fared well in Asia on Thursday after a raft of generally positive earnings reports, while surging oil prices left bonds battered as central banks turned more hawkish on inflation and interest rates. Investors feared the European Central Bank and Bank of England would likely warn of higher rates later in the day, after three Federal Reserve members voted to drop its easing bias in the most divided decision since 1992. Outgoing Chair Jerome Powell also confirmed he would stay on as a governor for now to defend the institution’s independence as his successor Kevin Warsh, hand-picked by President Donald Trump, who wants lower interest rates, moves toward confirmation. Markets were quick to price â out any rate cuts from the Fed this year, and there is a roughly even chance of a hike by next spring. US Treasury yields rose to a one-month high and the dollar gained broadly, hitting over 160 yen. The latest spike in oil prices was a cause for concern, as Brent crude futures jumped 6% overnight to a four-year high of $122.53 a barrel on worries that the Strait of Hormuz might not open anytime soon. “Macroeconomic risks are significant at this juncture, but stock market bulls hope a rosy path for artificial intelligence can continue to offset cyclical weakness,†said Jose Torres, senior economist at Interactive Brokers. “If earnings, capital expenditures and outlooks are buoyant, investors could remain sanguine even as the threat of a slowdown in overall activity, loftier borrowing costs and widening credit spreads raise eyebrows.†In Asia, Nasdaq futures rallied 1% as earnings from Google parent topped forecasts, sending its shares up 7% in extended trading. Results â from and were also solid, raising hopes for Apple later in the day. Meta Platforms disappointed as it raised its annual capital spending forecast to plough billions more into artificial intelligence infrastructure, sending its shares down 7%. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat on Thursday, but was still set for a whopping 16% gain this month. Japan’s Nikkei fell 1% but was up a similar 16% in April. South Korea’s KOSPI hit another all-time high as Samsung Electronics said its operating profit jumped eightfold to â a record on robust AI demand, before running into some profit-taking. China’s blue chips inched up 0.2% and Hong Kong’s Hang Seng index slipped 0.3%. Battered bonds Global bonds took a kicking on Thursday after the oil spike and a hawkish Fed fuelled a sell-off in Treasuries. Benchmark US Treasury yields climbed 1 basis point to 4.4237%, having jumped 6 â bps overnight to 4.434%, the highest since late March. The yield on 10-year Japanese government bonds rose 4 bps to 2.500%, the highest since June 1997. Australia’s 10-year government bond yields jumped 6 bps to 5.066%. The US dollar popped up with higher yields, hovering near its highest level in more than two weeks. â It held at 160.26 yen , after jumping 0.4% overnight to 160.48 yen, edging closer to levels that have previously triggered intervention. The Japanese currency has fallen more than 2% since the war began on February 28, and investors have built the biggest short yen position in nearly two years in a bet that neither rate hikes nor risk of intervention will come to its rescue.
QUARTER ENDING MAR 31ST: ALLIED BANK POSTS RS16.867BN PBT
Date: 2026-04-30
Details: Published April 30, 2026 Updated about 2 hours ago KARACHI: Allied Bank’s strategic emphasis on sound risk management, balanced portfolio diversification, and prudent capital allocation is strengthening its resilience. Coupled with a strong focus on digitalization and operational efficiency, this approach is enhancing customer value and sustainable growth. The Bank recorded markup up/interest income of Rs. 83,699 million for the quarter ended March 31, 2026, compared to Rs. 71,647 million during the same period last year, reflecting an increase of 17 percent. This increase primarily stems on account of higher average volumes of mark-up bearing assets. Conversely, markup or interest expense of the Bank has increased by Rs. 9,613 million or 21 percent to reach Rs. 55,895 million for the quarter ended March 31, 2026 as compared to Rs. 46,283 million for the quarter ended March 31, 2025.This increase is on account of higher borrowing expense and interest expense on right of use asset, partially offset by lower deposit cost. Resultantly, Net markup and interest income reached at Rs. 27,804 million during the quarter ended March 31, 2026 as compared to Rs. 25,364 million during the same period last year, increasing by Rs. 2,440 million or 9 percent. Fee income stood at Rs. 4,251 million for the quarter ended March 31, 2026, compared to Rs. 3,723 million for the corresponding quarter last year; registering increase of Rs. 528 million or 14%, mainly on account of higher card related fee, card acquiring business, investment banking fee, partially offset by lower commission on remittances. Dividend income of the Bank stood at Rs. 1,212 million for the quarter ended March 31, 2026 as compared to Rs. 850 million for the quarter ended March 31, 2025, increased by 43%. Due to unrealized loss on fair value through profit and loss securities, capital loss of the Bank for the quarter under review was Rs. 216 million compared to a capital gain of Rs. 745 million for the quarter ended March 31, 2025. Foreign Exchange income of ABL stood at Rs. 1,259 million for the quarter ended March 31, 2026, against Rs. 1,728 million for the quarter ended March 31, 2025. The Bank’s other income amounted to Rs. 561 million in first quarter of 2026, compared to Rs. 102 million in first quarter of 2025. Cumulatively, non-markup or non-interest income of the Bank stood at Rs. 7,067 million for the quarter ended March 31, 2026, reflecting a 1% decline from Rs. 7,148 million in the corresponding quarter previous year. Allied Bank’s ongoing expansion of its branch network, coupled with continued investment in technological capabilities, contributed to an increase in total operating expenses during the quarter. However, through effective deployment of technology, process automation, and operational efficiencies, the Bank limited the growth in operating expenses to 11%. Total operating expenses amounted to Rs. 16,957 million for the quarter ended March 31, 2026, compared to Rs. 15,333 million for the quarter ended March 31, 2025. For the quarter ending March 31, 2026, profit before taxation stood at Rs. 16,867 million, reflecting a 3% decrease from Rs. 17,315 million in the corresponding quarter ended March 31, 2025. The effective income tax rate for the quarter ended March 31, 2026, was 51.03%, compared to 52.70% for the quarter ended March 31st, 2025. The tax charge for first quarter of 2026 stood at Rs. 8,607 million, lower than Rs. 9,125 million in first quarter of 2025, reflecting a 6 percent decrease. The Bank’s profit after tax for the quarter ended March 31, 2026, stood at Rs. 8,261 million, compared to Rs. 8,190 million in the corresponding quarter of 2025, higher by 1%. The Bank’s wide-reaching branch network across the country remains a key strategic strength and has been further enhanced through the expansion of digital and smart branches, along with the refurbishment of existing locations to elevate the overall customer experience. The Bank now operates a total of 1,524 branches, comprising 1,204 conventional branches, 299 Islamic branches and 21 digital branches. This outreach is further strengthened by a well-distributed network of 1,699 Automated Teller Machines (ATMs), comprising 1,447 on-site ATMs, 244 off-site ATMs and 8 Mobile Banking Units (MBUs), complemented by 471 Cash Deposit Machines (CDMs). Gross advances of the Bank were recorded at Rs. 717 billion as of March 31, 2026, compared to Rs. 802 billion as of December 31, 2025. Similarly, Net advances of ABL were Rs. 704 billion as of March 31, 2026, compared to Rs. 790billion as of December 31, 2025; thereby, declining by 11%. Allied Bank continues to maintain a consistently low infection ratio, reflecting the strong asset quality and resilience of its credit portfolio. As of March 31, 2026, the Bank’s infection ratio stood at 1.72%, as compared to 1.42% for the year ended December 31, 2025. The overall coverage ratio was recorded at 105.2% as of March 31, 2026, compared to 109.1% as of December 31, 2025. Bank’s total investments stood at Rs. 2,505 billion as of March 31, 2026, compared to Rs. 2,137 billion as of December 31, 2025, depicting a growth of 17%.Total deposits were Rs. 2,377billion as of March 31, 2026, compared to Rs. 2,346billion as of December 31, 2025, reflecting a growth of 1 percent. Allied Bank recorded strong growth with total assets rose to Rs. 3,685 billion as of March 31, 2026, up by 9 percent from Rs. 3,370 billion at the end of December 2025.The Bank’s net assets decreased by 8 percent mainly on account of revaluation deficit on Federal Government securities, reaching Rs. 243 billion as of March 31, 2026, compared to Rs. 263 billion in 2025. The Return on Assets (ROA) and Return on Equity (ROE) Tier 1 of the Bank recorded at 0.9 percent and 16.7 percent, respectively, as of March 31, 2026. The Capital Adequacy Ratio (CAR) stood at 23.82 percent as of March 31, 2026, remaining well above the minimum regularity threshold of 11.5 percent. Copyright Business Recorder, 2026
SINDH GOVERNOR APPRISED OF ISSUES FACING GWADAR TRADERS IN KARACHI
Date: 2026-04-30
Details: Published April 30, 2026 Updated about 2 hours ago KARACHI: A delegation of the Gwadar Chamber of Commerce and Industry, led by it’s founding President Faisal Dashti, met with the Governor of Sindh, Nihal Hashmi at the Governor House here on Wednesday. During the meeting, the delegation briefed the governor in detail about the challenges and difficulties faced by the traders/business individuals and passengers in Karachi and across Sindh. He assured full cooperation for the resolution of these issues. A major concern raised was the severe congestion at the Rangers checkpoint in Karachi, where only three lanes are currently operational. All categories of vehicles — including cargo trucks, passenger buses, and private vehicles—are processed through these limited lanes, resulting in significant delays. Due to this bottleneck, clearance often takes several hours to per vehicle. The delegation requested that the number of lanes be increased from three to five, and that the system be upgraded along with an increase in staffing to ensure smoother and faster processing of vehicles and passengers. They also expressed concerns regarding Customs and police personnel stationed at and around the checkpoint. It was highlighted that even when vehicles have complete documentation, including Goods Declarations (GD), they are sometimes unnecessarily stopped and subjected to delays. There were also complaints regarding alleged demands for money in certain cases by the Customs and police personnel. Another serious issue raised was the treatment of passengers arriving from the Makran region, including Gwadar, Turbat, and Panjgur. After disembarking at Karachi bus terminals, passengers — particularly those travelling by rickshaws, taxis, or private vehicles—are reportedly stopped at multiple points. Many of these passengers include women and children. They are allegedly subjected to unnecessary searches, harassment, and extortion, and in some cases forced to pay money under intimidation. Copyright Business Recorder, 2026
SCP DELIVERS PROFIT BEFORE TAX OF RS11.7BN
Date: 2026-04-30
Details: Published April 30, 2026 Updated about an hour ago KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a resilient financial performance with a Profit Before Tax of PKR 11.7 billion in Q1 2026 compared to PKR 17.0 billion last period. Revenue was lower year on year primarily due to sharp reduction in interest rates. The impact of margin compression on revenue was partially offset by a decrease in cost of funds. Total expenses declined by 2 percent despite a high inflationary environment and continuous investments in our infrastructure. Operating expenses were well managed through efficiencies and disciplined spending. Moreover, a prudent risk approach coupled with strong recoveries of bad debts led to a net release of PKR 0.7 billion during the period. On the liabilities side, the Bank’s total deposits stood at PKR 643.9 billion; down by 1 percent from the start of the year. This was driven by a deposit optimisation initiative which is reflected in the improved current accounts mix comprising 61 percent of the deposit book. On the assets side, net advances continued positive momentum and were higher by PKR 44.5bn or 21 percent since start of the year reflecting a pick-up in economic momentum. We continue to monitor the economic landscape and will position our portfolio accordingly. The Bank is well placed to cater for the needs of its clients and will continue its strategy to build a profitable, efficient and sustainable portfolio. Commenting on the results, Rehan Shaikh, CEO & Head of Coverage, Standard Chartered Bank (Pakistan) Limited said, “Our results reflect the strength of our balance sheet, a diversified portfolio, deep client relationships and strong business fundamentals. As a bank, we continue to play in our niches and remain committed to serving our clients’ cross-border and affluent banking needs. I would like to extend my heartfelt gratitude to our shareholders, clients, and business partners for their unwavering trust and confidence in our capabilities.†With a strong Return on Equity (ROE) of 20.9 percent for the period and a Capital Adequacy Ratio (CAR) of 19.1 percent, the Bank remains well positioned for future growth. The Bank remains fully committed to delivering sustainable growth for its shareholders, bringing best-in-class services and solutions for its clients, and playing its part in the growth story of Pakistan. Copyright Business Recorder, 2026
SITARA TO EXPAND RETAIL NETWORK WITH RS4.8BN IPO FUNDING
Date: 2026-04-30
Details: Published April 30, 2026 Updated about an hour ago KARACHI: Sitara Petroleum Service Limited plans to expand its retail network to over 100 fuel stations within the next two years, aiming to strengthen its presence along high-growth corridors, with the expansion to be financed through an estimated Rs 4.8 billion to be raised via an Initial Public Offering (IPO). Sitara Petroleum has recently announced its IPO, seeking to raise up to Rs4.8 billion to finance expansion in its fuel retail network, logistics operations and storage infrastructure, according to its IPO prospectus.The company is offering a total of 279.9 million ordinary shares, representing 16.66 percent of its post-IPO paid-up capital. Of these, 168 million shares are being offered to the public, while 111.9 million shares have already been placed through a pre-IPO transaction. Sitara Petroleumis rapidly expanding its footprint in Pakistan’s downstream petroleum sector, strengthening its position as a major fuel retail operator and logistics partner to oil marketing companies (OMCs), supported by a growing network of fuel stations and an expanding tanker fleet. As Pakistan’s energy demand continues to grow, the company’s integrated focus on fuel retail management and transportation services positions it to benefit from both volume expansion and operational scale within the downstream petroleum sector. Copyright Business Recorder, 2026
OIL PRICES EXTEND GAINS AS US-IRAN WAR DEADLOCK KEEPS SUPPLY OFF MARKET
Date: 2026-04-30
Details: • Brent crude futures for June rose $1.91, or 1.62%, to $119.94 a barrel Published April 30, 2026 Updated 41 minutes ago BEIJING: Oil prices extended gains on Thursday on concerns supply from the key Middle East producing region will remain bottled up for longer as talks to end the US-Israeli war against Iran have deadlocked. Brent crude futures for June rose $1.91, or 1.62%, to $119.94 a barrel as of 0057 GMT after gaining 6.1% in the previous session. The June contract, which has increased for a ninth day, expires on Thursday and the more active July contract was at $111.38, up 94 cents, or 0.85%, after gaining 5.8% in the previous session. US West Texas Intermediate futures for June were up 63 cents, or 0.59%, at $107.51 a barrel, after climbing 7% in the previous session, â climbing in eight of nine sessions. US President Donald Trump spoke on Wednesday with oil companies about how to mitigate the impact of a possible months-long US blockade of Iran’s ports, a White House official said on Wednesday, triggering concerns in the market of an extended disruption to oil supplies. “Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim,†IG market analyst Tony Sycamore said in a note. The meeting with oil companies followed a deadlock in efforts to resolve the conflict that has killed thousands and caused what analysts say is the world’s biggest energy disruption ever. Tehran has â largely blocked all shipping apart from its own from the Gulf through the Strait of Hormuz, a chokepoint for global energy supplies from the Middle East, since the US and Israel began air strikes on Iran on February 28. This month, the US began blockading Iranian ships. On the supply side, the OPEC+ grouping of OPEC countries â and its allies is likely to agree a small increase of around 188,000 barrels per day in oil output quotas on Sunday, sources told Reuters. The meeting comes just after the United Arab Emirates’ withdrawal from OPEC, effective May 1, â which is expected to deal a blow to the oil producer group’s ability to control prices. Although the Gulf nation’s exit would allow it to raise production after exports restart, analysts say that â is unlikely to affect market fundamentals this year, especially with the Hormuz closure and other production disruptions from the war. “Gulf countries, including the UAE, will take months to return to pre-war production volumes,†Wood Mackenzie analysts said in a note.
PAKISTAN EMPOWERS TAX POLICY OFFICE TO DRAFT BUDGET 2026-27
Date: 2026-04-29
Details: Written by Mrs. Anjum Shahnawaz ISLAMABAD: Pakistan has formally empowered the Tax Policy Office (TPO) to prepare tax proposals for the federal budget 2026-27 after amending the Rules of Business, 1973, in a move aimed at streamlining fiscal policymaking and strengthening institutional oversight. The Cabinet Division issued the amended Rules of Business through SRO 687(I)/2026, bringing the TPO under the administrative control of the Finance Division. With this shift, the responsibility for drafting tax-related components of the Finance Bill—including income tax, sales tax, and federal excise duty—has been transferred from the Federal Board of Revenue (FBR) to the newly formalized office. Officials said the change is intended to separate tax policy formulation from tax administration, aligning Pakistan’s framework with international best practices. While the TPO will now lead policy design and budget preparation, the FBR will continue to handle operational and administrative functions, including tax collection and enforcement. The amendments also include the addition of sub-clause 33 to clause 12 in Schedule-II, officially establishing the TPO within the Finance Division. Furthermore, a newly inserted sub-clause 31C assigns responsibility for Finance Acts to the Finance Division, reinforcing its central role in fiscal governance. Sources indicated that the creation of the TPO could render the existing Policy Board redundant, as policy responsibilities consolidate within the Finance Ministry. The move is expected to improve coordination, enhance transparency, and ensure more coherent tax reforms. In a related development, the Strategic Digital Wallet Company has also been placed under the Finance Division’s administrative control, signaling a broader push toward financial digitization. Additionally, the amended rules require government divisions to respond to inter-departmental communications within three working days. Proposals involving legal amendments submitted to the Cabinet Division must now include detailed comparative statements outlining existing and proposed provisions, ensuring greater clarity in decision-making.
OIL RISES ON REPORTS US WILL EXTEND IRAN BLOCKADE, PROLONGING MIDEAST SUPPLY
Date: 2026-04-29
Details: DISRUPTIONS • Brent crude futures for June rose 52 cents, or 0.47%, to $111.78 a barrel Published April 29, 2026 Updated 34 minutes ago By Reuters BEIJING: Oil prices rose on Wednesday, extending a multi-day rally, on reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing US officials. Trump will opt to continue to squeeze Iran’s economy and oil exports by preventing â shipping to and from its ports, the report said. Brent crude futures for June rose 52 cents, or 0.47%, to $111.78 a barrel at 0154 GMT, climbing for an eighth day. The June contract expires on Thursday and the more active July contract was at $104.84, up 0.4%. US West Texas Intermediate (WTI) futures for June rose 57 cents, or 0.57%, to $100.50 a barrel after gaining 3.7% in the previous session, climbing for seven out of the last eight days. “The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil â prices higher,†said Yang An, an analyst at Haitong Futures. UAE leaves OPEC and OPEC+ in huge blow to global oil producers’ group Though there is a ceasefire in the US-Israeli war with Iran, the conflict remains deadlocked while the sides seek a formal end to the fighting, with Iran shutting shipping flows through the Strait of Hormuz, a conduit for about 20% of global oil and liquefied natural gas supplies, â and the US blockading Iranian ports. The US is pressing for an end to what it claims is Iran’s nuclear weapons programme while Iran is demanding some form of reparations from the latest round of fighting, an easing of â economic sanctions and some form of control over the Strait of Hormuz. The Hormuz shutdown is continuing to foster pulls from global inventories, with market sources saying late on Tuesday the American Petroleum Institute reported â US crude oil inventories fell for a second week. Crude stocks fell by 1.79 million barrels in the week ended April 24, the sources said. Gasoline inventories fell by 8.47 million barrels, while distillate inventories fell by 2.60 million barrels.
US NATGAS EASES ON MILD WEATHER
Date: 2026-04-29
Details: Published April 29, 2026 Updated about 2 hours ago By Reuters NEW YORK: US natural gas futures eased on Tuesday on expectations mild weather will allow energy firms to keep injecting more gas than usual into storage in the coming weeks. On its last day as the front-month, gas futures for May delivery on the New York Mercantile Exchange fell 1.4 cents, or 0.5percent, to USD2.536 per million British thermal units (mmBtu). That small price decline, which pushed the contract into technically oversold territory for the second time in three days, came despite a drop in output in recent weeks and near-record liquefied natural gas exports. Futures for June, which will soon be the front-month contract, were unchanged at USD2.72 per mmBtu. In the cash market, some power and gas prices in Texas and California traded in negative territory for a third straight week as mild weather limited heating and cooling demand, which was met by ample amounts of hydro and other renewable energy sources. Financial firm LSEG said average gas output in the US Lower 48 states fell to 110.1 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was on track to drop by around 3.8 bcfd over the past 22 days to a preliminary 12-week low of 108.3 bcfd on Tuesday as low spot prices prompted energy firms like EQT, the second-largest US gas producer, to temporarily reduce production. Preliminary data, however, is often revised later in the day. Analysts said mostly mild weather this spring has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 8percent above normal levels during the week ended April 24 from 7percent above normal during the week ended April 17. Looking ahead, meteorologists forecast the weather will remain slightly cooler than normal through May 13. Cool weather in May, however, does not usually generate a lot of heating demand but does knock out early spring air conditioning use. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 101.9 bcfd this week to 100.4 bcfd next week. Those forecasts were similar to LSEG’s outlook on Monday.
OIL ENDS UP NEARLY 3PC
Date: 2026-04-29
Details: Published April 29, 2026 Updated about 2 hours ago By Reuters NEW YORK: Oil prices closed up nearly 3 percent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates’ decision to leave OPEC and the wider OPEC+ group. Brent futures for June ended up USD3.03 or 2.8 percent at USD111.26 a barrel, marking its seventh consecutive day of gains. US West Texas Intermediate (WTI) futures for June settled up USD3.56 or 3.7 percent at USD99.93 a barrel, after briefly trading above USD100 earlier in the session for the first time since April 13. Prices trimmed some of the advances after the United Arab Emirates, the fourth-largest producer in OPEC+, said on Tuesday it would exit the group on May 1, dealing a blow to the oil-exporting groups and their de facto leader, Saudi Arabia. “In normal times, this would have been very bearish news for the oil market and sparked a sizable selloff,†said John Kilduff, partner at Again Capital. He estimated the UAE could quickly add between 1 million and 1.5 million barrels per day of output. “But with the Strait of Hormuz effectively closed, there’s nowhere for that supply to go … so we’re likely to see oil prices continue their slow march higher,†he added. US President Donald Trump was unhappy with the latest Iranian proposal to end the war, a US official said on Monday, as Iranian sources disclosed that the proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved. Trump’s displeasure with the offer leaves the conflict deadlocked, with Iran shutting shipping flows through the strait, a conduit for about 20% of global oil and liquefied natural gas supplies, and the US retaining its blockade of Iranian ports. “With peace talks stalled and no clear path to reopening the Strait of Hormuz, traders are factoring in a prolonged disruption to a critical artery of global supply,†said Rystad Energy analyst Jorge Leon.
FEDERAL TAX OMBUDSMAN UNCOVERS MAJOR TAX SYSTEM HACK INVOLVING FAKE GST CLAIMS
Date: 2026-04-29
Details: Islamabad, April 29, 2026 — The Federal Tax Ombudsman (FTO) has exposed a significant cyber intrusion into Pakistan’s tax system, resulting in the unauthorized revision of a taxpayer’s sales tax return and fraudulent adjustment of input tax credit worth millions of rupees. According to official findings, unidentified individuals gained illegal access to the taxpayer’s IRIS profile by misusing login credentials and revised the return for October 2025. Fake Transactions Worth Millions Detected A press release revealed that fake supplies amounting to Rs415.6 million were inserted into the system, carrying a GST impact of Rs74.8 million. This manipulation effectively consumed the taxpayer’s entire carry-forward input tax credit. The affected taxpayer approached the FTO seeking an independent inquiry, removal of fake invoices, restoration of tax credit, and strict legal action against those responsible. Organized Network and Insider Involvement Suspected Investigations indicate that the fraud was part of a broader organized network. Evidence suggests possible facilitation by individuals linked to the Federal Board of Revenue (FBR) and Pakistan Revenue Automation Limited (PRAL), raising concerns about insider access to sensitive taxpayer data. Cybercriminals reportedly exploited dormant and blocked taxpayer accounts, as well as entities with large accumulated input tax credits, to introduce fake transactions into the system. Multi-City Investigation Underway The fraudulent supply chain has been traced across multiple cities, including Karachi, Lahore, Multan, Quetta, and Islamabad. Several beneficiaries have already been identified for legal proceedings by relevant field formations. However, the FTO noted that restoration of the fraudulently adjusted input tax credit would be premature until the investigation is completed and key perpetrators are identified. Directives Issued for Action The FTO declared the incident as maladministration and issued several directives: • The Directorate General of Intelligence and Investigation (Inland Revenue) has been tasked with conducting a comprehensive probe using digital evidence such as IP tracking. • Chief commissioners have been instructed to ensure full cooperation in identifying beneficiaries across the supply chain. • The IRS Business Process Re-engineering (BPR) team will recommend system upgrades, including stricter controls on credential changes, biometric verification, and enhanced supervisory oversight. Additionally, the Federal Board of Revenue has been directed to submit a compliance report within 60 days. Need for Stronger Cybersecurity The case highlights serious vulnerabilities in Pakistan’s digital tax infrastructure and underscores the urgent need for stronger cybersecurity measures and internal accountability mechanisms.
FBR LODGES FIR AGAINST GOLD JEWELERS IN LAHORE AMID TAX MONITORING DISPUTE
Date: 2026-04-29
Details: Lahore, April 29, 2026 — The Federal Board of Revenue (FBR) has lodged a First Information Report (FIR) against gold jewelers in Lahore after its officials faced resistance during a tax monitoring drive in the city’s major bullion markets. According to official details, the Regional Tax Office (RTO) Lahore initiated monitoring of gold stock under Section 175 of the Income Tax Ordinance, 2001. The exercise was carried out in prominent jewelry markets to ensure compliance with tax regulations. However, the situation escalated when traders allegedly obstructed the FBR team from conducting the inspection. The tax officials also reported harassment, prompting the RTO Lahore to register an FIR against the involved jewelers. Traders Reject FBR Action Reacting strongly, Qasim Shikarpuri, President of the All Pakistan Sarafa Gems and Jewelers Association, condemned the move and termed it an anti-business action. He argued that the filing of an FIR against traders would further strain relations between the business community and tax authorities. The association has consistently opposed the enforcement of Section 175, maintaining that allowing tax officials to enter business premises raises serious privacy and operational concerns for traders. Section 175 Remains Key Dispute Section 175 of the Income Tax Ordinance has remained a major point of contention between the FBR and gold traders. The provision empowers tax authorities to inspect business premises and verify stock, which jewelers argue could disrupt normal business operations. Talks Partially Failed Last month, multiple rounds of negotiations were held between the FBR and representatives of gold jewelers to resolve the issue. While some progress was made, the discussions ended without a comprehensive agreement, with both sides agreeing to continue dialogue. Talks Set to Resume Further talks were delayed due to heightened security measures in Islamabad’s Red Zone amid developments related to the Middle East crisis. According to Shikarpuri, negotiations are now scheduled to resume later today. The outcome of these discussions is expected to be crucial in determining future enforcement of tax monitoring measures in the gold sector.
PAKISTAN EYES RS350BN TAX MEASURES IN 2026–27 BUDGET UNDER IMF PLAN
Date: 2026-04-28
Details: Islamabad, April 28, 2026 – Pakistan is preparing tax policy changes and sweeping removal of exemptions to raise around Rs350 billion ($1.26 billion) in additional revenue in the 2026–27 fiscal year, as part of commitments under its ongoing International Monetary Fund (IMF) programme, sources familiar with the matter said on Monday. The measures are expected to form a key pillar of the upcoming budget as the government seeks to meet strict fiscal targets under structural reforms agreed with the IMF. Officials said discussions are focused on phasing out multiple tax concessions across sectors that have long eroded the country’s revenue base. According to sources, if the full Rs350 billion target is not achieved through withdrawal of exemptions alone, the government is likely to introduce additional taxation measures to close the gap. A major area under review is import-related tax concessions under the 12th Schedule of the Income Tax Ordinance, 2001. Officials in the tax policy wing of the Ministry of Finance have reportedly examined proposals that include either eliminating these exemptions entirely or doubling existing tax rates on selected imports to boost revenue collection. Pakistan remains under a 37-month Extended Fund Facility (EFF) and a 28-month Resilience and Sustainability Facility (RSF) backed by the International Monetary Fund. The IMF has repeatedly urged Islamabad to widen its tax base, reduce exemptions, and strengthen fiscal discipline to ensure long-term macroeconomic stability. In a statement issued on March 11, 2026, the IMF said discussions with Pakistani authorities on programme reviews had made “considerable progress,†though negotiations were continuing to assess global economic risks and policy adjustments. The IMF also highlighted progress on fiscal consolidation, tighter monetary policy to contain inflation, and reforms in the energy sector. It stressed that deeper structural reforms were essential to support sustainable growth while protecting social spending on health, education, and welfare programmes. Pakistan’s government has maintained that IMF-backed reforms are critical to stabilising public finances, although such measures often face resistance from industry groups and political stakeholders due to inflationary pressures and higher compliance costs.
OIL PRICES RISE AS NO END TO IRAN WAR STAND-OFF SEEMS IN SIGHT
Date: 2026-04-28
Details: • Brent crude futures for June climbed 45 cents, or 0.4%, to $108.68 a barrel Published April 28, 2026 Updated 44 minutes ago By Recorder Report BENGALURU: Oil prices extended their gains on Tuesday as efforts to end the U.S.-Iran war appear stalled, with the crucial Strait of Hormuz water way still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers. US President Donald Trump is unhappy with the latest Iranian proposal aimed at ending the war, a US official said on Monday. Iranian sources disclosed on Monday that Tehran’s proposal avoided addressing its nuclear program â until hostilities cease and Gulf shipping disputes are resolved. Trump’s displeasure with the Iranian offer leaves the conflict deadlocked, with Iran shutting shipping flows through the Strait of Hormuz, which typically carries supply equal to about 20% of global oil and gas consumption, and the US keeping in place its blockade of Iranian ports. Brent crude futures for June climbed 45 cents, or 0.4%, to $108.68 a barrel as of 0051 GMT, after gaining 2.8% in the previous session to its highest close since April 7. The contract is up for a seventh day. US West Texas Intermediate (WTI) crude for June rose 58 â cents, or 0.6%, to $96.96, after gaining 2.1% in the previous session. An earlier round of negotiations between the U.S. and Iran collapsed last week following failed face-to-face talks. “For oil traders, it’s not the rhetoric that matters any more, but the actual physical flow of crude oil through the Strait of Hormuz, and right now, that flow â remains constrained,†Fawad Razaqzada. Razaqzada added that even if a resolution is reached, production outages and logistical challenges mean recovery could take months. Ship-tracking data revealed significant disruptions â in the region, with six Iranian oil tankers forced to turn back due to the US blockade. However, a liquefied natural gas tanker managed by the United Arab Emirates’ Abu Dhabi National Oil â Co did cross the Strait of Hormuz and appears to be near India, ship-tracking data showed on Monday. Prior to the US-Israeli war on Iran, which began on February 28, between 125 and 140 vessels transited the strait daily.
OIL PRICES HIT TWO-WEEK HIGH AS IRAN TALKS STALL
Date: 2026-04-28
Details: Published April 28, 2026 Updated about 2 hours ago By Reuters NEW YORK: Oil prices climbed about 3 percent to a two-week high on Monday as peace talks between the US and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight. Brent futures rose USD2.90, or 2.8 percent, to settle at USD108.23 a barrel, while US West Texas Intermediate crude rose USD1.97, or 2.1 percent, to settle at USD96.37. That put Brent up for a sixth day in a row for the first time since March 2025 and at its highest close since April 7. WTI closed at its highest since April 13. “Brent blowing out to a double-digit plus premium to WTI … should attract customers to the US Gulf of Mexico and possibly drive US crude oil exports to (a) new all-time record,†Bob Yawger, director of energy futures at Mizuho, said in a note. US President Donald Trump discussed a new Iranian proposal on resolving the war with Tehran with his top national security aides, with the conflict currently in a stalemate and energy supplies from the region reduced. “The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go,†said PVM Oil Associates analyst Tamas Varga. At least seven ships - mainly dry bulk vessels - have crossed the Strait of Hormuz in the past 24 hours, in line with muted activity in recent days. That represents a fraction of the average 140 daily passages before the Iran war began on February 28, when around 20 percent of global oil supplies passed through the strait. In addition, six tankers loaded with Iranian oil have been forced back to Iran by the US blockade in recent days. Russian President Vladimir Putin praised the Iranian people for battling to stay independent in the face of US and Israeli pressure and said Moscow would do all it could to help Tehran. Inflation worries The European Central Bank meets on Thursday, with an Iran war ceasefire easing the pressure on it for an immediate interest rate hike. But with the status of peace talks unclear and no sign of the Strait of Hormuz reopening soon, traders still anticipate high oil prices will boost inflation and force the bank to hike interest rates later this year. Central banks like the ECB use interest rates to keep inflation in check. Higher interest rates increase consumer borrowing costs, which can reduce economic growth and oil demand.
US NATURAL GAS FUTURES RISE
Date: 2026-04-28
Details: Published April 28, 2026 Updated about 2 hours ago By Reuters NEW YORK: US natural gas futures climbed about 3percent on Monday from a 17-month low in the prior session on a drop in output in recent weeks, forecasts for more demand this week than previously expected and near-record liquefied natural gas (LNG) exports. On its second-to-last day as the front-month contract, gas futures for May delivery on the New York Mercantile Exchange rose 7.8 cents, or 3.1percent, to USD2.601 per million British thermal units (mmBtu). On Friday, the contract notched its lowest close since October 29, 2024. Futures for June, which will soon be the front-month contract, were up 4percent to USD2.79 per mmBtu. In the cash market, some power and gas prices in Texas and California traded in negative territory for a third week in a row as mild weather kept both heating and cooling use low, allowing ample amounts of hydro and other renewable sources of energy to meet more demand. Financial firm LSEG said average gas output in the US Lower 48 states has eased to 110.1 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That figure compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was on track to drop by around 0.7 bcfd over the past five days to a preliminary 108.8 bcfd on Monday as low spot prices prompted energy firms like EQT, the second-largest US gas producer, to cut production. Preliminary data, however, is often revised later in the day. Analysts said mostly mild weather so far this spring has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 8 percent above normal levels during the week ended April 24, up from 7percent above normal during the week ended April 17. Looking ahead, meteorologists forecast the weather will remain mostly near normal through May 12. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 102.0 bcfd this week to 100.1 bcfd next week. The forecast for this week was higher than LSEG’s outlook on Friday. Average gas flows to the nine big US LNG export plants have risen to 18.9 bcfd so far in April, up from 18.6 bcfd in March. That reading compares with a monthly record high of 18.7 bcfd in February.
SENATE SEEKS DATA ON DUAL NATIONALITY OF FBR OFFICERS
Date: 2026-04-28
Details: Written by Shahnawaz Akhter ISLAMABAD, April 28, 2026 – Pakistan’s Senate has sought detailed information on federal tax officers holding dual nationality, directing the Federal Board of Revenue (FBR) to compile and submit comprehensive data for review by a parliamentary panel. According to an official communication, the request was initiated by the Senate Standing Committee on Cabinet Secretariat through the Establishment Division, which asked for particulars of officers in Basic Scales (BS) 17 and above across Inland Revenue and Customs wings. The directive requires all director generals, chief commissioners, collectors, and other senior officials within the FBR to furnish details of officers under their administrative control who possess foreign nationality in addition to Pakistani citizenship. The data will be consolidated and forwarded to the Establishment Division for submission to the Senate Secretariat. Officials have been instructed to provide information in a prescribed format, including name, parentage, CNIC number, service group or ex-cadre status, current posting, pay scale, foreign nationality, and the date of its acquisition. The move is part of broader parliamentary oversight aimed at enhancing transparency and accountability within key state institutions. Lawmakers have increasingly raised concerns regarding dual nationality among public servants, particularly those serving in sensitive or strategic roles. In Pakistan, the issue of dual nationality among civil servants has remained under scrutiny for years, with debates focusing on potential conflicts of interest, loyalty concerns, and legal implications. While Pakistani law permits dual nationality with certain countries, restrictions may apply to specific public offices. The FBR has been asked to submit the required information by April 30, 2026, via an official email address, underscoring the urgency attached to the parliamentary inquiry.
FBR UNVEILS PLAN TO ELIMINATE TAX EVASION COMPLETELY
Date: 2026-04-27
Details: Written by Mrs. Anjum Shahnawaz FAISALABAD: Pakistan’s tax authorities are aiming to eliminate tax evasion and the long-standing issue of non-filers through sweeping reforms and digital transformation within the Federal Board of Revenue (FBR), senior officials said on Sunday. Addressing an awareness seminar on promoting tax culture at the Faisalabad Chamber of Commerce and Industry, Secretary Tax Education Muhammad Muti-ur-Rehman Mumtaz said the FBR’s ongoing reforms are designed to create a transparent, automated, and enforcement-driven system that minimizes human intervention. “Following extensive reforms and structural changes, the concepts of tax evasion and non-filers will be completely eliminated,†he said, adding that the Tax Education and Facilitation Wing is playing a central role in expanding the tax base and improving compliance. Mumtaz noted that the reform process began two years ago with consultations involving key stakeholders, resulting in policy measures aimed at addressing systemic inefficiencies. A major focus has been on digitalization, which has reduced discretionary powers of officials and strengthened accountability mechanisms. He highlighted that advanced monitoring systems have already delivered significant results. In the sugar sector alone, enhanced monitoring led to an increase of Rs103 billion in sales tax revenue within two months. Similar gains have been recorded in the textile, steel, beverage, and cement industries, with automated systems ensuring accurate data collection and minimizing disputes. According to the official, 1.7 million new taxpayers have been added to the tax net as a result of these reforms. Instead of aggressive enforcement, authorities are encouraging voluntary compliance by making it increasingly difficult and costly for non-filers to access services such as foreign travel and property purchases. He also pointed out that each citizen’s Computerized National Identity Card (CNIC) now effectively serves as a tax identification number, linking financial transactions and helping detect irregularities, including fake accounts. Discussing the Point of Sale (POS) system, Mumtaz said service providers are required to collect taxes on behalf of the government, with strict action taken against those failing to comply. Faisalabad Chamber President Farooq Yousaf Sheikh emphasized the importance of cooperation between the private sector and government institutions, describing them as “two wheels of the same vehicle†essential for economic stability. He urged businesses to adopt a culture of voluntary tax compliance, noting that such practices are standard globally. Meanwhile, Abdul Rehman Sheikh, Second Secretary Facilitation at FBR, revealed that a reward scheme has been introduced for individuals who report tax evasion, while 3.3 million potential taxpayers have been identified through electricity billing data. Initial notices have already been issued to 100,000 individuals. The seminar concluded with a question-and-answer session and the presentation of commemorative shields, marking continued engagement between the FBR and the business community to strengthen Pakistan’s tax system.
PRIME MINISTER SHEHBAZ ORDERS CRACKDOWN ON $430 MILLION SOLAR PANEL SCANDAL
Date: 2026-04-27
Details: Written by Mrs. Anjum Shahnawaz Prime Minister Shehbaz Sharif has ordered immediate legal and disciplinary action against those involved in a massive 120 billion rupee ($430 million) solar panel over-invoicing and money laundering scheme, according to an official statement from the Prime Minister’s Office. The scandal, which spanned from 2017 to 2022, involves importers allegedly inflating the value of solar panel shipments to illicitly transfer capital out of the country—a practice known as trade-based money laundering (TBML). The Prime Minister expressed grave concern over the scale of the illicit operation and highlighted the “notable negligence†of various state institutions that allowed the scheme to persist for five years. High-Level Committees Formed In a move to ensure strict accountability, the Prime Minister’s Office has established two high-level committees to oversee the investigation and prosecution phases. The first, the “Committee for Disciplinary Action,†is tasked with identifying and penalizing government officials who facilitated or ignored the over-invoicing. This body is headed by the Secretary of the Establishment Division and includes senior representatives from the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), the Federal Investigation Agency (FIA), and the Intelligence Bureau (IB). The second body, the “Monitoring Investigation and Prosecution Committee,†will focus on the technical aspects of the money laundering cases. Led by the Director General of Pakistan Customs Intelligence, this committee will assist in the legal proceedings against the private entities and fake companies involved in the fraud. Billions in Penalties The scandal was originally unearthed by the FBR’s Directorate of Post Clearance Audit. Following the discovery, the Customs Adjudication Authority delivered a landmark ruling, imposing penalties totaling 111 billion rupees on shell companies used to facilitate the transfers. To bolster the legal offensive, Prime Minister Shehbaz has directed the Law Minister to appoint specialized legal counsel. Two qualified lawyers will serve as special prosecutors in Karachi and Islamabad to ensure the cases are pursued vigorously in court. Systemic Reforms Beyond individual arrests, the government is looking to recover the stolen funds and seize assets purchased with illegal earnings. The Prime Minister’s Office indicated that this case will serve as a catalyst for systemic reforms designed to plug loopholes in Pakistan’s trade regulations. Both committees are mandated to submit progress reports to the Prime Minister every 15 days, signaling a high-priority push to restore confidence in Pakistan’s financial and customs oversight during a time of heightened economic scrutiny.
PAKISTAN HIKES APPLE IPHONE IMPORT RATES — HERE’S HOW MUCH MORE YOU’LL PAY
Date: 2026-04-27
Details: Written by Hamza Shahnawaz KARACHI, April 26, 2026 – Pakistan Customs has notified revised enhanced customs values for imported old and used Apple iPhones, a move that is expected to increase duty and tax payments at the import clearance stage and push up retail prices in the local market. According to a valuation ruling issued by the Directorate of Customs Valuation, the revised rates apply to commercial imports of used and refurbished Apple smartphones. Officials said the adjustment was made after representations from local industry stakeholders, who argued that previous undervaluation practices were distorting the market and discouraging fair competition. The customs authority noted that the valuation process considered objections from importers regarding international auction-based pricing data, but maintained that such benchmarks were not fully applicable under Section 25(6) of the Customs Act, 1969. The department added that where relevant comparative data is excluded, it must be done with documented justification. Market participants say the revised valuation will directly increase calculated duties, sales tax, and regulatory duties at import stage, ultimately raising retail prices of used iPhones across Pakistan’s mobile phone markets. Revised Customs Values (C&F USD per piece) S.No Model New Value (USD) Old Value (USD) 1 Used iPhone 15 Pro Max 505 460 2 Used iPhone 15 Pro 472 390 3 Used iPhone 15 Plus 390 320 4 Used iPhone 15 378 310 5 Used iPhone 14 Pro Max 413 360 6 Used iPhone 14 Pro 350 290 7 Used iPhone 15 275 210 8 Used iPhone 13 Pro Max 374 295 9 Used iPhone 13 Pro 293 225 10 Used iPhone 13 225 170 11 Used iPhone 12 Pro Max 274 215 12 Used iPhone 12 Pro 222 155 13 Used iPhone 12 156 120 14 Used iPhone 11 Pro Max 211 145 15 Used iPhone 11 Pro 160 125 16 Used iPhone 11 133 95 17 Used iPhone XS Max 95 95 18 Used iPhone XS 73 66 19 Used iPhone XR 80 76 20 Used iPhone X 70 57 21 Used iPhone 8 Plus 78 47 22 Used iPhone 8 45 38 23 Used iPhone 7 Plus 47 26 24 Used iPhone 7 35 24 25 Used iPhone SE 3 73 73 26 Used iPhone SE 2 52 25 27 Used iPhone SE 47 25 28 Used AQUOS R3 47 25 These revised values will be used by Pakistan Customs to calculate duties and taxes at the import stage, directly impacting final market prices. Industry analysts said the upward revision in assessed customs values will significantly impact affordability of second-hand Apple devices, which remain widely popular in Pakistan due to lower purchasing power for new smartphones. “Even modest increases in customs valuation translate into a noticeable jump in total landed cost,†a market analyst said, adding that grey-market prices are also likely to adjust upward in response. Traders warned that higher import costs could further shrink the formal used smartphone market and encourage informal channels. Disclaimer: The revised customs values are provisional and subject to confirmation from Pakistan Customs.
WEEKLY COTTON REVIEW: TRADING REMAINS MUTED AS PRICES STAY STABLE
Date: 2026-04-27
Details: Published April 27, 2026 Updated about 3 hours ago By Naseem Usman KARACHI: Trading activity in the domestic cotton market remains limited, though prices have been broadly stable, market sources said on Sunday. On the international front, the ongoing Middle East tensions are driving a bullish trend on the New York cotton exchange, with the effects increasingly being felt in local markets. However, business circles have adopted a wait-and-see approach amid the conflict involving Iran, Israel and the United States, further dampening market activity. Domestic cotton stocks are now nearly exhausted, leading to a sustained rise in imports to meet mill demand. Partial advance deals for the upcoming 2026-27 cotton season have already started taking place. The Federal Committee on Agriculture has set the production target for the next season at more than 96 lac bales, significantly lower than the previous year’s target of one crore twenty lac bales. Last season’s actual output was particularly alarming: the country produced only 56 lac bales, the lowest level in 40 years. In an effort to ease the financial strain on the textile sector, the All Pakistan Textile Mills Association is actively working to secure improvements in refinance facilities. Prominent agriculture expert Sajid Mahmood said the challenge of reviving cotton production is fundamentally economic, not technical. “Concrete economic measures are indispensable for any lasting recovery,†he maintained. The local cotton market remained largely stable but subdued during the past week, as mounting anxiety among businessmen over the ongoing conflict involving the United States, Israel, and Iran in the Middle East continued to weigh heavily on trade activity. With uncertainty dominating market sentiment, transactions have slowed to a near standstill, making it increasingly difficult to determine accurate price levels. No significant deals have been formally recorded in the market, though occasional reports from cotton traders indicate that prices are ranging between Rs. 18,500 and Rs. 21,500 per maund, varying according to quality. Ginners are reported to be holding a limited stock of a few thousand bales, but these too have seen little to no trading activity in the open market. In a sign of cautious optimism for the season ahead, some advance deals for the 2026–27 cotton seasons have already been concluded, with transactions settled at Rs. 21,500 per maund against delivery conditions between May 20 and 30. The price of phutti has been reported at Rs. 10,000 per 40 kilograms. On the production front, the Federal Committee on Agriculture has set a cotton production target of 96 lac bales for the 2026–27 season. Internationally, cotton prices reflected a mixed trend following an initial surge driven by Middle East tensions. New York cotton futures climbed to between 78 and 82 US cents per pound before retreating to close in the range of 76 to 80 cents. Meanwhile, the Karachi Cotton Exchange building remains sealed since December 12, 2025, following action by the Evacuee Trust Property Board with the assistance of the FIA. As a result, the daily cotton spot rate, a key market benchmark, has not been issued, further adding to the uncertainty in the market. Across Sindh and Punjab, cotton prices held in the range of Rs 18,500 to Rs 21,500 per maund, subject to quality and payment conditions, while prices of cottonseed cake and cottonseed oil remained relatively stable. Naseem Usman, Chairman of the Karachi Cotton Brokers Forum, said international cotton prices remained mixed during the week, with New York cotton futures closing at 76 to 80 US cents per pound. According to the USDA weekly export report, a total of 119,900 bales were sold for the 2025–26 marketing year. Vietnam topped the buyers’ list with 52,100 bales, followed by Turkey at 22,400 bales and Pakistan in third place with 15,900 bales. For the 2026–27 marketing year, sales stood at 57,100 bales, with Vietnam and Indonesia sharing the lead at 17,600 bales each and Pakistan again ranking third with 13,200 bales. Total export shipments for the week reached 296,400 bales, with Vietnam receiving the largest share at 89,000 bales, Pakistan second at 46,600 bales, and India third at 25,100 bales. On the domestic front, Pakistan’s export-oriented textile industry is facing mounting pressure amid the ongoing conflict in the Middle East. Industry exporters have warned that value-added textile sales could decline significantly during the current fiscal year 2025–26 if regional tensions continue to escalate. Ongoing hostilities involving Iran, Israel, and the United States could result in a 10 to 20 percent drop in Pakistan’s textile exports. Disruptions to shipping routes through the Strait of Hormuz are already pushing up freight and insurance costs, while textile shipments to the European Union and the United States are facing expected delays of 15 to 20 days. Rising import prices of fuel and raw materials are placing additional financial strain on the sector. A decline in textile exports was already recorded in March 2026, and industry officials caution that the figure could reach 20 percent if the situation does not improve. Textile industry leaders have formally requested the government to devise an emergency contingency plan to protect this critical pillar of Pakistan’s national economy. The country’s textile industry has urged the State Bank of Pakistan (SBP) to enhance export refinance facilities to enable exporters to meet their growing working capital requirements. In a letter to the Governor, State Bank of Pakistan, APTMA Chairman Kamran Arshad stated that the textile industry remains the mainstay of Pakistan’s economy, contributing around 60 percent to total exports, 8.5 percent to GDP, and employing nearly 40 percent of the manufacturing workforce. He noted that the sector, a key driver of foreign exchange earnings, is currently facing mounting working capital constraints due to elevated energy costs, supply chain disruptions, and uncertainties stemming from the evolving geopolitical situation —particularly in the Middle East — alongside domestic economic pressures. These challenges, he added, are adversely affecting the sector’s operations and growth trajectory. Kamran Arshad emphasized that, given these constraints, there is an urgent need to facilitate exporters through adequate and timely access to financing. “We, therefore, request the State Bank of Pakistan to enhance export refinance facilities, enabling exporters to efficiently meet their working capital requirements and fulfill export orders,†he said. He further stated that an expansion in export refinance facilities would help the textile sector navigate current challenges, strengthen Pakistan’s position in global markets, and contribute to higher exports and improved economic stability. Cotton expert Sajid Mahmood, in a telephonic conversation with renowned cotton market analyst Naseem Usman, held a detailed discussion on the current state of cotton in Pakistan and its future prospects. During the exchange, he emphasized that the challenge of cotton revival is less technical in nature and more closely linked to economic conditions and practical policy measures. Sajid Mahmood pointed out that in recent years, cotton production in the country has declined by approximately 45 percent, reflecting a deeply concerning trend for this vital agricultural sector. According to him, a regional shift has also been observed, with Sindh outperforming Punjab in cotton production. He further noted that the primary factors behind the decline in cotton cultivation include rising production costs, reduced water availability, price instability, and farmers’ increasing inclination toward alternative crops that offer relatively more assured returns. In this context, the establishment of new sugar mills—particularly in South Punjab, especially in Rahim Yar Khan district—has also accelerated the shift toward sugarcane cultivation. Sajid Mahmood stressed that the core challenge lies in the profitability gap and income uncertainty associated with the cotton sector, which is making the crop increasingly unattractive for farmers. He maintained that unless the economic returns from cotton cultivation become more visible and stable, farmers will continue to favor alternative crops. With regard to solutions, he highlighted the need for transparency in subsidy mechanisms, strengthening of direct procurement systems, and enhanced linkages between the textile industry and farmers. Such measures, he noted, are essential for improving the efficiency of the cotton value chain and ensuring more equitable returns for growers. On institutional coordination, Sajid Mahmood described the proposed merger between the Pakistan Central Cotton Committee (PCCC) and the Pakistan Agricultural Research Council (PARC) as an important and positive development. He observed that this integration could help bring research, policy formulation, and practical agricultural operations onto a unified platform, thereby strengthening the prospects for the revival and sustainable development of the cotton sector.
PAKISTAN MAY REMOVE 1% IMPORT TAX RELIEF IN MAJOR POLICY SHIFT
Date: 2026-04-27
Details: ISLAMABAD, April 27, 2026 – Pakistan is considering scrapping concessional income tax rates on a wide range of imported goods as part of efforts to raise revenues in the federal budget for 2026-27, according to officials in the finance ministry. The proposal focuses on revising the Twelfth Schedule of the Income Tax Ordinance, 2001, which outlines reduced withholding tax rates applied at the import stage. The officials said the tax policy office has reviewed the framework, particularly Part I of the schedule, which currently allows a concessional income tax rate of 1% on certain imports. Authorities are weighing two options: either abolish the 1% concessional rate entirely or double it, a move that could significantly enhance tax collection amid persistent fiscal pressures. A final decision has yet to be made. Pakistan’s tax authority, the Federal Board of Revenue (FBR), collects income tax on imports under Section 148 of the ordinance. The applicable rates vary depending on the classification of goods within the Twelfth Schedule. Under the existing structure, imports listed in Part I are subject to a 1% tax on the import value, inclusive of customs duty, sales tax and federal excise duty. Goods in Part II attract a 2% rate, rising to 3.5% for commercial importers. Meanwhile, Part III items face higher rates of 5.5% and 6% for commercial importers. Officials said Part I covers a broad range of goods, including food items, machinery and precious metals such as gold. However, they noted that essential commodities—particularly food—are likely to retain some level of concession even if broader exemptions are withdrawn. If the concessional regime under Part I is removed, the items may be redistributed into other parts of the schedule, according to the officials. The proposed changes come as Pakistan seeks to widen its tax base and meet revenue targets tied to ongoing economic reforms, while balancing concerns over inflation and the cost of essential imports.
FBR CLARIFIES TAX RELIEF FOR BUILDERS UNDER SPECIAL REGIME
Date: 2026-04-27
Details: Karachi, April 27, 2026 – The Federal Board of Revenue (FBR) has issued a clarification regarding the applicability of advance tax on property transactions for builders and developers operating under a special tax regime, aiming to ease their financial burden and address industry concerns. In a circular issued on April 15, 2026, which supersedes an earlier directive dated March 31, the FBR explained that builders and developers covered under Section 7F of the Income Tax Ordinance, 2001 may seek exemption from advance tax under Section 236C, subject to certain conditions. Under Section 7F, specific categories of builders and developers are taxed based on a fixed percentage of their gross receipts, rather than conventional income calculation methods. However, concerns were raised that the collection of advance tax under Section 236C—typically applicable on the sale of immovable property—was creating an additional financial burden for such taxpayers. The FBR acknowledged that while advance tax under Section 236C is generally adjustable against capital gains tax, this mechanism does not effectively apply to builders and developers under Section 7F, whose income is treated as business income. As a result, the deduction of such tax leads to liquidity issues, particularly for those with no other taxable income to offset the amount. To address this issue, the FBR has clarified that eligible taxpayers who have already discharged their tax liability under Section 7F and do not have other taxable income may apply for exemption from advance tax collection. The exemption can be obtained by submitting an application to the concerned Commissioner Inland Revenue under Section 159 of the Ordinance. The tax authority further directed Commissioners to review such applications on a case-by-case basis and ensure that all conditions for exemption are fulfilled before granting approval. Importantly, the circular introduced a facilitative measure stating that if the Commissioner fails to act on an application within seven working days, the exemption certificate will be automatically issued through the FBR’s IRIS system. The latest clarification is expected to provide much-needed relief to the construction sector, which has long argued that overlapping tax provisions were increasing the cost of doing business and constraining cash flows. By streamlining the exemption process and addressing procedural delays, the FBR aims to promote ease of doing business and support the growth of Pakistan’s real estate and construction industries.
GOLD AND SILVER PRICES WEEKLY TREND ENDING APRIL 25
Date: 2026-04-26
Details: Written by Hamza Shahnawaz KARACHI, April 26, 2026 — Gold and silver prices in Pakistan posted significant declines in the week ended April 25, tracking losses in international markets, data released by the All Pakistan Sarafa Gems and Jewelers Association showed on Sunday. The price of 24-karat gold per tola dropped by Rs12,900 to Rs493,162, compared with Rs506,062 a week earlier. Similarly, 24-karat gold per 10 grams fell by Rs11,066 to Rs422,806, while 22-karat gold per 10 grams declined by Rs10,138 to Rs387,586. Silver prices also followed a downward trajectory in the domestic market. The price of 24-karat silver per tola fell by Rs513 to Rs8,049, while silver per 10 grams declined by Rs440 to Rs6,900. Internationally, bullion prices remained under pressure during the week. Gold prices dropped by $129 per ounce to $4,708, while global silver prices per tola fell by $5.13 to $75.65, reflecting subdued investor demand and ongoing volatility. Below is a summary of weekly price movements: Commodity April 25 April 18 Change Gold 24K (per tola) Rs493,162 Rs506,062 – Rs12,900 Gold 24K (per 10g) Rs422,806 Rs433,866 – Rs11,066 Gold 22K (per 10g) Rs387,586 Rs397,724 – Rs10,138 Gold (per ounce, global) $4,708 $4,837 – $129 Silver 24K (per tola) Rs8,049 Rs8,562 – Rs513 Silver 24K (per 10g) Rs6,900 Rs7,340 – Rs440 Silver (global) $75.65 $80.78 – $5.13 Analysis: Bullion traders said the decline in domestic prices mirrors international market trends, where uncertainty linked to global economic conditions and geopolitical tensions has led to price corrections. Analysts expect continued volatility in the near term as investors respond to shifts in inflation outlook, currency movements, and safe-haven demand.
QUARTER ENDED MAR 31ST: BANK ALFALAH POSTS RS11.13BN PAT
Date: 2026-04-25
Details: Published April 25, 2026 Updated about an hour ago By Recorder Report KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on April 23, 2026, approved the Bank’s financial results for the quarter ended March 31, 2026. The Board of the Bank also approved an interim cash dividend of PKR 1.5 per share (30 percent) [Mar 25 (restated): PKR 1.25 per share (25 percent)]. The Bank reported profit after tax of PKR 11.13 billion, up by 58 percent. Earnings per share (EPS) stood at PKR 3.53 [Mar 25 (restated): PKR 2.23]. The bank’s profitability improved, supported by higher core income and supplemented by capital gains realized through the timely management of the portfolio. During the period, the shareholders of the Bank, at its Annual General Meeting held on March 26, 2026, approved a share split, wherein the number of shares was sub-divided in a 2-for-1 ratio. Accordingly, the issued and paid-up capital of the Bank has increased to 3,154,330,238 shares at a face value of Rs. 5/- each, resulting in restatement of EPS and dividend per share ratios for comparative periods. Deposits of the Bank closed at PKR 2.47 trillion, while Current Deposits of the Bank also grew to PKR 1.02 trillion. Bank Alfalah continued its focused approach to build its non-remunerative deposits on an average basis. Gross advances of the Bank amounted to PKR 1.08 trillion with diversified growth driven by Consumer, Small and Medium Enterprises (SME), and Agriculture segments. Net Interest Income (NII) of the Bank improved by 4.1 percent due to growth in average deposits and gross financing; whereas growth in Non Funded Income (NFI) was fueled by capital gains, increase in exchange income, and growth in fee income earned via Remittances, Cards, Trade Business, G2P mandates, and ADC services. Capital adequacy remained strong, with the ratio at 16.22 percent as of March 31, 2026, well above the regulatory requirement. Copyright Business Recorder, 2026
MEEZAN BANK POSTS RS23.4BN PAT FOR Q1CY26
Date: 2026-04-25
Details: By Recorder Report KARACHI: Meezan Bank has reported quarterly profit after tax of Rs 23.4 billion in the first quarter of this year (CY26), registering a 6 percent growth. The Board of Directors of Meezan Bank has approved the financial statements of the Bank for the quarter ended March 31, 2026. The meeting was chaired by Riyadh S.A.A. Edrees, Chairman of the Board. Healthy profit resulted in an annualised Return on Equity of 34 percent reflecting Meezan Bank’s focus on enhancing shareholder value. The Board of Directors has approved an interim cash dividend of 75 percent (Rs 7.50 per share). Retail deposit growth drove a 10 percent increase, taking total deposits to Rs 3.6 trillion and reinforcing Meezan Bank’s position among the largest banks in Pakistan by deposits. Copyright Business Recorder, 2026
S&P 500, NASDAQ SHRUG OFF WAR GLOOM AS INTEL POWERS CHIP RALLY
Date: 2026-04-25
Details: Published April 25, 2026 Updated about 2 hours ago NEW YORK: The S&P 500 climbed and the Nasdaq scaled an intraday record on Friday, supported by renewed hopes for US-Iran negotiations to end the war and a searing rally in Intel shares. Iran’s foreign minister, Abbas Araqchi, was expected in the Pakistani capital Islamabad on Friday to discuss proposals for restarting peace talks with the US, Pakistani government sources said. That gave markets some relief at the end of a week overshadowed by a stalemate, with the US maintaining its naval blockade of Iranian ports while Iran seized ships attempting to pass through the Strait of Hormuz. “Both sides are incentivized to end this quickly. They want to move on. It’s just going to take time and so we’re trying not to get too focused on the day-to-day changes,†said Jack Herr, senior investment analyst at GuideStone Funds. Semiconductors, one of the market’s key pockets of resilience, continued to shine. The Philadelphia SE Semiconductor Index gained 4.3 percent and was on track to extend its winning run to 18 consecutive sessions. Intel, which hit a record high and was last up 23.4 percent, was the biggest gainer on the index following a better-than-expected revenue forecast for the second quarter. Rivals AMD and Arm also climbed over 15 percent each. Nvidia rose 5 percent and was set for a closing record. The information technology index added 2.3 percent and was the biggest boost to the benchmark. Tech stocks also shrugged off DeepSeek’s preview of its highly awaited new model. At 11:52 a.m. ET, the Dow Jones Industrial Average fell 85.40 points, or 0.17 percent, to 49,224.92, the S&P 500 gained 53.25 points, or 0.75 percent, to 7,161.65 and the Nasdaq Composite gained 365.49 points, or 1.50 percent, to 24,804.12. The S&P 500 and the Nasdaq were cruising toward their fourth consecutive week of gains, their longest streak since October 2024. The blue-chip Dow, on the other hand, was set to end a three-week winning run. Attention is also shifting to the Federal Reserve meeting next week, which will be scrutinized for clues on rate cuts and the central bank’s leadership succession. The US Justice Department is closing its investigation into Fed Chair Jerome Powell, clearing an obstacle to the confirmation of Kevin Warsh, Trump’s pick to lead the central bank. US rate futures on Friday priced in a 34 percent chance of easing by the end of the year, up from about 23 percent late on Thursday, according to LSEG estimates. Strong earnings from a series of corporations also offered some support. Yet with the results taking into account just one month of the war disruption, some investors have questioned how reliable they are as a guide to what lies ahead. Oil prices remain the biggest source of uncertainty, as Brent crude futures are still around 44 percent above pre-war levels because of disruption in the crucial Strait of Hormuz shipping route.
JAK DELIVERY LAUNCHED AT LCCI
Date: 2026-04-25
Details: Published April 25, 2026 Updated about 2 hours ago By Recorder Report LAHORE: Pakistan’s e-commerce landscape marked a significant development as JAK Delivery, a global logistics platform powered by SMSA Express, was officially launched at the Lahore Chamber of Commerce and Industry (LCCI) to help local businesses access international markets. LCCI President Faheem-ur-Rehman Saigol, who attended the ceremony as chief guest, emphasized that Pakistani small and medium enterprises urgently need stronger pathways to global trade, adding that platforms like JAK Delivery can help remove long-standing cross-border barriers. Copyright Business Recorder, 2026
OIL PRICES END VOLATILE SESSION MIXED BUT UP SHARPLY
Date: 2026-04-25
Details: Published April 25, 2026 Updated about 3 hours ago By Reuters NEW YORK/LONDON: Oil prices whipsawed in volatile trade on Friday, but were higher on the week, as traders weighed supply disruptions against the potential restart of peace talks between the US and Iran that could help limit those disruptions. Brent crude futures settled at USD105.33 a barrel, rising 26 cents, or about 0.3 percent. US West Texas Intermediate futures settled at USD94.40 a barrel, falling USD1.45, or 1.5 percent. For the week, Brent gained about 16 percent and WTI rose nearly 13 percent. Crude futures gave back early gains after REUTERS reported that Iranian Foreign Minister Abbas Araghchi was expected to arrive in Islamabad late on Friday to discuss proposals for resuming peace talks with the US after talks collapsed earlier this week. Prices fell further after CNN reported that US President Donald Trump was sending special envoy Steve Witkoff and Jared Kushner to Pakistan for talks with Iran’s foreign minister. Later, Trump told REUTERS that Iran plans to make an offer aimed at satisfying US demands. “They’re making an offer and we’ll have to see,†Trump said. Early in the session, prices rose 2 percent on fears of renewed military escalation in the region, the day after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz, and as progress stalled on re-opening the vital waterway. “Traders are liquidating length ahead of an unusually unpredictable weekend and will readjust their positions Sunday night based on Iranian developments,†said Tamas Varga of oil broker PVM. Navigation through the Strait of Hormuz, which before the war carried about a fifth of global oil output, remains effectively blocked. Iran’s capture of two cargo ships highlighted Washington’s difficulties in trying to control the passage. Only five ships, including an Iranian oil products tanker, have moved through the Strait of Hormuz in the past 24 hours, shipping data showed. On Thursday, US President Donald Trump said Iran may have loaded up its weaponry “a little bit†during a two-week ceasefire, but added that the US military could eliminate it in a single day. On Wednesday, he said he would indefinitely extend the ceasefire to allow for further peace talks. “As tensions have heightened this week since no meeting between the US and Iran developed, an open-ended ceasefire will likely coincide with a continued conflict,†said oil consultant Jim Ritterbusch of Ritterbusch and Associates. “This favors even higher prices especially in Brent and diesel, the more sensitive markets to a continuation of this war.†Haitong Futures said in a report that if peace talks fail to make progress by the end of April and fighting resumes, oil prices could climb to new highs for the year.
MCB BANK REPORTS RESILIENT PERFORMANCE FOR Q1 WITH 90PC DIVIDEND PAYOUT
Date: 2026-04-24
Details: Press Release Published April 24, 2026 Updated about an hour ago LAHORE: MCB Bank Limited is pleased to announce its financial results for the quarter ended March 31, 2026, reflecting resilient performance supported by strong fundamentals, disciplined execution, and balance sheet strength amid a challenging macroeconomic environment. The Board of Directors of MCB Bank, under the Chairmanship of Mian Mohammad Mansha, reviewed and approved the Bank’s financial statements for the quarter ended March 31, 2026. The Board declared a first interim cash dividend of Rs 9.00 per share, i.e. 90 percent, re-affirming Bank’s commitment to delivering consistent shareholder returns. MCB reported a Profit Before Tax (PBT) of Rs 26.7 billion and a Profit After Tax (PAT) of Rs 12.8 billion, translating into Earnings Per Share (EPS) of Rs 10.80. On a consolidated basis, PBT stood at Rs 27.9 billion. Net interest income increased by 9 percent year-on-year to Rs 38.2 billion (Q1’25: Rs 35.2 billion), primarily driven by sustained growth in low-cost deposits and effective yield optimization, despite a relatively lower average policy rate environment. Notably, this represents the highest quarterly net interest income reported by the Bank over the past six quarters, reflecting the strength of its funding mix and resilience of core earnings. Non-markup income remained resilient at Rs 8.5 billion. Fee and commission income increased by 13 percent year-on-year to Rs 5.9 billion, driven by continued momentum in the Bank’s digital banking franchise and higher transaction volumes. Within this segment, card-related income grew by 15 percent, branch banking fee income rose by 6 percent supported by improved customer engagement and cross-sell initiatives, while consumer banking fee income recorded a strong growth of 32 percent, reflecting increased customer activity and higher uptake of consumer financing products. Foreign exchange and dividend income contributed Rs 1.384 billion and Rs 1.137 billion respectively to the non-markup income base. Operating expenses increased by 9 percent year-on-year, primarily reflecting continued investments in technology, HR and talent development, and brand-building initiatives to support long-term growth. Despite the planned expansion in the cost base, the Bank’s cost-to-income ratio stood at 39.59 percent, demonstrating cost discipline alongside its focus on operational efficiency and innovation. On the balance sheet, total assets increased to Rs 3.263 trillion (YE’25: Rs 3.247 trillion). Advances registered growth of Rs 59 billion (8 percent), reflecting improved credit uptake. The investment portfolio stood at Rs 1.932 trillion (YE’25: Rs 1.947 trillion). Asset quality remained satisfactory, with non-performing loans (NPLs) reported at Rs 50 billion. The infection and coverage ratios improved to 6.29 percent and 94.51 percent respectively. The Bank continues to focus on proactive management of its delinquent portfolio, with emphasis on recoveries, resolution, and containment of credit losses. Deposits stood at Rs 2.3 trillion, with the current account mix improving to 56 percent (YE’25: 54 percent), reinforcing the Bank’s strength in low-cost deposit mobilization. This favourable mix, along with a lower interest rate environment, reduced the domestic cost of deposits to 4.14 percent (Q1’25: 5.51 percent). The Bank reported Return on Assets (ROA) of 1.57 percent and Return on Equity (ROE) of 20.89 percent. MCB Bank maintained its position as one of the leading players in the home remittance market, with a market share of 9.6 percent, processing USD 1,011 million in remittance inflows during the period. Leveraging its extensive branch footprint and expanding digital channels, the Bank continued to support the State Bank of Pakistan’s financial inclusion and formal remittance initiatives, contributing meaningfully to foreign exchange inflows and overall economic stability. The Bank’s capital and liquidity positions remained robust, with the Capital Adequacy Ratio (CAR) standing at 18.70 percent and the Common Equity Tier-1 (CET1) ratio at 14.87 percent, well above minimum regulatory requirements. Liquidity buffers remained strong, reflected in a Liquidity Coverage Ratio (LCR) of 239.90 percent and a Net Stable Funding Ratio (NSFR) of 155.79 percent. MCB’s credit ratings were reaffirmed by the Pakistan Credit Rating Agency (PACRA) at ‘AAA’ for long-term and ‘A1+’ for short-term through its notification dated June 23, 2025. MCB Bank operates the second-largest branch network in Pakistan on a consolidated basis, with over 1,700 branches and continues to rank among the top capitalized bank stocks traded on the Pakistan Stock Exchange. Looking ahead, the Bank remains well-positioned to deliver sustainable growth, supported by a strong capital base, ample liquidity, diversified revenue streams, and disciplined risk management, while continuing to focus on operational efficiency and customer-centric innovation. Copyright Business Recorder, 2026
BOP SIGNS MOU WITH STACKS
Date: 2026-04-24
Details: Press Release Published April 24, 2026 Updated about an hour ago LAHORE: The Bank of Punjab and Stacks signed a strategic MoU marking a key step toward transforming Pakistan’s remittance landscape and advancing its digital financial ecosystem. Muneeb Ali (Co-founder Stacks) and Zafar Masud (President & CEO, BOP) formalized the partnership through the MoU signing. By combining Stacks’ technology with BOP’s banking expertise, the collaboration aims to deliver faster, secure, and transparent cross-border payments—enhancing accessibility and convenience for overseas Pakistanis. As part of this initiative, we will undertake a pilot transaction to explore the use of stablecoins for remittance, assessing how blockchain-based solutions can improve speed, reduce costs, and increase transparency in cross-border payments. This partnership reflects a shared commitment to financial inclusion and innovation, contributing to a stronger, more connected, and digitally empowered Pakistan. Copyright Business Recorder, 2026
EXTORTION, FACTORY ROBBERIES: SAI CONCERNED OVER RISING INCIDENTS
Date: 2026-04-24
Details: Recorder Report Published April 24, 2026 Updated about an hour ago KARACHI: Industrialists of the SITE Association of Industry have voiced grave concern over rising incidents of extortion, factory robberies, and the absence of a conducive business environment, urging the government to ensure protection and stability for economic activity. At a meeting held at the SITE Association, members apprised Inspector General of Police Sindh Javed Alam Odho of the deteriorating law and order situation and requested immediate measures to safeguard industries and provide a peaceful environment for uninterrupted operations. Senior police officials, SITE office-bearers, and a large number of members attended the session. SAI President Abdul Rehman Fudda strongly condemned the recent firing incident on an industrialist in North Karachi linked to extortion demands. He stressed that the safety of the business community must be guaranteed and pointed out rampant encroachments in SITE area, which the IG assured would be removed permanently. Odho also pledged strict action against extortionists and those attempting to harm industrialists. Patron-in-Chief Zubair Motiwala said the prevailing atmosphere in police stations discourages citizens from lodging FIRs, adding that crime incidents should be recorded without requiring names. He highlighted traffic congestion from Siraj Kassam Teli flyover to Nazimabad underpass, costing commuters at least 20 minutes daily. He also drew attention to aerial firing at weddings damaging solar panels, to which the IG assured stern action. Patron Saleem Parekh raised concerns over unannounced raids by SSGC Police, Railways Police, and KWSC Police, urging streamlining of their operations. He suggested donating a drone camera to the Association to strengthen its Crime Monitoring Cell. Former President Jawed Bilwani called for permanent removal of encroachments, restriction of heavy traffic during evening rush hours, and dedicated truck parking to ease congestion. He proposed that the first phase of the Safe City Project begin at entry and exit points of SITE area, with industries directed to install quality CCTV cameras and spotlights. Law & Order Committee Chairman Abdul Hadi revealed a shortage of 113 police personnel across SITE PS-A, PS-B, and the Crime Monitoring Cell, with only one of three police mobiles available for patrolling. He demanded at least 8–10 mobiles to ensure timely response. He added that factory robberies have resurfaced in the past five months, while broken-down vehicles on flyovers continue to disrupt traffic. DIG Traffic Pir Muhammad Shah informed participants that all Station Officers have been provided tablets for reporting violations. He said commuters are being given one month to adopt lane discipline, after which challans will be imposed, starting from Shahrah-e-Faisal. Steps are also being taken to improve traffic flow on Mauripur Road. Copyright Business Recorder, 2026
NESTLÉ PAKISTAN DELIVERS HEALTHY GROWTH IN Q1 2026
Date: 2026-04-24
Details: Recorder Report Published April 24, 2026 Updated about an hour ago LAHORE: Nestlé Pakistan net sales for the three-month period ended March 31, 2026, amounted to PKR 54 billion, representing a healthy growth of 7.2 percent, said the results announced at a meeting of the Board of Directors. The sales performance was driven by accelerated investment behind the brands, and targeted trade executions, capitalizing on Ramazan and Eid occasions, the meeting was informed which was held at the Company’s Head Office in Lahore. An improved top-line, tighter overheads controls and value chain optimization initiatives have led to an improvement in gross and operating profit margins by 8.8 percent and 7.1percent, respectively, as compared to the same period of the prior year, said a spokesman while releasing the figures. Improved profit margins coupled with effective working capital management have helped the Company to generate free cash, which was utilized to retire the entire debt of the Company resulting in the elimination of financing cost and a 12.3 percent increase in net profit as compared to the same period of the prior year Due to ongoing geopolitical instability and potential volatility in energy and other input costs, the Company maintains a cautious outlook for 2026 in terms of business performance, while keeping its focus to continue investing behind brands, achieving operational excellence, developing future ready high performing teams, and advancing on its sustainability agenda to serve as a force for good, the announcement concluded.
PSMC BEGINS EXPORTING SUZUKI CULTUS PARTS TO THAILAND
Date: 2026-04-24
Details: Abdul Rasheed Azad Published April 24, 2026 Updated about an hour ago ISLAMABAD: Pak Suzuki Motor Company Limited (PSMC) on Thursday announced that it has successfully begun exporting body parts of the Suzuki Cultus to Thailand, marking its first such export to the Thai market. In an official communiqué, the company said it had achieved another significant milestone by exporting body parts to Southeast Asian Nations. This development reflects Pak Suzuki’s growing contribution to Pakistan’s industrial exports and aligns with the Government of Pakistan’s strategic focus on export-led economic growth and integration into global automotive supply chains. The export ceremony was witnessed by Pak Suzuki’s Managing Director, Hiroshi Kawamura, along with senior management and technical teams. Speaking on the occasion, Kawamura highlighted Pak Suzuki’s longstanding history of exporting vehicles, auto parts, and accessories to Bangladesh, Nepal, Hungary, Vietnam, Germany, Japan, and Oman. He stressed that the latest shipment to Thailand further strengthens the company’s footprint in the Southeast Asian market and underscores our commitment to expanding international business through competitive local manufacturing and adhering to high-quality standards. He further emphasized that export-oriented manufacturing is a key to strengthening Pakistan’s industrial capabilities, improving cost competitiveness, and enhancing technological advancement. Copyright Business Recorder, 2026
US NATURAL GAS FUTURES DOWN
Date: 2026-04-24
Details: Reuters Published April 24, 2026 Updated 18 minutes ago NEW YORK: US natural gas futures slid about 2percent on Thursday on ample amounts of gas in storage and expectations energy firms will keep injecting more gas into storage than usual in coming weeks. Futures had risen for the previous six days on a drop in output in recent weeks and near-record liquefied natural gas (LNG) exports. Front-month gas futures for May delivery on the New York Mercantile Exchange fell 4.8 cents, or 1.8percent, to USD2.674 per million British thermal units (mmBtu). On Wednesday, the contract closed at its highest price since April 8 for a fourth day in a row. That price decline occurred ahead of a federal report expected to show energy firms added more gas than usual to storage last week as mild weather kept heating demand low. Analysts forecast that energy firms added 94 billion cubic feet of gas into storage during the week ended April 17. That figure compares with an increase of 77 bcf during the same week last year and a five-year (2021-2025) average increase of 64 bcf for the period. In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 54 days in a row as pipeline constraints continued to trap gas in the Permian region, the nation’s biggest oil-producing shale basin. Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 63 times so far this year. Waha prices have averaged a negative USD1.91 per mmBtu so far in 2026, compared with a positive USD1.15 in 2025 and a positive USD2.88 over the past five years (2021-2025). Financial firm LSEG said average gas output in the US Lower 48 states has eased to 110.3 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That figure compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was on track to drop by around 3.8 bcfd over the past 17 days to a preliminary 11-week low of 108.3 bcfd on Thursday. Preliminary data, however, is often revised later in the day. Analysts said mostly mild weather so far this spring has allowed energy firms to inject more gas into storage than usual, boosting inventories to a projected 7percent above normal levels during the week ended April 17, up from 6percent above normal during the week ended April 10. Looking ahead, meteorologists forecast the weather will remain mostly near normal through May 8. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 103.7 bcfd this week to 100.5 bcfd next week. That forecast was similar to LSEG’s outlook on Wednesday. Average gas flows to the nine big US LNG export plants have risen to 18.9 bcfd so far in April, up from 18.6 bcfd in March.
CRUDE OIL FUTURES JUMP USD5
Date: 2026-04-24
Details: Reuters Published April 24, 2026 Updated about 2 hours ago HOUSTON: Crude oil futures spiked USD5 a barrel on Thursday after reports that air defences were engaging targets over Tehran and of a power struggle between Iran’s hardliners and moderates. After spiking, the benchmarks pared gains. Brent crude futures settled at USD105.07 a barrel, gaining USD3.16 or 3.1 percent. West Texas Intermediate futures finished at USD95.85 a barrel, up USD2.89, or 3.11 percent. Iran negotiator quits Israeli radio reported the resignation of Iran’s top negotiator, Mohammad Baqer Qalibaf, from the team speaking to the US through Pakistani intermediaries about ending the war. Qalibaf’s resignation was seen as a victory for hardline elements within the Iranian government. Iranian news services said air defences in Tehran were engaging targets over the city. That followed reports of drone attacks on Iranian Kurdish opponents of the Tehran government at a base in Iraq. Iran flaunted its tightened grip over the Strait of Hormuz with video of its commandos storming a huge cargo ship, after the collapse of peace talks that Washington had hoped would open the important shipping corridor. US President Donald Trump said in a social media post that he had ordered the US Navy “to shoot and kill any boat†mining the strait. John Kilduff, partner with Again Capital, said the market was being buffeted by alternating news reports of Trump extending the ceasefire this week and threatening to sink Iranian mine-laying ships. “Some people call it headline bingo, I call it headline roulette,†Kilduff said. “I fear we’re going to wake up one day and realize we’re in a much worse (supply) position and prices are going to reset to a much higher level.†Strait of Hormuz transit still restricted While Trump extended a ceasefire between the countries after a request by Pakistani mediators, Iran and the US are still restricting transit of ships through the strait, which carried about 20 percent of daily global oil supplies until the start of the war on February 28. Trump, without providing evidence, said on Thursday the US had “total control†over the strait, and that it was “sealed up tight†until Iran made a deal. Iran seized two ships in the waterway on Wednesday. Trump has maintained a US Navy blockade of Iran’s trade by sea. However, about 10.7 million barrels of Iranian crude exports crossed through the strait and left the area blockaded by the US Navy between April 13 and 21, data analytics company Vortexa said. The US military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday. Trump has not set an end date for the extended ceasefire, White House press secretary Karoline Leavitt told reporters. Phil Flynn, senior analyst with Price Futures Group, said prices were constrained by confidence in the crude market. “The market continues to believe we’re going to find a way through this,†Flynn said.
KTBA RAISES VOICE FOR HIGH EARNERS AMID FBR SUPER TAX SURCHARGE ACTION
Date: 2026-04-24
Details: Written by Shahnawaz Akhter Karachi, April 24, 2026 – The Karachi Tax Bar Association (KTBA) has strongly defended high-income taxpayers against default surcharge proceedings initiated by the Federal Board of Revenue (FBR), raising concerns over legality, fairness, and economic impact. In a formal letter addressed to FBR Chairman Rashid Mahmood Langrial, KTBA President Muhammad Mehmood Bikiya outlined key grievances regarding the imposition of default surcharge under Section 205 of the Income Tax Ordinance, 2001, linked to the payment of Super Tax. The association emphasized that while taxpayers acknowledge their legal obligation to pay taxes, enforcement actions must strictly adhere to the law. The controversy stems from the Super Tax introduced around four years ago, where litigation by high earners delayed payments, contributing to a significant revenue gap for the government. According to KTBA, taxpayers have now fully paid the principal amount of the Super Tax following directives from the Federal Constitutional Court. However, despite compliance, FBR field formations have initiated default surcharge proceedings, citing delays in payment timelines. KTBA argued that many of these delays occurred due to valid legal reasons, including stay orders, court rulings, and appellate relief granted by competent judicial forums. These legal protections, the association noted, justified the timing of tax payments and should exempt taxpayers from penalty charges. A major concern highlighted by KTBA is the inconsistency in tax administration. On one hand, taxpayers are being penalized through surcharge orders, while on the other, their legitimate tax refunds remain pending. The association stressed that imposing additional financial burdens without adjusting outstanding refunds violates principles of fairness and equity. From a legal standpoint, KTBA referenced a significant ruling by the Sindh High Court dated December 22, 2022, which declared the Super Tax for Tax Year 2022 unconstitutional. This judgment remained binding under Article 201 of the Constitution until the matter was finally decided by the Federal Constitutional Court on January 27, 2026. During this period, the ruling was consistently upheld in appellate proceedings, including cases before the Commissioner Inland Revenue (Appeals) and the Appellate Tribunal Inland Revenue. Additionally, taxpayers relied on directives from the Islamabad High Court regarding the application of Super Tax under the Final Tax Regime. KTBA stressed that respecting judicial decisions—whether interim or final—is a cornerstone of constitutional governance. Penalizing taxpayers who acted in accordance with such rulings undermines the rule of law and damages trust in the tax system. The association also warned of broader economic consequences. High-income taxpayers, who contribute significantly to national revenue, are now facing increased financial pressure due to surcharge proceedings and delayed refunds. KTBA cautioned that such measures could discourage compliance and negatively impact the overall economic environment. In its recommendations, KTBA urged the FBR to immediately review and withdraw default surcharge proceedings in cases involving judicial relief, stay orders, or refundable tax credits. It also called for expedited processing of pending tax refunds to restore confidence and ensure a fair tax regime. The issue highlights growing tensions between taxpayers and authorities, as stakeholders push for a more transparent, equitable, and legally consistent taxation system in Pakistan.