Says plugging tax leakages will help boost revenues without imposing additional taxes Pakistan Finance Minister Muhammad Aurangzeb. Photo: Reuters/ File Finance Minister Muhammad Aurangzeb on Friday said the government had not imposed any new taxes in the federal budget for FY2026-27 and would instead focus on broadening and deepening the tax net through improved compliance…
The federal government on Friday further cut the price of petrol by Rs4 per litre and that of high-speed diesel by Rs2 for the next week. According to a press release from the Petroleum Division, the new petrol price is Rs373.78, while HSD is Rs378.78 This marks the fifth consecutive reduction in fuel prices in…
Finance minister says existing concessions for electric motorcycles, rickshaws and buses will remain in place Finance Minister Muhammad Aurangzeb on Friday said that the government had decided to impose federal excise duty (FED) on imported vehicles while presenting the 2026–27 Federal Budget in the National Assembly. During his budget speech, Aurangzeb said that sports utility…
Aurangzeb says lower tax rate will help discourage informal fund transfers and strengthen formal channels Budget 2026-27: Internet shoppers rejoice as govt proposes 90% cut in withholding tax on overseas card transactions In a move aimed at promoting the documentation of the economy through formal financial channels, the government on Friday proposed a 90 per cent…
Finance Minister Muhammad Aurangzeb on Friday unveiled tax relief measures for four income slabs of salaried employees and announced the removal of the surcharge, following directives from Prime Minister Shehbaz Sharif, while presenting the 2026–27 Federal Budget in the National Assembly. Speaking in the National Assembly, Aurangzeb said, “I am pleased to announce that under…
ISLAMABAD: The installed electricity generation capacity of Pakistan has jumped up to 49,651 megawatts, reflecting an 8.5% increase primarily because of the addition of power production through solar net metering, according to the Pakistan Economic Survey 2025-26 released on Thursday. The installed generation capacity stood lower at 45,782 MW in the corresponding period (July-March) of…
Freelance remittances $856m, 5G auction raises $509m; experts warn of low-value trap KARACHI: Pakistan’s Information and Communication Technology (ICT) and telecommunications sectors recorded notable growth during FY2026, according to the Pakistan Economic Survey unveiled on Thursday. ICT exports reached $3.388 billion, while the trade surplus in IT and IT-enabled services stood at $2.911 billion, reflecting…
KARACHI: Pakistan’s foreign exchange reserves recorded a modest increase during the week ended June 5, 2026, with deposits of the State Bank of Pakistan (SBP) rising by $25 million to $17.22 billion, according to data released by the central bank on Thursday. The SBP said its foreign exchange reserves stood at $17.215 billion as of…
ISLAMABAD: The cost of tax concessions has for the first time in many years marginally reduced by 3% to Rs2.35 trillion in this fiscal year, driven by the withdrawal of sales tax exemptions and nil cost of exemptions under bilateral free trade agreements. Although the cost has started reducing, it was still $8.5 billion in…
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. PHOTO: REUTERS KARACHI: Pakistan Stock Exchange (PSX) on Thursday ended marginally higher as selective buying in banking and energy stocks helped the benchmark KSE-100 index recover 276 points ahead of the federal budget announcement. At the close…