News

Tax overhaul, faster privatisation on government agenda

Finance Minister Muhammad Aurangzeb on Wednesday unveiled a drastically simplified income tax return form for salaried individuals — reducing the number of required fields from 800 to just 40 — as part of the government’s push for a predictable tax regime and accelerated privatisation under its broader structural reform agenda. Speaking at a conference on “Building a Resilient Public Financial

Public Accounts Committee scrutinises cabinet division over Toshakhana irregularities

The Public Accounts Committee (PAC) on Wednesday reviewed audit objections involving the Cabinet Division’s management of the Toshakhana, the state gift repository, highlighting improper amendments to its rules and the disappearance of records dating back before 1997. The committee, chaired by Syed Naveed Qamar, was told by audit officials that the original Toshakhana rules from 1973 had been a

Pakistan Textile Council flags raw material exclusion from Export Facilitation Scheme

The Pakistan Textile Council (PTC) has warned that the exclusion of key raw materials from the Export Facilitation Scheme (EFS) risks undermining the competitiveness of Pakistan’s textile exports. In a letter to Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, the PTC expressed strong reservations over recent amendments to the scheme, notified via SRO 1435 of 2025. The council s

Foreign firm shows interest in introducing hybrid corn seeds

A Singa­pore-based hybrid seed company has shown keen interest in introducing climate-resilient hybrid corn seeds in Pakistan, finding the country having the po­­tential to get high yields. “Our latest hybrid corn seed technology has sho­wn the potential to incre­ase yields by up to 32 per cent, offering farmers higher productivity and improved profitability,” said Commercial Director for South

Gold exports in crisis as traders urge revival of SRO 760

Pakistan’s gold and jewellery export sector is facing a severe crisis following the abrupt suspension of SRO 760 on May 6, which halted imports of raw gold and stalled export consignments. According to Pakistan Bureau of Statistics (PBS) data, no gold was imported in June or July. Only nine kilograms of gold worth $927,000 were imported in May — primarily shipments made before the SRO’s suspens