Finance Minister Muhammad Aurangzeb on Wednesday repeatedly warned that the government would be compelled to impose a further Rs400 to 500 billion in taxes if parliamentarians failed to approve the sweeping enforcement measures proposed in the 2025-26 budget — as they were already cleared by the International Monetary Fund (IMF). “I now request my colleagues in both houses of parliament to get
The cotton ginning and oil mill industries across Pakistan are reeling from profound disappointment and concern following the federal budget’s failure to abolish the sales tax on cotton and its by-products and to remove the sales tax exemption on imported cotton. This decision comes despite strong recommendations from two committees established by Prime Minister Shehbaz Sharif, raising fears of
Shopkeepers have raised the prices of solar panels, even though the government’s decision to impose an 18 per cent sales tax on solar panel imports will take effect on July 1, pending the formal approval of the budget before the end of the year. Traders at Regal Chowk in the Saddar area blamed importers for raising prices. They said many consumers appeared upset over the sudden price shock afte
Teachers on Wednesday voiced their concerns over what they claimed was inadequate budget allocation for the higher education sectors, stating that this allocation is insufficient to meet the rapidly increasing financial needs of the higher education sector. For fiscal year 2025-26, the federal government earmarked Rs66.4 billion recurring budget (non-development expenditure including salaries a
Pakistan looks set to exceed its annual remittances target of $38 billion with $3.7bn inflows in May. So far in the 11 months of the fiscal year 2025 — July to May — Pakistan received $35bn in remittances. With the addition of June inflows, the total remittances are expected to exceed the revised target of $38bn for the current financial year. The latest data issued by the State Bank on W