Fleet operators, goods transporters, advertisers and yarn merchants on Monday strongly criticised the federal government’s decision to increase the withholding tax (WHT) on specified services from 4pc to 6pc, warning that the move would cripple struggling sectors, discourage formalisation, and further strain Pakistan’s fragile economy. At a press conference held at the Federation of Pakistan Ch
Pakistan’s textile and clothing exports declined by 1.75pc year-on-year in May, marking the second consecutive monthly contraction and pushing overall sector growth into single digits for the ongoing fiscal year, largely due to mounting production costs and unresolved structural challenges. Export proceeds from the textile sector totalled $1.53bn in May, down from $1.55bn in the same month las
In a bid to stabilise soaring sugar prices and curb market volatility, the Sugar Advisory Board on Monday approved the import of 500,000 tonnes of the commodity, amid concerns over supply chain disruptions and alleged non-compliance by millers. The decision was taken at a board meeting chaired by Minister for National Food Security and Research Rana Tanveer Hussain, who announced that all forma
Prime Minister Shehbaz Sharif on Monday directed the formation of three specialised committees — the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee — to promote a cashless economy across the country. These sub-committees will present recommendations to facilitate payments between citizens and businesses, rai
The Gilgit-Baltistan finance minister on Monday unveiled the region’s Rs148.63 billion budget for fiscal year 2025-26. The budget was presented by Speaker Nazir Ahmed Advocate. Addressing the session, Finance Minister Muhammad Ismail said Rs88.19bn has been allocated for non-development and Rs37bn billion for development expenditures. As per the minister, the region will get Rs80bn in fed