ISLAMABAD: Amid fiscal challenges, Pakistan’s tax-to-GDP ratio dropped further by 0.4pc in the first half (July-December) of the current fiscal year to 4.4pc from 4.8pc of the same period last year. According to half-yearly data on fiscal operations released by the Ministry of Finance on Wednesday, the non-tax revenue remained unchanged at 1.1pc of GDP in the first half of the year and stood at