Oman issued a royal decree to become the first country in the Gulf to impose a personal income tax, its tax authority said on Sunday, as the small oil producer works to diversify its revenue stream. Oman, among the smaller Gulf economies, launched a medium-term fiscal programme in 2020 to reduce public debt, diversify revenue sources and spur economic growth, which has improved public finances.
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