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Category : Banking Sector
Pakistan Proposes 90% Cut in Withholding Tax on Intl Cards
The government proposes reducing withholding tax on international credit/debit card transactions from 5% to 0.5% in the federal budget for FY 2026-27, aiming to promote formal financial channels.
Pakistan Proposes Rs3 Trillion Defence Budget, 18% Rise
Pakistan's government proposes Rs3 trillion for defence in FY 2026-27, an 18% increase. Finance Minister cites strong defence capabilities and foreign interest in fighter jets.
Pakistan Unveils Tax Relief for Four Income Slabs in Budget
Finance Minister Aurangzeb announced tax cuts for four salaried income slabs and removal of surcharge in the 2026-27 budget, following PM Shehbaz Sharif's directives.
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Cabinet Approves 7% Salary and Pension Hike for Govt Employees
The Federal Cabinet approved a 7% increase in salaries and pensions for public sector employees, merging previous relief allowances into the pay structure.
President Zardari Approves PIA Privatisation Bill
President Asif Ali Zardari approved the PIA privatisation bill, completing legal formalities. The carrier was acquired by a consortium led by Arif Habib Corporation for Rs135 billion.
PM Shehbaz Approves Federal Budget 2026-27 Draft
Prime Minister Shehbaz Sharif approved the draft of Federal Budget 2026-27 during a cabinet meeting in Islamabad, thanking coalition parties and the IMF for support.
President Zardari Signs PIA Privatisation Bill into Law
President Asif Ali Zardari has signed the PIA Corporation (Conversion) (Repeal) Bill, 2026, completing a key legal step for the privatisation of the national flag carrier.
UK Trade Deficit Narrows to £21 Billion in April
UK trade deficit fell to £21 billion in April, below March but above forecasts. Imports rose 1.5% to £54.1 billion, exports up 2.6% to £33.1 billion, driven by EU trade.
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10th Avenue Project Delayed Due to Fund Shortage
State Minister Talal Chaudhry informed the National Assembly that the Rs12 billion 10th Avenue project is delayed due to fund shortages and encroachments, with only 47% of one section completed.
PPP Leader Hails Replacement of 60-Year-Old Water Line in Karachi
PPP leader Karamullah Waqasi said replacing the 60-year-old Water Line No. 5 from Dhabeji to Karachi will strengthen the city's water network, improving supply for millions.
FDA Chief Emphasizes Financial Discipline and Transparency
FDA Director General Muhammad Asif Chaudhry directs strict adherence to financial policies, pre-audits, and improved revenue collection for sustainable management.
Pasban Union Opposes Illegal Promotions in Faisalabad MC
Pasban Union raises concerns over alleged illegal promotions of electricians to light inspectors in Faisalabad Municipal Corporation, citing violations of service rules.
Pakistan Public Debt Hits Rs83.285 Trillion
Pakistan's total public debt reached Rs83.285 trillion by March 2026, with domestic debt at Rs57.6 trillion and external debt at $92.2 billion, according to the Economic Survey 2025-26.
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Rs2.4 Trillion Tax Exemptions Granted in FY26: Survey
Pakistan's federal government provided tax exemptions worth Rs2.4 trillion in FY25-26, down from Rs5.8 trillion last year. Income tax exemptions fell to Rs579.7 billion, while sales tax exemptions were Rs1.23 trillion, according to the Economic Survey 202
Pakistan, Kazakhstan Discuss Industrial Cooperation and Trade
SAPM Haroon Akhtar Khan and Kazakh Ambassador Yerzhan Kistafin met to enhance industrial cooperation, trade, and tourism ties between Pakistan and Kazakhstan.
Karachi High-Rise Construction Can Continue, Court Says
The Constitutional Court rejected a plea to halt high-rise construction in Karachi's Gulshan Faisal, ruling that if illegal, it can be demolished later, citing the Nasla Tower case.
Supreme Court Ruling Threatens Employment Discrimination Protections
The DOJ issued an opinion applying a recent Supreme Court voting rights decision to employment law, making it harder for plaintiffs to win discrimination cases without proving intent.
Pakistan unveils Rs17.5 trillion budget under IMF pressure
Pakistan's government presents a Rs17.5 trillion budget for FY2026-27, targeting 4.1% GDP growth and Rs15.267 trillion tax revenue, balancing IMF austerity with relief for the poor.
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Mongolia Recovers Rare Dinosaur Skeleton After 20 Years
Mongolia has recovered a rare Tarbosaurus bataar skeleton and fossils illegally exported in 2006, returned from France after a decade-long process.
PM Shehbaz Directs Simplified Loans Under Apna Ghar Scheme
PM Shehbaz Sharif orders simplified procedures and faster loan approvals under Apna Ghar Scheme, aiming to boost home ownership. Over Rs11 billion disbursed so far.
Tax Concessions Cost Drops 3% to Rs2.35 Trillion
Pakistan's tax concessions cost marginally reduced by 3% to Rs2.35 trillion in FY2026, driven by withdrawal of sales tax exemptions and nil cost under free trade agreements.
Pakistan Stock Market Surges 18.2% in FY2026 First Nine Months
Pakistan's KSE-100 index surged 18.2% in July-March FY2026, market cap rose 8.5% to Rs16,534 billion. PSX raised Rs18.3 billion, 6 new firms listed. Analysts cite improving macroeconomics but caution on limited capital formation.
Driver Blamed for Murree Expressway Fire That Killed 10
Motorway Police completes initial investigation into Murree Expressway accident and fire, blaming driver negligence for the crash that killed 10, including 5 children, and injured 16.
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Darakhshan Police Arrest Online Drug Trafficking Suspect
Darakhshan police arrested Shah Fahad for online drug trafficking, recovering 1,470 grams of drugs and cash. He admitted to supplying ice and cocaine via social media and using riders for delivery.
Hajj 2027: Pakistan Begins Preparations, Registration Soon
Ministry of Religious Affairs initiates Hajj 2027 preparations; registration soon. Pilgrims need valid passport till Nov 16, 2027. Overseas Pakistanis eligible.
Bill Gates Testifies to Congress on Epstein Ties
Bill Gates told Congress he didn't fully understand Epstein's crimes and was blackmailed over extramarital affairs. He testified privately to the House Oversight Committee.
Pakistan Economic Survey: 3.7% Growth, Targets Missed
Finance Minister Muhammad Aurangzeb presented the Economic Survey for 2025-26, revealing a GDP growth of 3.7% against a 4% target. Several sectoral targets were missed, but agriculture, industry, and services showed mixed performance.
Pakistan Remittances Hit Record $4.3 Billion in May
Pakistan received a record $4.3 billion in remittances in May 2026, led by Saudi Arabia and UAE, boosting foreign reserves under IMF program.
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US approves $292M missile sale to South Korea
The US State Department approved a possible $292 million sale of 70 AIM-120C-8 missiles to South Korea, with RTX Corporation as principal contractor.
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