The Federal Board of Revenue (FBR) on Wednesday formed a seven-member committee to make recommendations for resolving the ongoing tax dispute, as traders in Gilgit-Baltistan (GB) continued their sit-in for a tenth consecutive day. Traders, affiliated with Pakistan-China trade through Khunjerab Pass, have been protesting at the Sost Dry Port and blocking the Karakoram Highway, the land route bet
The State Bank of Pakistan (SBP) kept its policy rate unchanged on Wednesday at 11 per cent. The central bank’s policy rate, after being slashed by 1,000bps from 22pc since June 2024 in seven intervals, was cut to 11pc in May. The bank had kept the rate unchanged on June 16 as well. A press release issued by the SBP said its Monetary Policy Committee noted that inflation in June had decelera
United States President Donald Trump on Wednesday imposed a 25 per cent tariff on goods imported from India starting August 1, along with an unspecified penalty for buying Russian weapons and oil, potentially straining relations with the world’s most populous democracy. The US decision singles out India more severely than other major trading partners, and threatens to unravel months of talks be
The Federal Board of Revenue (FBR) on Tuesday issued the much-delayed Statutory Regulatory Order (SRO) imposing an 18 per cent sales tax on the import of cotton fibre, yarn, and grey cloth, following sustained pressure from the All Pakistan Textile Mills Association (Aptma). The tax measure, which aligns with commitments made in the federal budget for 2025-26, comes nearly a month after the bud
The International Monetary Fund (IMF) on Tuesday raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases ahead of an Aug 1 jump in US tariffs and a drop in the effective US tariff rate to 17.3pc from 24.4pc. It warned, however, that the global economy faced major risks including a potential rebound in tariff rates, geopolitical tensions and large