Prime Minister Shehbaz Sharif on Tuesday directed the Federal Board of Revenue (FBR) to ensure the full implementation of reforms by removing bureaucratic hurdles and institutional barriers. Chairing a weekly review meeting on proposed reforms within the FBR, PM Shehbaz also expressed satisfaction over the increase in the country’s tax-to-GDP ratio, which rose from 8.83 per cent in FY24 to 10.2
The overall tax-to-GDP ratio increased by a record 3.2 percentage points in fiscal year 2025 to reach 15.7pc — the highest in over two decades. The record earnings came on the back of heavy taxes imposed by the government to implement strict conditions outlined in the IMF loan programme and last-minute windfalls from non-tax revenue (NTRs). During FY2024-25, the non-tax revenue grew by 68 pe
The Pakistan Telecommunication Company Ltd (PTCL) on Tuesday presented a detailed business development plan to the Competition Commission of Pakistan (CCP), marking a crucial step in the ongoing process of acquiring Telenor Pakistan. This submission comes after the CCP had earlier agreed to the acquisition of Telenor Pakistan (Pvt) Ltd and Orion Towers, contingent on certain conditions. The
In a major development, struggling Quaid-i-Azam University (QAU) on Tuesday received Rs2 billion bailout package from the federal government. Economic Coordination Committee (ECC) headed by Finance Minister Muhammad Aurangzeb, besides other agenda items, approved the package for QAU. “The ECC approved in principle a bailout grant of Rs2 billion for Quaid-i-Azam University, contingent upon th
Oil prices edged lower on Tuesday as rising Opec+ supply and worries of weaker global demand countered concern about US President Donald Trump’s threats to India over its Russian oil purchases. Brent crude futures were down 58 cents, or 0.84pc, to $68.18 a barrel at 12:17 p.m. EDT (1617 GMT), while US West Texas Intermediate crude slipped 59 cents, or 0.89pc, to $65.7. Both contracts fell by mo