Pakistan’s income tax collection surged to a record Rs 5.83 trillion in fiscal year 2024–25, up sharply from Rs 4.57 trillion a year earlier — but the historic jump has triggered public resentment and debate over fairness in taxation, as both salaried individuals and the business community complain of a rising burden. This was stated by Gohar Ejaz, chairman of the Economic Policy and Business D
Gold prices inched higher on Wednesday, ahead of a widely expected interest rate cut from the Federal Reserve, although easing US-China trade tensions kept bullion strength in check. Spot gold was up 0.2% at $3,957.42 per ounce, as of 0257 GMT, after dropping to its lowest point since October 7 on Tuesday. U.S. gold futures for December delivery eased 0.3% to $3,971.20 per ounce. “The fue
Iranian President Masoud Pezeshkian on Tuesday proposed that Iran and its regional trading partners establish a shared currency to boost commerce amid crippling Western sanctions. Years of international sanctions, largely imposed by the United States over Tehran’s nuclear programme, have severely weakened Iran’s economy. The latest measures were reimposed by the United Nations in September, aft
Oil prices edged up on Wednesday morning after three straight days of declines, with market sources citing a decline in U.S. crude inventories, while investor concerns about Russia sanctions and a potential OPEC+ output increase capped gains. Brent crude futures rose 20 cents, or 0.31%, to $64.60 a barrel at 0203 GMT. U.S. West Texas Intermediate crude futures rose 18 cents, or 0.3%, to $60.33.
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Wednesday. At 10am, the currency was hovering at 280.72, a gain of Re0.15 against the greenback. On Tuesday, the local unit had closed at 280.87, the highest in nearly six months. Globally, the US dollar hovered close to a one-week l