A World Bank study says the General Sales Tax (GST) has the largest marginal contribution to the national poverty increase, while GST payments account for over 7 per cent of households’ pretax expenditure, which leads to further impoverishment among poor and vulnerable households. The Effects of Taxes and Transfers on Inequality and Poverty in Pakistan says the GST has the largest negative
In a significant development, the International Monetary Fund (IMF) and Pakistani authorities have reached a preliminary agreement on a comprehensive financial framework, paving the way for continued negotiations on the budget for fiscal year 2025-26. Officials in the finance ministry indicate that discussions are set to advance in the coming days, with the goal of finalising crucial fiscal pol
In a groundbreaking move to transform Pakistan into a global leader in digital innovation, the government has announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence (AI) data centres. The government recently decided to legalise cryptocurrency to lure international investment in Pakistan. The
The Pakistan Stock Exchange witnessed a volatile session on Thursday, as the benchmark KSE-100 Index lost 778 points, or 0.65 per cent, to close at 119,153. The market remained in consolidation mode, with investors showing caution ahead of the upcoming federal budget. The day began on a strong note, with the index climbing to an intraday high of 120,699 — up 768 points — fuelled by continued
he Securities and Exchange Commission of Pakistan (SECP) has suspended the guarantee business of United Insurance Company of Pakistan Limited, prohibiting the company from issuing new guarantees or renewing existing ones. The decision was taken following a show-cause notice served on the company. United Insurance had obtained a stay order from the Lahore High Court on Feb 21 last year. However,