Skip to content
Pakistan Times Today

Results for “Fiscal Year” (47)

Hafsa Mustafa Posted in Uncategorized

Salaried class pays Rs633bn in tax, more than exporters, retailers and real estate combined

Pakistan's salaried class contributed Rs633 billion in income tax during fiscal year 2025-26, surpassing the combined tax contribution of exporters, the real estate sector and retailers, The News reported, citing provisional data compiled by the Federal Board of Revenue. The Federal Board of Revenue (FBR) has fetched Rs13,010 billion in the last fiscal year ending on June 30, 2026, out of which the salaried class stood out as one of the major contributors, as the tax was deducted at the source and deposited into the national kitty. Read More…

0 Comments

Hafsa Mustafa Posted in Politics

Govt proposes 7% salary, pension hike in FY2026-27 budget

The federal government has proposed a 7% increase in the salaries of public sector employees in the federal budget for fiscal year 2026–27, according to budget documents. In addition, the federal government has suggested a 10% increase in the minimum wage. The proposal for the salary hike was unveiled by Federal Finance Minister Muhammad Aurangzeb during his National Assembly budget speech for the Fiscal Year 2026-27. Read More…

0 Comments

Hafsa Mustafa Posted in Politics

IMF asks Pakistan to reduce circular debt to zero in current fiscal year

The International Monetary Fund (IMF) has asked Pakistan to reduce inflows into the considerable circular debt to zero from the current fiscal year. The inefficiencies of the Power Distribution Companies (Discos) have continued to be a significant factor, resulting in losses of Rs265 billion in FY25 compared to Rs276 billion in FY24. Additionally, under recoveries were recorded at Rs132 billion in FY25, down from Rs315 billion in FY24. The IMF has been briefed about the baseline tariff, which will be implemented from January 1, 2026. Read More…

0 Comments

Hafsa Mustafa Posted in Politics

PM Sharif lauds economic team as surplus hits $2.1B

Pakistan’s current account surplus has recorded $2.1 billion in the fiscal year 2024–25 (FY25), reaching the highest level in 22 years and the first opening surplus in 14 years. Prime Minister Shehbaz Sharif expressed gratitude for the achievement of this major landmark and lauded the economic teams of the government on their tireless efforts, stating the achievement is a result of sound financial management and policy improvements. Read More…

0 Comments

Hafsa Mustafa Posted in Politics

PM Sharif highlights Pakistan’s role in Iran-Israel ceasefire

Prime Minister (PM) Shehbaz Sharif on Thursday lauded the entire economic team for their hard work and dedication in preparing the federal budget for the fiscal year 2025-26. Chairing the Cabinet meeting, the PM also spoke on the recent regional developments and welcomed the ceasefire between Israel and Iran, terming it a crucial step in avoiding further escalation and loss. He thanked God for the peaceful resolution and acknowledged the important role played by various countries, including Saudi Arabia, in ensuring the ceasefire. PM said Iran openly thanked the people… Read More…

0 Comments

Hafsa Mustafa Posted in Politics

NA passes Rs 17.57tr budget for fiscal year 2025-26

The National Assembly on Thursday okayed the federal budget for the upcoming fiscal year 2025-26 with a majority of votes, granting clause-by-clause approval to the Finance Bill 2025. Finance Minister Muhammad Aurangzeb presented the finance bill in the lower house, where it received backing from the ruling coalition, including the Pakistan Peoples Party (PPP). The motion was passed with a majority vote which led to the passage of Finance Bill 2025 after clause-by-clause reading and adopting amendments after due process of voting. During the proceedings, all amendments and cut motions… Read More…

0 Comments

Hafsa Mustafa Posted in Politics

IMF-Pakistan budget talks inconclusive over power subsidy disagreement

The budget talks between Pakistan and the International Monetary Fund (IMF) for fiscal year 2025–26 remained inconclusive on Saturday, primarily due to disagreements over proposed relief measures by Prime Minister Shehbaz Sharif. The IMF reportedly raised objections to several government proposals, particularly additional power subsidies for domestic consumers. It also dismissed the government’s plan to reduce electricity tariffs for industrial users, demanding the timely tariff hikes during the next fiscal year. Read More…

0 Comments

Hafsa Mustafa Posted in Politics

Pakistan likely to impose carbon levy in upcoming budget

Pakistan is considering imposing a carbon levy in the upcoming budget for the fiscal year 2025-2026. According to sources, the proposal will be discussed with the International Monetary Fund (IMF) delegation during their upcoming visit. The IMF team, scheduled to arrive in Pakistan on February 28, will hold technical talks with federal and provincial authorities from February 24 to 28. The discussions will focus on green budgeting, climate spending, and the imposition of a carbon levy. Read More…

0 Comments