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Pakistan's FBR beats revised FY26 tax target with record PKR 13 trillion collection
Tax authority exceeds June collection goal as income tax remains the biggest source of revenue
Jul 01, 2026
Jul 01, 2026
Economy
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Pakistan central bank orders banks to stop freezing accounts without legal approval
SBP directs lenders to verify legal authority before imposing account restrictions, following an Islamabad High Court order
Jun 30, 2026
Jun 30, 2026
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Pakistan's FY26 inflation seen near target despite sharp jump in June on low base effect
Analysts expect June inflation above 11% but see FY26 average near the government's 7.1% target
Jun 30, 2026
Jun 30, 2026
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Pakistan completes first financial closing of PIA privatization, transfers management to consortium
Arif Habib-led consortium injects PKR 80 billion into the national carrier, with further investment and a potential stake purchase planned over the next year
Jun 29, 2026
Jun 29, 2026
Top Stories
Global farm incomes to rise 9% by 2035 despite growing risks
OECD-FAO report says productivity gains will support agriculture, but energy costs and geopolitical shocks threaten food security
Jun 29, 2026
Jun 29, 2026
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Weak infrastructure and low productivity weigh on Pakistan's export sector
Pakistan Business Council report highlights opportunities in higher-value exports, including chemicals, processed foods and fisheries
Jun 29, 2026
Jun 29, 2026
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Pakistan seeks to recover PKR 45.4B in unpaid taxes after audit finds widespread violations
More than 1,300 withholding agents failed to deduct taxes, prompting auditors to call for stronger enforcement and faster legal action
Jun 29, 2026
Jun 29, 2026
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Cash preference stays stubbornly high as Pakistan's currency in circulation hits record PKR11.93 trillion
Currency in circulation increased by more than PKR1 trillion in Q3 FY26 as mobile banking
Jun 29, 2026
Jun 29, 2026
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Pakistan raises PKR 1.65 trillion through T-bills and sukuk
The government raised more than PKR 1.65 trillion through treasury bill and sukuk auctions settled on June 24, while rejecting all bids for a 10-year floating-rate bond, highlighting strong investor demand for short-term and Shariah-compliant instruments amid a declining interest-rate environment.
According to auction results released by the State Bank of Pakistan (SBP), the government mobilized PKR 1.243 trillion through market treasury bills (MTBs), PKR 372.8 billion through Government of Pakistan Hybrid Sukuk (GHS), and accepted PKR 38.4 billion in Government of Pakistan Ijarah Sukuk (GIS) purchases on a deferred-payment basis. However, it raised no funds through the auction of 10-year Floating Rate Pakistan Investment Bonds (PFLs) after rejecting all bids.
Treasury bills raise PKR 1.243 trillion
The largest inflow came from the MTB auction, where total bids worth PKR 3.09 trillion were submitted across one-month, three-month, six-month and 12-month tenors.
The government accepted PKR 1.061 trillion through competitive bids and an additional PKR 182.16 billion through non-competitive bids, bringing total accepted bids to PKR 1.243 trillion.
The 12-month paper attracted the strongest demand, accounting for PKR 1.75 trillion in bids and PKR 603.6 billion in accepted competitive bids at a cut-off yield of 11.8381%.
The six-month tenor secured PKR 187.05 billion at a cut-off yield of 11.7479%, while the one-month and three-month papers raised PKR 148.7 billion and PKR 121.34 billion, respectively.
Provincial governments invested PKR 100 billion through non-competitive bids, all of it concentrated in the three-month tenor.
SBP rejects all 10-year floating-rate bond bids
In contrast, the government failed to raise any funds through the auction of 10-year Floating Rate Pakistan Investment Bonds.
Primary dealers submitted bids worth PKR 302.5 billion within a quoted price range of 94.0322 to 96.0004. However, the SBP rejected all competitive bids and accepted no non-competitive bids, leaving the total accepted amount at zero.
The decision suggests the government was unwilling to accept the pricing demanded by investors for longer-term floating-rate debt.
Hybrid sukuk exceed target
Separately, the government exceeded its combined PKR 350 billion target in the latest Hybrid Sukuk auction conducted through the Pakistan Stock Exchange auction platform.
Total accepted bids reached PKR 372.8 billion across fixed-rate and variable-rate instruments.
The one-year fixed-rate discounted Hybrid Sukuk attracted bids worth PKR 507.74 billion against a target of PKR 150 billion. The government accepted PKR 180.59 billion, including PKR 173.58 billion through competitive bids at a cut-off rental rate of 11.688% and PKR 7.01 billion through non-competitive bids.
Investor interest was even stronger in the 10-year variable rental-rate Hybrid Sukuk, where bids totaled PKR 956.5 billion against a target of PKR 200 billion.
The government accepted PKR 192.25 billion, including PKR 190.85 billion through competitive bids and PKR 1.4 billion through non-competitive bids.
Deferred-payment Ijarah Sukuk adds PKR 38.4 billion
In another Shariah-compliant financing transaction, the SBP conducted an auction for the outright purchase of Government of Pakistan Ijarah Sukuk on a deferred-payment, or Bai Muajjal, basis.
Total offers received amounted to PKR 270.05 billion, with the overwhelming majority concentrated in the 1,096-day tenor.
The government accepted PKR 38.4 billion in face-value terms, generating a deferred Bai Muajjal value of PKR 56.14 billion.
The longest tenor accounted for PKR 30.4 billion of accepted bids, while the 365-day and 183-day tenors contributed PKR 5 billion and PKR 3 billion, respectively.
The auction results indicate continued investor preference for short-term government securities and Shariah-compliant instruments, while demand for longer-term conventional debt remained constrained at the yields offered by the government.
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Jun 24, 2026
Jun 24, 2026
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Pakistan fuel price cut inflicts PKR 104 billion loss on oil industry
Oil marketers and refineries say revised pricing formula wiped out inventory value, strained liquidity and risks deterring foreign investment
Jun 24, 2026
Jun 24, 2026
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Pakistan government borrowing from banks jumps to PKR 4.92 trillion in FY26
Commercial bank borrowing rises 33% from last year as government faces continued fiscal challenges
Jun 23, 2026
Jun 23, 2026
Top Stories
Pakistan finance bill targets tax compliance with mandatory e-filing, digital monitoring
Proposed legislation introduces stricter penalties for non-compliance, requires electronic tax monitoring systems and expands digital tax administration
Jun 23, 2026
Jun 23, 2026
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Finance Bill proposes 15% sales tax exemption to PIAC, cuts stationery tax to 10%
Pakistan’s Finance Bill for fiscal year 2026-27 proposes a series of tax measures affecting vehicle owners, education-related goods and the aviation sector, including a 15-year sales tax exemption for aircraft imported by the national carrier, Pakistan International Airlines (PIA).
The draft amendments, prepared following parliamentary directions for incorporation into the Finance Act 2026-27, also introduce revised vehicle taxation rules and changes to sales tax rates on selected consumer goods.
Under the bill, aircraft imported by PIA would remain exempt from sales tax for 15 years, a move aimed at facilitating fleet modernization and reducing operational costs for the state-owned airline.
The legislation also proposes reducing the sales tax on children's stationery items, including pencils, pens and sharpeners, to 10% from 18%.
The bill introduces new vehicle-related taxes that would take effect on July 1.
Under the proposed measures, vehicles with engine capacities of up to 1,000 cubic centimeters (cc) would be subject to a one-time fixed tax of PKR 10,000.
For vehicles manufactured before 2010 with engine capacities of up to 1,000cc, the annual token tax has been proposed at PKR 20,000.
Vehicles ranging from 1,001cc to 1,300cc would be subject to a token tax equal to 0.3% of the total invoice value, while another category of vehicles would face a token tax equivalent to 0.25% of the invoice value under revised schedules outlined in the bill.
The draft law also revises token taxes for older and newer vehicle models. Vehicles manufactured before 2010 would face a token tax of PKR 2,500, while vehicles manufactured after 2010 would be subject to a token tax of PKR 6,200.
The bill notes that certain post-2010 vehicles were previously subject to a token tax of PKR 1,500, indicating a significant increase under the proposed framework.
In addition to vehicle taxation, parliament approved amendments to Section 182 of the Income Tax Ordinance, 2001. Under the revised provisions, penalties and tax liabilities may be determined based on either the tax payable on taxable income or the highest tax amount assessed during the previous three years, whichever is greater.
The proposed measures remain subject to final parliamentary approval before becoming law.
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Jun 23, 2026
Jun 23, 2026
Research
Iran-Pakistan gas pipeline revival could save Pakistan over $1 billion a year, ease inflation
Sanctions relief could unlock cheaper energy, cut power costs and strengthen supply security, Analysts say
Jun 22, 2026
Jun 22, 2026
Top Stories
Foreign investors repatriate $2.15 billion in profits from Pakistan in 11 months of FY26
SBP data shows profit outflows rose 2.3% year-on-year, with financial and power sectors leading repatriations as overseas transfers ease
Jun 19, 2026
Jun 19, 2026
Top Stories
CDWP clears 12 development projects worth PKR 435.7 billion under URAAN Pakistan
Six projects worth PKR 16.9 billion approved, while six major schemes totaling PKR 418.8 billion referred to ECNEC for final approval
Jun 19, 2026
Jun 19, 2026
Top Stories
ADB approves $700 million loan to transform Pakistan’s insurance sector
Program aims to expand insurance coverage, boost private sector participation, and strengthen financial resilience against economic and climate-related risks
Jun 18, 2026
Jun 18, 2026
Top Stories
Foreign direct investment to Pakistan slumps 28% in eleven months of FY26
FDI declined to USD 1.623 billion during the first 11 months of FY26, while overall foreign investment fell to USD 477.6 million despite a rebound in May
Jun 18, 2026
Jun 18, 2026
Top Stories
Pakistan bets on Qatar supply recovery after rejecting LNG cargo
State-run Pakistan LNG Ltd. (PLL) has rejected a bid from BP Singapore for a spot LNG cargo scheduled for delivery on June 20-21 and has issued another tender for a cargo arriving next week, a Ministry of Energy official said on June 18.
PLL received a single bid from BP Singapore for the cargo, which was offered at USD 16.7828 per million British thermal units (MMBtu), according to documents posted on the company's website on June 17.
"Yes, we rejected the cargo in the hope that the situation in the Middle East will normalize soon and LNG supplies from Qatar will resume," said the Ministry of Energy official, who requested anonymity. The official declined to comment on why another spot cargo tender had been issued.
PLL invited bids on June 16 for a single cargo of 140,000 cubic meters, with submissions due on June 17, according to tender documents.
The state-run importer issued another spot tender on June 18 for one cargo to be delivered during the June 21-22 window, according to documents posted on PLL's website.
Pakistan plans to import one LNG cargo of 140,000 cubic meters on a delivered ex-ship basis at Karachi's Port Qasim. PLL said bids must be submitted by June 19.
Earlier, PLL rejected all five bids received under previous tenders — three bids for the June 13-14 delivery window and two bids for the June 20-21 delivery window.
The company did not provide a reason for rejecting the offers and only marked the tenders as "cancelled" on its website. When contacted, the Ministry of Energy official said the bids were rejected in anticipation of a resumption of LNG supplies from Qatar.
For the June 13-14 delivery window, PLL received bids from Vitol Bahrain at USD 21.9777/MMBtu, BP Singapore at USD 18.9868/MMBtu and PetroChina International Singapore at USD 19.20/MMBtu.
For the June 20-21 delivery window, PLL received bids from BP Singapore at USD 18.9868/MMBtu and PetroChina International Singapore at USD 19.06/MMBtu.
Pakistan typically imports nine to 10 LNG cargoes each month from Qatar under long-term supply contracts. However, the conflict in the Middle East has disrupted contractual shipments from the region.
The country imports LNG from Qatar under two long-term agreements, one priced at 13.7% of Brent crude and the other at 10.2% of Brent.
Pakistan's LNG imports fell to USD 2.016 billion in the 10 months through May 30, compared with USD 3.211 billion during the same period a year earlier, according to data released by the Pakistan Bureau of Statistics on June 16.
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Jun 18, 2026
Jun 18, 2026
Top Stories
FBR identifies 9,000 non-filers holding PKR 750 billion in bank deposits
Tax authority says expanded access to financial data and technology revealed major gaps in tax compliance
Jun 18, 2026
Jun 18, 2026
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