Contact Us

Author name: Web Desk

GO Petroleum Shutdown Rumors: Sitara Petroleum Breaks Silence as Market Speculation Intensifies
Pakistan

GO Petroleum Shutdown Rumors: Sitara Petroleum Breaks Silence as Market Speculation Intensifies

/

KARACHI: GO Petroleum shutdown rumors have spread rapidly across social media, creating uncertainty among fuel consumers, investors, and dealers across Pakistan. Images and online claims suggesting that Gas & Oil Pakistan Limited (GO Petroleum) had ceased operations fueled widespread speculation, prompting one of the company’s largest business partners to publicly address the reports. Sitara Petroleum Service Limited (SPSL), Pakistan’s largest dealer operating under the GO Petroleum brand, has clarified that it has received no official communication indicating that GO Petroleum is shutting down its operations. The statement comes as market participants closely monitor developments in Pakistan’s petroleum sector, where unverified reports can quickly affect investor confidence and consumer sentiment. SPSL Responds to GO Petroleum Shutdown Rumors Responding to questions raised by Mettis Global, SPSL Chief Executive Officer Zaheer Baig dismissed the growing speculation surrounding GO Petroleum. According to the CEO, SPSL has not received any official information confirming that GO Petroleum has suspended or intends to suspend its business operations. He added that the company does not comment on market speculation or unverified reports, maintaining its long-standing policy of responding only to officially confirmed developments. The clarification marks the first public response from a major stakeholder directly associated with GO Petroleum since the rumors began circulating. SPSL Operates the Largest GO Petroleum Dealer Network The market’s attention is understandable given SPSL’s significant relationship with GO Petroleum. According to the company’s April 2026 Initial Public Offering (IPO) Prospectus, SPSL operates 61 retail fuel stations across Pakistan. Of these, 54 stations operate under the GO Petroleum brand, making SPSL the largest dealer in GO Petroleum’s nationwide retail network by sales volume. The remaining seven fuel stations operate under the Aramco brand. Given this extensive partnership, any confirmed disruption at GO Petroleum would naturally raise concerns regarding fuel supply chains, dealer operations, logistics, and customer services. Sitara Petroleum Says Business Continues Normally SPSL has sought to reassure customers and investors by confirming that its retail fuel stations and logistics operations continue without interruption. The company stated that its day-to-day business activities remain fully operational. Management also emphasized that, as a publicly listed company, SPSL continuously monitors operational risks and maintains comprehensive business continuity and contingency plans to safeguard its operations against unforeseen events. However, the company declined to speculate on hypothetical scenarios regarding GO Petroleum’s future. Investors Await Official Statement from GO Petroleum The absence of any official statement from GO Petroleum has continued to fuel public curiosity. While social media reports can spread rapidly, listed companies are generally required to disclose material developments through the appropriate regulatory channels. SPSL reiterated that protecting shareholder interests remains one of its highest priorities and assured investors that any material information requiring disclosure would be communicated promptly in accordance with regulatory requirements. According to the company, no such event has occurred to date. No Confirmation of Shutdown As of the filing of this report, GO Petroleum has not issued any official statement confirming or denying the shutdown rumors circulating online. Until an official announcement is made by GO Petroleum or the relevant regulatory authorities, claims regarding the company’s closure remain unverified. For consumers, dealers, and investors, SPSL’s clarification indicates that business operations linked to its GO-branded retail network continue without disruption despite the ongoing speculation. The GO Petroleum shutdown rumors illustrate how quickly unverified information can influence sentiment in Pakistan’s energy sector. For now, Sitara Petroleum maintains that it has received no official communication suggesting GO Petroleum is closing its operations, and its own retail and logistics businesses continue to operate normally.

PSX Reminds Listed Companies to Disclose Gender Pay Gap in Annual Reports
Pakistan

PSX Reminds Listed Companies to Disclose Gender Pay Gap in Annual Reports

/

KARACHI: The Pakistan Stock Exchange (PSX) has issued a strong reminder to all listed companies regarding the mandatory disclosure of gender pay gap data in their annual reports and on their official websites. In a notice issued on July 6, 2026, the exchange emphasized compliance with SECP Circular No. 10 of 2024, which requires listed companies to publicly report gender pay gap information as part of broader corporate governance and transparency initiatives. Companies With March and June Year-Ends Must Comply According to the PSX notice, companies with financial years ending March 31 and June 30, 2026, are required to include gender pay gap disclosures in their upcoming annual reports. The reminder follows previous notices issued by the Pakistan Stock Exchange and directives from the Securities and Exchange Commission of Pakistan (SECP) aimed at improving transparency and accountability in the corporate sector. The disclosure requirement forms part of the Prime Minister’s Women Empowerment Package (PM-WEP) 2024, which seeks to promote gender equality, workplace inclusion, and diversity across Pakistan’s corporate landscape. SECP Prescribes Gender Pay Gap Reporting Format The SECP has also provided a suggested reporting template for companies to follow. Under the prescribed format, listed companies are required to disclose both: These figures must be calculated using the hourly rates of full-pay male and female employees to ensure consistency and comparability across organizations. Companies are expected to publish the information in their annual reports as well as on their official websites. Non-Compliance May Lead to Enforcement Action The PSX warned that failure to comply with the disclosure requirements may result in enforcement action by the SECP. Listed companies have been urged to adopt the prescribed reporting template and ensure timely public dissemination of the required information. The exchange emphasized that full compliance with the regulatory framework is essential to strengthen investor confidence and improve corporate governance standards. Disclosure Aims to Promote Workplace Equality The latest reporting requirement builds on the SECP’s earlier initiatives to improve gender diversity in Pakistan’s corporate sector, including its 2021 circular on gender diversity. Regulators believe that publishing gender pay gap data will encourage companies to adopt fairer compensation practices, improve workplace transparency, and support greater participation of women in the workforce. The initiative also aligns with the government’s broader efforts to promote women’s economic empowerment and create a more inclusive corporate environment. All listed companies have been advised to ensure meticulous compliance with the reporting requirements to avoid potential regulatory penalties.

AGP Exposes Rs254bn Outstanding Subsidy in Costly RLNG Diversion to Consumers
Editor pick

AGP Exposes Rs254bn Outstanding Subsidy in Costly RLNG Diversion to Consumers

/

ISLAMABAD: The Auditor General of Pakistan (AGP) has uncovered massive irregularities in the diversion of expensive Re-gasified Liquefied Natural Gas (RLNG) to domestic and commercial consumers, exposing significant financial mismanagement in the country’s gas sector. According to the 2025-26 Audit Report tabled in the National Assembly, unjustified costs amounting to hundreds of billions of rupees were transferred to gas consumers through tariffs and fixed charges, raising serious concerns about governance and regulatory oversight. RLNG Diversion Created Massive Subsidy Gap The audit report states that Sui Northern Gas Pipelines Limited (SNGPL) diverted more than 188 million MMBTUs of RLNG between November 2018 and October 2023. To compensate for supplying the higher-cost imported gas at subsidized indigenous gas prices, the company claimed Rs370.36 billion in government subsidies. However, only Rs116.06 billion was released, leaving Rs254.3 billion in outstanding subsidy claims. Summer RLNG Diversion Raised Audit Concerns Auditors found that substantial volumes of RLNG were diverted during the summer months when sufficient indigenous gas was available at a much lower cost. According to the report, this practice alone resulted in an irregular subsidy claim of Rs73.03 billion. The AGP estimated that the total financial impact of these unjustified practices exceeded Rs100.9 billion. Audit Highlights Governance Failures The report notes that RLNG diversion was introduced in 2018 as an emergency measure to address declining indigenous gas production. However, auditors concluded that the system lacked proper planning, transparent costing mechanisms, and effective oversight from the outset. The audit further revealed that RLNG diversion extended beyond the categories approved for domestic and commercial consumers. In addition, Rs30.8 billion in unbudgeted subsidies was released without following the required approval process. Weak Oversight Increased Financial Risks The AGP found that no pre-audit or independent verification of subsidy claims had been conducted after the 2019-20 fiscal year. The report also pointed to weak financial controls, inadequate monitoring, and non-compliance with decisions of the Economic Coordination Committee (ECC). By March 2025, SNGPL’s revenue shortfall had reached Rs529.34 billion, highlighting the growing financial pressure on Pakistan’s gas sector. Although the Oil and Gas Regulatory Authority (OGRA) had issued various directives, auditors observed that no comprehensive policy framework was developed to recover the accumulated losses. AGP Calls for Immediate Reforms The Auditor General has recommended strict verification of all future subsidy claims to improve transparency and accountability. The report also calls for subsidies to be limited strictly to approved consumer categories and urges the government to introduce transparent adjustment mechanisms to prevent similar financial irregularities in the future. The findings underscore the need for stronger governance, improved regulatory oversight, and better financial management to protect both public finances and gas consumers from unnecessary costs.

Arif Habib-Backed Naya Nazimabad REIT Seeks Listing with PKR 18 Floor Price
Editor pick

Arif Habib-Backed Naya Nazimabad REIT Seeks Listing with PKR 18 Floor Price

/

KARACHI: Pakistan Stock Exchange Limited (PSX) has placed the Draft Offer for Sale Document of the Naya Nazimabad Apartment REIT on its website, inviting public comments until the close of business on Monday, July 13, 2026. The move marks another milestone for Pakistan’s growing real estate investment trust (REIT) sector, offering investors an opportunity to participate in a large-scale property development project. REIT to Offer 44 Million Units Through Book Building The Naya Nazimabad Apartment REIT plans to offer 44,062,500 units with a par value of PKR 10 each through the book-building process at a floor price of PKR 18 per unit. The total offer represents 15 percent of the REIT’s units. Arif Habib Limited has been appointed as the Lead Manager for the transaction. Developmental REIT Focused on Karachi and Lahore The REIT is a limited-life, closed-end, Shariah-compliant developmental REIT comprising three real estate assets located in Karachi and Lahore. Its portfolio includes: The project aims to develop these properties into residential apartments, commercial spaces, and retail units for sale. According to the draft document, the overall project is expected to reach completion around 2032. Investors Should Consider Project Risks The draft offer document highlights several risks associated with the developmental REIT. These include potential construction delays, rising commodity and construction costs due to economic uncertainty, and the successful sale of completed units, which will determine future dividend distributions to investors. As with any developmental real estate project, returns will depend on project execution, market conditions, and demand for the completed properties. Backed by Established Sponsors Arif Habib Dolmen REIT Management Limited will serve as the REIT Management Company. Javedan Corporation Limited is the principal sponsor and currently holds 74 percent of the REIT’s units before the public offering. The scheme has already completed the transfer of assets into the REIT structure and secured Musharaka financing to support project development. PSX Invites Public Feedback Pakistan Stock Exchange has encouraged investors and stakeholders to review the complete draft offer document available on its website and submit comments before July 13, 2026. The proposed IPO represents another step in the expansion of Pakistan’s REIT market, providing investors with exposure to real estate development projects in prime locations across Karachi and Lahore.

FIFA World Cup 2026: Norway Stuns Brazil in Historic Upset to Reach Quarter-Finals
Breaking News

FIFA World Cup 2026: Norway Stuns Brazil in Historic Upset to Reach Quarter-Finals

/

The FIFA World Cup 2026 produced one of the biggest surprises in tournament history as Norway stunned five-time champions Brazil with a dramatic 2-1 victory in the Round of 16. The remarkable result ended Brazil’s World Cup campaign far earlier than expected while sending Norway into the quarter-finals for the first time in the nation’s history. With Brazil widely tipped to advance comfortably, Norway delivered a disciplined defensive display and clinical finishing to secure one of the most memorable victories in World Cup history. Fast-Paced Start in New York The match in New York burst into life almost immediately. Norway thought it had taken the lead in the fourth minute when Erling Haaland found the net, but the goal was ruled out for offside after the referee’s decision. Brazil was then handed a golden opportunity when it was awarded a penalty following a foul inside the box. Midfielder Bruno Guimarães stepped up to take the spot kick, but Norway’s goalkeeper produced an outstanding save to deny Brazil an early advantage. The missed penalty proved to be one of the game’s defining moments. Norway’s Defense Keeps Brazil at Bay Brazil controlled possession for much of the first half and repeatedly tested Norway’s defense. However, Norway remained compact, organized, and dangerous on the counterattack, frustrating the tournament favorites throughout the opening 45 minutes. Despite Brazil’s pressure, both teams went into halftime with the score locked at 0-0, while Norway’s confidence continued to grow. Erling Haaland Inspires Norway to Victory The breakthrough finally came in the 79th minute. Erling Haaland rose above Brazil’s defenders to head home a perfectly delivered cross, giving Norway a deserved 1-0 lead. As Brazil pushed more players forward in search of an equalizer, gaps began to appear at the back. Only a few minutes later, Haaland struck again. Receiving the ball outside the penalty area, the Norwegian captain unleashed a spectacular long-range effort that beat the Brazilian goalkeeper to double Norway’s lead to 2-0. The stunning goal left Brazil facing one of the biggest shocks in its World Cup history. Neymar Scores Late Consolation Goal Deep into stoppage time, Brazil received another penalty after a foul inside Norway’s penalty area. Substitute Neymar converted from the spot to reduce the deficit to 2-1, briefly raising hopes of an unlikely comeback. Tensions rose after the goal as Neymar became involved in a heated exchange with Norway’s goalkeeper before play resumed. Moments later, the referee blew the final whistle, confirming Norway’s famous victory. Norway Reaches Quarter-Finals for the First Time The win marks the greatest achievement in Norwegian football history, with the national team reaching the FIFA World Cup quarter-finals for the first time. Norway’s disciplined defending, tactical organization, and clinical finishing proved decisive against one of football’s most successful nations. Haaland’s two-goal performance further strengthened his reputation as one of the world’s elite strikers on the biggest stage. For Brazil, another disappointing World Cup exit is expected to trigger serious questions despite entering the tournament as one of the favorites. England Awaits in Quarter-Finals Norway will now face England in the quarter-finals as it looks to continue its remarkable run in the FIFA World Cup 2026. With confidence soaring after eliminating Brazil, Norway has emerged as one of the tournament’s surprise contenders. The FIFA World Cup 2026 has once again demonstrated why it remains football’s biggest stage, where determination, tactical discipline, and belief can overcome even the most decorated teams. For Brazil, the defeat represents another painful setback in its pursuit of a sixth World Cup title. For Norway, meanwhile, the unforgettable victory could mark the beginning of an extraordinary World Cup journey.

Pakistan Telecommunication Amendment Bill Makes Owner Consent Mandatory for Telecom Infrastructure
Pakistan

Pakistan Telecommunication Amendment Bill Makes Owner Consent Mandatory for Telecom Infrastructure

/

The Pakistan Telecommunication Amendment Bill has come into focus after the federal government clarified that no telecommunications infrastructure can be installed on private property without the explicit consent of the owner. The clarification follows public concerns that proposed amendments could allow telecom companies to access private land without the approval of property owners. Speaking at a joint press conference in Islamabad, Federal Minister for Law and Justice Azam Nazeer Tarar and Federal Minister for Information Technology and Telecommunications Shaza Fatima Khawaja sought to remove confusion surrounding the proposed legislation while outlining the government’s roadmap for expanding digital connectivity and launching 5G services across Pakistan. Property Owner Consent Remains Mandatory The government stated that the revised Pakistan Telecommunication (Re-organization) (Amendment) Bill fully protects the constitutional rights of property owners. Law Minister Azam Nazeer Tarar said the updated draft explicitly requires a property owner’s consent before any right-of-way can be granted over privately owned land. The clarification addresses concerns raised after an earlier version of the bill sparked debate over whether telecom operators could install communication infrastructure without the approval of landowners. According to the minister, the revised legislation removes any ambiguity by clearly stating that neither telecommunications companies nor government agencies can bypass the owner’s permission when seeking access to private property. Bill Introduces Clearer Legal Definitions The proposed legislation also introduces more precise legal definitions aimed at eliminating uncertainty surrounding telecommunications infrastructure. The revised draft defines key terms including: According to the law minister, these definitions are intended to reduce legal confusion and improve transparency in future infrastructure projects. The bill had previously been passed by the National Assembly with six amendments. However, observations raised by the Senate Standing Committee prompted the government to revise several provisions before moving ahead. Rising Internet Demand Drives Telecom Reforms Defending the proposed amendments, IT Minister Shaza Fatima Khawaja said Pakistan’s telecommunications laws must evolve to meet the demands of a rapidly expanding digital economy. She noted that internet data consumption in Pakistan has increased by nearly 25 percent over the past two years, placing growing pressure on existing telecom infrastructure. According to the minister, expanding digital services, cloud computing, e-commerce, digital banking, online education, and artificial intelligence applications all require stronger communication networks. She warned that without significant infrastructure investment, Pakistan could struggle to keep pace with regional digital development. Government Accelerates 5G Rollout Plans The government also shared new details about Pakistan’s upcoming 5G rollout. Shaza Fatima Khawaja said available telecom spectrum has increased from 274 MHz to nearly 750 MHz through what she described as Pakistan’s largest-ever spectrum auction. However, she emphasized that substantial investment is still required before nationwide commercial 5G services can be introduced. According to the minister, successful deployment will require major expansion of: Industry experts believe these investments could support digital transformation, industrial automation, smart city initiatives, and broader access to high-speed internet. Fiber Broadband Expansion Targets 10 Million Homes The government also announced ambitious plans to expand fiber broadband connectivity across Pakistan. Despite a population of nearly 240 million, Pakistan currently has fewer than three million fiber-to-the-home (FTTH) connections. The government now aims to increase that figure to 10 million households within the next three years. Officials believe wider fiber connectivity will improve internet speeds, support businesses, encourage digital entrepreneurship, and strengthen the country’s readiness for next-generation technologies. Government Seeks Balance Between Growth and Rights Responding to criticism over right-of-way provisions, Shaza Fatima Khawaja said expanding internet access remains one of the government’s top priorities. She assured citizens that digital infrastructure development would not come at the expense of constitutional protections or private property rights. The government’s clarification is intended to restore public confidence while providing telecom operators with a transparent legal framework for future network expansion. Amendment Bill Aims to Support Pakistan’s Digital Future The Pakistan Telecommunication Amendment Bill is expected to provide greater legal certainty for telecom operators, investors, and property owners alike. For telecom companies, it offers clearer procedures for infrastructure deployment. For investors, it reduces uncertainty by defining right-of-way rules more precisely. Most importantly, the government has reaffirmed that property owner consent remains a legal requirement before telecommunications infrastructure can be installed on private land. As Pakistan moves toward nationwide 5G adoption and large-scale fiber expansion, the revised bill seeks to balance individual property rights with the infrastructure needed to support the country’s long-term digital transformation.

Commissioner Karachi Orders Evacuation of 59 High-Risk Buildings Before Monsoon
Pakistan

Commissioner Karachi Orders Evacuation of 59 High-Risk Buildings Before Monsoon

/

Karachi Orders Evacuation of Dangerous Buildings Before Monsoon KARACHI: Karachi Commissioner Hassan Naqvi has ordered the immediate evacuation of highly dilapidated residential buildings across the city to protect residents ahead of the expected monsoon rains. The directive is aimed at preventing loss of life and property as Karachi prepares for heavy rainfall during the monsoon season. Commissioner Reviews Monsoon Preparedness The decision was taken during a high-level meeting chaired by Commissioner Karachi Hassan Naqvi to review the city’s monsoon preparedness and emergency response measures. Officials from the Sindh Building Control Authority (SBCA) briefed the meeting on the condition of unsafe buildings and the risks they pose during heavy rains. SBCA Identifies 59 Extremely Dangerous Buildings According to the SBCA, Karachi has 584 dilapidated buildings, of which 59 have been declared extremely dangerous. The list includes 29 historical structures that require urgent attention due to their deteriorating condition. Commissioner Hassan Naqvi directed the SBCA to immediately issue evacuation notices to residents living in these high-risk buildings. The notices will also be widely publicized to ensure that occupants are fully informed of the potential danger. Resident Safety Declared Top Priority The commissioner stressed that protecting human lives must remain the administration’s highest priority during the monsoon season. He instructed all relevant departments to act swiftly and effectively to minimize the risk of building collapses and other rain-related incidents. Authorities were also directed to strengthen coordination with district administrations to ensure timely implementation of safety measures. South District Has the Highest Number of Unsafe Buildings The district-wise breakdown presented during the meeting showed that South District has the largest concentration of unsafe structures. According to the SBCA: Officials noted that more than 90 percent of Karachi’s dilapidated buildings are located in South District. Utility Connections May Be Disconnected The commissioner instructed the SBCA to immediately share the list of extremely dangerous buildings with all Deputy Commissioners. The meeting also decided that demolition of unsafe structures would proceed based on their condition and engineering assessments. Authorities warned that if residents fail to comply with evacuation notices, gas, electricity, and water connections may be disconnected to enforce the evacuation orders. Authorities Strengthen Monsoon Contingency Plans The administration said the measures are part of broader monsoon preparedness efforts to reduce risks associated with heavy rainfall. Residents have been urged to cooperate with officials and vacate dangerous buildings in the interest of public safety. Local authorities will continue monitoring the situation and coordinating with relevant departments to strengthen Karachi’s emergency response throughout the monsoon season.

Pakistan Banking Summit 2026 to Drive Dialogue on the Future of Pakistan's Financial Sector
Editor pick

Pakistan Banking Summit 2026 to Drive Dialogue on the Future of Pakistan’s Financial Sector

/

KARACHI: The Pakistan Banks Association (PBA) has announced the second edition of the Pakistan Banking Summit 2026 (PBS’26), its flagship annual banking industry event, which will take place on July 7–8, 2026, in Karachi. Organized under the aegis of the PBA, the Pakistan Banking Summit has become the banking industry’s premier platform for promoting collaboration, sharing global best practices, and advancing policy dialogue aimed at strengthening Pakistan’s financial sector. Building on the success of its inaugural edition, PBS’26 will bring together senior leaders from banking, government, and the corporate sector for two days of discussions on the opportunities, challenges, and policy priorities shaping Pakistan’s economy. Banking Leaders Unveil Summit Details The summit was formally announced during a press conference in Karachi by Atif Bajwa, Chairman of the Pakistan Banking Summit Steering Committee and President & CEO of Bank Alfalah; Zafar Masud, Chairman of the Pakistan Banks Association and President & CEO of The Bank of Punjab; and Muneer Kamal, CEO & Secretary General of the PBA. They were joined by Steering Committee members Yousaf Hussain, Vice Chairman of the PBA and President & CEO of Faysal Bank, and Habib Yousuf, Citi Country Officer and Banking Head for Citi Pakistan. Nine Sessions to Focus on Financial Sector Priorities Across nine thematic sessions, the Pakistan Banking Summit 2026 will examine major issues influencing Pakistan’s financial landscape. Topics include: The discussions aim to identify practical solutions and policy recommendations to support sustainable economic growth. More Than 1,200 Participants Expected PBS’26 is expected to attract more than 1,200 participants, including policymakers, regulators, banking executives, corporate leaders, academics, and development partners. The summit will feature over 15 international speakers participating in person, alongside more than 20 Pakistani thought leaders. The programme will also include a special video address by Syed Babar Ali, Founding Pro Chancellor of the Lahore University of Management Sciences (LUMS), while representatives from more than 48 financial institutions are expected to participate. Finance Minister, SBP Governor Among Keynote Speakers Confirmed keynote speakers include: The two-day event will combine international perspectives with local expertise to support policy discussions on the future of Pakistan’s banking and financial sectors. Summit Follows Federal Budget Announcement Speaking at the launch ceremony, Atif Bajwa said the timing of PBS’26 is particularly significant because it comes immediately after the announcement of the Federal Budget. He said the summit provides an opportunity for policymakers, regulators, banking leaders, and international experts to discuss Pakistan’s economic priorities and focus on implementing policy initiatives through collaboration and practical solutions. According to Bajwa, the summit aims to contribute to building a stronger, more competitive, and future-ready financial sector capable of supporting Pakistan’s long-term economic growth. PBA Seeks Stronger Industry Collaboration PBA Chairman Zafar Masud said the Pakistan Banking Summit brings together the collective leadership of the banking industry with government institutions, regulators, and international partners under one platform. He noted that the summit is designed to build consensus, exchange global best practices, and strengthen collaboration on the future direction of Pakistan’s financial sector. Banking Industry Promotes Innovation and Growth PBA CEO Muneer Kamal said the summit reflects the banking industry’s commitment to continuous learning, innovation, and collective progress. He added that bringing together experts from Pakistan and abroad would help generate practical insights, strengthen partnerships, and contribute to a more resilient and future-ready financial ecosystem. As the banking sector’s flagship annual event, Pakistan Banking Summit 2026 aims to foster closer cooperation between the public and private sectors while encouraging meaningful policy dialogue that supports Pakistan’s long-term economic development.

Salaried Class Paid 127% More Tax Than Real Estate Last Year
Uncategorized

Salaried Class Paid 127% More Tax Than Real Estate Last Year

/

ISLAMABAD: Pakistan’s salaried class paid approximately Rs630 billion in income tax during fiscal year 2025-26, according to provisional figures. The amount is 127 percent higher than the Rs278 billion collected from the real estate sector through withholding taxes on property sales and purchases. The latest figures also show a 4 percent increase from the Rs606 billion paid by salaried taxpayers in the previous fiscal year. Final reconciled numbers may change slightly once June book adjustments are completed. Salaried Class Remains the Largest Tax Contributor The salaried class continues to be one of Pakistan’s largest and most consistent sources of tax revenue. Despite often being described as a heavily taxed segment with limited concessions, its contribution far exceeded collections from the real estate sector. Finance Secretary Imdadullah Bosal informed the National Assembly Standing Committee on Finance that the government had provided around Rs52 billion in tax relief to salaried individuals under the new budget. The revised tax structure reduced rates across several income slabs. Individuals earning up to Rs267,000 per month now face a 20 percent tax rate, down by three percentage points. Meanwhile, the tax rate for those earning up to Rs341,000 per month has been set at 25 percent. Higher Income Threshold for Top Tax Rate The annual income threshold for the highest 35 percent tax bracket has been increased from Rs4.1 million to Rs7 million. According to government estimates, taxpayers in this bracket can save up to Rs257,000 annually under the revised tax structure. Despite these adjustments, the overall Rs52 billion relief package remains relatively modest compared to the salaried class’s total tax contribution. Book adjustments carried out by the Accountant General of Pakistan Revenue also include federal government employees and portions of tax collected from the armed forces. Real Estate Sector Receives Rs115 Billion Relief The federal budget provides significantly larger tax incentives to the real estate sector, with an estimated Rs115 billion in relief for property transactions—more than double the relief allocated to salaried taxpayers. Under the revised policy, multiple withholding tax slabs on property sales have been merged into a single 2.75 percent rate. Previously, the maximum withholding tax on property sales stood at 5.5 percent. In addition, withholding tax on property purchases has been reduced by half, falling from 2.5 percent to 1.25 percent. Budget Reverses Earlier Property Tax Tightening The tax concessions represent a shift from the government’s earlier policy of discouraging speculative investment in the real estate market through higher transaction taxes. Before the latest relief package, withholding tax collections from the property sector had increased by 17 percent year-on-year. Analysts expect the new concessions to slow future revenue growth from real estate transactions. Economists have also cautioned that lower transaction taxes could once again encourage speculative investment in property instead of directing capital toward more productive sectors of the economy. The budget also introduces similar optional fixed-tax schemes for certain trader categories, reducing compliance requirements for eligible businesses.

Ayatollah Ali Khamenei Funeral Begins as Millions Gather in Tehran
World

Ayatollah Ali Khamenei Funeral Begins as Millions Gather in Tehran

/

Thousands of mourners gathered in Tehran on Saturday as Ayatollah Ali Khamenei’s funeral officially began, with Iranian authorities expecting millions of people from across the country and abroad to participate in one of the largest state funerals in the Islamic Republic’s history. The week-long ceremonies will continue across multiple cities in Iran and Iraq before concluding with his burial in Mashhad later this week. The ceremonies commenced at Tehran’s Imam Khomeini Grand Mosalla, where religious recitations, Quran readings, and the Iranian national anthem marked the beginning of the official mourning period. Coffin Displayed During State Funeral Television footage broadcast by Iranian state media showed Khamenei’s coffin draped in the Iranian flag and topped with his traditional black turban, symbolizing his lineage. The coffin was placed on a large black platform alongside the coffins of four members of his family who were also killed in the February airstrike. Large crowds filled the expansive prayer complex carrying Iranian flags, portraits of the late leader, and banners expressing loyalty to the Islamic Republic. Many mourners were seen praying, weeping, and reciting religious verses as the funeral rites continued throughout the day. Mourners Chant Slogans During Ceremony State media reported that mourners chanted slogans including “Death to America” during the funeral procession. Videos published by Iranian media also showed crowds calling for revenge over Khamenei’s killing, reflecting widespread anger among many supporters of the country’s leadership. Authorities deployed extensive security arrangements while also using water misting systems around the prayer complex to help cool mourners gathered under Tehran’s summer heat. Khamenei’s coffin is expected to remain at the Grand Mosalla until Sunday evening before the next stage of the funeral begins. Funeral Procession to Continue Across Iran and Iraq Following the ceremonies in Tehran, Iranian authorities plan to transport Khamenei’s remains to the holy city of Qom before continuing funeral processions in the Iraqi cities of Najaf and Karbala. The final burial will take place on Thursday in Mashhad, Khamenei’s hometown and the location of the Imam Reza shrine, one of the holiest sites for Shia Muslims. The multi-city funeral reflects both the religious and political significance of Khamenei, who served as Iran’s Supreme Leader for nearly four decades before his death earlier this year. Public Mourning Continues Across the Country Public mourning began on Thursday evening when Khamenei’s coffin was first unveiled before large crowds of supporters. State television showed mourners crying, beating their chests, and throwing flowers toward the bier as religious elegies echoed through the gathering. On Friday, the late leader’s coffin was placed in state inside the grand prayer hall dedicated to the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini, allowing thousands of visitors to pay their respects before the main funeral ceremonies began. Government Prepares for Millions of Pilgrims Iranian authorities have launched extensive logistical arrangements to accommodate the anticipated influx of mourners. According to official reports, transportation services, temporary accommodation, food distribution, and medical facilities have been expanded to support visitors traveling from different parts of Iran and neighboring countries. Officials estimate that more than 10 million people, including delegations and representatives from over 100 countries, may participate in various stages of the funeral ceremonies. Thousands of Schools Open for Visitors To accommodate the large number of pilgrims, Iran’s Ministry of Education has opened thousands of schools across the country. According to Iran’s ISNA news agency, more than 5,000 schools and between 40,000 and 50,000 classrooms have been designated as temporary accommodation for people attending the funeral events. The initiative is intended to ease pressure on hotels and public facilities while ensuring visitors have access to shelter during the week-long ceremonies. Mojtaba Khamenei Remains Out of Public View The new Supreme Leader, Mojtaba Khamenei, has not appeared publicly since he was reportedly injured in the February strike that killed his father. His absence has attracted considerable attention as funeral ceremonies continue, although Iranian authorities have not announced when he may make his first public appearance since assuming the country’s highest leadership position. Funeral Seen as Symbol of National Unity Iranian authorities have described the funeral ceremonies as both a religious event and a demonstration of national solidarity. The week-long processions are expected to draw millions of mourners across several cities, making them one of the largest public gatherings in Iran in recent decades. International observers are closely watching the ceremonies, viewing them as an important indicator of domestic public support and the country’s political direction following the transition in leadership.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

Facebook Instagram X-twitter Linkedin Youtube
News
Categories
Company
  • Privacy Policy
  • Terms of Services
  • Sitemap
  • Contact Us

© 2025 theboardroom. All rights reserved.

Scroll to Top