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Gold Prices Fall Over Rs3,000 Per Tola in Pakistan Amid Global Market Decline
Business

Gold Prices Fall Over Rs3,000 Per Tola in Pakistan Amid Global Market Decline

Gold prices recorded a sharp decline in Pakistan on Monday, June 8, 2026, following a downturn in international bullion markets despite continued geopolitical tensions in the Middle East. According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola dropped by Rs3,094. The new price stood at Rs452,233 per tola, compared to Rs455,327 in the previous trading session. Gold Rates Decline Across All Major Categories The price of 10 grams of 24-karat gold also registered a significant decrease. It fell by Rs2,785 to Rs386,987, down from Rs389,772 a day earlier. The decline reflects the broader trend seen in international precious metal markets, where investors adjusted positions amid changing market conditions. International Gold Market Sees Losses In the global market, gold prices dropped by $30 per ounce. The international rate declined to $4,297 per ounce from $4,328.92 recorded during the previous session. Market observers said the decline came despite growing uncertainty in the Middle East and rising oil prices linked to renewed tensions between Iran and Israel. Silver Prices Also Move Lower Silver prices followed gold’s downward trend in the local market. The price of silver per tola fell by Rs94 to Rs7,173. During the previous trading session, silver was selling at Rs7,267 per tola. The decline reflects broader weakness across precious metals as investors reassessed market risks and opportunities. Middle East Tensions Remain in Focus Meanwhile, reports of explosions in Tehran, Tabriz, and Isfahan early Monday renewed concerns about stability in the region. The developments reduced hopes for a quick easing of tensions and raised fresh questions about energy supplies moving through the Strait of Hormuz. Oil markets remained sensitive to the situation, with traders closely monitoring developments between Iran and Israel. Analysts Cite Changing Investor Sentiment Market analysts attributed the decline in gold prices to shifting investor sentiment and fluctuating demand for safe-haven assets. They said traders continue to balance geopolitical risks against expectations surrounding global economic conditions and financial markets. Investors are also closely watching diplomatic efforts involving the United States and Iran, along with broader developments across the Middle East. Long-Term Outlook Remains Positive Despite recent volatility, analysts remain optimistic about gold’s long-term prospects. They believe the precious metal will continue to attract investors seeking protection against inflation, currency depreciation, and geopolitical uncertainty. While short-term price movements may remain unpredictable, gold continues to be viewed as one of the world’s most reliable safe-haven assets during periods of economic and political instability.

Sindh Government Executing Over Rs 2 Trillion Worth of Projects in Karachi, Nasir Hussain Shah
Pakistan

Sindh Government Executing Over Rs 2 Trillion Worth of Projects in Karachi, Nasir Hussain Shah

Karachi: Sindh Minister for Local Government, Housing and Town Planning Syed Nasir Hussain Shah has said that development projects worth more than Rs 2 trillion are currently underway in Karachi, with many nearing completion while others are at the initial stages. He noted that the Frontier Works Organization (FWO) is assisting in the execution of several projects, while development work is in progress on nearly 140 roads across the city. Speaking at a meeting with industrialists at the Korangi Association of Trade and Industry (KATI), Shah said that Sindh Chief Minister Syed Murad Ali Shah had allocated Rs9 billion in development funds for Karachi’s business community, including Rs2 billion specifically for the Korangi Industrial Area. The event was attended by KATI President Muhammad Ikram Rajput, Deputy Patron-in-Chief Zubair Chhaya, Standing Committee Chairman Masood Naqi, Senior Vice President Zahid Hameed, Vice President Muhammad Talha Ali, KITE Limited CEO Saleem uz Zaman, former chairmen and presidents including Junaid Naqi, Johar Qandhari, Danish Khan, Sheikh Umer Rehan and Ehteshamuddin, CPLC Chief Zubair Habib, Secretary Local Government Dr Waseem Shamshad Ali, KDA Director General Asif Jan Siddiqui, SBCA Additional Director Sindh Region Shakeel Ahmed, Karachi Water and Sewerage Corporation COO Asadullah Khan, MD Sindh Solid Waste Management Board Tariq Nizamani, Kanwar Qutubuddin senior government officials and a large number of industrialists and KATI members. Nasir Hussain Shah said that water supply to KATI would be improved on a priority basis. He noted that Karachi receives water from a source located nearly 200 km away, making supply management a significant challenge. He added that the Sindh government is acting on KATI’s proposals regarding Pumping Station-II (PS-2) for the Korangi Industrial Area. He also stated that a Garbage Transfer Station (GTS) is being developed on the causeway in line with international standards and includes Pakistan’s first mechanised landfill facility. The Sindh government, he said, is working with international organisations to mitigate the effects of climate change through various initiatives. Discussing the Yellow Line Bus Rapid Transit project, Shah revealed that Chief Minister Murad Ali Shah and Sindh Transport Minister Sharjeel Inam Memon had proposed increasing the number of buses and improving urban infrastructure through the allocated project funds instead of constructing a dedicated corridor that could worsen traffic congestion. He acknowledged that the Sindh government has reservations regarding the current design of the Yellow Line project. The minister further announced that a committee comprising officials from the Sindh Building Control Authority (SBCA) and the Karachi Development Authority (KDA) had been formed to resolve issues relating to Mehran Town. The committee, in consultation with KATI, will prepare recommendations for granting industrial status to the area. Highlighting Karachi’s economic importance, Shah described the city as the “economic lifeline” of Pakistan. He said that despite perceptions that provinces gained extensive authority after the 18th Constitutional Amendment and the NFC Award, Karachi and Sindh received only limited allocations under the Public Sector Development Programme (PSDP) between 2013 and 2018, and only 3 to 4 percent promised projects only 1 to 2 percent were executed. He alleged that the federal government largely neglected Sindh, particularly Karachi, during this period. He added that while some projects were approved during the Pakistan Democratic Movement (PDM) government in 2022, Sindh was simultaneously hit by two major natural disasters that damaged nearly 70 percent of the province’s infrastructure, forcing the provincial government to redirect resources towards reconstruction and development. Shah also expressed confidence that the Pakistan Peoples Party (PPP), which received increased public support in the last general elections, would achieve a sweeping victory in Sindh in the 2029 elections. Earlier, KATI President Muhammad Ikram Rajput praised the Sindh government, particularly the Local Government and Urban Development Department, for completing Shahrah-e-Bhutto and several other development projects in Korangi. He said these initiatives represent a major step forward in improving Karachi’s infrastructure, urban development and economic activity. Rajput said that major infrastructure projects such as Shahrah-e-Bhutto would help reduce traffic congestion, improve connectivity and create new opportunities for industrial areas, businesses and residents. He identified water scarcity as one of the most pressing challenges facing industries in Korangi. Due to insufficient water supply from the Karachi Water and Sewerage Corporation, industrial units are forced to rely on costly water tankers, significantly increasing production costs and undermining the competitiveness and sustainability of local industries. He urged the authorities to ensure a reliable and uninterrupted water supply to industrial areas on a priority basis in order to support investment, industrial growth and exports. Rajput also welcomed the Sindh government’s decision to allocate Rs2.1 billion for development projects in the Korangi Industrial Area, describing it as a positive initiative. However, he noted that the area’s infrastructure challenges are so extensive that additional funding will still be required. Deputy Patron-in-Chief Zubair Chhaya said that Rs 600 million from the provincial grant would be spent on resolving sewage and drainage issues in the Korangi Industrial Area. He called on the Sindh government to support the long-term maintenance of the infrastructure. Chhaya also raised concerns over the construction of a modern dumping site near the Korangi Causeway and Shahrah-e-Bhutto, warning that it could create environmental and operational problems for the area. He suggested identifying an alternative location and also called for improved planning of connectivity between the Malir Expressway and Karachi Airport. He further proposed constructing a flyover in Shah Faisal Colony instead of Azeempura. Standing Committee Chairman Masood Naqi urged the government to grant industrial status to Mehran Town, noting that legal obstacles had previously prevented progress but that the courts had now delivered a verdict, paving the way for action. He said granting industrial status to the area would also generate significant additional revenue for the Sindh government. Naqi reiterated KATI’s concerns regarding the Yellow Line project, arguing that the current design could severely affect infrastructure in the industrial zone and disrupt industrial operations. He called on the Sindh government to revise the project’s design in consultation with stakeholders.

aik by BankIslami Named Best Shariah Compliant Digital Financial Solution at Pakistan Digital Awards 2026
Pakistan

aik by BankIslami Named Best Shariah Compliant Digital Financial Solution at Pakistan Digital Awards 2026

Karachi, June 06, 2026 – aik by BankIslami has been awarded the Best Shariah Compliant Digital Financial Solution at the Pakistan Digital Awards 2026. The award recognizes aik’s role in delivering a seamless, fully Shariah-compliant digital banking experience to an ever-growing base of Islamic banking users across Pakistan. Read More: https://theboardroompk.com/sbp-go-cashless-campaign-records-pkr-34-billion-digital-transactions-during-eid-ul-azha-2026/ In 2025, aik was launched with a mission to bring Riba-free, Shariah-compliant banking within reach of every Pakistani. Equipped with technology-driven and digital-first features, aik makes Islamic banking easy and seamless for users across Pakistan. Ashfaque Ahmed, Chief Officer of aik, commented on the achievement: “This recognition reflects the trust our users have placed in us and the dedication of the team behind aik. We built this platform on the belief that digital finance does not have to come at the cost of one’s values. We remain committed to continuing our journey of innovation and expanding access to Riba-free banking.” The recognition reinforces the shared mission of aik and BankIslami to expand access to Shariah-compliant digital banking in Pakistan. As aik continues to grow and expand its footprint, this recognition celebrates the ground covered while keeping sight of the road ahead.

SECP Cracks Down on State-Owned Enterprises, Imposes Millions in Penalties
Pakistan

SECP Cracks Down on State-Owned Enterprises, Imposes Millions in Penalties

The Securities and Exchange Commission of Pakistan (SECP) has concluded enforcement proceedings against dozens of state-owned enterprises (SOEs), imposing financial penalties worth Rs3.175 million for violations of statutory reporting and corporate governance requirements. The regulator issued 46 adjudication orders against 36 SOEs and warning orders in 12 separate cases as part of its efforts to strengthen transparency and accountability in the public sector. 66 Show Cause Notices Issued In March 2026, the SECP served 66 show cause notices to 41 state-owned enterprises over various compliance failures. The violations included delays in submitting annual audited financial statements, failure to file annual returns within prescribed deadlines, non-compliance with disclosure requirements, and breaches of corporate governance regulations. The commission has so far concluded proceedings in 58 cases. Penalties Range from Rs25,000 to Rs225,000 According to the SECP, penalties varied depending on the nature and severity of violations. The minimum penalty of Rs25,000 was imposed for failing to submit annual returns. Companies that failed to file both annual returns and financial statements faced penalties of Rs50,000. The highest penalty of Rs225,000 was imposed on entities with repeated violations of statutory filing requirements. Overall, the regulator imposed penalties totaling Rs3.175 million. Several SOEs Regularize Compliance The SECP said several state-owned enterprises submitted their outstanding annual returns after receiving show cause notices. To improve compliance, the commission established a dedicated help desk to assist SOEs with annual returns and other statutory filings. Officials stated that the proceedings followed due process, with all companies given sufficient opportunities to respond to notices and present their positions during hearings. Government Pushes for Greater Transparency The enforcement action comes as part of the government’s broader reform agenda aimed at improving governance standards in the state-owned sector. The SECP has increased its oversight of SOEs and is taking steps to ensure compliance with the Companies Act and corporate governance framework. The regulator has also shared copies of the adjudication orders with the relevant Principal Accounting Officers and the Director General of the Central Monitoring Unit for further action and monitoring. SECP Warns of Further Action The commission has urged all state-owned enterprises to strengthen their internal compliance systems and ensure timely fulfilment of statutory obligations. The regulator warned that companies failing to improve governance practices and regulatory compliance could face further enforcement action in the future.

Petrol price cut by Rs4 per litre, diesel rate unchanged
Breaking News

Petrol price cut by Rs4 per litre, diesel rate unchanged

ISLAMABAD: The federal government on Friday reduced the price of petrol by Rs4 per litre while keeping the price of high-speed diesel (HSD) unchanged for the next week, offering modest relief to consumers amid fluctuating international oil prices. According to a notification issued by the Petroleum Division, the ex-depot price of petrol was cut to Rs377.78 per litre from Rs381.78 per litre. However, the price of HSD remained unchanged at Rs380.78 per litre. The revised rates came into effect from June 6, 2026.Relief for motorists The latest reduction follows a major cut announced last week when the government slashed the prices of both petrol and diesel by Rs22 per litre. Petrol is primarily consumed by motorcyclists and owners of private vehicles, making it the most widely used transport fuel in the country. Industry officials said the reduction would provide some relief to urban consumers who have been facing elevated transportation costs in recent months. Demand for petrol has also increased following restrictions on the use of indigenous natural gas in parts of Punjab, prompting many consumers to switch to alternative fuels. Diesel remains key economic fuel Unlike petrol, high-speed diesel is mainly used by the transport and agriculture sectors, making its price a critical factor in determining freight charges and farm input costs.Trucks, buses, tractors and agricultural machinery rely heavily on diesel, and any increase in its price generally feeds into inflation through higher transportation expenses. The government did not provide a detailed explanation for keeping the diesel price unchanged, but market participants linked the decision to ongoing volatility in global energy markets.Officials said fuel prices would continue to be reviewed periodically in line with international oil trends, exchange rate movements and tax adjustments. The latest revision reflects the government’s effort to pass on some benefit of changing global oil prices while maintaining fiscal stability and ensuring adequate supplies in the domestic market.

BankIslami partners with WWF Pakistan to mark World Environment Day with a coastal conservation and mangrove plantation drive
Environment

BankIslami partners with WWF Pakistan to mark World Environment Day

Under BankIslami’s Green Office Certification, the partnership reinforced the bank’s commitment to sustainable and responsible practices, alongside a mangrove plantation, beach cleaning, and an awareness drive for a greener future. Karachi, June 05, 2026 – BankIslami partnered with WWF Pakistan for a mangrove plantation drive and beach cleaning and preservation activity at the WWF Wetland facility to commemorate World Environment Day. This initiative is part of the bank’s ongoing efforts in line with its Green Office Certification and commitment to promoting sustainable and environmentally responsible practices. The activity took place at WWF Pakistan’s Wetland Centre along Karachi’s coastline belt. During the activity, the team participated in planting Avicennia saplings, a species of mangrove tree known for its role in coastal protection and marine biodiversity. The event also included an awareness session on the types of mangrove species and their benefits to the ecosystem. WWF Pakistan also highlighted the threats posed by water pollution to marine species like green turtles and the importance of maintaining a clean environment. BankIslami employees participated in a beach cleaning activity to preserve the natural marine ecosystem. The activity was attended by BankIslami’s Chief Operations Officer Sohail Sikandar, Chief Risk Officer Sajjad Qureshi, Chief Digital Officer Waqas Anis, Chief Internal Auditor Amir Zaidi, and Group Head of Admin Wajid Junejo, and Group Head of Operations Muzammil Aslam, along with leaders and team members. “True prosperity for our communities and our nation can only be achieved through a future that is green, sustainable, and resilient,” commented Rizwan Ata, President & CEO of BankIslami. “Our responsibility has always extended beyond banking. Partnering with WWF Pakistan on World Environment Day is our commitment to put that purpose in action,” he added. As an active partner of WWF Pakistan, BankIslami’s Green Office Certificate reinforces the bank’s efforts to reduce its carbon footprint through sustainable operational practices, water conservation, and energy efficiency. This certification reflects the bank’s belief that responsible banking extends beyond financial services and into the communities and environments it serves. As one of Pakistan’s leading Islamic banks, BankIslami remains committed to bringing meaningful change by introducing initiatives that contribute to the country’s economy as well as the environment.

Ignite Appoints Muhammad Bilal Abbasi as CEO to Drive Pakistan's Tech Innovation Agenda
Pakistan

Ignite Appoints Muhammad Bilal Abbasi as CEO to Drive Pakistan’s Tech Innovation Agenda

Islamabad: Ignite, National Technology Fund, is pleased to announce the appointment of Mr. Muhammad Bilal Abbasi as its Chief Executive Officer (CEO). Mr. Abbasi brings extensive experience in technology, innovation, digital transformation, entrepreneurship development, and strategic leadership. His appointment reflects Ignite’s continued commitment to strengthening Pakistan’s innovation ecosystem, accelerating technology driven economic growth, and fostering entrepreneurship across the country. Read More: https://theboardroompk.com/sbp-go-cashless-campaign-records-pkr-34-billion-digital-transactions-during-eid-ul-azha-2026/ As CEO, Mr. Abbasi will lead Ignite’s efforts to promote innovation, support startups, enhance digital skills development, strengthen research and commercialization initiatives, and advance emerging technology programs in areas such as Artificial Intelligence, cybersecurity, cloud computing, robotics, and digital entrepreneurship. Under his leadership, Ignite will continue to play a pivotal role in implementing the Ministry of IT & Telecom’s vision of building a vibrant knowledge economy, empowering Pakistani youth, and positioning Pakistan as a leading innovation and technology hub in the region.

SBP Go Cashless Campaign Records PKR 34 Billion Digital Transactions During Eid-ul-Azha 2026
Pakistan

SBP Go Cashless Campaign Records PKR 34 Billion Digital Transactions During Eid-ul-Azha 2026

The SBP Go Cashless Campaign has delivered a remarkable breakthrough in Pakistan’s digital banking landscape, transforming the way millions of people buy and sell sacrificial animals during Eid-ul-Azha. The State Bank of Pakistan (SBP) announced that more than 480,000 digital transactions worth over PKR 34 billion were successfully processed during Eid-ul-Azha 2026. The achievement marks one of the largest digital payment drives ever conducted in Pakistan’s traditionally cash-dominated cattle market sector. The results highlight a major shift in consumer behavior as buyers, sellers, transporters, and service providers increasingly embrace digital financial services. SBP Go Cashless Campaign Expanded Across Pakistan The scale of the initiative expanded dramatically this year. After covering 54 cattle markets in 2025, the campaign reached 123 cattle markets nationwide in 2026, more than doubling its footprint. To support the initiative, 22 commercial banks established dedicated camps and kiosks inside cattle markets. These facilities enabled merchants and customers to conduct secure digital transactions without relying heavily on physical cash. Banks also carried out real-time biometric verification within the markets, allowing livestock sellers and related service providers to quickly join digital payment platforms and receive QR codes for instant payments. This strategy eliminated many traditional barriers that previously discouraged merchants from adopting digital banking services. PKR 34 Billion Digital Payment Surge Signals Changing Consumer Habits The most striking outcome of the campaign was the extraordinary growth in transaction volume and value. Compared with 2025, transaction numbers increased more than seven times, rising from approximately 65,000 transactions to over 481,000 transactions in 2026. Similarly, the total value of digital payments jumped from PKR 4.6 billion last year to more than PKR 34 billion this year. This explosive growth demonstrates that consumers are becoming increasingly comfortable with mobile banking, QR code payments, and digital financial solutions, even in large seasonal marketplaces traditionally dominated by cash. How Banks Brought Digital Banking Directly to Cattle Markets A major factor behind the campaign’s success was the deployment of mobile banking infrastructure directly inside livestock markets. Mobile Banking Vans equipped with ATMs, cash counters, and Cash Deposit Machines (CDMs) were stationed in selected markets to provide on-site banking services. Merchants were able to deposit excess cash directly into the banking system without leaving the market. This reduced cash circulation while encouraging greater integration into Pakistan’s formal financial sector. Meanwhile, dedicated SBP teams remained present around the clock to assist banks, address operational challenges, and ensure uninterrupted service delivery throughout the campaign period. SBP Go Cashless Campaign Opens New Doors for Financial Inclusion Beyond transaction growth, the campaign also contributed significantly to financial inclusion. Approximately 12,500 new bank accounts were opened for cattle farmers, traders, transporters, and other related service providers during the campaign. For many participants, this represented their first interaction with formal banking services. The initiative effectively connected thousands of previously underserved individuals to Pakistan’s digital financial ecosystem, creating new opportunities for secure payments, savings, and future access to financial products. Temporary Transaction Limit Increase Boosted High-Value Deals Recognizing the large value of livestock transactions during Eid-ul-Azha, SBP temporarily enhanced digital transaction limits between May 14 and June 5, 2026. The move enabled buyers and sellers to complete high-value animal purchases seamlessly through digital channels without facing payment restrictions. Combined with an extensive nationwide awareness campaign across television, radio, print media, social media, and banking networks, the policy helped drive widespread adoption and confidence in digital payment systems. A Turning Point for Pakistan’s Cashless Economy The success of the SBP Go Cashless Campaign represents more than just impressive transaction numbers. It signals a growing public willingness to embrace digital payments in sectors that have historically depended almost entirely on cash. By facilitating over PKR 34 billion in transactions, onboarding thousands of new users, and expanding digital payment acceptance across 123 cattle markets, SBP has demonstrated that large-scale digital transformation is possible even in Pakistan’s most traditional marketplaces. As digital adoption continues to accelerate, the campaign may serve as a blueprint for future efforts aimed at building a more efficient, transparent, and inclusive cashless economy across Pakistan.

Zong 5G Sweeps Pakistan Digital Awards - Recognized for Marketing Excellence and Pakistan’s First Autonomous Network Innovation
Pakistan

Zong 5G Sweeps Pakistan Digital Awards – Recognized for Marketing Excellence and Pakistan’s First Autonomous Network Innovation

Karachi – June 05, 2026: Zong 5G, Pakistan’s leading technology service enterprise, has earned national recognition through a remarkable double victory at one of the most prestigious industry platforms of the country. The company secured a Pakistan Digital Award for the Best Social Media Campaign (Meta): My Zong App and a Made in Pakistan Tech Excellence Award for its groundbreaking Self-Intelligent RAN Optimization Platform. The dual achievement reflects Zong 5G’s commitment to its strategic pillars of delivering ultimate customer experience, expanding diversified digital products and services, and accelerating AI enablement across its operations and network ecosystem. It further reinforces the company’s goal of building a Digital Pakistan through next-generation technologies that create meaningful value for consumers, businesses, and communities. At the Pakistan Digital Awards, Zong 5G’s My Zong App campaign was recognized as a standout digital marketing initiative, demonstrating the company’s ability to connect with customers through innovative and customer-centric experiences. Designed to address the evolving connectivity needs of modern Pakistani families and social circles, the campaign strengthened customer engagement while reinforcing Zong 5G’s position as a trusted partner in Pakistan’s increasingly digital lifestyle. Commenting on the achievement, Sajid Munir, Head of Marketing, Zong 5G, said: “At Zong 5G, we are leveraging 5G, AI, and emerging technologies to create intelligent and immersive experiences that meet the evolving needs of our customers. The My Zong App embodies this vision, and the campaign reiterates how it serves as a comprehensive platform that delivers a seamless, personalized, and convenient experience through a single touchpoint. This recognition reflects our commitment to innovation and customer-centricity as we continue to shape a smarter, more connected, and technology-driven future.” Further strengthening its reputation as a technology service enterprise, Zong 5G was also honored by receiving the Made in Pakistan Tech Excellence Awards for its Self-Intelligent RAN Optimization Platform; Pakistan’s first Level 4 autonomous closed-loop network optimization system deployed on a live commercial network. Developed entirely in-house by Zong engineers within six months, this AI-powered platform represents a major milestone in localized technology, demonstrating the nation’s capacity for world-class technology innovation. The solution leverages advanced AI and automation to proactively resolve network congestion, reducing resolution times by over 90%; from days to mere minutes, while delivering up to an 18% improvement in peak-hour downlink throughput. Commenting on the recognition, Executive Director of IT at Zong, Ali Waqas said: “Winning recognition for both, a customer-focused initiative and a pioneering AI-powered network platform, demonstrates the strength of our integrated approach to digital transformation. As we continue to advance our 5G journey, we remain committed to harnessing AI, automation, and next-generation technologies to deliver exceptional experiences, strengthen Pakistan’s digital ecosystem, and contribute meaningfully to the country’s digital transformation agenda.” The recognition of both My Zong App and the Self-Intelligent RAN Optimization Platform highlights Zong 5G’s unique ability to innovate across the entire digital value chain; from enhancing customer experiences to building intelligent network infrastructure. Together, these achievements underscore the company’s ongoing role in accelerating Digital Pakistan through technology leadership, AI-driven innovation, and future-ready business solutions.

Saquib Fayyaz Magoon of BMPP Calls for Industry- and Export-Friendly Budget
Business

Saquib Fayyaz Magoon of BMPP Calls for Industry- and Export-Friendly Budget

KARACHI: The Businessmen Panel Progressive (BMPP) has urged the government to prioritize export growth, industrial development, and expansion of the tax base in the upcoming federal budget, while reducing the cost of doing business by lowering the General Sales Tax (GST) to 15 percent and abolishing the Super Tax. Addressing a press conference at the Karachi Press Club, BMPP Chairman and Senior Vice President of Federation of Pakistan Chambers of Commerce and Industry, Saquib Fayyaz Magoon, said the forthcoming budget should focus on export-led growth, tax reforms, and relief for the manufacturing sector. He stressed that reducing the cost of doing business and broadening the tax net were essential, while imposing additional taxes on already compliant sectors was counterproductive. FPCCI Vice Presidents Amanullah Paracha and Asif Sakhi, former Vice President Shabbir Mansha Churra, and other business leaders were also present. Magoon said that if the government could not completely abolish the Super Tax, it should at least exempt the manufacturing sector to encourage investment and provide relief to industries. He maintained that burdening any single sector with additional taxes was not a sound policy and that all sectors should be treated equally. He called for the restoration of the Fixed Tax Regime and measures to facilitate the inclusion of new taxpayers into the tax net. To simplify compliance, he proposed the introduction of a single-page tax return form that would be easier for businesses and small traders to understand and file. Highlighting challenges facing the agricultural sector, Magoon demanded the withdrawal of taxes on cottonseed and special relief measures for the oilcake and cottonseed sectors. He also called for significant reductions in taxes on industrial raw materials to lower production costs and improve the competitiveness of Pakistani products in international markets, ultimately boosting exports. He said FPCCI’s budget proposals place exports at the center of economic policy, arguing that increasing exports is essential for addressing Pakistan’s economic challenges. He urged the government to consult exporters and the business community on export-related policies and matters concerning the Final Tax Regime. Expressing concerns over the proposed tax collection target of Rs15.2 trillion for the next fiscal year, Magoon described it as unrealistic and disconnected from economic realities. He noted that revenue targets had also been set unrealistically high in the previous fiscal year and were subsequently revised downward. “Merely setting ambitious tax targets serves little purpose,” he said, adding that revenue goals should be based on the actual capacity of the economy and prevailing business activity. He stressed that tax collection targets should be determined in consultation with exporters and relevant stakeholders. Magoon further stated that growth targets for different sectors should also be set through consultations with industry representatives and stakeholders. According to him, unilateral policymaking is ineffective and creates uncertainty within the business community. Calling for extensive tax relief for the chemical industry, he said the sector has significant potential to contribute to industrial growth and exports. He also urged the government to review tax incentives available in the former FATA and PATA regions, ensuring that such concessions are aligned with local demand-and-supply conditions and economic realities to prevent misuse and maintain fair market competition. Reiterating his concerns over the proposed Rs15.2 trillion tax target, Magoon said such goals do not reflect ground realities and have historically required downward revisions. He also called for tax and growth targets to be formulated through stakeholder consultations rather than unilateral decisions. Among other proposals, he recommended exempting individuals earning up to Rs100,000 per month from income tax and increasing the minimum wage by 15 percent in view of rising inflation. He also advocated special tax incentives for the chemical industry and a comprehensive review of tax concessions granted to FATA and PATA. Speaking on the occasion, Shabbir Mansha Churra said the federal budget should focus on economic growth rather than revenue targets alone. Asif Sakhi emphasized the need to make trade bodies partners in policy implementation, while Amanullah Paracha stressed that economic growth would remain elusive without broadening the tax base and simplifying the tax system to make it more business-friendly and less intimidating.

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