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1st Africa Diplomatic & Economic Conference 2026 to Be a Milestone in Promoting Pakistan–Africa Trade and Investment: Muhammad Rafiq Memon
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1st Africa Diplomatic & Economic Conference 2026 to Be a Milestone in Promoting Pakistan–Africa Trade and Investment: Muhammad Rafiq Memon

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The 1st Africa Diplomatic & Economic Conference 2026 is expected to create new opportunities for trade, investment and economic cooperation between Pakistan and African countries, particularly members of the Southern African Development Community (SADC), according to Muhammad Rafiq Memon, Chairman of the Pakistan SADC Chamber Trade Federation (PSCTF), Pakistan Chapter. Speaking at a press conference at the Pearl-Continental Hotel in Karachi on October 19, 2026, Memon expressed confidence that the initiative would help translate diplomatic relations into practical business partnerships, strengthen bilateral commerce and open new markets for Pakistani companies. He said collaboration between the federation, government institutions and trade organisations could play an important role in expanding Pakistan’s commercial engagement with Africa. Conference Aims to Strengthen Pakistan–Africa Economic Relations The conference, organised by the PSCTF Pakistan Chapter, aims to bring together Pakistani business representatives, African diplomatic missions and other stakeholders to explore opportunities for trade, investment and economic cooperation. Memon said the initiative could help establish stronger commercial links between the two regions, with particular attention to the 16-member SADC bloc. The event is being held under the theme “Building Bridges of Diplomacy, Trade & Investment for Shared Prosperity.” Its objectives include facilitating business networking, encouraging investment and helping Pakistani companies explore emerging markets across Africa. Yousuf Dewan Companies Reaffirm Commitment to Cooperation Dewan Muhammad Yousuf Farooqui, Patron-in-Chief of the PSCTF Pakistan Chapter, welcomed the delegates and participants and described the conference as an opportunity to strengthen Pakistan–Africa relations. He highlighted the potential for strategic partnerships across industry, technology and sustainable mobility, emphasising the importance of international collaboration in supporting economic development. “Yousuf Dewan Companies remains committed to Pakistan’s economic development, innovation and global collaboration,” he said, expressing hope that the conference would advance lasting partnerships and shared prosperity between Pakistan and African nations. PSCTF Calls for New Trade and Investment Opportunities Syed Moizuddin, President of the PSCTF Pakistan Chapter, stressed the importance of strengthening trade relations with African countries. He said the conference would provide a practical platform for Pakistani businesses and African diplomatic missions based in Pakistan to identify commercial opportunities, develop collaborative strategies and pursue initiatives that benefit both sides. Moizuddin reaffirmed the federation’s commitment to promoting stronger trade and investment ties between Pakistan and Africa. Mohammad Shafiq, Senior Vice President of the PSCTF Pakistan Chapter, also called for concrete measures to expand economic cooperation. He said African markets offered substantial opportunities for business and urged Pakistan to make better use of this potential to strengthen its economy and diversify export destinations. Diplomats and Business Leaders Expected to Participate The press conference was also addressed by Bakhtiyar Ahmed Farooqui, Chairman of the PSCTF Economic Advisory Council, and Ikram Ullah Jan, President of the federation’s Khyber Pakhtunkhwa chapter. Organisers announced that ambassadors of African countries based in Islamabad, along with consuls general and consuls representing African countries in Karachi, were expected to attend the conference. Presidents and chief executives of major trade associations and chambers of commerce and industry, as well as representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), were also expected to participate. The gathering is intended to connect diplomatic missions with business leaders and encourage direct engagement between companies seeking trade, sourcing and investment opportunities. SADC Markets in Focus for Pakistani Businesses The 16-member Southern African Development Community is a key focus of the initiative. The federation hopes the conference will help Pakistani companies explore opportunities across the region and establish relationships with potential buyers, suppliers and investment partners. The conference also reflects a broader effort to diversify Pakistan’s international commercial relationships by strengthening engagement with African markets. Its longer-term impact will depend on whether discussions lead to concrete business agreements, investment commitments and sustained cooperation between companies and institutions.

CCP’s Bid-Rigging Detection System Featured in Stanford Global Antitrust Report
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CCP’s Bid-Rigging Detection System Featured in Stanford Global Antitrust Report

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Pakistan’s efforts to use artificial intelligence and advanced data analysis to identify collusion in public procurement have received international recognition. The Competition Commission of Pakistan’s (CCP) Bid-Rigging Detection System (BRDS) has been featured in Computational Antitrust Worldwide: Fifth Cross-Agency Report, published by Stanford Computational Antitrust. The report presents first-hand accounts from 30 competition authorities worldwide, examining how computational tools can strengthen enforcement and uncover practices that conventional methods may struggle to detect. AI-Based System to Transform Bid-Rigging Detection According to the report, BRDS is designed to shift Pakistan’s approach to detecting collusive tendering from a largely complaint-driven, manual process towards proactive, systematic and data-led market surveillance. The system aims to analyse large volumes of procurement data to identify suspicious bidding patterns, including bid rotation, cover bidding and participation by related parties across multiple tenders. These practices can undermine competition, restrict fair participation and increase the cost of government contracts. Automated screening could help authorities identify potential risks earlier and focus investigations on cases requiring closer scrutiny. Pakistan’s Public Procurement Spending Highlights Need for Automation The initiative is particularly significant given the scale of public procurement in Pakistan. The country is estimated to spend approximately 15–20% of its gross domestic product, or around $60 billion annually, on procuring goods, works and services. Historically, fragmented procurement records and the absence of automated links with corporate ownership information have made it difficult to detect sophisticated collusion across different tenders and procuring entities. BRDS seeks to address these challenges by enabling the systematic analysis of procurement records and helping identify relationships and patterns that may not be apparent through the manual examination of individual bids. CCP Advances Inter-Agency Coordination for Implementation The system has reached an advanced stage of development and pre-deployment preparation. The CCP has reached understandings with the Public Procurement Regulatory Authority, provincial procurement authorities and the Securities and Exchange Commission of Pakistan (SECP) regarding its implementation. Access to structured, machine-readable procurement information and relevant corporate records will be important to the system’s ability to identify potential risks across datasets. CCP Chairman Farid Ahmad Tarar said Pakistan could not effectively monitor procurement worth trillions of rupees through complaints and manual tender reviews alone. He said BRDS would help the Commission identify complex and concealed bidding patterns across large datasets and direct investigative resources towards the highest-risk cases. Report Highlights Lessons for Developing Economies The CCP’s contribution also outlines practical lessons for competition authorities in developing economies. These include investing in machine-readable data, strengthening cooperation between public institutions, conducting controlled testing and ensuring that analytical findings can withstand legal scrutiny. These considerations are important because automated detection systems can flag suspicious patterns, but enforcement decisions still require appropriate investigation, evidence assessment and due process. The report has been made available through the Social Science Research Network (SSRN), a widely used research platform covering law, economics and the social sciences. Its publication brings Pakistan’s experience to the attention of the international regulatory and academic community, allowing other competition authorities to examine the country’s developing computational-enforcement model. BRDS Expected to Strengthen Competition Enforcement The CCP expects BRDS to strengthen its efforts against cartelisation by enabling proactive screening of procurement data, earlier identification of potentially high-risk bidding patterns and more evidence-based prioritisation of investigations. If implemented effectively, the system could improve the detection of collusive practices, support fairer competition in public procurement and help public institutions secure better value for money. Its impact will depend on data quality, effective inter-agency coordination, reliable analytical methods and the Commission’s ability to translate identified risks into legally sustainable enforcement action.

SECP Acts on SE Fruits IPO Discrepancies and Seeks Stronger Audit Oversight
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SECP Acts on SE Fruits IPO Discrepancies and Seeks Stronger Audit Oversight

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The Securities and Exchange Commission of Pakistan (SECP) has initiated regulatory action after identifying material discrepancies in the initial public offering (IPO) prospectus of SE Fruits and Vegetable Limited. The issues involved information derived from the company’s audited financial statements, raising questions about the accuracy of financial disclosures presented to investors. The case has renewed attention on the role of auditors, the effectiveness of regulatory review and the safeguards needed to ensure reliable financial information reaches Pakistan’s capital markets. What Happened with the SE Fruits IPO SE Fruits and Vegetable Limited, a Sargodha-based exporter of kinnow, mangoes and potatoes, planned to raise between Rs1.2 billion and Rs1.92 billion through an offering of 30 million shares. The IPO’s book-building process attracted strong interest and closed at the floor price of Rs40 per share. However, after book building concluded, the SECP suspended further proceedings to protect investors while the discrepancies were addressed. The company subsequently withdrew the IPO voluntarily, stating its intention to resubmit the offering at a later stage with enhanced disclosures. Subscription money has been refunded to investors. The episode highlights the importance of accurate financial disclosures before an IPO reaches investors, particularly when prospective shareholders rely on published financial statements to assess a company’s value and financial position. SECP Regulatory Review Underway The SECP is examining the circumstances surrounding the discrepancies to establish responsibility for any procedural irregularities. The regulator has indicated that appropriate action will follow wherever violations are identified. The Securities Act, 2015, provides for criminal offences involving false or misleading statements and fraudulent inducement in securities transactions. The review is expected to examine how information supplied by the company, its auditors and other participants moved through the IPO preparation and approval process. A central issue is how material discrepancies based on audited accounts reached the prospectus stage. The findings could help clarify whether existing review procedures and internal controls were sufficient to identify problems before the offering progressed. Why Reliable Audits Matter for Investors Audited financial statements are a fundamental part of financial reporting and capital-market oversight. Investors use them to assess profitability, financial health and the risks associated with buying shares. Reliable accounts also inform bank lending decisions, corporate valuations and tax assessments. Materially inaccurate or misleading figures can expose investors and lenders to unexpected losses and potentially affect government revenue. In the SE Fruits case, the discrepancies prompted regulatory intervention after the book-building stage had concluded. The subsequent suspension and refund process illustrate how late detection of disclosure issues can disrupt an offering and leave investors waiting for their subscription money to be returned. The case underscores the importance of identifying material issues early, before investors commit funds based on a prospectus. Strengthening Audit Oversight in Pakistan The development has also highlighted calls to reinforce the Audit Oversight Board and align its legal framework with international practices and the principles of the International Forum of Independent Audit Regulators. Auditors serve as important gatekeepers of financial integrity by examining financial statements and providing assurance on reported information. Effective oversight can help maintain audit quality and improve confidence in financial reporting. Stronger inspection and enforcement arrangements could help identify material weaknesses earlier and reduce the risk of inaccurate information entering the capital markets. Effective oversight also depends on clear accountability, robust audit procedures and coordination among companies, auditors and regulators. Revised Prospectus and Investor Protection The next steps will depend on the outcome of the SECP’s review and whether SE Fruits and Vegetable Limited decides to return to the market with a revised prospectus. Any future offering would need to address the identified shortcomings through accurate disclosures and appropriate supporting information. The regulatory review may also help determine whether changes are needed in the processes used to prepare, audit and review IPO documents. For investors and market participants, the case reinforces the importance of transparent financial reporting and effective audit oversight in maintaining confidence in Pakistan’s capital markets.

Pakistan Committed to Achieving $100 Billion Export Target by 2035: PM’s Coordinator
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Pakistan Committed to Achieving $100 Billion Export Target by 2035: PM’s Coordinator

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Pakistan is targeting $100 billion in annual exports by 2035 through trade reforms, improved international market access, stronger industrial competitiveness and consistent economic policies, Coordinator to the Prime Minister on Commerce and Industries Rana Ihsaan Afzal Khan said on October 16, 2026. Addressing the closing ceremony of the 39th Annual General Meeting and International Conference of the Pakistan Society of Development Economists (PSDE) at the Pakistan Institute of Development Economics (PIDE) in Islamabad, he said the government was working to transition the economy towards an export-oriented growth model. The two-day conference, titled “Mission $100 Billion: The National Race for Sustainable Export-led Prosperity,” brought together policymakers, economists, researchers and business representatives to discuss strategies for expanding Pakistan’s exports. Government Targets $60 Billion in Medium-Term Exports Rana Ihsaan Afzal said achieving the medium-term export target of $60 billion and the longer-term goal of $100 billion by 2035 would require structural reforms, greater export diversification and improved industrial productivity. He emphasised that Pakistan needed to address persistent economic challenges by strengthening its export base and improving the competitiveness of domestic industries. The government’s approach includes tariff rationalisation, reducing unnecessary regulatory requirements, facilitating exporters and expanding access to international markets. National Tariff Policy Aims to Improve Industrial Competitiveness Highlighting the National Tariff Policy 2025–30, the PM’s coordinator said the policy aimed to rationalise duties across approximately 7,500 tariff lines, gradually eliminate regulatory and additional customs duties, and reduce the maximum customs duty to 15%. These measures are intended to improve access to industrial inputs and support the competitiveness of domestic manufacturers and exporters. The government is also reviewing around 500 regulatory requirements and removing unnecessary certification and inspection procedures under the Export Policy Order to reduce administrative hurdles for businesses. Rana Ihsaan Afzal said the Prime Minister had approved a Trade Facilitation Board to strengthen coordination among government agencies, streamline export logistics and reduce port-related costs. SME Financing and Tax Relief for Exporters The government is also seeking to expand financing for small and medium-sized enterprises (SMEs), with plans to increase SME financing from Rs1 trillion to Rs2 trillion. Exporters are being supported through concessional financing arrangements involving EXIM Bank and commercial banks, according to the coordinator. He added that the tax collection rate on export proceeds had been reduced from 2% to 1.25% in the federal budget for FY2026–27 to ease financial pressure on exporters. Improved access to financing and lower transaction costs are expected to support business expansion, investment and export capacity. Pakistan Seeks Wider Access to International Markets Rana Ihsaan Afzal highlighted Pakistan’s progress under the European Union’s GSP Plus arrangement, the Pakistan–UK Trade Dialogue and existing trade agreements with partner countries. He said trade negotiations and engagements with Vietnam, South Korea, Cambodia, Bangladesh and African countries were aimed at expanding market access for Pakistani products. The coordinator also highlighted 16 sanitary and phytosanitary protocols with China that have opened additional opportunities for Pakistani agricultural exports. These arrangements are relevant to agricultural and food exporters seeking to meet importing countries’ regulatory requirements and broaden their overseas customer base. TDAP and Digital Trade Systems Support Export Growth The Trade Development Authority of Pakistan (TDAP) is strengthening international business connections through trade exhibitions and business-to-business engagements, the coordinator said. He identified the upcoming FoodAg 2026 exhibition in Karachi as an important platform for promoting agricultural products and value-added exports. Digital infrastructure is also playing a role in simplifying trade procedures. Pakistan Single Window connects more than 108,000 traders with 32 government agencies, helping coordinate regulatory processes through a unified system. Meanwhile, 19 sectoral councils provide a mechanism for private-sector participation in trade policymaking. Rana Ihsaan Afzal said artificial intelligence, information and communication technology services, agriculture, minerals, tourism, the blue economy and creative industries offered significant potential to diversify Pakistan’s export base. PSDE Recommendations Highlight Need for Policy Continuity Earlier, Dr. Faheem Jehangir, Dean (Policy) at PIDE and Secretary of PSDE, presented the conference’s recommendations. He identified inconsistent policies, high trading costs, limited export diversification and weak investor confidence as major obstacles to export-led growth. He called for policy continuity, investment in export-oriented industries, skills development, industrial upgrading and a stronger focus on productivity rather than protectionism. The conference included panel discussions, technical sessions, research presentations and a PhD symposium, bringing academic research and policy discussions together around Pakistan’s economic challenges. Researchers Recognised at Closing Ceremony The closing ceremony also recognised outstanding research through Best Research Paper and Poster Awards. Dr. Jamshaid ur Rehman secured first position in the research paper competition and received Rs300,000. Dr. Muhammad Ali placed second, receiving Rs200,000, while Dr. Fatima Ejaz secured third position with an award of Rs100,000. The organisers also announced prizes of Rs150,000 and Rs100,000 for the top two research posters. In his concluding remarks, Dr. Nadeem Javaid, Vice Chancellor of PIDE and President of PSDE, said Pakistan’s economic stability depended on sustained export growth and evidence-based policymaking. He encouraged young researchers to continue examining the country’s economic challenges and translate academic findings into practical policy solutions. He also stressed that economic planning should focus not only on managing scarce resources but on creating prosperity. Government to Review Conference Recommendations Concluding his address, Rana Ihsaan Afzal assured participants that the conference recommendations would be examined for possible incorporation into the government’s ongoing trade reform agenda. He expressed confidence that consistent reforms, stronger public-private cooperation and improved export competitiveness could help Pakistan achieve its $100 billion annual export target by 2035. The target will require sustained implementation across trade policy, financing, industrial productivity, market access and export diversification, alongside coordination between the government and private sector.

International Steels Faces Margin Squeeze From Zinc Costs
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International Steels Faces Margin Squeeze From Zinc Costs

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International Steels Limited (ISL) is expected to report earnings of PKR 1.34 per share for the first quarter of fiscal year 2027, down 6% year-on-year, as rising zinc costs and a narrower spread between cold-rolled coil (CRC) and hot-rolled coil (HRC) prices put pressure on margins. No dividend is expected for the quarter. Net sales are projected to increase 27% year-on-year to PKR 26.6 billion, supported by higher sales volumes. However, revenue growth is unlikely to translate into stronger profitability as elevated input costs continue to weigh on margins. Gross profit is expected to decline 5%, while the gross margin is projected to narrow to 8.4% from 11.2% a year earlier. Profit after tax is estimated at PKR 581 million. Zinc Surge And Narrower Spreads Hit Margins Higher zinc prices and a shrinking gap between CRC and HRC prices are expected to remain key challenges for ISL during the quarter. Zinc prices increased 31.1% year-on-year amid shifts in Western inventory levels and continuing geopolitical uncertainty. Meanwhile, average international HRC prices rose 8.9%, while CRC prices increased 4.7% in the preceding quarter. The CRC-HRC spread contracted 23.1% to approximately US$53 per ton, placing it 20.4% below its long-term median of around US$67 per ton. The narrower spread limits the pricing advantage available to steel processors and makes it more difficult to pass higher input costs on to customers. As a result, stronger sales volumes may not be sufficient to prevent further margin compression. Higher Auto Output Provides Only Partial Offset Demand from the automotive sector is expected to provide some support to ISL’s sales volumes, although the improvement may not fully compensate for pressure on profitability. Production of two-wheelers and three-wheelers increased 28% and 20% year-on-year, respectively, reaching a combined 553,000 units during the quarter. Meanwhile, white goods production remained flat in the first month of FY2027. ISL’s sales volumes are projected to rise 25% year-on-year to 124,000 tons. The increase would support revenue growth, but the impact on earnings is expected to remain limited by higher zinc costs and weaker CRC-HRC spreads. The projected performance highlights the difference between volume growth and profitability, with stronger demand not necessarily translating into improved margins when input costs remain elevated. Price Cuts And Business Restructuring In September, ISL reduced prices of 1–2 mm galvanized sheets by PKR 18,000 per ton to remain competitive against Chinese imports. The price adjustment reflects the competitive pressures facing local steel producers as they seek to retain market share while managing higher production costs. The company has also fully exited its stake in China Engineering and Construction Limited following slow progress on the Reko Diq project. The exit removes any contribution from the associate to future earnings. Together, these developments reflect changes in ISL’s pricing strategy and investment portfolio as the company navigates a challenging operating environment. Earnings Outlook Depends On Steel Price Spreads ISL’s near-term earnings are expected to remain under pressure, with profitability dependent partly on the movement of zinc prices and the recovery of the CRC-HRC spread. A return of the spread towards historical levels could improve margins over time. Other potential sources of support include the increase in the FATA/PATA sales tax rate from 10% to 12% and the five-year extension of anti-dumping duties of 19.04% on Chinese cold-rolled coils. These measures could provide support to formal domestic steel producers facing competition from imports. However, the extent of any improvement will depend on market pricing, input costs, demand and the company’s ability to maintain sales volumes. For the first quarter of FY2027, higher revenue and projected volume growth are expected to be outweighed by margin pressure, leaving earnings below the level recorded a year earlier.

TDAP Concludes Two-Day Capacity-Building Training for Help Desk Officials
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TDAP Concludes Two-Day Capacity-Building Training for Help Desk Officials

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The Trade Development Authority of Pakistan (TDAP) has concluded a two-day virtual capacity-building training programme for Help Desk officials stationed at chambers of commerce and industry across the country. Conducted on October 12 and 13, 2026, the programme featured four sessions aimed at strengthening the officials’ ability to guide exporters through trade procedures, regulatory requirements and market information resources. The initiative is part of TDAP’s efforts to improve exporter facilitation by equipping Help Desk personnel with practical knowledge and tools to address common business and trade-related queries. Training Covers Export Procedures and Regulatory Requirements The first day of training, held on October 12, focused on doing business in Pakistan. Sessions covered TDAP’s Annual Business Plan (ABP) for 2026–27, export procedures, regulatory requirements and documentation processes. Participants also received guidance on the Registered Exporter (REX) system and the European Union’s Generalized Scheme of Preferences (GSP), which are relevant to understanding export-related procedures and preferential trade arrangements. Officials Trained in Trade Data and Market Research Tools The second day, on October 13, focused on trade statistics and practical access to trade-related information. Participants were introduced to data resources available through PRAL, the Pakistan Single Window (PSW) and TDAP. The sessions also provided step-by-step guidance on using the International Trade Centre’s Trade Map, a tool that helps users analyse international trade flows and identify potential export markets. TDAP Introduces Preferential Trade Access Database The programme also introduced the Preferential Trade Access Database (PTAD), a TDAP pilot project designed to provide information on Pakistan’s trade and tariff lines under bilateral and multilateral trade agreements. The database covers preferential and duty-free tariff lines, helping users understand the trade access available under Pakistan’s existing agreements. Focus on Improving Exporter Facilitation In addition to technical training, the programme addressed the handling of common exporter queries and the use of TDAP’s Help Desk Dashboard. Established at prominent chambers of commerce and industry, TDAP Help Desks serve as an important point of contact for exporters seeking guidance on trade procedures, documentation, market information and related requirements. TDAP said it would continue strengthening the capacity of Help Desk officials to improve facilitation services for Pakistan’s exporting community.

NBP Wins Sustainable Infrastructure Initiative of the Year – Pakistan at ABF Awards 2026
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NBP Wins Sustainable Infrastructure Initiative of the Year – Pakistan at ABF Awards 2026

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National Bank of Pakistan (NBP) has won the “Sustainable Infrastructure Initiative of the Year – Pakistan” award at the Asian Banking & Finance (ABF) Corporate & Investment Banking Awards 2026, recognizing its role in financing renewable energy infrastructure. The award acknowledges NBP’s advisory, structuring and financing support for a PKR 850 million syndicated project finance facility arranged for Infraelectric (Pvt.) Limited (IFPL), a renewable energy solutions provider. The financing will support the installation of solar energy systems at cellular tower sites. NBP Arranges PKR 850 Million Islamic Financing Facility Under the transaction, NBP advised, structured and arranged the PKR 850 million Islamic financing facility for IFPL. The project focuses on deploying solar photovoltaic systems at telecommunications tower sites as part of a broader clean energy and decarbonization initiative. The project aims to help establish cleaner and more energy-efficient telecommunications infrastructure by supporting the adoption of renewable energy. It also highlights the role of structured financing in enabling investment in sustainable infrastructure. ABF Awards Recognize Banking Excellence Across Asia Presented in Singapore, the ABF Corporate & Investment Banking Awards recognize performance, innovation and excellence in corporate and investment banking across Asia. NBP’s recognition highlights its contribution to arranging financing for renewable energy projects and supporting initiatives that combine infrastructure development with environmental objectives. NBP Reaffirms Commitment to Sustainable Financing Commenting on the award, Usman Shahid, SEVP and Group Chief of NBP’s Corporate & Investment Banking Group, said the recognition reflects the bank’s growing role in enabling sustainable infrastructure and mobilizing capital for projects that deliver economic and environmental value. He added that NBP remains committed to working with clients and partners to develop financing solutions that contribute to a more sustainable and resilient Pakistan. Supporting Renewable Energy and Decarbonization The recognition underscores NBP’s efforts to facilitate investment in renewable energy and decarbonization through financing solutions tailored to infrastructure needs. By supporting solar energy deployment at cellular tower sites, the transaction demonstrates how Islamic project financing can help advance cleaner energy infrastructure while supporting the telecommunications sector’s transition towards renewable energy.

KATI Calls for One-Month Extension in Income Tax Return Filing Deadline
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KATI Calls for One-Month Extension in Income Tax Return Filing Deadline

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The Korangi Association of Trade and Industry (KATI) has urged the government and the Federal Board of Revenue (FBR) to extend the income tax return filing deadline by at least one month, citing persistent technical problems and slow processing on the online IRIS portal. KATI President Sheikh Umer Rehan said system disruptions were preventing many traders and industrialists from completing their tax returns despite an earlier 15-day extension. He called for immediate relief for affected taxpayers and improvements to the online filing system. IRIS Portal Glitches Disrupt Tax Return Filing According to Sheikh Umer Rehan, taxpayers continue to face difficulties using the FBR’s IRIS portal, with technical problems creating uncertainty and frustration during the filing process. Reported issues include system freezes, problems uploading required data, delays in processing submissions and difficulties generating payment challans. These disruptions have made it challenging for many businesses to complete their returns within the prescribed timeframe. The KATI president said it would be unfair to hold taxpayers entirely responsible for missing the deadline when technical shortcomings in the online system were contributing to filing delays. KATI Seeks One-Month Extension for Taxpayers Sheikh Umer Rehan called on the government and the FBR to grant an additional month for filing income tax returns, arguing that the previous 15-day extension had not provided sufficient relief to taxpayers facing continuing technical difficulties. He also urged the authorities to waive late-filing fees and penalties for taxpayers whose returns were delayed because of technical faults in the IRIS system. According to KATI, the additional time would allow businesses to prepare and submit accurate, complete returns rather than rush through the process amid system disruptions. Business Community Backs Tax Compliance but Seeks Facilitation The KATI president said the business and industrial community was willing to cooperate with the government in supporting economic growth, increasing tax revenues and broadening the tax base. However, he stressed that these objectives required an efficient, reliable and user-friendly tax administration system. He said facilitating taxpayers and maintaining confidence in the tax system should remain key priorities. When digital filing platforms experience technical problems, the authorities should introduce practical measures to prevent businesses from facing unnecessary pressure, late-filing charges and penalties. FBR Urged to Improve IRIS Capacity and Technical Support KATI has called on the FBR to address the IRIS portal’s technical shortcomings on a priority basis. The association also urged the tax authority to improve system capacity and technical support to reduce the risk of similar disruptions in the future. A more reliable filing platform would help taxpayers meet their legal obligations within the stipulated timeframe while supporting smoother tax administration and compliance. Prime Minister and Finance Minister Asked to Intervene Sheikh Umer Rehan appealed to the prime minister and the finance minister to take immediate notice of the difficulties faced by industrialists and traders. He urged them to issue the necessary directives to the FBR to resolve the portal-related problems and provide affected taxpayers with adequate time to complete their filings. KATI maintains that a one-month extension, alongside relief from penalties for delays attributable to system faults, would provide much-needed support to the business community and help improve the accuracy of tax returns.

Pioneer Cement Faces Rising Coal Costs And Royalty Uncertainty
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Pioneer Cement Faces Rising Coal Costs And Royalty Uncertainty

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Pioneer Cement is facing mounting pressure from rising fuel and electricity costs, alongside uncertainty over a 6% royalty levy, even as cement demand shows signs of growth. The company is pursuing solar expansion and alternative-fuel projects to improve energy efficiency and contain production expenses. Higher coal prices, disruptions in local mining activities and increased reliance on grid electricity are creating near-term cost challenges for the cement manufacturer. Meanwhile, the outcome of the royalty dispute remains uncertain. Coal Supply Disruptions Drive Up Fuel Costs Restrictions on the use of explosives in mining operations have disrupted coal supplies, prompting Pioneer Cement to increase its reliance on imported coal. The company currently sources approximately 95% of its coal from local Darra supplies, with imported material accounting for the remaining 5%. However, prevailing prices have risen significantly above the company’s average fuel cost during FY26. Darra coal is currently quoted at around PKR 62,500 per ton, while pet coke is priced at approximately PKR 69,000 per ton. These rates compare with an average fuel cost of about PKR 36,000 per ton during FY26. With the current fuel mix averaging roughly PKR 50,000 per ton, the increase is placing considerable pressure on production costs and margins. Higher Electricity Tariffs Keep Coal-Fired Plants Shut Pioneer Cement’s average electricity cost has increased from approximately PKR 22 per kilowatt-hour to between PKR 24 and PKR 25. Around two-thirds of the company’s electricity mix now comes from the national grid at approximately PKR 26 per unit. The remaining requirement is met through waste-heat recovery units with capacity of up to 9 megawatts (MW). Coal-fired power generation has become less economical amid rising fuel prices. The company’s coal-based electricity previously cost around PKR 36 per unit, but the cost could exceed PKR 40 at current coal prices. Consequently, the coal-fired plants remain shut, as purchasing additional electricity from the grid is currently estimated to be 15% to 20% cheaper. This cost comparison highlights the pressure that higher coal prices are placing on both direct fuel expenses and the economics of captive power generation. Six Percent Royalty Levy Creates Uncertainty The 6% royalty levy remains another concern for Pioneer Cement, with management doubtful that the Supreme Court will issue a favourable ruling for the cement industry. A ruling in the industry’s favour could potentially allow the company to reverse some of the liability already recognised in its accounts. However, management is not relying on this possibility in its outlook. The court’s decision could therefore affect the company’s financial position, although the extent of any potential reversal would depend on the outcome and its implications for the recognised liability. Solar Expansion Targets Lower Energy Costs Pioneer Cement is expanding its solar capacity to approximately 31 MW through an investment of around PKR 2 billion. Full commissioning is targeted for December 2026. The project is intended to improve the company’s energy mix and reduce exposure to expensive conventional power sources. Alongside solar expansion, Pioneer has placed orders for alternative-fuel equipment, with commercial operations expected to begin around March 2027. The initiative could provide another avenue for managing fuel expenses as coal prices remain elevated. A separate battery storage project involving 12.5–15 MW of solar capacity and 25 megawatt-hours (MWh) of storage remains under review. Together, these initiatives represent the company’s efforts to improve energy-cost efficiency. However, their eventual contribution will depend on commissioning timelines, operational performance and the extent to which they offset conventional energy costs. Cement Demand Growth Offers Some Relief Pakistan’s cement industry is expected to record demand growth of approximately 7% to 8% in FY27. Industry demand has already increased by around 7% in the first quarter, according to the provided estimates. Government housing initiatives could provide additional support for cement consumption if they translate into higher construction activity. Stronger demand may help manufacturers improve capacity utilisation and support sales volumes. Nevertheless, the benefits for Pioneer Cement will depend on whether demand growth and pricing conditions can offset the sharp increase in fuel and electricity expenses. Energy Costs Remain the Key Near-Term Challenge Pioneer Cement’s outlook reflects a combination of improving demand prospects and rising operating costs. Higher coal prices, disruptions in mining supplies and increased grid electricity expenses are weighing on production economics, while the 6% royalty levy introduces additional uncertainty. The company’s planned solar expansion and alternative-fuel investments could help reduce its exposure to expensive energy sources over time. For now, however, the pace of implementation, future fuel prices and the outcome of the royalty proceedings remain important factors shaping its cost outlook.

China Import Fraud Raises Trade Data Concerns
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China Import Fraud Raises Trade Data Concerns

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Pakistan Customs has clarified its position on reported discrepancies in bilateral trade data with China, stating that differences in reported figures cannot, on their own, establish under-invoicing or import fraud. The clarification comes amid media reports raising concerns about the valuation of goods imported from China and inconsistencies in trade statistics. In a statement issued in Islamabad on October 13, 2026, Pakistan Customs said it was actively addressing valuation-related concerns and taking steps to ensure fair, transparent and evidence-based customs valuation. Pakistan Customs Reviews Import Valuation Concerns The Directorate General of Customs Valuation has prioritised concerns raised by local manufacturing industries, including textiles, steel, chemicals, tyres, stationery, dyes, plastics, glass, light engineering goods and automotive vendors. According to the statement, the issuance and revision of Valuation Rulings remain ongoing processes. The objective is to establish realistic, sustainable and uniform customs values that reflect prevailing market conditions while addressing concerns raised by domestic manufacturers. Pakistan Customs said these measures were intended to protect local industry while facilitating legitimate imports through transparent valuation procedures. Trade Data Discrepancy Reduced From 32% to 0.54% Pakistan Customs said discrepancies between trade figures reported by Pakistan and China to the International Trade Centre (ITC) had been examined through mirror trade analysis. This process compares China’s reported exports to Pakistan with Pakistan’s reported imports from China. However, the two sets of figures may differ because of variations in data collection, compilation, retrieval and reporting practices across countries and institutions. The statement cited the 2023 trade discrepancy, which reportedly stood at 32% before reconciliation and was subsequently reduced to just 0.54%. Pakistan Customs emphasised that such differences should not automatically be interpreted as evidence of under-invoicing. Instead, the relevant datasets must be reconciled and verified before conclusions can be drawn. The Federal Board of Revenue (FBR) has also introduced corrective measures to improve trade data reporting, which have been in place since July 2026. Customs Valuation Rules Revised for Textile Imports The Directorate General of Customs Valuation in Karachi has issued Valuation Rulings under Section 25A of the Customs Act, 1969, covering various yarns and fabrics. The rulings were prepared in consultation with relevant industry associations and stakeholders. The valuation process takes into account internationally recognised price publications, prevailing global market trends and other relevant parameters to determine appropriate customs values. The major Valuation Ruling covering Polyester Filament Yarn has also been revised in line with international market trends. Meanwhile, fresh valuation exercises are underway for existing rulings and additional textile products. These include Mink Yarn, Raw White Dyed and Undyed Core Spun Blended Yarn, Cotton Yarn, Billiard Cloth and other relevant items. Pakistan Customs said these exercises would be completed within the specified timeframe to support fair and consistent valuation and address industry concerns regarding possible under-invoicing. FBR Seeks Transaction-Level Data Exchange With China To improve transparency and strengthen verification of bilateral trade, the FBR has taken up the matter with Chinese authorities to enhance the existing Electronic Data Exchange mechanism. The proposed improvement involves extending the mechanism to the transaction level, which is not currently available under the existing arrangement. Transaction-level data exchange could provide customs authorities with more detailed information to compare individual trade records and improve the verification of import declarations against corresponding export data. Pakistan Customs Reaffirms Commitment to Transparent Trade Pakistan Customs said it remained committed to protecting domestic industry, ensuring accurate customs valuation and strengthening the verification of bilateral trade data. The department also reiterated its commitment to facilitating legitimate trade through transparent and evidence-based procedures. The measures outlined by Pakistan Customs focus on reconciling trade statistics, updating valuation rules and improving information exchange with China. These steps are intended to address concerns about import valuations while ensuring that discrepancies in reported trade figures are assessed through verification rather than treated as conclusive evidence of fraud.

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