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Dawn - 03:03 Jun 11, 2025
• Up to 80pc tax relief for salaried individuals earning Rs600,000-1.2m annually • Minimal relief for top salary brackets earning above Rs4.1m • 1pc surcharge reduction for income above Rs10m to curb brain drain • Super tax cut by 0.5pc for companies earning Rs200m-500m • Pensions above Rs10m to be taxed at 5pc • Cash withdrawal tax for non-filers increased to 1pc from 0.6pc ISLAMABAD: The government has announced sweeping tax reforms in the federal budget 2025-26, offering tax cuts of up to 80 per cent for low-income salaried individuals while limiting relief for higher earners to just 3pc. A new 5 per cent tax has also been proposed on high-value pensions exceeding Rs10 million annually. The focus of the budget seems to balance sectoral relief, expand tax scope, achieve equitable burden-sharing, and introducing strong enforcement measures. The government expects the digital taxation framework, carbon levies and tax enforcement on e-commerce and digital transactions to help Pakistan adapt to global financi... -
Dawn - 21:08 Jun 10, 2025
Finance Minister Muhammad Aurangzeb on Tuesday unveiled Pakistan’s annual federal budget in a charged National Assembly session, outlining ambitious proposals to drive 4.2 per cent economic growth in the coming fiscal year while cutting back on overall spending and tightening tax measures. As the session — chaired by NA Speaker Sardar Ayaz Sadiq — commenced, opposition lawmakers erupted into anti-government slogans. Starting his speech, the finance minister said the budget 2025-26 was being presented at a “historic moment” marked by national unity and resolve, referencing the recent Pakistan-India conflict. “The spirit with which we protected our national sovereignty, we need to ensure our financial security the same way,” he maintained, continuing his speech through the noisy session. “Pakistan has now achieved economic stability and is moving towards a Pakistan that is prosperous.” View this post on Instagram Budget outlay The federal budget for fiscal year 2026 has a total outlay — the sum of expenditures ... -
Dawn - 19:44 Jun 10, 2025
The provincial government on Tuesday said it has decided to implement strict rules to improve traffic flow and prohibit parking on Karachi’s I.I. Chundrigarh Road — often known as the city’s “Wall Street” — to tighten traffic regulation enforcement and improve road safety. Chief Minister Sindh Murad Ali Shah issued the instructions after receiving a briefing on traffic management in the metropolis, a statement issued by his spokesperson, Abdur Rasheed Channa, said. According to the statement, parking will be prohibited on I.I. Chundrigar Road, beginning from Shaheen Complex to the Merewether Tower. CM Shah also directed the authorities concerned to ban parking for all types of vehicles from Muhammad Bin Qasim Road to Dr Ziauddin Ahmed Road up to the S.M. Law College. I.I. Chundrigar Road, a major road in the city’s central business district, is often referred to as Karachi’s “Wall Street”. The road is a significant financial hub, serving as the location for the Pakistan Stock Exchange, major banks, and other ... -
Dawn - 19:23 Jun 10, 2025
Finance Minister Muhammad Aurangzeb presented the budget for fiscal year 2025-26 on the floor of the National Assembly on Tuesday amid a routine protest by the opposition. Pakistan’s budget for the upcoming year aims for GDP growth of 4.2 per cent and sets an ambitious tax collection target at Rs14,131 billion. Relief for the salaried class Most awaited among the rumoured announcements was some relief for the country’s much-burdened salaried class across all income slabs, according to the finance minister. “This relief will not only simplify the tax structure but will also ensure a balance between inflation and take-home pay by reducing the tax burden on middle-income earners,” he said. The minister also announced a 10pc increase in salaries to government employees from Grade-1 to Grade-22. Proposed changes in income tax: People earning Rs600,000-Rs1.2 million: tax reduced from five per cent to 2.5pc People earning Rs1.2m to be charged Rs6,000 instead of Rs30,000 People earning upto Rs2.2m: tax reduced to 11p... -
Dawn - 18:58 Jun 10, 2025
A former student killed 10 people when he opened fire at a high school in southeastern Austria on Tuesday before taking his own life, authorities said, in an unprecedented case of deadly gun violence that stunned the Alpine country. Heavily armed police, a helicopter and paramedics descended on the Dreierschuetzengasse high school in Graz after the 21-year-old lone shooter struck, police said. Nine victims were immediately confirmed, but a woman died from her wounds in the hospital later, an official said. Seven of the victims were female and three were male, authorities said without specifying their ages. A 17-year-old French student was among the victims, his father told AFP. Twelve people suffered severe injuries, and police said support was being provided to witnesses and those affected. The suspect acted alone and took his own life in the school toilet, police said, adding his motive remained unknown. Austrian Chancellor Christian Stocker declared three days of national mourning to remember the victims, ... -
Dawn - 18:54 Jun 10, 2025
PPP Senator Sherry Rehman on Tuesday termed India a “belligerent power spinning out of control” as she responded to remarks by the latter’s Minister for External Affairs Subrahmanyam Jaishankar on allegations of terrorism. Pakistan and India have been at odds since a deadly attack in occupied Kashmir’s Pahalgam on April 22. New Delhi, without any evidence, blamed Islamabad for the attack, while Pakistan strongly denied the claims and offered a neutral probe. The two nations then fought a four-day conflict before the US brokered a ceasefire on May 10. Speaking in Brussels earlier today, Jaishankar said when India’s Prime Minister Narendra Modi said that “Operation Sindoor” was not over, it was a clear message that “we reserve the right to go after terrorists anytime, anywhere if they have done harm to us”. Responding to the statement, Senator Rehman said on X: “Sorry, but these threats only suggest a belligerent power spinning out of control.” The senator, who is also part of a high-level delegation presenting... -
Dawn - 17:44 Jun 10, 2025
In a rather noisy National Assembly session on Tuesday, Finance Minister Muhammad Aurangzeb presented the budget for the fiscal year 2025-2026, with a total outlay of Rs17.573 trillion and an ambitious 4.2 per cent growth target. In his speech, Aurangzeb said the budget was being presented at a “historic moment”, referring to the recent Pakistan-India escalation. He stressed the need for ensuring the country’s financial security in the same way that national sovereignty was protected. “Pakistan has now achieved economic stability and is moving towards a Pakistan that is prosperous,” he said. Dawn.com reached out to leading economists and analysts for their key takeaways from the budget. Here’s what they had to say: ‘An anomaly’ Economist Adil Nakhoda noted that the government had reduced its outlay for the current fiscal year, which, according to him, was an anomaly. “This is likely due to the significant decline in interest payments as the government’s debt as a percentage of the gross domestic product has a... -
Dawn - 16:28 Jun 10, 2025
French President Emmanuel Macron on Tuesday condemned a “senseless wave of violence” after a teaching assistant stabbed by a 15-year-old pupil outside a school in the east of the country succumbed to her wounds. The secondary school student was arrested after attacking the 31-year-old assistant with a knife during a bag search in Nogent in eastern France, officials said. France has, in recent years, seen a series of attacks on teachers and pupils by other schoolchildren. “While protecting our children, a teaching assistant lost her life, the victim of a senseless wave of violence,” Macron wrote on X, commenting on the latest in a spate of such incidents at French schools. “The nation is in mourning and the government is mobilised to reduce crime.” Education Minister Elisabeth Borne was on her way to Nogent “to support the entire school community and the police”. “I commend the composure and dedication of those who acted to subdue the attacker and protect the students and staff,” she said on X. The pupil is 15... -
Dawn - 14:16 Jun 10, 2025
The sixth round of Iran-US nuclear talks is planned for Sunday, Tehran said as the two sides appear locked in a standoff over uranium enrichment nearly two months into the high-stakes negotiations. Iran has said it would present a counter-proposal to the latest draft from Washington, criticised by Tehran for failing to offer sanctions relief in return for curbs on its nuclear programme. “The next round of Iran-US indirect talks is being planned for next Sunday in Muscat,” Iranian foreign ministry spokesperson Esmaeil Baqaei said in a statement on Tuesday. There was no immediate comment from mediator Oman, which has hosted some of the previous rounds, while Washington has said the talks could be held as early as Thursday. The longtime foes have held five rounds of negotiations since April, the highest level contact since President Donald Trump withdrew Washington from a 2015 nuclear accord during his first term. Trump has said the next meeting was expected on Thursday, although a source familiar with preparati... -
Dawn - 13:55 Jun 10, 2025
Finance Minister Muhammad Aurangzeb presented the budget for the fiscal year 2025-2026 in the National Assembly on Tuesday. Under the watchful eye of the International Monetary Fund, the government projected growth of 4.2 per cent and set an ambitious tax collection target at Rs14,131 billion, an 8.95pc increase from last year’s goal. The government had earlier promised relief for the salaried class in the next fiscal year. Use the calculator to ascertain how much you will be paying in taxes for the FY25-26. -
Dawn - 10:16 Jun 10, 2025
• Many goods, services will now be taxed at higher rates • Lower rates for digital payments versus cash transactions set to replace distinction between filers, non-filers • Some relief expected for salaried persons earning around Rs100,000 per month ISLAMABAD: Facing limited room for fresh tax measures, the Shehbaz Sharif-led coalition government has resorted to rebranding taxation — shifting from “broadening the tax base” to pursuing “equity” — in an effort to justify higher taxes on lower-income segments. This transition comes as the government eyes a record revenue target of nearly Rs14 trillion for FY26, a 22 per cent increase over projections for the outgoing fiscal year. Tied to its commitments under the International Monetary Fund (IMF) programme, the government estimates autonomous revenue collection at Rs12.845tr, based on 4.2pc GDP growth and 7.5pc inflation. To meet the ambitious target, the government will need an additional Rs655 billion in new tax measures and another Rs400bn through enforcement... -
Dawn - 10:09 Jun 10, 2025
LAHORE: Although the country’s total installed power generation capacity is set to rise to 46,605 megawatts in the outgoing fiscal year (FY25), substantial capacity payments to idle power plants continue to burden electricity consumers nationwide. However, energy experts in both the public and private sectors remain optimistic that this capacity payment burden — estimated at Rs12 to Rs15 per unit and passed on to consumers — will gradually decline, as the government has halted new power projects and terminated power purchase agreements (PPAs) with several independent power producers (IPPs). “The issue of capacity payments is not considered very painful during summer, but it becomes more significant in winter when our total electricity demand drops to just 12,000-13,000 MW,” a senior official at the Ministry of Energy told Dawn on Monday. According to the Economic Survey, the country’s total installed electricity generation capacity reached 46,605MW, with the energy mix comprising hydel (24.4 per cent), therma... -
Dawn - 10:05 Jun 10, 2025
ISLAMABAD: The cumulative expenditure on education by the federation and the provinces remained merely 0.8 per cent of the Grand Domestic Product (GDP) while the country’s literacy rate was a little above 60 per cent, according to the Economic Survey of Pakistan 2024-25. The segregated data showed that the literacy rate was 60.6pc, with men at 68pc compared to 52.8pc among women. During the first three quarters of the ongoing financial year, the education-related spending decreased 29.4 per cent, dropping to Rs899.6 billion from Rs1,251.06 billion. The position may increase by June as the expenditure data is only available for July-March, said the survey. The cumulative education expenditures by the federal and provincial governments in FY 2025 were estimated at 0.8pc of the GDP compared to 0.9pc in the health sector. In the development budget for this financial year, Rs92.1 billion were earmarked for the education sector, including higher education. The Ministry of Federal Education and Professional Training... -
Dawn - 08:16 Jun 10, 2025
First Lady and MNA Aseefa Bhutto-Zardari has condemned the murder of teenage social media influencer Sana Yousaf in Islamabad, who was gunned down on the eve of her 17th birthday last week, saying that the incident should not silence girls and discourage from trying to achieve their dreams. Sana Yousaf was shot dead at her residence in Sector G-13 in the presence of her mother and aunt by an unidentified man who fled the scene. Police arrested the suspect Omar Hayat within a few hours who police claimed murdered Sana because she repeatedly refused his advances. Inspector General Syed Ali Nasir Rizvi said the suspect was arrested from Faisalabad within 20 hours of the incident. A local court approved a 14-day judicial remand of the prime suspect to facilitate his identification parade. Calling it a stark reminder of the violence women and girls face simply for asserting their rights, Aseefa extended her condolences to Sana’s family, the community in Chitral, and all those grieving this senseless loss. “Sana wa... -
Dawn - 07:41 Jun 10, 2025
KARACHI: While the city continued to face a severe water crisis on Eid holidays, the dilapidated and outdated water distribution and supply infrastructure of the Karachi Water and Sewerage Corporation (KWSC) once again played havoc with the University of Karachi (KU) after a 36-inch supply line burst, submerging the access to the cemetery on the campus on Eidul Azha. The leakage, being repaired, inundated a large portion of the road leading to the university’s graveyard. People were forced to wade through the ankle-deep water to reach the graves of their near and dear ones for paying homage, a common practice during religious festivals. Residents of the KU staff colony said that they had timely reported the leakage to the water utility, but it did not take immediate steps to plug the leakage. Had the water utility acted promptly, a large amount of water would not have been wasted, besides saving people from the ordeal they went through on the Eid days, the residents lamented. Earlier in April, a burst water m... -
Dawn - 06:40 Jun 10, 2025
Russia carried out “massive” drone attacks on Ukraine’s capital Kyiv and port city of Odesa early on Tuesday, killing one person and hitting a maternity hospital, Ukrainian officials said, calling for further sanctions. Moscow has kept up its attacks on Ukraine, which has hit back with strikes deep inside Russian territory, while peace talks held over the weekend failed to yield a breakthrough towards ending the three-year war. Aside from an agreement to exchange prisoners, progress has stalled and Russia has repeatedly rejected calls for an unconditional ceasefire. “Russia lies every day about its desire for peace and attacks people every day. Time to impose sanctions. Time to support Ukraine with weapons. Time to prove that democracy has power,” Andriy Yermak, head of the Ukrainian presidential office, said on Telegram. A 59-year-old man was killed in the Russian strikes on residential buildings in Odesa on Tuesday, and at least four others were wounded, said Governor Oleg Kiper. “The enemy massively attack... -
Dawn - 06:14 Jun 10, 2025
The Trump administration on Monday ordered US Marines into Los Angeles and intensified raids on suspected undocumented immigrants, fueling more outrage from street protesters and Democratic leaders who raised concerns over a national crisis. Some 700 Marines based in Southern California were expected to reach Los Angeles Monday night or Tuesday morning, officials said, as part of a federal strategy to quell street demonstrations opposing the immigration raids, which are a part of a signature effort of President Donald Trump’s second term. Although their mission to protect federal personnel and property is temporary — filling the gaps until a full contingent of 4,000 National Guard troops can reach Los Angeles — the deployment is an extraordinary use of military force in support of a police operation, and it comes over the objection of state and local leaders who did not request help. Meanwhile, US Homeland Security Secretary Kristi Noem pledged to carry out even more operations to round up suspected immigrati... -
Dawn - 04:54 Jun 10, 2025
• Major crops down 13.5pc amid water crisis, restricting agriculture and overall GDP growth • Industry, services underperform; large-scale manufacturing struggles for third straight year • Inflation drops to 4.6pc, a 60-year low, amid declining interest rates • Finance czar calls it ‘a gradual recovery’, promises ‘turnaround’ next year • GDP growth reaches 2.68pc, missing 3.56pc target ISLAMABAD: “Next year will be a turnaround story,” Finance Minister Muhammad Aurangzeb promised on Monday as he unveiled the Pakistan Economic Survey 2024-25 (PES) document, which highlighted widespread slippages across major sectors of the economy in the outgoing fiscal year. Reviewing the economy report card, the finance minister suggested that Pakistan’s performance should be evaluated in a global context rather than a historical one. He stated that while global economic growth has been on a declining trend, expanding 3.5pc in 2023, 3.3pc in 2024, and 2.8pc in 2025, Pakistan had progressed from a contraction of 0.2pc in 2023... -
Dawn - 03:50 Jun 10, 2025
• Sales tax waivers jump almost 50pc to Rs4.25tr • Income tax exemptions surge 68pc to over Rs800bn ISLAMABAD: Tax exemptions granted by the Federal Board of Revenue (FBR) surged to an all-time high of Rs5.84 trillion in the outgoing fiscal year, marking a 51 per cent increase from Rs3.879tr a year ago, according to the Pakistan Economic Survey 2024-25 unveiled by Finance Minister Muhammad Aurangzeb on Monday. The unprecedented rise in tax concessions comes at a time when the FBR is grappling with significant revenue shortfalls, making this the second consecutive year of record-high exemptions. In FY24, exemptions skyrocketed 73.3pc. The cost of tax exemptions has gone up for the seventh consecutive year despite the government’s claim that exemptions would gradually decrease under the International Monetary Fund (IMF) programme. Tax exemptions refer to the revenues foregone by the state under various categories to different industries and other groups. This is mainly due to exemptions on raw materials and sem... -
Dawn - 03:41 Jun 10, 2025
• Economic turmoil and lack of jobs have forced 3.2m citizens to leave the country, party leaders say • Alleges 30m people have fallen below the poverty line over the last three years • Blames the agriculture sector decline on ‘anti-farmer policies’ ISLAMABAD: Pakistan Tehreek-i-Insaf on Monday criticised the government over the economic survey of Pakistan, alleging it reflected a bleak economic picture and the government’s poor performance, which they said pushed 30 million people below the poverty line in the last three years. At a press conference, the party’s information secretary, Sheikh Waqas Akram, flanked by Leader of the Opposition Omar Ayub Khan, said the finance minister presented the survey “in an apologetic manner.” “Those who used to criticise 6.5pc growth rate during the PTI’s tenure were trying to defend their performance, which was worst,” Mr Akram said. Mr Akram said that while President Asif Zardari had promised to address the masses’ issues, poverty has instead increased. He claimed the to...
6698 items