Karachi:

The price of gold recorded another big increase today, due to which the price of gold per tola reached a new high.

The price of gold increased by $21 per ounce in the international bullion market on Saturday, reaching a new global price of $4,016.

As a result of the rise in gold prices in the global market, the price of 24-karat gold per tola in local bullion markets also increased by Rs. 2,100 to Rs. 422,700.

Similarly, the price of gold per 10 grams in the country increased by Rs 1,800 to Rs 362,397.

Islamabad:

The government asked the IMF for time to publish the Corruption and Governance Report.

According to sources in the Ministry of Finance, the provinces have sought more time to implement income tax on agricultural income due to the floods. Due to the impact of the flood on the agricultural economy, the provinces are not ready to implement agricultural income tax immediately.

Virtual talks are underway between Pakistan and the IMF on four key points for a staff-level agreement. According to sources in the Ministry of Finance, the issues of asset disclosure for government officials and the Corruption and Governance Diagnostic Assessment Report are also part of the talks.

Sources have said that the government has sought time to publish the Corruption and Governance Report, while the IMF has demanded that the government provide a mechanism for purchasing wheat through the open market or from the private sector.

According to sources, the economic team has also requested relaxation of structural benchmarks so that the agreement can be completed as soon as possible.

Islamabad:

Federal Finance Minister Muhammad Aurangzeb left for the United States to attend the annual meetings of the IMF and World Bank.

During his 6-day visit, the Finance Minister will represent Pakistan and hold important meetings with senior officials of international financial institutions.

During his visit, the Finance Minister will meet with the heads of the IMF, World Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA).

He is also scheduled to meet face-to-face with World Bank President Ajay Banga, while he will also attend a dinner hosted in honor of the finance ministers of various countries at the special invitation of Ajay Banga.

Muhammad Aurangzeb will also meet IMF Managing Director Kristalina Georgieva at the G24 and Middle East, North Africa and Pakistan (MENAP) countries platform, where he will deliver a keynote address.

In addition, he will participate in a regional roundtable organized by the World Bank on the digital transformation of the FBR, in which tax authorities from different countries will present their reform progress.

The Finance Minister will also attend two major events organized by the World Economic Forum, while meetings with his counterparts from China, Saudi Arabia, Turkey, Azerbaijan, and the United Kingdom are also part of his schedule.

During the visit, Muhammad Aurangzeb will also meet with senior officials from the White House, the US Treasury Department, and the State Department. He will also hold talks with the Chairman of the Congressional Financial Services Committee and officials from the US-Pakistan Business Council, in which investment opportunities and tax proposals will be discussed in Pakistan.

Additionally, the Finance Minister will also meet with representatives of global credit rating agencies, international commercial banks, and investment banks, particularly from the Middle East.

Similarly, he will also visit renowned think tanks such as the Atlantic Council and the Peterson Institute of International Economics, where he will highlight the country's economic prospects in various investment forums and seminars.

During his 6-day visit, the Finance Minister will attend more than 65 events, meetings, and conferences, including meetings with leading members of the Pakistani community and interviews with international media.

With the support of SIFC, a revolution in the energy sector is expected, in which the positive effects of a comprehensive strategy are emerging.

According to the details, with the support of SIFC, reforms in the energy sector are paving the way for self-reliance, while a comprehensive strategy has been implemented and important steps have been taken at the policy level to control circular debt.

Work is underway to meet the energy needs of Sukkur and southern Sindh. Important energy projects such as hydro and solar production have also been launched with the help of Saudi Arabia and China.

On the other hand, Shanghai Electric's investment in the Thar coal block and the upgrading of brownfield refineries have begun, and new gas reserves have been discovered in Mari Petroleum, Attock, Waziristan, and Dadu, and progress has been made towards self-sufficiency in energy.

Karachi:

The Federal Board of Revenue (FBR) has stated that a significant increase in tax collections from wedding ceremonies has been recorded in the country as more attention has been paid to ensuring collection of withholding tax from wedding ceremonies nationwide.

According to the FBR document, withholding tax deduction on marriages increased by 19% in the fiscal year 2024-25, while documentation is increasing in the event management sector and withholding tax collection on marriages in the fiscal year 2025 was Rs. 2.2 billion.

According to the document, last fiscal year, with an increase of Rs. 500 million in withholding tax on marriages, collections of Rs. 1.7 billion were generated. The main reason for this increase is the strict supervision of the FBR.

The FBR said that a significant increase in expenditure on weddings has been recorded in the three major cities of Karachi, Lahore and Islamabad. The FBR is collecting revenue under Section 236 CB of the Income Tax Ordinance, 2001.

It was further stated that under the law, this tax is being collected from wedding halls, marquees, and hotels, while advance tax is collected from events held in restaurants, clubs, or community centers.

According to the document, tax collections also include food, drinks, decorations, and other related services at events.

It was further informed that a 10% tax is levied on those included in the active tax list, while a 20% withholding tax is applicable on the marriage ceremonies of non-filers. This tax can be adjusted with the annual tax liability of the filers.

According to FBR officials, the aim of focusing on wedding ceremonies is to document the undocumented sector, and this sector is a large source of income, but the majority try to stay outside the tax net.

Officials said that in the context of lavish wedding expenses, this sector could be an effective means of increasing revenue for the government.

Karachi:

The Marine Enforcement Unit of the Collectorate of Customs (Enforcement) Karachi, a subsidiary of the Federal Board of Revenue (FBR), has foiled an attempt to smuggle millions of liters of Iranian diesel into Pakistan in a major anti-smuggling operation and seized three wooden launches.

According to the FBR, this operation by the Marine Enforcement Unit was carried out on the intervening night of October 9 and 10, 2025, based on intelligence information that a large shipment of Iranian diesel was being brought to Pakistan by sea.

The FBR said that the Customs Marine Enforcement Team, comprising Preventive Officers Ayaz Ali and Saleem Yousuf, took immediate action upon receiving the information and headed towards specific locations in the deep sea. The boats marked as targets near Somian and Phur Sapat were intercepted in a very professional manner.

Regarding the operation, it was said that after the arrest, the launches were safely transferred to the Customs Anti-Smuggling Office at Karachi Port without harming human lives.

According to customs officials, the value of the seized diesel is approximately Rs 33.14 million and the total value of the three launches is Rs 45 million, bringing the total value of the seized goods to approximately Rs 78.14 million, which is being described as the largest operation in the history of the Marine Unit.

It should be noted that earlier in September 2025, the Marine team had recovered 18,271 liters and 29,272 liters of Iranian diesel, respectively, in two separate operations near Ormara and Somian Bay.

The Collectorate of Customs (Enforcement) Karachi, while appreciating the excellent performance of the Marine Enforcement Unit, said that Customs Pakistan is committed to protecting national revenue and the country's economy by further strengthening its maritime surveillance and enforcement capabilities.

Islamabad:

The trend of increasing inflation in the country continues for the second week, and in the recent week, the inflation rate has increased by 0.17 percent, while on an annual basis, the inflation rate has increased to 3.34 percent.

According to the Federal Bureau of Statistics, last week, the prices of 21 essential commodities, including eggs, chicken, onions, ghee and flour, increased, while the prices of 6 essential commodities, including potatoes, tomatoes, LPG and lentils, decreased, and the prices of 24 essential commodities remained stable.

According to the Federal Bureau of Statistics report, in the past week, the prices of chicken have increased by 8.92 percent, eggs by 2.25 percent, flour by 5.74 percent, onions by 7.47 percent, garlic by 0.86 percent, vegetable ghee by 0.86 percent, jaggery by 1.70 percent, and washing soup by 0.23 percent.

Similarly, among the essential commodities whose prices have decreased in the recent week, tomatoes have decreased by 11.34 percent, potatoes by 0.93 percent, bananas by 1.29 percent, lentils by 0.35 percent and LPG by 0.59 percent.

The statistics showed that during the recent week, the annual inflation rate for the group with an income of up to Rs 17,732 per month was recorded at 4.14 percent, up 0.14 percent, and for the group with an income of Rs 17,733 to Rs 22,888 per month, it was recorded at 4.31 percent, up 0.17 percent.

The Federal Bureau of Statistics said that the inflation rate for the group with an income of Rs. 22,889 to Rs. 29,517 per month was 5.10 percent, up 0.18 percent, and for the group with an income of Rs. 29,518 to Rs. 44,175 per month, the inflation rate was 5.15 percent, up 0.20 percent.

Similarly, for the group with an income of more than Rs. 44,176 per month, the rate of increase in inflation has been 3.59 percent, with an increase of 0.16 percent.

Karachi:

The rupee recorded an improvement in its value against the dollar in both the interbank and open foreign exchange markets.

According to Express News, the rupee strengthened against the dollar in both foreign exchange markets on Friday on hopes of reaching a staff-level agreement with the IMF for the next tranche if strong government foreign exchange reserves, inflation control, reduction in external debt, and flood losses and external account issues are covered.

The dollar continued to depreciate throughout the trading period in the interbank market due to factors such as the signing of two energy and investment agreements between the Sindh government and Saudi Arabia to promote power projects and attract investment.

At one point, the value of the dollar had fallen by 17 paise to Rs. 281.03, but due to increased demand in the economy, the value of the dollar closed at Rs. 281.17 by the end of trading, down by 3 paise.

In the open currency market, the dollar also closed at Rs 282.20, down 5 paise.

Remittances from overseas Pakistanis increased by 11.3% in September to $3.2 billion, continued growth in foreign exchange reserves, hopes of inflows from other sectors including Reko Diq, and good sentiments also influenced the foreign exchange markets.

Karachi:

The price of gold in global and local markets has declined after a continuous increase, while the price of silver has risen to an all-time high.

The price of gold per ounce in the international bullion market has dropped by $44 to $4,400.

In the local market, the price of gold per tola has also decreased by Rs 4,578 to Rs 420,600, and the price of gold per 10 grams has decreased by Rs 3,924 to Rs 360,597.

The global price of silver has reached a new high of $50.13 and the price of silver per tola has increased by Rs34 to Rs5,100.

Finance Minister Muhammad Aurangzeb says that Saudi investors are welcome in Pakistan and it is the government's responsibility to provide a conducive environment for investment.

In a virtual address, the Finance Minister said that Saudi Arabia's Vision 2030 is gaining a unique position in the world and we learn a lot from this vision.

Muhammad Aurangzeb said that three major global rating agencies have rated Pakistan's economic indicators as positive, which are showing a positive trend, and are now committed to export-led economic growth.

He said that they are pursuing an agenda of fundamental reforms in other economic sectors, including energy and taxation, while the reform process is being advanced in consultation with relevant stakeholders. Thanks to the government's efforts, the country has achieved economic stability.

Finance Minister Muhammad Aurangzeb said that the challenge of rehabilitating flood victims is looming.

Islamabad:

Pakistan and the International Monetary Fund (IMF) have not reached a staff-level agreement on the second economic review due to differences in estimates of damage from the recent floods and other factors.

Pakistani authorities have estimated the cost of the floods at Rs 744 billion, while the IMF estimates the losses at around Rs 585 billion.

According to Pakistani negotiators, there was also no agreement on the impact of the floods on the primary budget surplus and last year's economic growth rate.

Disagreements also persist over the release of the Governance and Corruption Report. The IMF has also demanded a cut of Rs300 billion in the Public Sector Development Program to reduce the deficit in tax collections and economic losses.

Despite all this, the IMF has described the implementation of the loan program conditions as strong, saying that significant progress has been made in the agreement with the Pakistani authorities and that it has been decided to continue policy discussions until a consensus is reached on the outstanding issues.

The statement of the second semi-annual economic review talks between Pakistan and the IMF was issued on Thursday. The IMF emphasized maintaining fiscal discipline and providing assistance to flood victims.

It has also recommended maintaining a tight fiscal policy to keep inflation within the set target. Regular tariff adjustments and reforms have been agreed upon to revive the energy sector, and discussions have been held on reducing the size of government institutions and improving transparency.

A statement issued by IMF Mission Chief Eva Petrova at the end of the talks said that Pakistan and the IMF have made significant progress towards a staff-level agreement, and that discussions will continue to resolve any outstanding issues.

The State Bank has kept inflation within the target through a tight monetary policy, and Pakistan has implemented the Climate Change Program (RSF).

Finance Ministry officials say that discussions with the IMF since September 25 have been constructive and positive, and virtual discussions will continue.

According to sources, in the negotiations between Pakistan and the IMF, it has been agreed to end the tax-free car import schemes, end the baggage and gift schemes, and further tighten the Transfer of Residence Scheme.

Commercial import of used vehicles older than 5 years will be allowed conditionally. The IMF has directed that approval be sought through the ECC this month to further tighten the conditions.

According to sources, there is still disagreement between the government and the IMF over the release of the Governance and Corruption Report. The task force established in this regard has made various recommendations. The assets of government officials of grades 17 to 22 and their families will be disclosed.

Sources say that even a slight improvement in the economic growth rate will reduce the tax-to-GDP ratio for the last fiscal year, and thus the Federal Board of Revenue will have to collect more revenue to achieve the 11 percent GDP target.

The government is also reluctant to implement new tax concessions and reforms in state-owned enterprises. Sources say that another problem is the power division's Rs505 billion circular debt. The IM wants the losses to be limited to Rs20 billion.

The IMF has also recommended increasing transparency in the judicial system. The global organization has also advised the federal cabinet, the Supreme Judicial Council, and the provincial high courts to publish annual reports through their respective governments.

You mean don't destroy the garden, just eat the fruit?, Justice Jamal Mandokhel's remarks during the hearing

Islamabad:

During the hearing of the case in the Supreme Court, lawyer Farogh Naseem argued that banks in Bangladesh are taxed at 21 percent, while in Pakistan, they are taxed at 93 percent.

The hearing of the super tax case was held in the Supreme Court, in which Farogh Naseem, a lawyer for various companies, gave his arguments and stated that banks in Bangladesh are taxed at 21 percent, while in Pakistan, they are taxed at 93 percent.

Farogh Naseem took the position that customs duty is fixed through various notifications, while sales tax cannot be imposed on imports after Section 31A. The income tax system has been operating in the same manner for the last 200 years.

During the hearing, Justice Aminuddin remarked that the situation becomes clear after the expenses and the real position of the taxpayer is revealed only through the tax return.

Lawyer Farogh Naseem said that his account was closed 10 months ago, then how can tax be levied? To which Justice Jamal Mandokhel remarked that you mean don't destroy the garden, just eat the fruits?

Later, the Supreme Court's Constitution Bench adjourned the hearing of the super tax cases until tomorrow. 

 Poverty rate in Pakistan likely to drop by one percent next year

Islamabad:

The World Bank says that there is a risk of a slowdown in economic recovery in Pakistan after the recent floods and that Pakistan's economic growth rate is estimated to be limited to 2.6% in the current fiscal year 2025-26 due to flood damages.

According to details, the World Bank has released a report on the economic situation of Pakistan, according to which Pakistan's economic growth rate is estimated to be limited to 2.6% in the current fiscal year, while the government has set a target of 4.2% for economic growth in the current fiscal year. Pakistan will grow at a rate of 3.6% in the next fiscal year.

According to the World Bank, there is a risk of a slowdown in economic recovery in Pakistan after the recent floods, with flood losses likely to reduce real GDP growth to 2.6% in the fiscal year 2025-26. Inflation in Pakistan could exceed 7% in the current fiscal year.

According to the report, agricultural production in Punjab has decreased by 10 percent, affecting the crops of rice, sugarcane, cotton, wheat and maize. The fiscal deficit is expected to increase by 5.5 percent due to the disruption in food supplies, and economic growth will depend on the revival of the agricultural sector.

The World Bank says that the poverty rate in Pakistan is likely to decrease by one percent next year. The poverty rate is likely to be 44 percent in the current fiscal year and 43 percent in the next fiscal year.

The report says that economic recovery is possible through increased revenues, reduced expenditures, and agricultural revival. Exports are expected to increase due to tariff reductions under the 5-year reform plan. Exports have declined due to floods, but remittances and low oil prices will help balance the situation.

 There will be additional losses of Rs535 billion in the electricity sector during the fiscal year.

Islamabad:

Pakistan has informed the International Monetary Fund (IMF) that there will be additional losses of Rs535 billion in the power sector during the current fiscal year, which is 35 percent more than last year.

The main reasons for these losses are low collection of electricity bills and line losses, while the government has refused to accept the IMF's target of Rs 200 billion to reduce circular debt.

According to sources, the Power Division has told the IMF that the circular debt will increase by Rs505 billion in the current fiscal year, while the IMF wants this increase to be limited to Rs200 billion.

The Power Division clarified that there is no significant scope for reducing line losses and improving bill collections.

According to the data, a loss of Rs 260 billion is expected due to low collection of electricity bills alone, which is 97 percent more than last year. There will be another loss of Rs 276 billion due to shortcomings in the performance of power companies.

The IMF wondered if the power sector performed relatively well during July and August, why could the targets not be achieved for the rest of the year?

It should be remembered that losses in these two months were limited to Rs. 153 billion, which was 37 percent less than last year.

Thanks to budget subsidies and some other measures taken by the government, the total volume of circular debt has been reduced from Rs 2.42 trillion to Rs 1.6 trillion by June, which has been appreciated by the IMF.

However, no comprehensive and sustainable solution has yet been found to prevent its flow in the future. A spokesperson for the Power Division declined to comment on the news.