No new taxes to be imposed on Pakistan’s agriculture, real estate sectors — minister

Pakistan's finance minister Ishaq Dar speaks during the National Assembly session in Islamabad on July 21, 2023. (Photo courtesy: @NAofPakistan/Twitter)
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Updated 21 July 2023
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No new taxes to be imposed on Pakistan’s agriculture, real estate sectors — minister

  • Finance Minister Ishaq Dar says Pakistan has already endured enough hardships while unlocking the IMF program
  • He maintains the country has met the IMF conditions and will no longer burden its people with more taxes

ISLAMABAD: Pakistan’s finance minister Ishaq Dar said on Friday the government would not impose new taxes on the agricultural and real estate sectors, adding the people would no longer be burdened with additional taxes after the country successfully revived an International Monetary Fund (IMF) bailout program.

Last month, cash-strapped Pakistan signed a $3 billion stand-by arrangement (SBA) with the IMF after completing several prior conditions laid down by the lender, including imposition of additional taxes, removal of subsidies, and securing financial assurances from friendly nations.

The release of the IMF loan provided much-needed economic relief to the country, which had been struggling with a severe balance of payment crisis, high inflation, critically low forex reserves, and a depreciating currency.

Addressing the lower house of parliament, Dar dismissed “rumors” by media outlets about a potential increase in taxes on the agriculture and real estate sectors as a result of the IMF deal, saying that the government had no such plans.

“I am issuing a categorical statement before the [parliament] today that not a single new tax will be imposed, neither on the agriculture sector nor on the real estate industry,” he continued.

“We have already endured all the hardships we had to while unlocking the IMF program, delivered all the prior actions [required by the lender], and we have all the documents stating our future commitments.”

Dar assured the masses that all the documents related to the IMF deal with Pakistan would be uploaded to the finance ministry’s website on Friday to ensure transparency, adding that everybody would be able to access them.

He added the government had also taken measures to bring down the country’s consumer price index (CPI)-based inflation rate, which had soared to a record 38 percent on a year-on-year basis in May 2023 before reducing to 29.4 percent in June.

He said the country would bring it to seven percent in the future.


Pakistan Air Force conducts successful test of air-launched cruise missile

Updated 03 January 2026
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Pakistan Air Force conducts successful test of air-launched cruise missile

  • The indigenously developed ‘Taimoor’ missile has a range of 600 kilometers and carries a conventional warhead
  • The missile is designed to fly at low altitudes, which enables it to evade hostile air, missile defense systems

ISLAMABAD: The Pakistan Air Force (PAF) has successfully conducted a test of an air-launched cruise missile, ‘Taimoor,’ the Pakistani military said on Saturday, marking another significant milestone in advancement of national aerospace and defense capabilities.

The indigenously developed Taimoor weapon system is capable of engaging enemy land and sea targets with high precision. The missile has a range of 600 kilometers and carries a conventional warhead.

The missile test comes months after a brief but intense military conflict between Pakistan and India in which the nuclear-armed neighbors exchanged missile and artillery fire and deployed drones and fighter jets.

Equipped with state-of-the-art navigation and guidance system, Taimoor is designed to fly at very low altitudes, enabling it to effectively evade hostile air and missile defense systems.

“Its precision-strike capability significantly enhances the conventional deterrence and operational flexibility of Pakistan Air Force, further strengthening the country’s overall defense posture,” said the Inter-Services Public Relations (ISPR), the military’s media wing.

“The successful flight test underscores the technical maturity, innovation and self-reliance achieved by Pakistan’s defense industry.”

The missile’s launch was witnessed by senior officers of the armed forces along with distinguished scientists and engineers, who played a pivotal role in the development of this advanced weapon system.

PAF’s Air Chief Marshal Zaheer Ahmed Baber Sidhu congratulated the scientists, engineers and the entire PAF team on this remarkable achievement, lauding their professional excellence, dedication and unwavering commitment to strengthening Pakistan’s defense capabilities.

“The air chief reaffirmed that such accomplishments are a testament to the nation’s resolve to achieve technological self-sufficiency and maintain a credible conventional deterrent in the evolving regional security environment,” the ISPR said.

“The successful test of the Taimoor weapon system reflects Pakistan Air Force’s continued pursuit of operational readiness, technological superiority and national security objectives.”

Pakistan has placed greater emphasis on battle readiness in recent months. On Dec. 15, Pakistan Navy test-fired surface-to-air missile in the northern Arabian Sea.

Prior to that, Chief of Defense Forces Field Marshal Asim Munir visited frontline garrisons of Gujranwala and Sialkot to observe a field training exercise involving tanks and drones, where he had highlighted the importance of technological adaptability, saying modern warfare required agility, precision, situational awareness and rapid decision-making.