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 top military commander urges ‘multi-domain preparedness’ amid evolving security threats

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Pakistan top military commander urges ‘multi-domain preparedness’ amid evolving security threats

  • Asim Munir says Pakistan faces layered challenges spanning conventional, cyber, economic and information domains
  • His comments come against the backdrop of tensions with India, ongoing militant violence in western border regions

ISLAMABAD: Pakistan’s top military commander Field Marshal Asim Munir on Tuesday stressed the need for “multi-domain preparedness” to counter a broad spectrum of security challenges facing the country, saying they ranged from conventional military threats to cyber, economic and information warfare.

Pakistan’s security environment has remained volatile following a brief but intense conflict with India earlier this year, when the two nuclear-armed neighbors exchanged missile and artillery fire while deploying drones and fighter jets over four days before a ceasefire was brokered by the United States.

Pakistan has also been battling militant violence in its western provinces of Khyber Pakhtunkhwa and Balochistan, where authorities say armed groups operate from across the border in Afghanistan and receive backing from India. Both Kabul and New Delhi have rejected claims.

The military has also warned that disinformation constitutes a new form of security threat, prompting tighter regulations that critics say risk suppressing dissent. Munir also pointed to a “complex and evolving” global, regional and internal security landscape while addressing participants in the National Security and War Course at the National Defense University (NDU).

“These challenges span conventional, sub-conventional, intelligence, cyber, information, military, economic and other domains, requiring comprehensive multi-domain preparedness, continuous adaptation and synergy among all elements of national power,” he said, according to a military statement.

“Hostile elements increasingly employ indirect and ambiguous approaches, including the use of proxies to exploit internal fault lines, rather than overt confrontation,” he continued, adding that future leaders must be trained and remain alert to recognize, anticipate and counter these multi-layered challenges.

Munir also lauded the NDU for producing strategic thinkers who he said were capable of translating rigorous training and academic insight into effective policy formulation and operational outcomes.