The International Monetary Fund (IMF) has emphasized the urgent need for comprehensive tax reforms in Pakistan, pointing to the country's inadequate revenue generation and its over-reliance on formal sectors for taxation.

The federal government has promised to reassess the 18% sales tax on packaged milk after concerns raised by the Pakistan Dairy Association (PDA) regarding the negative impact on prices, sales, and the growing shift to unregulated loose milk.

The Economic Coordination Committee (ECC) convened on Thursday under the leadership of Finance and Revenue Minister Senator Muhammad Aurangzeb at the Finance Division, Islamabad. The session focused on crucial economic issues and resulted in several key approvals.

Senator Muhammad Aurangzeb, Pakistan's Federal Finance Minister, highlighted on Thursday that the retail sector, which constitutes a substantial 19% of the nation’s GDP, is contributing a mere 1% in taxes, raising alarms about its insufficient participation in the national tax system.

The Directorate General of Customs Valuation in Karachi has updated the customs value for imported desiccated coconut, raising the price from $1 per kilogram to $1.6 per kilogram for all countries of origin.

The Power Division has established a six-member committee to oversee the ongoing privatization of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO).

Punjab's total government debt decreased by Rs24.8 billion in the second quarter (Oct-Dec) of fiscal year 2024-25, marking a 1.5% drop, according to a report from the Punjab Finance Ministry. This reduction was driven by foreign exchange gains and a reduction in the province’s net debt.