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What happened on 21 Dec 2025?

This briefing synthesizes critical developments across Pakistan's economic, regulatory, and corporate landscapes as of December 22, 2025. The day is marked by a bullish equity market, significant regulatory clarifications from the Federal Board of Revenue (FBR) for the upcoming tax year, and major strategic initiatives by leading corporations. Key takeaways include the Pakistan Stock Exchange reaching all-time highs, driven by an unexpected policy rate cut by the State Bank of Pakistan (SBP) and improving foreign exchange reserves. Concurrently, the FBR has detailed stringent enforcement and recovery mechanisms for Tax Year 2026, outlining the personal liability of liquidators, the process for third-party fund recovery, and severe penalties for defaulters, including property seizure and arrest. Sectoral performance shows a stark contrast, with the automotive industry demonstrating a robust recovery evidenced by a 92% year-on-year increase in tax collection for November 2025, while ...
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Removal of JamaPunji Message

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Securities and Exchange Commission of Pakistan (“SECP”) through SRO 346(I)/2020 dated 29 April 2020 has withdrawn it earlier directive issued under SRO 924 (I)/2015 on 9 September 2015. SECP, in SRO 924 (I)/2015 , instructed all the companies listed on Pakistan Stock exchange to include a message on “JamaPunji" in annual accounts and balance sheet. Now, listed companies don’t have to publish this message in annual report.  JamaPunji Ad JamaPunji is an initiative of SECP to provide fundamental knowledge and understanding of financial markets to general public and enhance financial literacy in the country.
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What happened on 01 Jan 2026?

Executive Summary This briefing synthesizes key economic, financial, and industrial developments at the start of January 2026. In Pakistan, the new year began with a robust performance on the Pakistan Stock Exchange (PSX), which surged to a new all-time high, reflecting strong investor optimism. Concurrently, the Federal Board of Revenue (FBR) is intensifying efforts to meet revised tax targets for FY2025-26 after experiencing a significant shortfall in the first half, considering new excise duties and continuing desk audits for exporters. The Sindh Revenue Board, however, reported strong 21% growth in tax collection. The corporate sector saw significant activity, including a Rs 15 billion capital injection into U Bank by PTCL Group, the successful IPO and listing of Pak-Qatar Family Takaful Limited, and the launch of the Lucky Islamic Energy Fund. Key strategic industrial initiatives are underway, notably the plan to establish Pakistan's first semiconductor chip manufacturing unit...
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