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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Securities and Exchange Commission of Pakistan (“SECP”) through SRO 346(I)/2020 dated 29 April 2020 has withdrawn it earlier directive issued under SRO 924 (I)/2015 on 9 September 2015.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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SRO 78 (I)/2021 The Inland Revenue Reward Rules

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Federal Board of Revenue (FBR) issued SRO 78(I)/2021 on 22 January 2021 to introduce the Inland Revenue Reward Rules, 2021. The purpose was to consolidate rewards rules already issued from time to time and make a robust system of incentives to motivate officers of Inland Revenue for enhancing their performance.   The rules also provide incentives to whistle blower and informants not belonging to the office Inland Revenue. Snapshot Reference No. SRO 78 (I)/202 1 Description The Inland Revenue Reward Rules, 2021 Date of Issuance 22 January 20 21 Amendment Consolidation of the Reward Rules, 1980 dated 29 March 1988, The Sales Tax Reward Order dated 30 November 1998, The Unified Reward Rules, 2006 dated 05 December 2006 and SRO 398(I)/2016 dated 05 May, 2016 Objective To consolidate exiting reward rules and introduce a robust reward system for officials and staff ...
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