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Pakistan’s IT Exports Soar to Record $342 Million in March 2025

Pakistan’s IT Export Boom Record $342 Million Achieved in 2025
Pakistan’s IT Export Boom Record $342 Million Achieved in 2025 800 480 D. I. Khan New City

Pakistan’s IT exports boomed to $342 million, setting a new record. In March 2025, the country’s information technology (IT) exports surged to an all-time high of $342 million, marking a 12% increase both year-on-year and month-on-month. This remarkable milestone highlights the sustained momentum driving the industry forward for the 18th consecutive month since October 2023.

According to Topline Securities, this performance not only exceeds expectations but also surpasses the 12-month average of $311 million. Clearly, the sector is showing robust and consistent growth.

What’s Fueling the Surge?

Several key factors are contributing to this exceptional rise in IT exports:

  • Expanded Global Client Base: Pakistani tech firms are rapidly gaining traction in the Gulf Cooperation Council (GCC) region, as well as North America and Europe, allowing them to tap into high-value markets.

  • Favorable SBP Policies: The State Bank of Pakistan (SBP) increased the permissible retention limit in Exporters’ Specialized Foreign Currency Accounts from 35% to 50%, enabling firms to reinvest more efficiently.

  • Equity Investment Abroad (EIA): The introduction of the EIA category empowers IT companies to acquire stakes in foreign ventures using up to 50% of their foreign currency proceeds—boosting both confidence and international presence.

  • Stable Rupee Performance: The relatively stable exchange rate has further encouraged exporters to repatriate a larger share of their profits, strengthening Pakistan’s financial outlook.

  • Global Presence: Moreover, participation in international tech events like LEAP 2025 in Saudi Arabia and Web Summit Qatar 2025 has amplified Pakistani innovation on a global platform.

Key Stats to Note:

  • March 2025 IT export earnings: $342 million

  • Total IT exports for 9MFY25: $2.8 billion (24% YoY increase)

  • Net IT exports (exports minus imports): $311 million

  • Daily export proceeds in March: $18.0 million (up from $16.1M in February)

  • Specialized FCY accounts: 62% of IT firms maintain one

What’s Next for Pakistan’s Tech Industry?

Looking ahead, industry analysts remain optimistic. They project a continued growth trajectory of 10–15% for FY25, with total IT exports potentially reaching between $3.5 to $3.7 billion by year-end.

Additionally, under the government’s ambitious ‘Uraan Pakistan’ strategy, the long-term objective is to achieve $10 billion in IT exports by FY29. This target, though challenging, is within reach if the current compound annual growth rate (CAGR) of 28% is sustained.

Conclusion:

Ultimately, the record-breaking performance in March 2025 demonstrates that Pakistan’s digital economy is rapidly evolving. Backed by forward-looking policies, a skilled workforce, and an expanding global footprint, the country is on a clear path to becoming a top-tier global IT exporter. As the world watches, Pakistan’s tech industry is proving it’s ready for the spotlight.

Starlink Set to Launch in Pakistan by End of 2025

Starlink Set to Launch in Pakistan by End of 2025
Starlink Set to Launch in Pakistan by End of 2025 680 480 D. I. Khan New City

In a major step toward digital transformation, Federal Minister for Information Technology and Telecommunication, Shaza Fatima Khawaja, announced that Starlink’s satellite internet services are expected to be operational in Pakistan by November or December 2025. This marks a turning point for broadband access in remote and underserved regions of the country.

The announcement came during a briefing at the National Assembly Standing Committee on IT. It was revealed that Starlink — a subsidiary of SpaceX, owned by tech visionary Elon Musk — has already been issued a temporary No Objection Certificate (NOC) by the Pakistan Space Activities Regulatory Board. Consequently, this permits the company to begin groundwork for launching operations in the region.

What is Starlink and Why is it a Game-Changer for Pakistan?

Starlink provides high-speed, low-latency internet through a network of Low Earth Orbit (LEO) satellites. As a result, it’s particularly beneficial for countries like Pakistan, where rugged terrain and isolated communities often limit traditional broadband infrastructure.

With this development, even remote mountainous villages or desert communities could soon enjoy seamless internet access, thereby bridging Pakistan’s persistent digital divide.

Regulatory Progress and Next Steps

Although Starlink has not yet received a full operating license, officials confirmed that licensing arrangements are nearing completion. In fact, according to Pakistan Telecommunication Authority (PTA) Chairman Major General (retired) Hafeezur Rehman, a consultant has already been hired to assist in finalizing the regulatory framework for satellite-based internet services.

Once this framework is in place, Starlink will reapply for full operational clearance, ultimately paving the way for its commercial launch in Pakistan.

Competition on the Horizon: More Satellite ISPs Eye Pakistan

Interestingly, Starlink isn’t the only player with plans for Pakistan’s growing tech market. Minister Shaza Fatima Khawaja also disclosed that a Chinese satellite internet company has submitted an application to operate in the country. However, the name of the firm remains undisclosed.

This growing international interest further highlights Pakistan’s potential as a regional hub for space-based connectivity services, especially as demand for reliable, high-speed internet continues to rise.

What Starlink Means for Pakistan’s Future

The arrival of Starlink could significantly:

  • Improve internet connectivity in rural and underserved areas

  • Boost digital education, e-healthcare, and e-commerce in remote regions

  • Support the government’s Digital Pakistan vision

  • Open opportunities for telecom sector innovation and healthy competition

Conclusion

With Starlink’s commercial launch now on the horizon, Pakistan is gearing up for a digital revolution powered by next-generation satellite internet. As regulatory processes near completion and infrastructure installation begins, Pakistanis can look forward to faster, more reliable, and universally accessible internet — from bustling cities to the most isolated corners of the nation.

Stay tuned as Pakistan prepares to join the global Starlink network and reshape its digital destiny.

Google Wallet Launches in Pakistan A Step Forward for Digital Payments

Google Wallet Launches in Pakistan A Step Forward for Digital Payments
Google Wallet Launches in Pakistan A Step Forward for Digital Payments 1280 720 D. I. Khan New City

In a game-changing move for Pakistan’s digital economy, Google Wallet has officially launched in the country, signaling a major leap forward in mobile payments. The news sparked buzz across the fintech community, especially on LinkedIn, with experts and tech enthusiasts hailing the development as a turning point for digital financial services in Pakistan.

But what does this actually mean for users, merchants, and the broader payments ecosystem?

What is Google Wallet?

Google Wallet is a digital payment solution that allows users to securely store debit and credit cards on their Android phones. Once linked, users can make tap-to-pay transactions at NFC-enabled point-of-sale (POS) terminals. The app eliminates the need to carry physical wallets, offering a seamless and convenient checkout experience.

However, as of now, the service is limited to Android users and only supports payment cards—no bank transfers or mobile wallet top-ups yet.

Why the Hype?

Google’s entry into the Pakistani fintech market is significant for several reasons:

  • Pakistan was among the largest countries without access to Google Wallet.
  • It reflects the growing maturity and global relevance of Pakistan’s digital economy.
  • It builds trust in mobile payments by leveraging Google’s brand credibility.
  • It could drive adoption of Raast P2M and scan-to-pay technologies.

How Google Wallet Could Drive Change

According to Saad Niazi, CEO of Keenu, the launch will likely accelerate behavioral change toward mobile merchant payments in Pakistan. Much like Apple Pay did in Saudi Arabia and the UAE, Google Wallet’s launch could boost transaction volumes and user trust in tap-to-pay technology.

Furthermore, the timing aligns with Pakistan’s broader shift to digital. The Raast P2M system, launched in late 2023, has already onboarded over 700,000 merchants. However, adoption is still slow—with only 0.9 million transactions worth Rs2.9 billion processed between September and December 2024. A user-friendly interface like Google Wallet could be the push needed to normalize such services.

Limitations of Google Wallet in Pakistan

While promising, there are notable limitations:

  1. Card-only functionality: Google Wallet doesn’t support mobile wallet or bank account integrations yet. With just 56.4 million payment cards in circulation, its current reach is limited compared to apps like JazzCash (64 million users) and Easypaisa (21 million users).
  2. NFC Compatibility: The service relies on NFC-enabled phones, which are relatively rare in Pakistan. Many budget smartphones lack NFC functionality, a deliberate move by assemblers to reduce costs.
  3. Limited device coverage: Without widespread NFC support, tap-to-pay adoption could face short-term roadblocks.

Despite these hurdles, the long-term potential remains strong. NFC costs are declining, and increased demand could push local manufacturers to include this feature in more devices. Additionally, POS terminals across Pakistan are rapidly upgrading to support tap-and-pay payments.

Industry Reactions and Future Outlook

Industry leaders are optimistic. Aamir Aftab, Chief Product Officer at JazzCash, sees Google Wallet as an opportunity to encourage card adoption in a mobile-first market. By integrating with Google Wallet, platforms like JazzCash can offer hybrid experiences—combining card and wallet transactions under one umbrella.

Karim Jindani, CEO of Paysys Labs, offers a broader perspective: for Pakistan to truly revolutionize payments, it must look beyond cards. Drawing from global examples like Brazil’s Pix and India’s UPI, he suggests Pakistan should invest in scalable peer-to-peer (P2P) and peer-to-merchant (P2M) infrastructure, backed by thoughtful policy and innovation.

Conclusion

Google Wallet’s arrival in Pakistan is more than just a tech upgrade—it’s a sign that the global fintech world sees potential in the country’s rapidly growing digital ecosystem. While the service currently faces some limitations, it has the potential to reshape consumer habits, accelerate Raast P2M adoption, and create a more seamless digital payment experience.

The key will be how effectively local businesses, policymakers, and fintechs can build on this momentum to create an inclusive and scalable payment infrastructure for all.

Easypaisa Unveils AI-Powered Digital Insurance with Free Subscription

Easypaisa Unveils AI-Powered Digital Insurance with Free Subscription
Easypaisa Unveils AI-Powered Digital Insurance with Free Subscription 2048 1152 D. I. Khan New City

The financial landscape of Pakistan is evolving rapidly, with digital solutions leading the way in enhancing accessibility and convenience. In a significant development, Easypaisa Digital Bank has taken a groundbreaking step by launching its AI-powered Digital Insurance Marketplace, making insurance more affordable, seamless, and accessible for millions of Pakistanis.

A New Era of Digital Insurance in Pakistan

Easypaisa’s new insurance marketplace is designed to provide a hassle-free experience for users seeking various insurance products. Specifically, the platform offers a diverse range of insurance plans, including:

  • Health Insurance

  • Life Insurance

  • Mobile Protection

  • Income Protection

  • Vehicle Insurance

  • Domestic & International Travel Insurance

  • Doctor Consultations

Moreover, these services are powered by leading insurance providers such as EFU Life, EFU General, IGI Life, IGI General, WEBDOC, and Oladoc, ensuring quality coverage and credibility.

Exclusive Free Subscription Offer

To further encourage adoption and provide immediate value, Easypaisa is offering a one-month free subscription on all monthly plans. This initiative not only makes insurance more affordable but also promotes transparency and accessibility for people across the country.

In addition, users can benefit from instant consultations with over 25,000 specialist doctors via video or audio calls. They can also enjoy discounted clinic and lab visits, bringing essential healthcare services directly to their fingertips.

AI-Powered Convenience

The integration of artificial intelligence (AI) into Easypaisa’s Insurance Marketplace ensures a faster, smarter, and more efficient user experience. As a result, the platform enables real-time conversations, provides tailored insurance options based on user preferences, answers queries instantly, and simplifies the entire transaction process.

Leadership Insights on the Initiative

Jahanzeb Khan, President & CEO of Easypaisa Digital Bank, highlighted the importance of this milestone:

“The launch of our digital insurance marketplace is a major step in increasing accessibility to insurance services for a broader segment of society. Consequently, Easypaisa remains committed to providing users with essential financial tools that protect them in times of need.”

Similarly, Farhan Hassan, Head of Wallet Business at Easypaisa Digital Bank, emphasized the need to bridge the insurance gap:

“Our insurance marketplace aims to break long-standing barriers in the insurance sector. With less than 1% insurance penetration in Pakistan, our goal is to simplify and expand insurance accessibility, aligning with Easypaisa’s mission of financial inclusion.”

Transforming Pakistan’s Digital Finance Ecosystem

As Pakistan’s first digital bank to commence commercial operations, Easypaisa continues to spearhead the country’s digital transformation. By integrating innovative financial solutions, it is not only enhancing financial security but also fostering economic growth and sustainability.

Conclusion

The launch of Easypaisa’s Digital Insurance Marketplace marks a significant leap towards a more inclusive and financially secure Pakistan. With AI-driven convenience, a one-month free subscription, and partnerships with leading insurers, this initiative is set to redefine the way Pakistanis perceive and access insurance services.

Jazz Invests PKR 53.9B in 2024 to Drive Pakistan's Digital Growth

Jazz Invests PKR 53.9B in 2024 to Drive Pakistan’s Digital Growth
Jazz Invests PKR 53.9B in 2024 to Drive Pakistan’s Digital Growth 696 418 D. I. Khan New City

In a monumental step toward digital transformation, Jazz has announced a PKR 53.9 billion investment in 2024. This strategic move represents a 46.2% year-on-year (YoY) increase, reflecting the company’s dedication to accelerating Pakistan’s digital and financial landscape. From fintech solutions to AI-powered services, Jazz is building a future-ready, digitally inclusive ecosystem.

Driving Financial Inclusion with JazzCash

JazzCash continues to revolutionize Pakistan’s financial landscape. With over 19.7 million active users and facilitating PKR 2.8 trillion in transactions, JazzCash has become a key player in promoting a cashless economy. The platform’s rapid growth is supported by:

  • 143,000+ Daily Digital Loans:

    Offering easy access to credit.

  • 350,000+ Merchant Network:

    Enhancing cashless transactions nationwide.

  • 122,000 Agents:

    Ensuring financial services reach remote areas.

This growth signifies Jazz’s commitment to reducing financial exclusion, particularly in underserved communities.

Expanding Digital Horizons with AI and Cloud Solutions

Jazz’s ServiceCo strategy emphasizes expanding beyond traditional telecom services. This includes the development of AI-powered platforms and localized cloud solutions like Garaj, which reported a 74% growth in 2024.

Other notable advancements include:

  • Tamasha:

    Pakistan’s leading streaming platform with 17.1 million monthly active users (MAUs), offering premium sports content and expanding into new categories.

  • SIMOSA:

    AI-powered lifestyle platform with 19 million MAUs, providing personalized digital experiences.

  • FikrFree:

    AI-driven insurance and healthcare marketplace, gaining 1.4 million users and selling 790,000 policies.

Commitment to Sustainability and Partnerships

A notable aspect of Jazz’s strategy is its commitment to sustainable growth. Collaborating with Engro Corporation on infrastructure development, Jazz is embracing an asset-light model to ensure scalability and resilience.

Conclusion

Jazz’s massive investment in 2024 marks a significant milestone in Pakistan’s journey towards digital and financial inclusion. By leveraging AI, fintech innovations, and strategic partnerships, Jazz is not only expanding connectivity but also creating a more inclusive, cashless economy.

Google Wallet Now Available for Meezan Bank Customers

Google Wallet Now Available for Meezan Bank Customers
Google Wallet Now Available for Meezan Bank Customers 2048 860 D. I. Khan New City

In a groundbreaking move for Pakistan’s financial sector, Meezan Bank has officially integrated with Google Wallet, enabling its customers to enjoy seamless, contactless payments using Android smartphones and Wear OS devices. This development marks a significant step towards the digital transformation of Pakistan’s banking industry and aligns with the global shift towards a cashless economy.

Meezan Bank Joins the Digital Payment Revolution

Starting today, Meezan Bank customers can link their Visa and Mastercard debit cards to Google Wallet, allowing them to make quick and secure transactions online, in-store, and within apps. This eliminates the need for carrying physical cards and enhances user convenience and security.

Key Benefits of Google Wallet for Meezan Bank Users

  • Secure and Contactless Payments – Tap and pay effortlessly using Android devices.
  • Enhanced Security Features – Google Wallet employs tokenization to safeguard customer data, replacing sensitive card details with unique digital identifiers.
  • Real-Time Transaction Tracking – Users can monitor transactions instantly within the app.
    Convenience and Flexibility – Supports in-store, online, and in-app payments at millions of global merchants.
  • Seamless Authentication – Customers can use fingerprint, PIN, or pattern authentication for secure transactions.

Google & Meezan Bank Collaboration – A Vision for the Future

During a high-profile visit to Meezan Bank’s head office, Google Inc., Thales, Mastercard, and VISA representatives met with the bank’s Deputy CEO, Syed Amir Ali, and the leadership team to discuss the future of digital payments in Pakistan. The collaboration underscores a shared commitment to modernizing banking services and providing users with a faster, safer, and more convenient way to transact.

The Future of Digital Payments in Pakistan – Google Wallet

With the introduction of Google Wallet, Pakistan is stepping into a new era of digital banking and financial inclusion. The integration offers Meezan Bank customers a polished and feature-rich payment solution, encouraging digital adoption across the country.

A Step Towards a Cashless Pakistan

Syed Iftikhar Ul Haq, Group Head Consumer Finance at Meezan Bank, expressed his enthusiasm:
“We are thrilled to partner with Google Pay to offer our customers a seamless, secure payment experience. As Pakistan’s most trusted Islamic bank, this collaboration supports our commitment to digital innovation and will help drive the adoption of digital payments across the region.”

Conclusion

With Meezan Bank embracing Google Wallet, the future of digital payments in Pakistan looks promising. Customers can now experience hassle-free, secure, and innovative banking like never before. This step not only empowers users but also contributes to Pakistan’s journey towards a digitally driven economy.

Mobilink-Bank-Wins-Prestigious-GLOMO-Award.jpg

Mobilink Bank Secures Prestigious Glomo Award for Transformative “Invisible Heirs” Initiative
Mobilink Bank Secures Prestigious Glomo Award for Transformative “Invisible Heirs” Initiative 1280 720 D. I. Khan New City

In a landmark achievement, Mobilink Bank has been honored with the coveted Glomo Award at the Mobile World Congress (MWC) Barcelona 2024. The bank was recognized in the Best Use of Mobile for Social, Economic, or Environmental Development category. This prestigious accolade celebrates its innovative “Invisible Heirs” initiative — a visionary campaign that addresses the long-standing challenges of unclaimed inheritance in Pakistan, particularly impacting women and children.

Bridging the Gap in Inheritance Rights

Across the country, countless families lose their rightful inheritances due to inadequate legal documentation. Consequently, this issue disproportionately affects vulnerable groups. To combat this, Mobilink Bank’s campaign leverages mobile technology to simplify the process of legally documenting heirs. By offering user-friendly digital tools, the initiative empowers individuals to secure their families’ financial futures, thereby ensuring assets are transferred both smoothly and lawfully.

Leadership Insights: A Commitment to Social Impact

Speaking about the initiative, Ghias Khan, CEO of Mobilink Bank, emphasized its mission:

“Invisible Heirs is more than a project — it’s a movement to dismantle barriers that perpetuate inequality. Through harnessing mobile solutions, we’re enabling families to protect their legacies and fostering economic resilience for generations.”

Furthermore, Haaris Mahmood, Chief Marketing Officer, added:

“This award underscores our belief in technology as a catalyst for societal progress. Ultimately, the campaign’s success reflects our dedication to creating inclusive solutions that uplift marginalized communities and drive meaningful change.”

A Legacy of Innovation

Notably, this marks Mobilink Bank’s second Glomo Award win, following its 2023 triumph for advancing digital inclusion. As a result, these consecutive accolades highlight the institution’s leadership in merging fintech innovation with social responsibility. Through such initiatives, the bank continues to set a benchmark for the industry.

Conclusion

The “Invisible Heirs” initiative not only addresses a critical social issue but also exemplifies the transformative role that financial institutions can play in society. By prioritizing accessibility and equity, Mobilink Bank is redefining the intersection of finance and humanitarian impact.

Looking ahead, as the bank pioneers more tech-driven solutions, this latest achievement reinforces Pakistan’s growing influence on the global fintech stage. In short, stay tuned for more groundbreaking endeavors from Mobilink Bank — a champion of technology-driven justice and prosperity.

Pakistan Expands IT Infrastructure with 43 Technology Parks

Pakistan Expands IT Infrastructure with 43 Technology Parks
Pakistan Expands IT Infrastructure with 43 Technology Parks 930 500 D. I. Khan New City

Pakistan’s IT sector is experiencing rapid growth, thanks to the government’s latest initiatives aimed at expanding technology infrastructure. The Pakistan Software Export Board (PSEB), under the Ministry of Information Technology and Telecommunication (MoITT), has successfully developed 43 Software Technology Parks (STPs) nationwide. These tech hubs play a vital role in enhancing IT exports, fostering innovation, and creating employment opportunities.

Boosting IT & ITeS Growth

The newly established STPs accommodate over 350 IT and IT-enabled Services (ITeS) firms, providing employment to approximately 18,000 professionals across 1.9 million square feet of workspace. A notable achievement is the inclusion of women in the workforce, making up 20% of employees in these technology hubs.

Key Locations and Economic Impact

Between FY2022-24, these IT parks were set up in major and emerging cities, including Islamabad, Lahore, Karachi, Faisalabad, Quetta, Sialkot, and Swat. The parks collectively generate approximately $100 million in foreign exchange annually and contribute $15 million to the local economy.

Major IT Parks in Karachi & Islamabad

To further enhance Pakistan’s ICT sector, two large-scale IT parks are currently under development:

  • Karachi IT Park – A $186 million facility spanning 1.12 million square feet is set to be operational by 2027. This park is expected to create 13,400 jobs and boost IT exports by $90 million.
  • Islamabad IT Park – Scheduled for completion in 2025, this $88.4 million project covers 720,000 square feet, aiming to generate 7,500 jobs and contribute an additional $70 million to IT exports.

E-Rozgaar Centres & Digital Economy Growth

As part of its broader digital transformation strategy, the government plans to establish 250 e-Rozgaar centres by 2027 under the Prime Minister’s Initiatives—Support for Startups, Specialised IT Trainings, and Venture Capital program. These centres aim to equip aspiring professionals with essential digital skills, supporting Pakistan’s growing tech ecosystem.

Why This Matters?

  • Enhanced IT Infrastructure – The expansion of STPs provides a world-class work environment for tech firms.
  • Job Creation – Thousands of new employment opportunities are being generated in the IT sector.
  • Increased IT Exports – Strengthening Pakistan’s position in the global digital economy.
  • Empowering Women – More inclusion of women professionals in the workforce.

D.I. Khan New City’s Visionary Technology Park

Adding to Pakistan’s growing IT infrastructure, D. I. Khan New City is also developing a state-of-the-art Technology Park in collaboration with NUST and NUTECH. This initiative aligns with the city’s commitment to fostering innovation and tech-driven growth. The upcoming technology park will provide modern facilities for startups, IT companies, and research institutions, creating a hub for cutting-edge advancements in software development, artificial intelligence, and digital solutions. By investing in technology infrastructure, D. I. Khan New City is positioning itself as a major player in Pakistan’s digital transformation.

Conclusion

The establishment of 43 technology parks and two major IT parks in Karachi and Islamabad marks a significant milestone for Pakistan’s IT industry. With continued government investment in digital transformation, the country is well on its way to becoming a regional technology hub. As the sector flourishes, businesses and professionals alike can look forward to exciting opportunities in the evolving digital landscape.

Islamabad’s First International-Standard Cricket Stadium

Islamabad’s First International-Standard Cricket Stadium
Islamabad’s First International-Standard Cricket Stadium 1600 1200 D. I. Khan New City

Cricket enthusiasts in Pakistan have reason to celebrate as Islamabad gears up for the construction of its first-ever 50,000-seat cricket stadium. The Capital Development Authority (CDA) has intensified efforts to bring this long-awaited project to life, marking a significant milestone in the country’s sports infrastructure.

Fast-Tracked Development Underway

The project, which had faced delays for years, is now moving forward rapidly under the directives of Interior Minister Mohsin Naqvi. During a high-level meeting at CDA headquarters, Naqvi instructed officials to engage a consultant for finalizing the stadium’s design and fast-track approvals. The stadium is expected to be built near the D-12 sector, offering breathtaking views of the Margalla Hills.

A State-of-the-Art Venue for International Matches

Islamabad’s mega cricket stadium will be designed to meet international standards, providing a world-class venue for Pakistan Super League (PSL) matches, bilateral series, and global cricketing events. The project will not only cater to local fans but also boost Pakistan’s global sporting reputation.

Land Allocation & Revenue Sharing Plan

To facilitate the project, the CDA has proposed a 99-year lease on 280 kanals of land, ensuring long-term stability. Under the proposed agreement, the Pakistan Cricket Board (PCB) will handle construction within five years, with revenue distribution structured as follows:

  • 70% for PCB
  • 30% for CDA

This strategic partnership aims to ensure a sustainable financial model while providing Islamabad with a much-needed international cricketing hub.

Overcoming Past Hurdles

Previous plans to construct a cricket stadium in Shakarparian were abandoned due to legal complications. However, with a new location and strong government backing, this project is now set to materialize. The authorities are committed to avoiding past roadblocks and ensuring smooth execution.

Economic & Social Impact

Beyond just cricket, this stadium is expected to generate significant economic benefits, including:

  • Job creation during and after construction
  • Increased tourism & hospitality sector growth
  • Boost to local businesses

Additionally, it will provide a dedicated space for aspiring cricketers, fostering grassroots talent development in the region.

Islamabad’s Future as a Sports Hub

With the development of this stadium, Islamabad is set to become a premier sports destination in Pakistan. The capital city will finally join the ranks of Lahore and Karachi, hosting high-profile international matches and attracting global cricketing talent.

Conclusion

Islamabad’s first-ever international cricket stadium is no longer just a dream—it’s becoming a reality. As the CDA pushes for rapid progress, cricket fans across the country eagerly anticipate the day when the capital hosts its first major cricketing event.

Stay tuned for further updates on this landmark project, and get ready for Islamabad’s rise as a cricketing powerhouse!

FBR to Reassess Real Estate Taxes – A Major Relief for Pakistan

FBR to Reassess Real Estate Taxes – A Major Relief for Pakistan
FBR to Reassess Real Estate Taxes – A Major Relief for Pakistan 1280 605 D. I. Khan New City

The Federal Board of Revenue (FBR) has taken a significant step toward revitalizing Pakistan’s real estate and construction industry. In response to rising concerns over high transaction taxes, FBR Chairman Rashid Mahmood has agreed in principle to reassess and potentially reduce taxation on property sales and purchases. This move is expected to boost property transactions, encourage affordable housing, and stimulate overall market activity.

FBR’s Plan to Reduce High Real Estate Taxes

During a key meeting of the Taxation-Task Force for Housing Sector Development, industry stakeholders raised alarms over the excessive tax burden imposed under Sections 236C and 236K of the Income Tax Ordinance 2001. Combined with 5% Federal Excise Duty (FED) and 4% provincial stamp duty, the overall tax impact on a single property transaction reaches a staggering 13%, discouraging investments.

The FBR Chairman acknowledged the concerns and agreed to reevaluate these taxes, emphasizing the possible reduction of the 5% FED, provided that provincial governments do not increase their respective real estate taxes.

Tax Incentives for First-Time Homebuyers & Affordable Housing

To further support affordable housing and encourage first-time homebuyers, a committee led by the Member Policy FBR has been established. The committee will draft actionable recommendations for rationalizing federal and provincial property taxes.

Key Committee Members:

  • Sardar Tahir Mehmood – President, Federation of Realtors Pakistan
  • Maj General Aamir Aslam – Chairman, NAPHDA
  • Hafiz Mian M. Nauman – Ex-MPA
  • Waseem Hayat Bajwa – DDG, Policy & Planning Wing, MoH&W
  • Ahsan Malik – Real Estate Analyst

This committee will play a crucial role in structuring tax relief measures and ensuring a balanced approach that benefits both investors and homebuyers.

Aligning Property Valuations with Market Rates

Another significant concern addressed was the discrepancy in property valuation rates. The FBR Chairman proposed an annual review of valuation rates, in collaboration with provincial governments and Inland Revenue Operations, to bring them in line with actual market values. This step will enhance transparency and fairness in property assessments.

Facilitating Overseas Pakistanis in Real Estate Investments

Recognizing the challenges faced by overseas Pakistanis in property transactions, the FBR Chairman proposed an online verification system in collaboration with NADRA. This initiative aims to minimize reliance on field offices and simplify property-related procedures for non-resident Pakistanis.

Revisiting Section 7E and Idle Plots Taxation

A heated debate centered around the income tax on deemed income under Section 7E, which affects idle properties. While the FBR clarified that this tax does not apply to income-generating properties, concerns were raised regarding its impact on undeveloped plots. The Chairman agreed to review and refine the tax framework to prevent double taxation and undue burdens on property owners.

Strengthening Oversight & Digitalization in Real Estate

To promote greater transparency and compliance, the Directorate General of Designated Non-Financial Business and Professions (DNFBPs) will be strengthened with additional resources. Furthermore, a comprehensive digitalization strategy is under discussion to streamline operations and reduce bureaucratic inefficiencies.

Finalized Tax Relief Package – What to Expect?

Real estate experts are optimistic that the finalized tax incentive package, set to be announced in February 2025, will provide substantial relief to the industry. The proposed reforms are expected to include:

  • Lower transaction taxes
  • Incentives for affordable housing projects
  • Measures to attract real estate investments

Conclusion:

The FBR’s decision to reassess real estate taxes marks a turning point for the construction sector. By addressing high transaction costs, valuation discrepancies, and overseas investment hurdles, these reforms could revive property market activity and encourage sustainable growth. Stakeholders eagerly await the official announcement and finalization of the tax relief package.

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