The wait is over. Episode 86 is live. Pakistan's Stock Market, Bull Run or Bear Trap? Mustafa Pasha, CFA, ED & CIO of Lakson Investments, joins for a masterclass on macros, sectors and top stock picks for 2026. @MP4FMPK Watch here: youtu.be/gKewDCKtK4k

If you are a salaried person in Pakistan, your taxes are deducted at many different points during the year, and each deduction is properly recorded in the FBR system. For example: Monthly salary: Your employer deducts withholding tax every month and deposits it directly with the government under section 149. Vehicle token Taxes: These taxes are paid through proper challans and are fully traceable and relevant collecting authority deposits the same into Govt treasury under section 231B/234. Utility bills: Electricity, mobile, telephone, and internet bills include withholding taxes that are automatically deducted and reported/deposited to FBR under different sections of income tax ordinance. Foreign transactions: Advance tax under section 236Y is also deducted at source. And there are no of other withholding tax transactions. Since all these taxes are collected in advance, submitted electronically, and in most cases appear in the filer’s IRIS account with proper CPR numbers, the government already knows exactly how much tax a salaried person has paid. Their own system verifies everything. Because of this, there should be no reason to delay refunds or force taxpayers through long application submission procedures—especially when salary is the only source of income. The system already holds all the data; it simply needs to match the tax paid with the actual tax due and automatically issue the refund to the bank account provided in the taxpayer’s FBR profile—just like many other countries do. But in Pakistan, instead of automatic refunds, taxpayers still have to file separate refund applications, wait for months or even years, and deal with unnecessary hurdles. With such a complete and data-rich system already in place, what we truly need now is transparency, automation, and an efficient refund mechanism, so taxpayers receive what is rightfully theirs without delays. @FBRSpokesperson @CMShehbaz Let’s start this year by implementing automatic refunds for salaried individuals whose only source of income is salary, and then gradually expand it to everyone.

OUR FISCAL NIGHTMARE FROM MICHAEL BURRY’S LENS Michael Burry warned: The moment your interest payments exceed tax revenue, your country becomes a Ponzi scheme. Welcome to FY26: - Federal interest payments: Rs 8.3–8.8 trillion - Total federal net revenue (after NFC): Rs 7.5–8.0 trillion Let that sink in: We can’t even pay interest without borrowing more. The federal government is now: - Borrowing to pay interest - Borrowing to run the state - Borrowing to survive It is not sustainable.

A trade deficit in itself means nothing. As long as imports are contributing to future productivity & you can fund the gap with mostly non debt dollars. If there are no inflows to offset higher import payments then reserves should feel the impact during Nov. 2/3

(1/n) 🇵🇰 Why PSX ≠ Pakistan’s Real Economy 1️⃣ Major Companies Are Unlisted Largest Refinery (PARCO) → Joint venture of Pak-Arab Govt. & ADNOC, not listed. Largest Telecom (Jazz/PMCL) → Owned by VEON (Netherlands), not listed. Largest Auto (Pak Suzuki) → Delisted in 2024, now fully owned by Suzuki Motor Corp Japan. Largest FMCG (P&G Pakistan) → Winding down / delisting process. Philip Morris (Pakistan) → Also delisting soon. ➡️ These sectors drive real GDP growth, employment, and consumption — yet are invisible in PSX indices.

I am deeply saddened to see the current state of Karachi’s infrastructure, which does not reflect the stature of our country’s economic hub. During my visit, I found the ongoing work on the Lyari Expressway unsatisfactory, and therefore, I have suspended Member South with immediate effect. This is my promise to the people of Karachi that the Lyari Expressway will be transformed into a model infrastructure. I am pleased to announce that the development work on the M-6 Motorway (Sukkur to Hyderabad) and the M-10 Motorway (Hyderabad to Karachi Port) will commence from this financial year. These projects will be a gift from the Federal Government to the people of Sindh. I hope that the people of Karachi will soon have a clean city with the excellent infrastructure they truly deserve. With the completion of these motorways, the Karachi Port will be directly connected with the entire country, greatly improving trade, logistics, and connectivity. The Federal Government remains fully committed to modernizing infrastructure across Sindh and ensuring that every project meets the highest standards of transparency, quality, and efficiency for the benefit of the people.