National Real Estate News

Islamabad | ReNews Pakistan

Pakistan and Türkiye have signed a preliminary agreement to jointly explore and develop antimony, copper, gold, silver, molybdenum and other critical minerals across approximately 499 square kilometres in Balochistan, marking another step towards expanding bilateral cooperation in mineral resources and attracting foreign investment into Pakistan's mining sector.

The Pakistan Mineral Development Corporation (PMDC) and Türkiye's MTA International Company (MTAIC) signed a term sheet in Islamabad on October 16, 2026, outlining the framework for a proposed joint venture covering Exploration Licence EL-318 in Pishin district.

The exploration area spans 498.82 square kilometres and will be assessed for its potential to support mineral exploration, mining, processing and commercial development.

Under the proposed arrangement, PMDC, MTAIC and an entity designated by the Balochistan government will establish a joint venture company in Pakistan.

MTAIC will serve as the project operator, contributing modern exploration technology and international technical expertise to identify and evaluate mineral resources within the licensed area.

Exploration activities are planned in accordance with the internationally recognised Joint Ore Reserves Committee (JORC) standards, which provide a framework for reporting mineral exploration results, resources and reserves.

The proposed project places particular emphasis on antimony, a strategically important mineral used in defence applications, batteries, electronics, metal alloys and flame-retardant materials.

With global demand for critical minerals increasing, the partnership is intended to strengthen Pakistan's position in international mineral supply chains while creating opportunities for foreign direct investment, technology transfer and employment generation.

The signing ceremony took place at PMDC headquarters in Islamabad, with Türkiye's Ambassador to Pakistan, Dr Irfan Neziroglu, attending as chief guest.

PMDC Managing Director and Chief Executive Officer Engr. Asad Ahmad and MTAIC General Manager Dr Nail Yildirim signed the preliminary agreement in the presence of senior representatives from both organisations.

According to PMDC, the collaboration is expected to combine Pakistan's geological knowledge and experience in mineral development with Türkiye's exploration capabilities.

The proposed investment could support economic activity in Balochistan through technical training, employment opportunities and the development of mineral-related infrastructure, subject to subsequent project implementation.

Islamabad | ReNews Pakistan

The Federal Board of Revenue (FBR) needs complete operational autonomy and protection from political interference to improve Pakistan's tax collection system, senior government sources and independent tax experts have said following Prime Minister Shehbaz Sharif's latest directives to restructure and reform the country's principal revenue authority.

The renewed reform initiative has raised questions about whether changes to the FBR's organisational structure alone can improve revenue collection without addressing political influence, administrative weaknesses and unequal enforcement of tax laws.

Senior official sources told The News that Pakistan had introduced various reforms in its taxation system over the past three decades, accompanied by several comprehensive studies and restructuring proposals.

As part of these efforts, the Central Board of Revenue (CBR) was renamed the Federal Board of Revenue, while the tax administration was reorganised into two principal service groups.

The Inland Revenue Service (IRS) was established by bringing together income tax, sales tax and federal excise administration, while Customs continued as a separate service group within the tax machinery.

A new operating model was subsequently introduced through parliamentary legislation, alongside a transformation plan intended to improve efficiency and strengthen revenue administration.

However, official sources maintained that successive restructuring initiatives had failed to deliver the anticipated improvements in institutional performance.

A few years ago, FBR officials were assessed and placed in A, B, C and D performance categories. Certain officers were assigned lower grades on the basis of intelligence-based assessments, while others were designated officers on special duty (OSDs).

According to the sources, some of those officers continue to serve in OSD positions.

The government also introduced a transformation programme supported by loans worth millions of dollars from the World Bank and the Asian Development Bank. Despite these interventions, the revenue authority's overall performance reportedly remained below expectations.

The latest restructuring discussions followed a high-level meeting at the Prime Minister's Office last week, during which a proposal to abolish the existing FBR and establish a new national tax collection agency was considered.

The proposal has prompted debate within the revenue administration over the future institutional structure, allocation of responsibilities and administrative authority.

The Prime Minister's Office has directed the FBR to deliver a comprehensive presentation on October 19, 2026, outlining proposed human resource reforms and options for restructuring and revamping the organisation.

The revenue authority has also been asked to brief the meeting on taxation and revenue issues relating to the tobacco sector.

Meanwhile, the FBR continues to face difficulties in generating the expected revenue from domestic sales tax, intensifying scrutiny of its enforcement capabilities and overall effectiveness.

Independent tax experts have questioned whether the authority can achieve demanding revenue targets while certain influential sectors and individuals remain beyond the effective reach of the tax system.

They argue that assigning ambitious collection responsibilities to the FBR without ensuring consistent enforcement across all taxable sectors undermines the effectiveness of revenue administration.

Experts have therefore emphasised that meaningful reform requires greater institutional independence, protection from politically motivated interference and legally secured tenure for the organisation's top leadership.

According to their assessment, frequent administrative changes and external influence over operational decisions can weaken institutional continuity and reduce the effectiveness of tax enforcement.

One proposal under discussion involves separating the Inland Revenue Service and Customs into independent organisations with distinct administrative structures.

However, some independent tax experts have expressed reservations about the proposal, arguing that establishing separate authorities may not necessarily improve revenue collection.