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ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif has ordered a crackdown on tax evaders and recovery of outstanding dues, Pakistani state media reported on Tuesday, amid the government’s efforts to shore up revenues.

The prime minister issued the directives at a meeting on the Federal Board of Revenue-related matters, during which he called for a public awareness campaign regarding government measures against tax evasion.

Pakistan has lately introduced several reforms to ensure economic stability and to meet structural benchmarks under a $7 billion International Monetary Fund (IMF) program Islamabad secured last year.

The South Asian country has one of the lowest tax-to-GDP ratios in the region, despite a population of more than 240 million, and has often failed to meet its collection targets.

“Shehbaz Sharif asked the FBR to foster a business-friendly environment and ensure the provision of all possible facilities to taxpayers. He also directed the hiring of professionals to identify tax evaders and recover dues from them,” the Radio Pakistan broadcaster reported.

“He stressed the importance of leveraging both FBR’s internal resources and private sector expertise to detect individuals and companies involved in tax evasion.”

In June, Sharif’s government set a record-high tax collection target of Rs14.13 trillion ($47.4 billion) for the fiscal year 2025–26, marking a 9 percent increase from the previous year. Officials say meeting this goal is essential to reducing reliance on external debt and ensuring long-term fiscal sustainability.

Since then, the prime minister has approved modern digital ecosystem for the FBR to increase its collection and the launch of simplified digital tax returns to increase compliance and widen the country’s narrow tax base.

At Tuesday’s meeting, Sharif also asked officials to expedite the completion of an income and sales taxpayer directory, aimed at recognizing and honoring responsible taxpayers.

“Responsible citizens who regularly pay taxes are the backbone of the national economy,” he was quoted as saying. “Acknowledging taxpayers and taking firm action against tax evaders would contribute significantly to broadening the tax base.”

RIYADH: ������Ƶ’s Tadawul All Share Index closed higher on Tuesday, gaining 32.12 points, or 0.31 percent, to end at 10,529.17.

The total trading turnover of the benchmark index reached SR4.33 billion ($1.15 billion), with 150 stocks advancing and 99 declining.

������Ƶ’s parallel market Nomu shed 146.25 points to close at 25,199.66, while the MSCI Tadawul Index rose 0.28 percent to 1,366.84.

The best-performing stock on the main market was CHUBB Arabia Cooperative Insurance Co., which climbed 6.16 percent to SR33.76. 

Shares of Arabian Centres Co., also known as Cenomi Centers, advanced 4.74 percent to SR22.09, while Obeikan Glass Co. gained 4.09 percent to SR28.00.

Riyadh Cement Co. dropped 5.53 percent to SR28.34, and Alandalus Property Co. fell 4.46 percent to SR19.93.

In corporate announcements, Al-Rajhi Bank said it launched its dollar-denominated tier 2 social sukuk through a special purpose vehicle, offered to eligible investors inside and outside ������Ƶ.

In a Tadawul filing, the bank said the sukuk will be listed on the London Stock Exchange’s International Securities Market and offered under Regulation S of the US Securities Act of 1933. The offering, which began on Sept. 9, will run through Sept. 10.

The bank added that the minimum subscription is $200,000, in increments of $1,000, while the final value and terms will be set based on market conditions. 

Al-Rajhi Bank’s share price rose 0.38 percent to SR93.20.

Sumou Real Estate Co. announced that it signed a Shariah-compliant facility agreement worth SR86.5 million with Saudi Awwal Bank.

According to its Tadawul statement, the facility will be used to finance the Areem Makkah project and to issue a bank guarantee letter in line with the contract signed between Sumou Real Estate and National Housing Co. for the design and construction of residential units in Makkah City.

Sumou Real Estate’s share price declined 1.65 percent to SR38.10.