KARACHI – Pakistani government is taking measures to simplify Tax Filing process for Salaried Class, Finance Minister Muhammad Aurangzeb said Tuesday.
Minister shared his views at “Dialogue on the Economy” event organized by Pakistan Business Council (PBC), where he raised concern over tax load on salaried individuals, acknowledging disproportionate tax and suggesting that a review of the current tax slabs is need of the hour.
He shared that the budget process for the upcoming fiscal year had already commenced in early January, allowing ample time for detailed discussions. Consultations with business chambers are set to begin in February, with feedback expected by upcoming months.
FinMin also noted Pakistan’s commitments under the International Monetary Fund (IMF) program might necessitate phasing in or phasing out some measures.
The budget for the 2025-26 fiscal year will be presented in the first week of June 2025, he said, and reassured that key economic indicators were moving in the right direction, pointing to the recent decision by the State Bank of Pakistan’s Monetary Policy Committee to cut the policy rate.
Pakistan’s foreign exchange reserves will touch $13 billion by the end of the current fiscal year, providing almost three months of import cover, he added, calling it a milestone that could lead to an upgrade in Pakistan’s sovereign credit rating to a single B category.
Tax-to-GDP ratio to be increased to 13pc in 3 years: Aurangzeb
