In a bid to alleviate the financial burden on the salaried class, the Government of Pakistan is contemplating providing income tax relief to citizens earning up to Rs 100,000 per month. According to sources, Prime Minister Shehbaz Sharif has tasked the economic team with revising the current income tax rate, which was increased to 2.5 percent in the recent budget.
The proposed relief aims to provide financial respite to the salaried class, who have been struggling to make ends meet due to rising inflation and economic uncertainty. The move is expected to benefit millions of Pakistanis who earn a monthly salary within the specified bracket.
However, the income tax relief is likely to result in a revenue shortfall of approximately Rs 40 billion. To manage this deficit, the government plans to reduce allocations to the Public Sector Development Program (PSDP). The proposed tax relief will also be discussed with the International Monetary Fund (IMF) to ensure that it aligns with Pakistan’s economic commitments.
The decision to provide income tax relief to the salaried class is a welcome move, as it recognizes the financial struggles faced by this segment of the population. The government’s efforts to reduce the tax burden on the salaried class will help increase their disposable income, which can have a positive impact on the overall economy.
#IncomeTaxRelief #SalariedClass #Pakistan #EconomicRelief #FinancialBurden #Taxation #IMF
English
Urdu