Finance Minister Muhammad Aurangzeb acknowledged the disproportionately high tax burden on Pakistan’s salaried class and suggested that the current tax slabs may need to be revised.
Speaking at the “Dialogue on the Economy” event organized by the Pakistan Business Council (PBC), the minister shared his personal view that the salaried class is facing an excessive tax burden. While he expressed the need for a review of the tax slabs, he refrained from making any firm commitments regarding changes. He also mentioned that the government is working on simplifying the process of filing tax returns for salaried individuals.
Read More: Punjab Approves Salary Hike for MPAs and Speaker
The minister emphasized that the country’s economic indicators are improving. Referring to the recent decision by the Monetary Policy Committee (MPC), he noted that the KIBOR rate had decreased to around 11%, which he believes will boost business confidence.
Regarding the central bank’s projection of reaching $13 billion in foreign exchange reserves by the end of the current fiscal year, he called it a crucial milestone, potentially providing the country with about three months of import cover. He added that if things proceed well, this could serve as a significant trigger for the economy and lead to a re-rating of the sovereign to a single B category.
