FBR Suggests Tax Relief for Low and Middle-Income Salaried Workers
ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a small tax relief for low and middle-income salaried workers in the upcoming federal budget. However, this relief will only happen if the International Monetary Fund (IMF) agrees.
According to sources, the FBR wants to exempt income tax for people whose annual taxable income is more than Rs. 600,000. This means those earning slightly above Rs. 50,000 per month may see some reduction in their taxes, depending on final approval.
What’s Being Proposed?
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Tax relief only for lower income slabs
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No tax cuts for high-income earners
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Part of FBR’s plan to reduce tax burden on the salaried class
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Proposal also includes simplifying the tax return process
All suggestions will be reviewed by Prime Minister Shehbaz Sharif before the final budget is announced. The main aim is to make life a bit easier for salaried people during tough economic times.
However, FBR officials made it clear that these changes will only move forward if the IMF gives the green light, as Pakistan is still following a strict economic reform plan.
