PM Shehbaz Approves Tax Relief Plan for Salaried Class
Government Proposes Income Tax Reduction, Abolishes Super Tax for Rich
ISLAMABAD (Web Desk) – The government has proposed reducing income tax for salaried individuals by 5 percent, bringing the maximum rate down to 30 percent.
Prime Minister Shehbaz Sharif has given in-principle approval for the plan, which also includes abolishing the super tax on wealthy individuals and the corporate sector. The proposal will be submitted to the International Monetary Fund (IMF) for approval.
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During a meeting chaired by the Prime Minister, officials reviewed the proposed tax reforms and directed that private sector experts help refine them before presentation to the IMF.
The government intends to increase the relevant income threshold for salaried individuals, potentially reducing the tax burden for high-income earners. The estimated fiscal impact of these proposals is between Rs 1.5 to 1.8 trillion, although the IMF may face challenges accommodating such a large cut.
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