New Govt Likely to Announce Huge Tax Exemption for Salaried Class

The new regime has started work on the federal budget for the fiscal year 2022-23. The income tax exemption threshold will be revised upward from Rs. 600,000 to Rs. 1,200,000, well-informed sources told ProPakistani.

According to Finance Ministry sources, relief measures for the salaried class would be included in the budget. They said that the new government does not intend to increase the tax burden on low-income people in the upcoming budget.

Sources within the Federal Board of Revenue (FBR) stated that income tax exemptions will most likely be included in the upcoming federal budget.

Earlier today, Prime Minister Shehbaz Sharif requested relief for the salaried class at a meeting with his economic team. It bears mentioning that under the current Finance Bill, individuals earning Rs. 600,000 per year are required to pay a percentage of their earnings as tax.