With the International Monetary Fund (IMF) seeking visible improvements in revenue generation from Pakistan, the government has been forced to contemplate the potential impact of proposed measures on salaried individuals and crucial economic sectors, amid a dearth of fresh ideas about how to boost income. Discussions with Pakistani and IMF officials, as well as US-based economists, indicate tha
At the release of the Pakistan Economic Survey for FY24 on Tuesday, Finance Minister Muhammad Aurangzeb boasted of the economic stability achieved during the outgoing fiscal year. The nation’s GDP is estimated to grow by 2.38pc against a contraction of 0.2pc in FY23, the current account deficit has been contained to an estimated $200 million against the projection of $6 billion, foreign e
IN LINE with the International Monetary Fund’s (IMF) demands, the Shehbaz Sharif government has reportedly set a massive tax target of Rs12.9 trillion for the incoming fiscal year, more than 41 per cent higher than the collection projected for fiscal 2024. This new tax target will require additional revenue measures of at least Rs2 trillion and, despite a projected 30pc increase in the Federal
The newly formed Tax Reforms Commission — a joint venture of two state-run and private think tanks — on Monday called for a stable and predictable tax regime through simplification and harmonisation of the tax system instead of arbitrary budgetary measures targeted at revenue enhancement, to facilitate taxpayers and tax payments and build government trust. A joint report prepared by the commiss
Cash-strapped Pakistan witnessed the highest-ever single-year increase in tax exemptions or concessions, surging by 73.24 per cent or Rs1.64 trillion in the outgoing fiscal year. The Pakistan Economic Survey 2023-24, released by Finance Minister Muhammad Aurangzeb on Tuesday, showed that the Federal Board of Revenue (FBR) doled out a record Rs3.879tr in FY24 compared to Rs2.239tr in FY23. The c