Budget 2025-26: Era of amnesty schemes is over, says Aurangzeb

The parliamentary committees on Thursday rejected the government’s proposal to impose a carbon levy on petroleum products, terming it an undue burden on the public, whereas the finance minister stressed that “the era of tax exemptions and amnesty schemes is over”. However, they approved new taxes on high-value pensions and the income of international athletes. The carbon levy became a focal point as the Senate and National Assembly Standing Committees on Finance and Revenue held simultaneous sessions at Parliament House for a clause-by-clause review of the Finance Bill 2025-26. Chaired by Senator Saleem Mandviwalla and MNA Naveed Qamar, respectively, both panels proposed several amendments and struck down a number of measures. The Senate concluded its deliberations on the proposed tax provisions on Thursday.