ISLAMABAD: Federal Board of Revenue (FBR) Chairman Rashid Langrial announced on Friday that they are working towards providing additional tax relief for the salaried class in the next fiscal year’s budget.
During a seminar hosted by the Pakistan Business Council, the chairman highlighted that Prime Minister Shehbaz Sharif has directed a reduction in the tax burden on salaried individuals. He mentioned that work is already underway to implement lower tax rates in the upcoming budget.
Rashid Langrial also shared that the Prime Minister has instructed a decrease in the super tax currently levied on large corporations. Following these directives, FBR has begun efforts to ease the super tax as well.
He emphasized that any adjustments to tax rates would be contingent upon improved tax compliance across the board. An increased number of taxpayers could pave the way for more significant reductions in tax rates.
FBR sources revealed that the federal government is intent on gradually scaling back and eventually abolishing the super tax imposed on major companies and businesses. Discussions with the International Monetary Fund (IMF) will also be tied to this matter, focusing on reducing and eventually removing the super tax.
According to these sources, the end goal of eliminating the super tax is to foster investments, with the initial phase of reductions likely to feature in next year’s budget.
