Prime Minister Shehbaz Sharif has directed that no mini budget will be introduced this fiscal year, focusing instead on a comprehensive budget strategy for the next financial year. The plan aims to provide relief for salaried individuals and support the industrial sector amid ongoing economic challenges.
Official sources revealed that the government intends to bridge the tax shortfall through enhanced revenue collection rather than imposing new taxes. Efforts will also be made to convince the IMF to avoid requesting additional levies during the remainder of the current fiscal year.
Read more : Salaried class likely to get tax relief in budget after IMF approval
To increase revenue, authorities plan to intensify action against tax evaders and non-filers, while curbing smuggling activities across the country. A special FBR wing is auditing non-filers flaunting luxurious lifestyles on social media platforms, collecting data for enforcement actions.
Work is underway to formulate proposals for the upcoming budget, including measures to reduce tax rates for industries. The government aims to gradually lower the super tax rate for the manufacturing sector to 5 percent over the next four years, providing long-term support for industrial growth.
Additionally, authorities plan to abolish the super tax in the fifth year, contingent on achieving a primary balance surplus. This structural reform is intended to encourage industrial activity, attract investment, and strengthen the economy while offering relief to businesses.
Officials emphasized that the proposed measures will not only provide immediate relief to salaried individuals but also promote sustainable economic growth. The budget strategy is expected to balance fiscal responsibility with incentives for industries and citizens alike.