Finance Minister Muhammad Aurangzeb has announced his government’s intention to reduce the financial burden on the salaried class in the upcoming budget for the financial year 2025-26, state-run Radio Pakistan reported.
The government imposed a higher income tax rate of up to 35% on the salaried class – the most documented sector of the economy with no chances of tax evasion due to tax deduction at source.
“The government is working to reduce the financial burden on the salaried class in the upcoming budget,” Aurangzeb said while speaking to media representatives in Lahore on Sunday.
He emphasised the private sector’s vital role in driving the country’s economic progress, adding that foreign exchange reserves were steadily growing.
The minister also expressed his commitment to supporting the construction industry while ensuring no gambling activities in real estate.
On Saturday, Aurangzeb reiterated the government’s commitment towards structural reforms, saying it would not support the “plots and files” business, a speculative practice prevalent in Pakistan’s real estate sector, calling it unsustainable.
“We are all with the construction industry, but we need to differentiate between real estate and construction.”
“The government will not support the plots and files business,” he said, adding that it was not sustainable.
American Dollar Exchange Rate