Relief Expected for Salaried People and Business Owners in New Budget

Relief Expected for Salaried People and Business Owners in New Budget

The government of Pakistan says it is getting ready to give relief to salaried people and registered business owners in the next budget. This budget is for the new financial year. The government wants to make life a little easier for people who pay taxes.

According to news reports, the budget will include helpful steps for taxpayers. A government adviser named Khurram Shehzad said that a special relief plan is being prepared. This plan is for people who earn monthly salaries and for businesses that are officially registered. The aim is to help people who work honestly and pay taxes.

He also said the government is trying to reduce electricity and energy bills. Along with this, tax rates will be made simple and fair, so people can feel the benefit directly in their daily lives.

Khurram Shehzad said that Pakistan’s economy is getting better. He shared that the country’s total income, called GDP, may grow by 4 percent this year. Next year, it could grow by about 5 percent, which is a good sign for the economy.

He also said that money sent from Pakistanis living abroad, called remittances, may go above 41 billion dollars. This money helps the country pay its expenses and stay strong.

Talking about talks with the IMF, he said the government is being careful this time. The goal is to follow a long-term plan so the country does not face money problems again and again.

Read More: No Progress in Sugar Sector De-regulation Despite IMF Deadline

He shared that 24 government-owned companies are losing money and have become a burden. Because of this, the government plans to privatize them so they do not harm the national budget.

About prices, he said inflation has come down a lot. Earlier, prices were rising by 25 to 30 percent, but now inflation is around 5 percent. The government wants people’s income to increase, so they can live better, buy more goods, and help exports grow.

Finally, he talked about tax collection. Last year, the government collected 13 trillion rupees in taxes. This is 11.3 percent of the country’s total income. He said this number should be higher, because in many countries it is around 18 percent.

Do Follow Us on Facebook: Kafalat News Official