Islamabad (Commerce Desk): Important proposals aimed at providing tax relief to the salaried class for the upcoming fiscal year budget have been finalized.
According to sources, suggestions have been prepared to reduce income tax for individuals earning monthly salaries of up to 100,000, 200,000, and 300,000 rupees. Consideration is also being given to reducing or abolishing the surcharge imposed on high-income groups.
Under the proposed plan, it has been suggested to increase the number of income tax slabs from six to eight in order to provide more targeted relief across different income brackets.
Sources say that reductions of 3, 5, and 10 percent in tax rates across various income levels are under consideration, and consultations are ongoing between relevant authorities and international financial institutions.
In addition, changes to the existing tax structure for high-income individuals and the introduction of new tax slabs are also being planned.
Government sources stated that the objective of these measures is to reduce the financial burden on the salaried class and make the tax system more balanced, while final decisions will be made after the approval of the budget.