Finance Minister Aurangzeb Announces Relief Program for Salaried Class in Upcoming Budget

Islamabad – Finance Minister Mohammad Aurangzeb has revealed that a program is being developed to provide relief to the salaried class in the upcoming budget. Speaking to the media in Islamabad, the Finance Minister shared that efforts are ongoing to further reduce electricity bills by July or earlier.

He highlighted that the relief program for the salaried class will be a part of the next budget, but the details could not be disclosed at this time. These details will first be presented to the International Monetary Fund (IMF) for approval.

Minister Aurangzeb also provided an update on the budget preparation process, stating that 98% of the budget proposals have been received from both the public and private sectors. He reassured the public that the government and the private sector are working together to finalize these proposals. Before the budget is presented to the assembly, stakeholders will be informed about which proposals can be implemented. For those proposals that cannot be implemented, the reasons will be communicated to the relevant sectors.

He further clarified that the budget will be finalized and enforced by July 1, and after that date, no changes will be made to the budget, allowing for sufficient time to ensure its proper implementation.

Regarding Pakistan’s ongoing negotiations with the IMF, Minister Aurangzeb confirmed that all targets set by the IMF have been met, and he expressed optimism that the IMF Executive Board will approve the staff-level agreement in May.

Additionally, the Finance Minister highlighted improvements in tax collection from traders, but emphasized that the “trader-friendly” schemes should not be tied to tax collection. He also mentioned that the tax policy sector would start working under the Ministry of Finance within this calendar year, and a new tax form is being developed that will allow individuals to fill out their own forms for tax purposes.

This announcement signals a more inclusive approach to fiscal policy, with an emphasis on providing relief to the salaried class and streamlining the tax process for individuals.