Business

Govt to Reduce Income Tax on Salaried People in a Bid to Gain Support for Elections

Islamabad – “The government will announce a tax-free budget and cut income tax and regulatory duty rates in a bid to provide maximum relief for all segments of the society,” said Dr Miftah Ismail .
Talking to the local media, the adviser to Prime Minister on finance told that the government will try to restrict the budget deficit to around 4.5% of total national output in the fiscal year 2018-19 (FY19) in order to keep a balance between the consolidated and expansionary fiscal policy. “But the target was not final and was subject to internal reviews”, he added.

“He vowed to reduce the number of withholding taxes in the new budget that had not contributed to the revenue growth but increased problems for the people. Tax rates for the salaried class would also be considerably reduced”, said Dr. Ismail.

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