Finance Minister Muhammad Aurangzeb announces major incentives for businessmen and assures abolition or reduction of super tax in the new budget.
The government has also hinted at providing relief to the salaried class in the new budget. Finance Minister meets with business organizations, assures abolition or reduction of super tax in the new budget
Preparations for the budget for the new financial year 2026-27 have started, and the inside story of the virtual meeting of business organizations with Finance Minister Muhammad Aurangzeb has also come to light.
According to sources, the government has assured the abolition or reduction of the super tax in the new budget. A package will be announced soon to boost the real estate sector. Foreign exchange returns from Dubai, remittances have improved, and there is also a proposal to abolish the tax on fictitious income on immovable property.
Sources say that the business community has demanded that a package for the real estate sector be announced before the budget. The meeting was briefed that capital has started coming to Pakistan from Dubai due to the Middle East war. An announcement to withdraw Clause 7E of the Income Tax Act is expected.
According to sources, it is proposed to provide incentives to overseas Pakistanis for investing in the real estate sector. The government has also hinted at providing relief to the salaried class in the new budget, while business organizations have demanded a reduction in tax rates for the export sector.
Sources said that in the virtual meeting, there was a demand for providing easy loans to the SME sector, incentives for investment, and reducing taxes on industrial machinery and raw materials. Emphasis was placed on reducing the cost of doing business, ensuring an atmosphere of doing business.
Relief was given to the IT, pharmaceutical, minerals, mining, and agricultural sectors, and an early announcement of an industrial policy for various sectors. Emphasis was placed on the phased digitalization of the tax sector and simplification of rules and regulations.
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