The new administration has begun work on the federal budget for fiscal year 2022-23. According to reliable sources, the income tax exemption threshold would be raised from Rs. 600,000 to Rs. 1,200,000.
According to Finance Ministry sources, the budget would include relief measures for the salaried class. They stated that the incoming government has no plans to raise taxes on low-income households in the future budget.
According to sources within the Federal Board of Revenue (FBR), income tax exemptions would almost certainly be included in the 2022 federal budget.
At a meeting with his economic team earlier today, Prime Minister Shehbaz Sharif urged relief for the salaried class. Individuals earning Rs. 600,000 per year will be compelled to pay a proportion of their earnings as tax under the current Finance Bill.
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