ISLAMABAD – Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial has said that Prime Minister Shehbaz Sharif has directed a reduction in the tax rate for the salaried class.
Speaking at a Pakistan Business Council seminar in Islamabad, FBR Chairman Rashid Mahmood Langrial stated that following the Prime Minister’s instructions, formal work has begun to provide tax relief to the salaried class in the upcoming fiscal year’s budget.
He added that the Prime Minister has also directed a reduction in the super tax imposed on large companies, and consultations at the government level have already started to implement this decision.
Langrial said the federal government is willing to gradually reduce and eventually abolish the super tax on large companies and businesses in the coming phases.
He further stated that discussions would also be held with the International Monetary Fund (IMF) regarding the possible reduction and elimination of the super tax, as its removal aims to promote investment in the country.
The FBR chairman clarified that any reduction in tax rates would directly depend on improved tax compliance and an increase in the number of taxpayers. The more people who pay taxes, the greater the scope to reduce tax rates.
