Relief for salaried people, cut in power rates likely

OBAID ABRAR

ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb said on Thursday said that the upcoming federal budget will bring relief for salaried individuals and further reductions in electricity costs.

He was talking to media after attending inauguration ceremony of the Made in Gujranwala Exhibition, being organised by the Gujranwala Chamber of Commerce and Industry.

The finance minister announced that a detailed relief plan for the salaried class has been finalised and will be shared with the International Monetary Fund (IMF). He added that efforts are under way to lower power bills by July, or earlier.

Aurangzeb stated that all IMF targets have been met, and the fund’s Executive Board is expected to approve the staff-level agreement in May. Pakistan is also anticipating the release of the next $1 billion loan tranche, along with additional climate financing.

The finance minister noted that 98 per cent of budget proposals from the public and private sectors have been received, and relevant stakeholders will be informed about which suggestions are feasible before the budget is tabled in parliament.

He clarified that the budget will be implemented in its final form from July 1, without post-approval changes, to ensure swift execution.

Aurangzeb also commented on tax reforms, saying that although tax collection from traders has improved, the trader-friendly scheme should not be linked to revenue collection. A simplified tax return form is being developed for general use, and tax policy will now fall directly under the Ministry of Finance.