Islamabad: The Senate Standing Committee on Finance has finalised its proposals for the budget, according to a news report. These recommendations include a suggestion to increase the tax rates for the highest income slab from 15% to 25%. The recommendations will be presented before the Senate for endorsement, and then referred to the National Assembly. In the proposed Budget 2018-19, the tax rate for high-income individuals has been reduced from 35 % to 15%.
While the committee was deliberating the recommendations, an official from the Federal Board of Revenue (FBR) informed it that the revision of taxes will provide PKR 20 billion additional revenue during the next fiscal year. Moreover, the changes, if not made, will cause a revenue loss of PKR 90 billion each year.
