ISLAMABAD (Kashmir English): The government made its final decisions in regard to the budgeting process for the coming fiscal year. According to sources, the government has chosen not to impose increased sales taxes on solar panels. Moreover, the government decided that there would be no increased taxation of fertilizers.
Furthermore, the government officials reported that it would reduce income taxes among salaried individuals. These decisions were taken by the government with the intention of providing relief to citizens. The government paid attention to the reduction of taxes for essential industries.
Besides, budget discussions continued as part of the preparation stage. The economic team considered both possible revenues and tax reductions. Furthermore, the influence of taxes on inflation and expenditures at the household level was considered.
Additionally, the government prioritized assistance of middle-class and salaried people by implementing tax cuts. The government expected that it would be able to provide relief by taking such decisions into account.
On the other hand, the government was trying to keep its budget balanced by analyzing expenditures and revenue gaps.
The budget was generally designed as an austerity measure. This involved reducing taxation and some changes in finance. According to officials, they were yet to approve the budget after holding consultations.
Lastly, officials noted that they will continue perfecting the budget for the coming days. They will ensure that the budget is appropriate to the economic conditions. In addition, they hoped to approve the budget after consultations.
