Muhammad Aurangzeb addresses budget concerns

June 13, 2023 (MLN): Federal Minister for Finance and Revenue Muhammad Aurangzeb in a post-budget press conference on Thursday clarified that the Petroleum Development Levy (PDL), which is proposed to be increased from Rs60 to Rs80, would be gradual during the next fiscal year.

He stated that the PDL would be linked to international oil prices.

The Finance Minister stressed that the current tax-to-GDP ratio is unsustainable, and the government aims to increase the tax-to-GDP ratio to 13% in three years.

Regarding the income tax on the salaried class, the finance minister said that the government has kept the Rs600,000 salaried class exempted.

Similarly, the top slab of 35% has also been kept unchanged, he said.

“However, there is a change in the salary slabs,” he said.

He stated that although the revised tax rate numbers seem large, they do not impose a significant burden on an individual level.

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