Sweeping tax measures target salaried class, real estate and other assets

The government has announced a stunning Rs1.761 trillion in new revenue measures for the next fiscal year, which, a deeper examination reveals, may contribute to another bout of inflation in the country. The focus of the budget seems to be on withdrawing most exemptions from sales tax and customs duty which, though not fully reflected in the finance minister’s budget speech on the floor of National Assembly, is evident from the language of the Financial Bill 2024. Federal Board of Revenue Chairman Zubair Tiwana avoided sharing details about the exemptions being withdrawn when he was asked relevant questions at a technical briefing held at the FBR’s headquarters. He also avoided sharing hard copies or any specifics of the measures being taken with the media, presumably to maintain the ‘positive impression’ that had been created by the budget speech.