ISLAMABAD – Federal government had announced to give budget 2017-18 before the month of Ramzan starts in Pakistan. The budget is likely to be announced in the last week of May.
According to sources the coming budget for financial year 2017-18 is expected to be public friendly as no new tax is expected while the minimum taxable income is expected to be increased from Rs 400,000 per annum.
The corporate tax may be lowered by 1%. The tax target is going to be set at Rs 4000 billion.
Rs 350 billion is expected to be collected due to economic progress and inflation. Rs 150 billion will be raised by improving the tax collection while the super tax and 17% GST are expected to stay on.