Govt Slashes Tax Exemptions to Rs2.35 Trillion
ISLAMABAD: The government on Thursday announced a decline in tax exemptions in the outgoing fiscal year — the first such reduction in recent years — according to the Pakistan Economic Survey 2025-26 unveiled by Finance Minister Muhammad Aurangzeb. The survey noted an unprecedented 3.37pc fall in tax exemptions, bringing the cost down to Rs2.353 trillion in FY26 from the downward-revised Rs2.434tr recorded in FY25. In FY25, the government had initially reported exemptions at R
Pakistan's government has reported a decrease in tax exemptions for the fiscal year 2025-26, marking the first reduction in recent years. The total cost of these exemptions fell to Rs2.353 trillion, a significant drop from the previously revised Rs2.434 trillion in FY25. This decline follows seven consecutive years of increases in tax concessions, despite government commitments to curtail them under IMF programs.
The latest Pakistan Economic Survey indicated a 3.37% fall in the value of foregone revenue. While income tax exemptions saw a slight rise and sales tax concessions a modest increase, customs exemptions declined. This reduction in exemptions occurs as the Federal Board of Revenue (FBR) faces substantial revenue shortfalls.
This development is significant as it represents a rare fiscal consolidation effort, potentially impacting government revenue collection and the economic landscape for various industries.
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