• Download the Constitution of Pakistan
  • Advertise
Thursday, August 14, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

PTI govt gave Rs5.2tr tax breaks in four years

by News Publishing
June 10, 2022
in Business, Finance
Reading Time: 2 mins read
0
PTI govt gave Rs5.2tr tax breaks in four years
Share on FacebookShare on TwitterLinkedinWhatsapp

The previous government of Pakistan Tehreek-e-Insaf (PTI) gave away a record Rs1.76 trillion in tax exemptions to the affluent and foreign investors during the outgoing fiscal year, taking the total cost of such exemptions in four years to a whopping Rs5.2 trillion.

The 2021-22 revealed that there was a 34%, or Rs443 billion, surge in the cost of tax exemptions in just one year despite the fact that the PTI government also withdrew around Rs300 billion in exemptions in January this year. It was the highest amount of concessions given in any fiscal year.

Cumulatively, the previous government gave Rs5.2 trillion in tax exemptions during four years, which was equal to 87% of the estimated tax collection by the Federal Board of Revenue (FBR) in the outgoing fiscal year.

The last government also provided tax exemptions to the military’s commercial ventures.

 “The tax expenditure for fiscal year 2022 has been estimated at Rs1.757 trillion” on account of income tax, sales tax and customs duty concessions, the Economic Survey, which Finance Minister Miftah Ismail presented on Thursday, showed.

The government may unveil a Rs9.45 trillion budget, which will be financed by taking Rs4.5 trillion in new debt.

The withdrawal of tax exemptions has remained part of every programme that Pakistan signed with the International Monetary Fund (IMF). Still, every successive government has not only managed to protect the affluent class but also added more names to the list of beneficiaries.

The FBR is expected to collect Rs6 trillion in taxes in the current fiscal year and assuming that the government can recover the entire Rs1.76 trillion, the tax collection will reach Rs7.76 trillion. This would have reduced the borrowing requirement by the same amount.

Tags: Foreign investorslatestPakistan Tehreek-e-Insaftax breaks
News Publishing

News Publishing

Related Posts

OGRA

Pakistan to Digitize Petroleum Supply Chain

by Anum Arif
August 13, 2025
0

The government has initiated a comprehensive plan to digitize the petroleum supply chain nationwide, aiming to curb smuggling and theft...

Organic Meat

TOMCL Becomes First Pakistani Meat Exporter to Carrefour UAE

by Anum Arif
August 8, 2025
0

ISLAMABAD – The Organic Meat Company Limited (TOMCL) has made history by becoming the first Pakistani meat producer to secure...

FBR

FBR Hikes Non-Filer Withdrawal, Property Transaction Taxes

by Anum Arif
August 8, 2025
0

The Federal Board of Revenue (FBR) has announced an increase in tax rates on cash withdrawals by non-filers and made...

Crude Oil Bonny

Pakistan to Import First Nigerian Bonny Light Crude

by Anum Arif
August 7, 2025
0

KARACHI (August 7, 2025): In a strategic shift to diversify its energy sources, Pakistan Refinery Limited (PRL) will import its...

Gwadar Port

Pakistan, China Ink Deal to Boost Gwadar Port, Industry

by Anum Arif
August 7, 2025
0

Islamabad, August 7, 2025 – In a major step toward strengthening Pakistan’s maritime and industrial infrastructure, the Ministry of Maritime...

PSX

PSX Hits Historic 145,000 Points as Bull Run Continues

by Anum Arif
August 6, 2025
0

The Pakistan Stock Exchange (PSX) witnessed another record-breaking day on Wednesday as the benchmark KSE-100 Index surged past the 145,000...

Next Post
Tanker driver given cash award for bravery by CM

Tanker driver given cash award for bravery by CM

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters