Islamabad, Prime Minister Shehbaz Sharif announced that the new fiscal budget for 2024-25 would impose minimal taxation on the poorer and middle segments of society, aiming to alleviate financial pressure while enhancing revenue through strict measures against tax evasion.

According to Ministry of Information and Broadcasting, during a high-level meeting held today on tax reforms and the digitization of the economy, Prime Minister Sharif emphasized his directive that wealthier elites should bear a greater tax burden. He reiterated the government’s commitment to combatting tax evasion and default, announcing plans to pursue not only tax evaders but also those who facilitate these practices.

The meeting also focused on the complete digitization of the tax system, improving workforce efficiency, reducing tax rates, and expanding the taxpayer base as primary governmental objectives. Sharif highlighted the pivotal role of the Federal Board of Revenue (FBR) in these efforts, pledging full support for the FBR’s development and digital transformation.

Updates were provided by international consulting firm McKinsey and financial organization Karandaaz on the progress made in digitizing the FBR and increasing revenue over the past four weeks. Plans for both short and medium-term revenue enhancement were discussed, with a focus on how digitization and automation across various economic sectors could further boost financial inflows.