Tax exemption of more than Rs 11,000 billion in five years

The National Assembly has been informed that the government granted tax exemptions and concessions totaling over 11 trillion (11,000 billion) rupees during the fiscal years 2020-21 to 2024-25.

According to data presented in the House by the Ministry of Finance, tax exemptions amounted to 1,482 billion rupees in the fiscal year 2020-21, 2,239 billion rupees in 2021-22, and 2,540 billion rupees in 2022-23.

As per the documents, the value of tax exemptions for both the 2023-24 and 2024-25 fiscal years stood at 2,352 billion rupees.

Will 2027 be the final year for borrowing from the IMF?

During the session, Alia Kamran, a National Assembly member from Jamiat Ulema-e-Islam, raised a question regarding these tax concessions, noting that the Prime Minister had announced that 2027 would be the last year for borrowing from the IMF.

She asked: setting aside the tax exemptions themselves, what benefit did the common man actually derive from them? She further inquired whether the IMF program in 2027 would truly be the final one for Pakistan.

In response, the Parliamentary Secretary stated that while he could not say anything definitively, it is hoped that 2027 will indeed prove to be the final year for borrowing from the IMF.

Tax exemptions by fiscal year