PM applauds economic team as annual current account surplus reaches $2.1 billion

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif announced on Saturday that Pakistan has generated a $2.1 billion yearly current account surplus, its greatest in 22 years, marking a historic milestone.

“Driven by record remittances, rising exports, and a laser focus on structural reforms, this achievement reflects the confidence of overseas Pakistanis and the resolve at home,” the prime minister added on his X account.He also praised the economic team for their remarkable work in this matter.

Earlier, Finance Minister Muhammad Aurangzeb unveiled significant changes to the country’s tax system and Federal Board of Revenue (FBR) policies in Pakistan.

Addressing the budget debate in the National Assembly session, the finance minister said that the powers of the FBR have been reviewed, and arrests will not be made without a court warrant in cases up to 50 million.

He added that a three-member FBR committee will be required for arrests instead of an officer.

Furthermore, he stated that individuals above 75 years old are now exempt from tax, and a tax will be imposed on pensions exceeding 10 million.

“No withholding tax will be levied on personal residences for 15 years, and there will be a 20 percent tax on investment in government securities,” he added.

The financ czar added that the tax on income between 600,000 and 1,200,000 will be reduced to 1%. “E-commerce businesses will be subject to a simplified tax system with limited tax liability.”