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As Finance Minister Muhammad Aurangzeb gears up to present the budget for the fiscal year 2025 in the National Assembly, economists and the Pakistani public wait with bated breath to see whether it will be a concrete step towards tax reforms and fiscal stability or more of the same old.

The budget is expected to be "tough" — it must align with the International Monetary Fund's (IMF) demands, or the country will struggle to receive the global lender's approval for an additional loan of $6-8 billion under the Extended Fund Facility (EFF).

To widen the tax base, the government is slated to introduce reforms ranging from raising rates on real estate transactions to increasing the burden on the salaried class. However, much of the tax debate has been shrouded in uncertainty, with reports as late as last week stating that Prime Minister Shehbaz Sharif had rejected the proposal to increase taxes on salaried individuals.



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