The FY27 budget reflects continued fiscal consolidation, but adjustment quality remains weak. Gross revenue grows 6.9% (FBR tax 8.0%), with no clear shift toward broadening the tax base versus increased burden on existing taxpayers. Current expenditure rises 7.4%, led by RoCG (Rs 1,071bn, 10.3%), pensions (Rs 1,169bn, 10.8%), and grants (Rs 2,680bn, 39.0%), despite austerity claims. Subsidies decline (-8.0%), but structural rigidities persist. Both the budget deficit (Rs 7,020bn) and fiscal deficit (Rs 5,226bn) widen year-on-year, while growth remains subdued—indicating stabilization without meaningful expansion. It’s time to go beyond firefighting and make the hard decisions needed to shift from stabilisation to a growth trajectory.

Proposed Tax Relief for the Salaried Class in the 2026–27 Budget is not Enough! The amount of tax currently being charged on income slabs, especially below Rs. 1,500,000 per month, affects the ability of this most important segment of the society to meet their basic living needs, including payment of utility bills, education, healthcare, and the overall well-being of their children and families. The salaried class is the most important segment of the economy. Let the Middle Class be the Engine of Growth for Pakistan! If they are able to spend, the Economic Cycle and Growth will start, with revenues coming back to the state as indirect taxes. I strongly suggest the Govt and the Parliament to provide further relief to the salaried families. I propose that there should be only three tax slabs for the salaried class - Income from Rs. 100,000 per month to Rs. 500,000 per month: 5% tax - Income from Rs. 500,000 per month to Rs. 1,500,000 per month: 10% tax - Income above Rs. 1,500,000 per month: 20% tax The charts attached show the proposed relief for the salaried class in the 2026–27 budget proposals. #SalariedClass #TaxRelief #Budget2026 #PakistanEconomy #TaxReforms #MiddleClassMatters #EconomicGrowth #FairTaxation #BudgetProposal #SupportSalariedClass #IncomeTax #Parliament #PakistanBudget #TaxJustice #ReliefForSalariedClass

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Pakistan's federal current expenditure more than doubled in five years, from Rs. 6,345 billion in BE FY21 to Rs. 16,286 billion in BE FY26 driven by markup payments that averaged 51% of current expenditure over this period, a pension burden growing at approximately 20% annually, persistently high civil administration costs, and grants and subsidies that have remained inadequately controlled. Left unaddressed, these structural pressures have kept Pakistan locked in a cycle of high borrowing, rising debt servicing costs, and shrinking fiscal space, with little room for the development and social investment the economy urgently needs. EPBD's Shadow Federal Budget FY2026-27 proposes a comprehensive reform pathway to reverse this trend: reforming government borrowing from KIBOR-linked rates to a cost-of-funds plus 1% profit rate, shifting new government hires to a Defined Contribution pension scheme and eliminating multiple pension entitlements to contain the growing burden, rightsizing government through winding up unnecessary ministries, SOE privatization, and removal of unjustified subsidies and exemptions, projected to unlock over Rs. 5 trillion in additional savings; and closing 91 unnecessary PSDP projects to yield a further Rs. 1.5 trillion. Underpinning all of this is a call for institutional discipline that has been absent for over a decade. EPBD proposes amending the annual Budget Calendar to provide two full months for public and parliamentary deliberation before approval, beginning with pre-budget consultation papers in mid-April and culminating in full parliamentary scrutiny before passage of the Finance and Appropriation Bills by 30 June. It also demands adherence to the constitutional and legal framework governing fiscal management, including the FRDLA 2005 and the PFM Act 2019, and urgent finalizations of a new NFC Award - overdue for more than ten years - as a foremost constitutional obligation, essential to restoring fiscal balance between the Federation and the Provinces. EPBD's Shadow Federal Budget FY2026-27 is ultimately a call to move from a culture of fiscal repetition to one of genuine reform, where expenditure is rationalized, institutions are made to function as the Constitution intended, and the budget process itself becomes transparent, deliberative, and accountable to the public it is meant to serve. Read the Shadow Federal Budget document here: epbdt.org.pk/shadow-document… #Budget2026 #Pakistan

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