The dust has settled on the latest federal budget, and as expected, the reactions are as polarised as the economic strata of the country. On television screens and in post-budget seminars, business leaders and policymakers are trading nods of approval. There is an undeniable air of satisfaction within the chambers of commerce. Yet, step outside those air-conditioned halls and onto the streets of Karachi, and you will find the mood shifts from strategic celebration to weary survival.

The government's latest fiscal measures present a textbook study in contrast: a package that offers genuine structural relief to corporate elites, gives nominal, almost psychological breathing room to the middle-class professional, and completely leaves behind the invisible underbelly of the workforce.

For the business class, particularly the export sector, this budget is an undeniable victory. The abolition of the regressive corporate Super Tax is a bold and necessary step towards correcting a long-standing policy flaw. In a region where Pakistan must compete with the aggressive corporate tax structures of neighbouring economies, heavy taxation on top-tier earners was actively starving companies of liquidity and discouraging documentation.

By removing this burden, the government has handed large export houses an immediate, massive cushion—ranging from Rs. 5 million to upwards of Rs. 60 million annually for a single large enterprise.

To understand the Rs. 5 million figure, consider a mid-sized exporter earning Rs. 250 million in annual profit. Under the abolished Super Tax, such a company paid an additional 2 per cent levy—exactly Rs. 5 million (Rs. 250 million × 0.02). That money now stays with the company. For larger firms earning Rs. 500 million or more, the 6 per cent to 10 per cent slabs yield savings of Rs. 30 million to Rs. 60 million.

This is high-velocity capital injected back into the formal corporate bloodstream, meant to drive investment, secure foreign exchange, and keep Pakistani goods competitive globally. It is no wonder business councils are expressing profound pleasure; on paper, the state has prioritised the engines of........

© The Friday Times