Prime Minister Shahid Khaqan Abbasi on Wednesday said a new tax strategy was in the works which, when implemented, would see an increase in the minimum threshold of taxable income and would also feature an amnesty scheme, Radio Pakistan reported.

Speaking at the Pakistan Economic Forum in Islamabad, Abbasi said several measures were being considered by the incumbent government as part of proposed tax reforms.

One such measure, he said, was to "lower tax slabs for individual taxpayers," whereas increasing the "threshold of taxable income" and allowing one-time amnesties were also on the table.

"Enhancing tax collection is vital to provide incentives and services to the people of the country," the premier was quoted as saying by Radio Pakistan.

PM Abbasi also emphasised the need to increase the country's falling exports, saying we need to take our exports above $50-60 billion.

He stressed on the need for strengthening local industries, reminding that the PML-N government did give incentives to exporters, although he admitted that more needs to be done to make our industries competitive.