New 10% surcharge applied to high-income individuals by government.

The federal government has introduced a 10% surcharge on the tax liability of high-income earners through the Finance Bill 2024.

As per the revised Finance Bill 2024, approved by the National Assembly today, the surcharge will apply to every individual and association of persons at a rate of 10% on income tax where taxable income exceeds Rs. 10 million.

For salaried individuals, the surcharge will affect those earning more than Rs. 833,333 per month. The government’s adjustments to income tax rates and brackets under the original Finance Bill 2024 aimed to generate an additional Rs. 70 billion from salaried taxpayers.

However, with the implementation of the 10% surcharge, the anticipated additional revenue will now exceed Rs. 70 billion.

Xiaomi 15 Pro’s Main Camera Might No Longer Feature Variable Aperture