Islamabad, Government Plans to Raise Tax Burden on Salaried Class in Budget 2024-2025.
According to information from sources, the International Monetary Fund (IMF) has made a condition to change the income tax rules.
The proposal suggests that the government should increase the tax rate by 10 percent for people who earn between Rs 300,000 to Rs 500,000 per month. They also want to raise the maximum tax limit from 35% to 45%. This higher tax rate would apply to people who earn more than Rs 6 million annually.
The final decision about these changes will be made in today’s federal cabinet meeting. In this meeting, they will also decide to increase the salaries and pensions of government employees and retirees.
Furthermore, they will discuss adding a 6% tax called General Sales Tax (GST) on petroleum products. This means that people will have to pay more money for petrol, diesel, and other similar items because of this extra tax.
Today, the Pakistan Muslim League-Nawaz (PML-N) government will introduce its first budget focused on growth for the fiscal year 2024-25. They plan to spend more than Rs18 trillion, which is a lot of money, on different things like schools, hospitals, roads, and other important areas.
Senator Muhammad Aurangzeb, who is the Federal Minister for Finance and Revenue, will talk about this budget in the National Assembly. This is where important discussions and decisions happen at the national level.
The government aims to make this budget helpful for the people. They want to make life better for everyone by improving agriculture, supporting information technology, and increasing exports. They also want to manage money well, collect more taxes, and spend less on things that are not so important. They hope to create more jobs and make policies that help people have better lives.
Overall, this budget is important because it decides how the government will spend money to make the country better.
Pakistan Plans To Increase Tax Revenue From The Real Estate Sector In Budget 2024,2025
