Islamabad, the Pakistan Muslim League-Nawaz (PML-N) government will introduce a budget for the year 2024-25. They plan to spend more than Rs 18 trillion on different things like schools, hospitals, and roads.
The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will talk about the budget in the National Assembly. This is where important discussions and decisions happen at the national level.
At the same time, there was a meeting of the Pakistan Muslim League-Nawaz (PML-N) parliamentary party. They suggested to Prime Minister Shehbaz Sharif that the government should increase the salaries of government employees by 25 percent. This means that people who work for the government could get more money in their paychecks every month. If this suggestion is accepted, it could have a big impact on the lives of many government workers and their families.
The meeting also suggested that the prime minister should increase the salaries of government employees from grade 17 to 22 by 20 percent. This means that people in these job positions could see a significant raise in their monthly pay.
In the proposed budget for 2024-25, Pakistan plans to collect taxes from the real estate sector in three different categories, or “slabs”.
For instance, if someone who is registered as a taxpayer (a “filer”) buys a property worth Rs 50 million, they would have to pay a tax of 3 percent on the property’s value. However, if someone who is not registered as a taxpayer (a “non-filer”) buys the same property, they would have to pay a higher tax rate of 6 percent.
Similarly, properties valued between Rs 50 million to Rs 100 million would have different tax rates. Taxpayers (filers) would pay a tax rate of 4 percent, while non-taxpayers (non-filers) would pay a higher rate of 12 percent.
In the third category, if a non-taxpayer (non-filer) buys or sells a property worth over Rs 100 million, they would be charged a tax rate of 5 percent. However, if a taxpayer (filer) is involved in the transaction, they would pay a lower tax rate of 15 percent.
These tax rates are set by the government to encourage people to register as taxpayers. It also aims to generate revenue for the government while ensuring fairness in the tax system.
Pakistan Plans To Increase Tax Revenue From The Realhttps://mukhbir.pk/tax-revenue-from-the-real-estate-sector-in-budget-20242025/ Estate Sector In Budget 2024,2025
