Budget 2024-25: Relief For Salaried Persons | Taxes On Property Imposed | Levy Increased
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- เผยแพร่เมื่อ 11 มิ.ย. 2024
- Budget 2024-25: Relief For Salaried Persons | Taxes On Property Imposed | Levy Increased
The federal government is unveiling a Rs18 trillion fiscal budget for the fiscal year 2024-25.
Federal Finance Minister Senator Muhammad Aurangzeb is presenting the federal budget during the budget session.
Earlier, the government had a heart-in-mouth moment after its key ally, the Pakistan Peoples Party (PPP), decided to boycott the budget session after it claimed it was not consulted on distributing development projects in Balochistan and Sindh under the Public Sector Development Programme (PSDP). But the government later managed to convince parliamentarians from the PPP to join the budget session.
Meanwhile, as the session began, around two hours later than the slated time of 4 p.m., the opposition parties, key among them the Sunni Ittehad Council (including independents of the Pakistan Tehreek-e-Insaf), vociferously protested.
Federal cabinet okays hike in salaries of govt employees
Before presenting the federal budget, the federal government approved a hike in the salaries of government employees of up to 25% for the next fiscal year.
The government said that those working in basic pay scale (BPS) grades 1-16 will see their salaries increased by 25%.
The salaries of government employees working in BPS 16-20 will see a 20% increase in their salaries.
The decision has been taken in view of the rising cost of living and inflation.
Pensions have also been increased by up to 25%.
Debt retirement budget
The federal government presented a budget of Rs18.877 trillion. However, around 50% of the outlay, around Rs9.7 trillion would be spent on paying interest and retiring debt.
As part of the measures to reduce the liabilities on the government and to raise revenues, the government has decided to privatise the national flag carrier, the Pakistan International Airlines apart from outsourcing operations of major airports.
The government, which has raised minimum wage to Rs37,000, has stated that it will keep last year's income exemption threshold at Rs600,000 per annum.
However, Aurangzeb said that they will widen the tax base in line with global standards and the tax ceiling on income will be 45%. However, he said that there will be some changes in the tax slabs.
Aurangzeb said that the government will be working to bring people into the documented economy, hence incentive for tax filers will be increased and penalty on non-filers will be greatly increased.
In this regard, the capital gains tax (CGT) on real estate transactions for filers will be 15%. However, for non-filers this will go up in various slabs up to 45%. Moreover, federal excise duty (FED) will be imposed on plots.
The government has also decided to increase taxes on sale proceeds of exporters from one percent to 39%-45%.
The government has also decided to impose 18% tax on tier-1 retailers of cotton and leather.
The varying taxation regime on mobile phones has been removed and now mobile phones will be taxed at flat rate of 18%. The government hoped it would provide a level playing field to all players in the mobile phone industry.
The government, however, has decided to retain exemptions and existing taxation levels for imported solar panels components exemptions will discounts will be offered to those importing machinery to build components or solar systems and batteries locally in addition to machinery and other input for fish farming.
Read more details: thefridaytimes.com/12-Jun-202...
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Excellent.
best analysis by aijaz Ahamad we are living in 20 hour load sheading in divisional headquarter and in bonus ttp
So many loopholes have been left open for the mighty. The informal sector needs to be brought in and taxed.
W S ❤❤👍👍
Property tax DHA, Bahria and all societies par lagna chahiye.
Today the Pakistani people have something to celebrate, for the first time they have a got a Finance Minister, who knows his job so well and presented the Budget which out and out growth oriented and every section of awaam looks at it sense of hope and relief. Well PPP and PTI has only political reasons to be upset as the Budget will take Pakistan to new heights and this government is going to be extremely popular with the people. The very good quality of Aurangzeb saheb is that he worked hard and has taken advantage of seniors like IsakDar saheb .
But the real credit goes to COAS , General Munir who worked relentlessly to wash off the dark shadows of Bajawa - Faiz - Trio who had destroyed the economy of country. Credit also goes to the caretaker government working under guidance of General saheb .
تھمپ نیل پر درج موضوع پورے پروگرام کا حصہ ہی نہیں تھا یہ ان فیئر ہے جس کی توقع نیا دور سے نہیں ہوتی
The first analyst described how Budget is prepared - which is a 3 month exercise with the help of retired beauracrat 😂😂😂
If this is even partly true, then God save the Pakistan ......
This first guy alleged how budget in Pakistan is made. Is it real or Fake News.
The future depends on what you do today. - Mahatma Gandhi
The budget once again favours the elites, as it has for the past 75 years in our country. The finance minister's claim of shifting from a government-driven to a market-driven economy supposedly aims to capture the elites, but this contradicts the actual budget figures. It's merely a play on words to deceive the public. The increase in regressive taxes ensures the country remains under elite control, continuing to exploit the common people of Pakistan. This is not a budget for Pakistan; it's a budget for the IMF. Unfortunately, the majority of our people are not well-educated enough to grasp the implications for themselves and future generations.
Get lost !
What the hell do you do ???
غریب،؛ اوےء مجھے مارو مجھے ماراو