Pakistani government is raising tax burden on the salaried class in the 2024-25 budget.
International Monetary Fund (IMF) stipulated drop in income tax slabs. The proposal includes a 10pc increase in taxes for monthly incomes between Rs 3-5 lakh.
With this, the maximum tax rate will be increased 35pc to 45pc, and applying this maximum rate to annual incomes exceeding Rs6 million.
| Key Points | Details |
|---|---|
| Tax Increase on Salaried Class | 10pc increase in tax on monthly incomes between Rs 3-5 lakh, raising maximum tax rate from 35-45pc |
| General Sales Tax (GST) on Petroleum Products | 6% GST on petroleum products. |
Additionally, the government is discussing to slam 6% General Sales Tax (GST) on petroleum products.
The federal government is set to present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion, on June 12 (today).
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