Bureaucrats, military personnel exempted from income tax on sale of properties in budget 2024-25

ISLAMABAD – The federal government has extended a major relief to bureaucrats and military personnel in the budget for next fiscal year 2024-25, which carries a new wave of taxes for common citizens. 

Both serving and retired bureaucrats and military officials will be exempted from the income tax on sale of properties but at the same time tax on sale and transfer of properties by common people have been increased massively. 

A day earlier, the National Assembly approved the what is being described as “tax-heavy” budget with total outlay of Rs18.877 trillion. The government has imposed massive taxes on every source of income, assets and goods to generate additional revenue of Rs1.7 trillion in next fiscal year. 

Furthermore, the government has also increased the salaried and non-salaried class taxes by a 10% surcharge.

Meanwhile, the government has also imposed whooping taxes on air tickets of business and club classes in the budget. 

The excise duty on business and club class tickets for USA, North America, Latin America and Canada has been jacked up to Rs350,000 from previous Rs250,000. 

It has been increased Rs60,000 on ticket for European countries as it now stands at Rs210,000 as compared to previous Rs150,000.

The excise duty on business and club class tickets for New Zealand and Australian has also been revised up by Rs60,000 to Rs210,000.

It has also been increased to Rs210,000 on air tickets for China, Malaysia and Indonesia. Similarly, the excise duty on air tickets for Saudi Arabia, UAE, Middle East and African countries has been jacked by Rs30,000 to Rs105,000.