Budget 2024-25: Check list of all new taxes here

10:31 AM | 30 Jun, 2024

Pakistan has approved federal budget of Rs18,877 billion for fiscal year 2024-25, imposing new taxes on salaried individuals, business community and industries.

Taxes in Budget 2024-25

Measure	Details
Export Income Taxation	Export income taxed at corporate rate of 29% + applicable super tax, replacing 1% turnover tax.
Capital Value Tax (CVT) on Property	CVT applied to farmhouses and homes with 2 kanals in the federal capital.


Surge in Federal Excise Duty on Flight Tickets	Excise duty on business and club class air tickets increased up to Rs. 350,000.
Petroleum Levy Up by Rs10 per Liter	Petrol, Diesel prices to move up by Rs. 10 per liter
10% Surcharge on High Earners	10 percent surcharge on the tax liability of high earners.
Income Tax on Developers	15 percent of revenues deemed as income, with 29 percent income tax applied.
Hybrid Vehicles to cost more	Reduced rates of 8.5% for engines up to 1800cc and 12.75% for 1801-2500cc until June 30, 2026.
Federal Exise Duty on Cement Increased	FED on cement increased from Rs. 3 per kg to Rs. 4 per kg.
FATA PATA get extension in Sales Tax	Sales tax benefits for FATA PATA extended until June 30, 2025.
Increase in Travel Allowance of Lawmakers	Travel allowance raised from Rs. 10/km to Rs. 25/km, with unused airline tickets carrying over to the next year.

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Forex

Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 2 July 2024

Pakistani currency rates against US Dollar and other currencies on July 2, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.75 for buying and 280.60 for selling.

Euro's buying rate stands at 293.4 and selling rate is 296.9 while British Pound rate is 349 for buying, and 352.55 for selling.

UAE Dirham AED was at 74.85 and Saudi Riyal at 72.95.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency	Symbol	Buying	Selling
US Dollar	USD	277.75	280.6
Euro	EUR	293.4	296.9
UK Pound Sterling	GBP	349	352.55
U.A.E Dirham	AED	74.85	75.65
Saudi Riyal	SAR	72.95	73.75
Australian Dollar	AUD	182.2	184
Bahrain Dinar	BHD	740.01	748.01
Canadian Dollar	CAD	203	205
China Yuan	CNY	38.29	38.69
Danish Krone	DKK	39.98	40.38
Hong Kong Dollar	HKD	35.63	35.98
Indian Rupee	INR	3.34	3.45
Japanese Yen	JPY	1.9	1.98
Kuwaiti Dinar	KWD	904.27	913.27
Malaysian Ringgit	MYR	58.99	59.59
New Zealand Dollar	NZD	169.34	171.34
Norwegians Krone	NOK	26.14	26.44
Omani Riyal	OMR	722.52	730.52
Qatari Riyal	QAR	76.44	77.14
Singapore Dollar	SGD	202	204
Swiss Franc	CHF	26.27	26.57
Thai Bhat	THB	7.55	7.7