In a move aimed at alleviating financial burdens on government employees amidst rising inflation, the government of Pakistan announced a significant increase in salaries as part of the fiscal year 2024-25 budget presented on Wednesday.
(more…)Category: Budget 2024-25
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Pakistan Set to Unveil Rs 18 Trillion Outlay for 2024-25 Budget
PkRevenue.com — Pakistan is poised to present its federal budget for the fiscal year 2024-25 today, with an estimated outlay exceeding Rs 18 trillion.
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REAP Suggests Hassle-Free Tax Payment System
PkRevenue.com – The Rice Exporters Association of Pakistan (REAP) has called on the government to implement a one-window tax system for exports to simplify tax payments and aid exporters.
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Value-Added Textile Exporters Reject Proposed Tax Scrutiny
PkRevenue.com – In a united front against the proposed tax changes in the upcoming budget for 2024-25, the value-added textile exporters have rejected the introduction of a minimum tax regime that includes extensive scrutiny.
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Pakistan to Announce 2024-25 Budget on June 12, 2024
PkRevenue.com – Pakistan announced on Monday that the federal budget for the fiscal year 2024-25 will be presented in the parliament on Wednesday, June 12, 2024.
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Government Aims to Protect Salaried Persons in Budget: Minister
The Minister of State for Finance, Revenue, and Power Division, Ali Pervaiz Malik, announced on Sunday that the upcoming budget is designed to protect the salaried class, particularly those in the lower income bracket.
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ICAP Suggests Tax Exemption on Annual Salary up to Rs 1 Million
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has put forth a significant proposal for the upcoming budget of 2024-25, suggesting an increase in the income threshold for tax exemption on salaries.
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FPCCI Strongly Opposes Section 7E, Demands Deletion in Budget
PkRevenue.com – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has vehemently criticized the deemed income tax imposed under Section 7E of the Income Tax Ordinance, 2001, and called for its removal in the upcoming 2024-25 budget.
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FPCCI Proposes Elimination of CVT on Foreign Assets
PkRevenue.com – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has put forth a significant proposal advocating for the elimination of the Capital Value Tax (CVT) on foreign assets of residents in the upcoming budget for 2024-25.
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FPCCI Demands SRO 350 Withdrawal to Ease Compliance Costs
PkRevenue.com — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on tax authorities to withdraw SRO 350(I)/2024, citing increased compliance costs and bureaucratic hurdles for registered taxpayers.
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