Salaried individuals should brace themselves for significant changes in tax rates as outlined in the Budget 2024-25. The new tax rates for various salary income slabs, set to be effective from July 1, 2024, pending legislative approval, are designed to address economic challenges and augment government revenue.
(more…)Category: Budget
This is parent category of budgets presented by Pakistan government. Here you will find year-wise federal and provincial budgets.
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Budget 2024-25 Disappoints UNISAME
The Union of Small and Medium Enterprises (UNISAME) has expressed profound disappointment and disillusionment with the proposed 2024-25 budget, urging Finance Minister Muhammad Aurangzeb to reconsider critical aspects for the sake of the underprivileged majority sector.
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New Tax Regime for Exporters Unveiled in Pakistan
Karachi, June 14, 2024: A significant change is on the horizon for Pakistani exporters as the Finance Bill 2024 introduces a new tax regime. Effective July 1, 2024, this bill dismantles the long-standing final tax system for exports, ushering in a new era for how export-related taxes are handled.
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Highlights of Key Tax Amendments through Finance Bill 2024
The Chartered Accountants at A. F. Ferguson & Co. have presented highlights of key tax amendments introduced through the Finance Bill, 2024.
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Pakistan Tax Bar Denounces 2024-25 Budget
Karachi, June 13, 2024 – The Pakistan Tax Bar Association (PTBA) rebuked the newly announced 2024-25 budget, branding it as detrimental to the nation’s populace and economic growth.
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Punjab Announces 25% Raise in Salaries in 2024-25 Budget
LAHORE, June 13, 2024 – The government of Punjab has announced a 25 percent increase in salaries for provincial government employees, effective from July 1, 2024.
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Punjab Allocates Rs 842 Billion for Development Budget 2024-25
LAHORE, June 13, 2024 – In a significant move to bolster the province’s development, Punjab has allocated Rs842 billion for its Annual Development Plan in the budget for the financial year 2024-25.
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Punjab Presents Rs 5.4 Trillion Tax-Free 2024-25 Budget
LAHORE, June 13, 2024 – Punjab Finance Minister Mujtaba Shuja-ur-Rehman presented the provincial budget for the financial year 2024-25 in the assembly session on Thursday.
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Economy Unsustainable at Single-Digit Tax Ratio: Aurangzeb
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reiterated the pressing need for digitization and broadening the tax base, emphasizing that a tax to GDP ratio below 10 percent is unsustainable for managing Pakistan’s economy.
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Finance Bill 2024: 5% FED Slapped on Immovable Properties
The government has imposed a Federal Excise Duty (FED) on immovable properties through amendments introduced in the Finance Bill 2024.
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