Get ready, salaried class – the government is planning to increase your tax burden in the upcoming fiscal year budget 2024-25. The International Monetary Fund (IMF) has pushed for a reduction in income tax slabs, which could mean a 10% hike in taxes for those earning between Rs 3-5 lakh per month. The proposal also includes raising the maximum tax limit to 45% for those with an annual income exceeding Rs 60 lakh.
But it’s not all bad news – the federal cabinet meeting today will also discuss increasing salaries and pensions. Another hot topic on the agenda is the possible imposition of a 6% General Sales Tax (GST) on petroleum products.
Meanwhile, the Pakistan Muslim League-Nawaz (PML-N) led federal government is gearing up to present a growth-oriented budget with an estimated outlay of over Rs18 trillion. Finance Minister Senator Muhammad Aurangzeb will be unveiling the budget in the National Assembly, with a focus on alleviating people’s hardships, boosting agriculture, promoting IT, and increasing exports.
Overall, the budget aims to prioritize fiscal management, revenue mobilization, economic stabilization, growth, job creation, and policies for the country’s socioeconomic prosperity.