Exciting news from Islamabad! The government has announced new tax measures to boost revenue in the upcoming fiscal year. Finance Minister Muhammad Aurangzeb shared the details in the National Assembly, highlighting exemptions in specific sectors and introducing a capital value tax on property in the capital.
FED on air tickets
In a significant move, the Federal Excise Duty (FED) rates for air tickets have been revised, impacting travelers across various classes and travel destinations. The rates will increase from July 1, with different amounts set for different regions.
Exporters/salaried individuals
Exporters will now pay the standard corporate tax rate, a change from the previous tax on export turnover. Additionally, individuals and associations earning over Rs10m per year will face a 10% surcharge onincome tax.
These measures are part of the government’s efforts to meet IMF criteria and boost revenue. The tax landscape is evolving, with changes in rates for various sectors and exemptions for specific categories. Stay tuned for more updates!
Published in Dawn, June 29th, 2024