Government Introduces Bold Revenue Measures in Budget for Fiscal Year 2024-25
The government of Pakistan has unveiled a comprehensive plan to generate Rs1.761 trillion in revenue through new measures in the upcoming fiscal year. These measures, including increased tax rates and the removal of certain exemptions, are expected to impact various sectors of the economy.
The focus of the budget appears to be on tightening tax policies by withdrawing exemptions from sales tax and customs duties. While specific details were not fully disclosed during the announcement, it is evident that significant changes are on the horizon.
Key highlights of the new revenue measures include a revocation of sales tax exemptions in sectors such as health and poultry, adjustments to income tax rates for the salaried class, and progressive tax rates for property transactions. The government aims to enhance revenue collection through these changes, alongside streamlined enforcement and documentation processes.
These measures are expected to create a more equitable tax system and boost revenue generation for the government. However, concerns about potential inflationary pressures and economic implications remain as the country prepares to implement these fiscal adjustments.
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