Salient Features of Budget 2024-2025
The Budget 2024-2025 of Pakistan, recently unveiled by the
government, marks a critical juncture for the country's economic trajectory.
This comprehensive fiscal plan aims to address pressing economic challenges
while fostering sustainable growth and development. With a focus on balancing
fiscal discipline and social welfare, the budget introduces several key
measures in taxation, public spending, and economic reforms. For taxpayers and
businesses, the new policies bring both opportunities and challenges, making it
essential to understand the nuances of these changes. This blog post delves
into the pivotal aspects of the 2024-2025 budget, providing a detailed analysis
to help you navigate its implications on your financial planning and tax
obligations.
INCOME TAX
a) Salaried
Taxpayers
I.
Income Tax Exemption to be maintained at Rs. 600,000
per annum
II.
Slabs being revised
b) Exporters to be
taxed under normal tax @ 29% (as against fixed tax @ 1%)
c) Capital Gain on
Real Estate & Securities @ 15% for filer and 45% for non-filer
d) Withholding
Income Tax on transfer of Immoveable property (separate tax rates for timely
filer of return, delayed filer and non-filer)
e) Advance Income
Tax to be collected from Non-filer Distributor, Wholesaler, Dealer and Retailer
to be increased from 1% to 2.25%
f) Income Tax on registration of Motor Vehicles to be shifted from Engine Capacity to Value
SALES TAX
a) Sales tax on
Textile and leather to be increased from reduced rate 15% to standard 18%
b) Standard 18%
Sales Tax rate on Mobile phones
c) Sales Tax
withholding regime for Bronze, Coal and Plastic scrap
d) Sales Tax
exemption on Iron and Steel scrap
e) End of exemption
for FATA / PATA newly merged districts
f) Default
Surcharge rate to be changed from 12% to KIBOR+3%
g) Sales Tax to be
charged at time of supply or the time when any payment is received by the
supplier in respect of that supply, whichever is earlier
h) Best Judgment
Assessment concept introduced in Sales Tax
f) Electronic sales invoicing to be made mandatory by all
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