Here Are The Highlights From Budget 2024-25

Finance Minister Muhammad Aurangzeb on Wednesday unveiled the federal budget 2024-25 with a full outlay of Rs. 18.9 trillion.

Here is a list of some of the most critical taxes proposed by the federal government in the federal budget.

Income Tax

  1. Salaried Taxpayers
    • Income Tax Exemption to be maintained at Rs. 600,000 per annum
    • Slabs being revised
  2. Exporters to be taxed under normal tax @ 29% (as against fixed tax @ 1%)
  3. Capital Gain on Real Estate & Securities @ 15% for filer and 45% for non-filer
  4. Withholding Income Tax on transfer of Immoveable property (separate tax rates for timely filer of return, delayed filer and non-filer)
  5. Advance Income Tax to be collected from Non-filer Distributor, Wholesaler, Dealer and Retailer to be increased from 1% to 2.25%
  6. Income Tax on registration of Motor Vehicles to be shifted from Engine Capacity to Value

Sales Tax

  1. Sales tax on Textiles and leather is to be increased from a reduced rate of 15% to a standard 18%
  2. Standard 18% Sales Tax rate on Mobile phones
  3. Sales Tax withholding regime for Bronze, Coal and Plastic scrap
  4. Sales Tax exemption on Iron and Steel scrap
  5. End of exemption for FATA / PATA newly merged districts
  6. Default Surcharge rate to be changed from 12% to KIBOR+3%
  7. Sales Tax is to be charged at the time of supply or the time when any payment is received by the supplier in respect of that supply, whichever is earlier
  8. Best Judgment Assessment concept introduced in Sales Tax
  9. Electronic sales invoicing is to be made mandatory by all
Published by
ProPK Staff