• Finance Minister Aurangzeb revealed the Federal Budget 2024–25 in Islamabad.
• The budget needs approval from the National Assembly and Senate.
• The budget needs approval from the National Assembly and Senate.

ISLAMABAD – On Wednesday, Finance Minister Muhammad Aurangzeb presented the Federal Budget 2024–25, with a total outlay of Rs 18.9 trillion, proposing several new taxes aimed at non-filers.

One significant proposal includes a 75 percent tax on mobile balance recharges for non-filers, aiming to incentivize individuals to become taxpayers. Under this new measure, a non-filer recharging Rs 100 would receive only Rs 25 of credit, as Rs 75 would be deducted as tax.

The government has presented the budget to the National Assembly and Senate, seeking approval. If the finance bill is passed, the new taxes will be implemented starting July 1, 2024.

Expected Tax Deduction on Mobile Balance from July 2024

In his budget speech, the finance minister emphasized the need for income tax reforms. He highlighted the Federal Board of Revenue’s (FBR) recent efforts in implementing income tax reforms and proposed maintaining the income tax exemption for annual incomes up to Rs 600,000.

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The proposed budget aims to boost the country’s revenue by targeting non-filers while maintaining support for lower-income individuals through continued tax exemptions.