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How budget proposals will affect monthly salary tax deductions

How budget proposals will affect monthly salary tax deductions

How budget proposals will affect monthly salary tax deductions

How budget proposals will affect monthly salary tax deductions

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Pakistan’s federal government has revealed its budget for 2024–25, introducing significant income tax reforms aimed at easing the burden on those affected by inflation.

Finance Minister Muhammad Aurangzeb emphasized the necessity of these reforms, highlighting the recent initiatives by the Federal Board of Revenue (FBR).

Key proposals include maintaining income tax exemption for annual incomes up to Rs 600,000 and restructuring tax brackets without increasing the maximum tax rate for salaried individuals. Here are the updated monthly tax rates:

  • Income Range: Rs 600,000 – Rs 1,200,000
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    • Monthly Income: Rs 100,000
    • Previous Monthly Tax: Rs 1,250
    • New Monthly Tax: Rs 2,500
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  • Income Range: Rs 1,200,000 – Rs 2,200,000
    • Monthly Income: Rs 183,000
    • Previous Monthly Tax: Rs 11,650
    • New Monthly Tax: Rs 15,000
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  • Income Range: Rs 2,200,000 – Rs 3,200,000
    • Monthly Income: Rs 267,500
    • Previous Monthly Tax: Rs 28,750
    • New Monthly Tax: Rs 35,834
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Additionally, the budget targets a GDP growth of 3.6% and aims for Rs 13 trillion in tax revenue.

It includes measures to broaden the tax base, reduce inflation to 12%, and encourage foreign investment.

The budget also allocates increased funds for the Public Sector Development Programme (PSDP) to support economic growth and fiscal stability.

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