the International Monetary Fund (IMF) has conditioned the reduction of income tax slabs.
The proposal includes an increase of 10 percent in tax on the monthly income of salaried class between Rs 3-5 lakh, enhancing the maximum tax limit from 35% to 45% and applying the maximum tax limit to annual income exceeding Rs 60 lakh.
The final decision will be made in today’s federal cabinet meeting, which will also approve the increase in salaries and pensions.
Additionally, the meeting will consider imposing a 6% General Sales Tax (GST) on petroleum products.
Pakistan to present Rs18 trillion budget today
The Pakistan Muslim League-Nawaz (PML-N) led federal government will present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion, on June 12 (today).
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb will present the budget on the National Assembly floor.
The budget will be aimed at mitigating the people’s sufferings, transforming the agriculture sector, promoting information technology (IT), and boosting exports, the government sources said
The government also claimed that in addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures, job creation and people-friendly policies for the socioeconomic prosperity of the country would feature in the budget.