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The 2024–25 Pakistan Federal Budget is a financial statement of the government's estimated receipts and expenditures for the fiscal year that runs from 1 July 2024 to 30 June 2025. [ 1 ] [ 2 ] On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion. [ 3 ]
Corporate Income tax rates Currently, the Corporate Income tax rate is 29% for tax year 2019 and onwards whereas the corporate tax rate is 35% for Banking Industry for TY 2019. Income Tax on Export of Services, in Pakistan is 1%. However, export of IT services are taxed at reduced rate of 0.25% in registered with PSEB, Pakistan Software Export ...
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. The budget was accepted the next day.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
For the 2023 tax year, the Earned Income Tax Credit (EITC) will increase to $7,430 for qualifying taxpayers who have three or more qualifying children, a $495 gain from $6,935 for the 2022 tax year.
Reducing the earlier six payable slabs for computing individual income tax to five in the New Tax Regime, the Finance Minister proposed higher threshold limit of ₹3 lakh from existing ₹2.5 lakh for taxpayers. [17] new Slab The implementation of improved limits in tax slabs is said to provide significant relief to taxpayers under the new regime.
The RAC fees ranged from $25 to $55 for filing season 2024, according to the report. The average refund for these taxpayers was $3,841, indicating that the cost of the RAC was about 1% of the ...