ISLAMABAD: In the federal budget for 2024-25, on the one hand, there is a possibility of increasing taxes and eliminating unnecessary exemptions, while imposing sales tax on petroleum products, the income tax slabs for the high-paid salaried class are also being rejected. There is a possibility of change.
According to the document, 2100 billion rupees have been allocated for defense in the federal budget, while 9700 billion rupees have been set aside for interest payments on loans. Similarly, during the next fiscal year, 1500 billion rupees have been allocated for development projects, 253 billion rupees for the energy sector, and 827 billion rupees for infrastructure.
In the federal budget, 800 billion is allocated for subsidy for the energy sector. 206 billion for water resources, 279 billion for transport and communication have been allocated. Similarly, the GDP growth target has been set at 3.6% in 2024-25 and a tax collection target of Rs 12,970 billion has been set for the IBR. In the upcoming budget, FBR will collect additional revenue of Rs 3720 billion. Compared to the current financial year, direct taxes will be 3452 billion more next year. The customs duty for the next year will be 267 billion rupees more than the current financial year.
The volume of inland revenue taxes has been fixed at 11 thousand 379 billion rupees, while the volume of direct taxes will be 5 thousand 512 billion rupees. In the federal budget 2024,25, new measures are expected regarding additional taxes. Similarly, sales tax exemption on petroleum products is likely to be phased out.
5% sales tax on petroleum products and tax on cigarettes and nicotine pouches are likely to be increased. Similarly, tax exemption on stationery including books, markers is also proposed to be abolished. It has also been proposed to remove the tax exemption on branded milk. Local and imported vehicles are also likely to become more expensive in the budget.
The new budget will have measures to further tighten the noose around non-filers. Tax is likely to be increased for non-filers on bank withdrawals. Tax rates on imported food grains and luxury goods are likely to be increased further. Similarly, there is a possibility of changes in the income tax slabs for the high paid salaried class.
