The Pakistani government has announced new tax measures for the fiscal year 2024-25 to boost revenue and meet the International Monetary Fund’s criteria.
Finance Minister Muhammad Aurangzeb presented the new measures in the National Assembly today.
Key changes include the introduction of a capital value tax on property in Islamabad and new taxes on builders and developers.
The government has also amended the Finance Bill 2024, reducing the Petroleum Development Levy on diesel and petrol but increasing it for other fuels.
In addition, the Federal Excise Duty (FED) rates for air travel have been raised significantly, with higher rates for economy and economy-plus classes. Exporters and salaried individuals earning above a certain threshold will face higher taxes, and the tax benefits for hybrid vehicles have been extended.
The government aims to generate additional revenue through these measures to support economic stability and growth.
The changes are expected to impact various sectors, including real estate, construction, and transportation.
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