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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]
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
Income Tax on Export of Services, in Pakistan is 1%. However, export of IT services is taxed at reduced rate of 0.25% in registered with PSEB, Pakistan Software Export Board. [5] In addition to Corporate Tax, there are other applicable income taxes including Super Tax, Minimum Tax, and Tax on Undistributed reserves.
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.
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 taxation measures and expenditure cuts. The budget was accepted the next day.
You can top off 2024’s IRA — you have until Tax Day in April to fund it — and then plan ahead for 2025’s IRA. ... benefits could be cut by 25 percent. Even if you don’t rely on Social ...
2022–23 Pakistan federal budget; 2023–24 Azad Jammu and Kashmir budget; 2023–24 Pakistan federal budget; 2023–24 Balochistan budget; 2023–24 Gilgit-Baltistan budget; 2023–24 Khyber Pakhtunkhwa budget; 2023–24 Punjab, Pakistan budget; 2023–24 Sindh budget; 2024–25 Khyber Pakhtunkhwa budget; 2024–25 Pakistan federal budget
The Inland Revenue Service (IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty. [1] [2]