Pakistan’s Finance Minister, Senator Muhammad Aurangzeb, unveiled the 2024-25 budget in a heated National Assembly session. The announcement included new income tax measures.
Opposition members expressed their dissent loudly, even tearing copies of the bill, as Aurangzeb, aged 60, introduced the financial plans for the upcoming fiscal year.
Aurangzeb announced a tax revenue target of Rs 12.97 trillion in his address. This represents a 38% increase from the previous year and aims to secure a vital IMF bailout.
“Despite significant financial and political hurdles over the past year, our economic achievements have been substantial,” the minister, marking his first budget presentation.
Additionally, the assembly passed the finance bill. It raises taxes for both salaried and non-salaried high earners.
Tax Calculator
Pakistan New Income Tax Slabs 2024
| Income Range (Rs) | Tax Calculation |
|---|---|
| Up to 600,000 | Zero tax |
| 600,001 – 1,200,000 | 15% of the amount exceeding Rs 600,000 |
| 1,200,001 – 1,600,000 | Rs 90,000 + 20% of the amount exceeding Rs 1,200,000 |
| 1,600,001 – 3,600,000 | Rs 170,000 + 30% of the amount exceeding Rs 1,600,000 |
| 3,600,001 – 5,600,000 | Rs 650,000 + 40% of the amount exceeding Rs 3,600,000 |
| Above 5,600,000 | Rs 1,610,000 + 45% of the amount exceeding Rs 5,600,000 |
