The federal government has decided to give major relief to bureaucrats and military personnel in the new budget for the fiscal year 2024-25, even though it introduces new taxes for ordinary citizens.
Bureaucrats and military officials, both serving and retired, will not have to pay income tax on the sale of their properties. Meanwhile, taxes on the sale and transfer of properties by common people have increased significantly.
This “tax-heavy” budget has been approved by the National Assembly and totals Rs18.877 trillion.
The government aims to raise an additional Rs1.7 trillion in revenue next year by imposing large taxes on various incomes, assets, and goods. A 10% surcharge has also been added to the taxes of both salaried and non-salaried people.
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In addition to these changes, the government has introduced high taxes on air travel, particularly for business and club class tickets. For flights to the USA, North America, Latin America, and Canada, the excise duty has been raised from Rs250,000 to Rs350,000.
For European destinations, the duty has increased from Rs150,000 to Rs210,000. Similar increases have been applied to tickets for flights to New Zealand, Australia, China, Malaysia, Indonesia, Saudi Arabia, UAE, the Middle East, and African countries.
For instance, the excise duty on tickets to New Zealand and Australia now stands at Rs210,000, up by Rs60,000. For flights to China, Malaysia, and Indonesia, the duty is also Rs210,000.
For tickets to Saudi Arabia, UAE, the Middle East, and African countries, the duty has increased by Rs30,000 to Rs105,000.
