In a significant update, it has been reported that the upcoming 2024-25 budget will not include any taxes on pensions.
According to sources familiar with the matter, Finance Minister Muhammad Aurangzeb successfully convinced the International Monetary Fund (IMF) to exclude taxes on monthly pensions in the 2024-25 budget.
Pakistani officials held virtual talks with the IMF team, where taxation was a key topic.
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The Federal Board of Revenue (FBR) initially proposed tax measures under IMF guidelines, suggesting equal taxes for both businesses and salaried workers.
However, due to the Finance Minister’s efforts, the proposal to tax monthly pensions has been overturned. Pakistani authorities and the IMF have agreed to hold additional virtual meetings to discuss tax proposals.
