ISLAMABAD – Finance Minister Muhammad Aurangzeb unveiled the Federal Budget 2024-25 with total outlay of Rs18.9 trillion on Wednesday, proposing various taxes on non-filers.
The minister proposed imposition of 75 percent tax on mobile balance recharge by non-filers, a move that aims at encouraging people to become taxpayers.
The government has tabled the budget in National Assembly and Senate seeking approval of it. If the finance bill is approved, the new taxes will come into effect from July 1, 2024.
Expected Tax Deduction on Mobile Balance from July 2024
The proposal shows the government is planning to deduct Rs75 in taxes on prepaid recharge of Rs100 each. It means the non-filer user of the prepaid SIM cards would get only Rs25 out of Rs100 recharge.
The country’s finance czar outlined proposed changes, calling income tax reforms as need of the hour. Muhammad Aurangzeb highlighted Federal Board of Revenue’s (FBR) recent implementation of income tax reforms and proposed maintaining income tax exemption for incomes up to Rs 600,000 annually.
How much Tax will be deducted from your Monthly Salary after Budget Proposal?
