The federal government’s new budget for 2024-25 has offered major relief to bureaucrats and military personnel, despite new taxes for ordinary citizens.
Both serving and retired bureaucrats and military officials will be exempt from income tax on property sales. In contrast, taxes on property sales and transfers for the general public have increased significantly.
The National Assembly approved the budget, which totals Rs18.877 trillion. The government plans to raise an additional Rs1.7 trillion in revenue next year by imposing higher taxes on various incomes, assets, and goods.
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A 10% surcharge has also been added to the taxes for both salaried and non-salaried individuals.
In addition, the government has raised taxes on air travel, especially for business and club class tickets. Excise duty on flights to the USA, North America, Latin America, and Canada has increased from Rs250,000 to Rs350,000.
For European destinations, the duty has risen from Rs150,000 to Rs210,000.
Similar increases apply to flights to New Zealand, Australia, China, Malaysia, Indonesia, Saudi Arabia, UAE, the Middle East, and African countries. The excise duty for tickets to New Zealand and Australia is now Rs210,000, up by Rs60,000.
For flights to China, Malaysia, and Indonesia, the duty is also Rs210,000. Tickets to Saudi Arabia, UAE, the Middle East, and African countries now incur a duty of Rs105,000, up by Rs30,000.
