Business Desk 
Jun 12, 2024
The federal budget for the fiscal year 2024-25 was tabled in the National Assembly on Wednesday which has been drafted in line with the conditions set by the International Monetary Fund conditions (IMF).
Finance Minister Muhammad Aurangzeb presented a ‘tough’ budget proposal of Rs18.88 trillion for FY24-25, announcing a raise in the salaries of government employees to provide relief.
In his speech, the finance minister said the mimimum tax slab will remain the same at Rs600,000 (annual income) and the maximum tax slab will also remain unchanged.
"There are some changes proposed in tax slabs. There's also a proposal of keep the maximum tax rate at 45% for non-slaries people," he added.
The table below gives details on the tax rates applicable on revised income slabs in Pakistan.
| S.No | Taxable income | Rate of tax |
| 1. | Where taxable income does not exceed Rs. 600,000 | 0% |
| 2. | Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000 | 5% of the amount exceeding Rs600,000 |
| 3. | Where taxable income exceeds Rs1,200,000 but does not exceeds Rs2,200,000 | Rs30,000 + 15% of the amount exceeding Rs1,200,000 |
| 4. | Where taxable income exceeds Rs2,200,000 but does not exceeds Rs3,200,000 | Rs180,000 + 25% of the amount exceeding Rs2,200,000 |
| 5. | Where taxable income exceeds Rs3,200,000 but does not exceeds Rs4,100,000 | Rs430,000 + 30% of the amount exceeding Rs3,200,000 |
| 6. | Where taxable income exceeds Rs4,100,000 | Rs700,000 + 35% of the amount exceeding Rs4,100,000 |
