The federal cabinet has approved a proposal for a 25 percent salary increase for federal government employees and a 15 percent pension increase in the upcoming federal budget for 2024-25.
Prime Minister Shehbaz Sharif previously endorsed the annual budget for the fiscal year 2024-25, which includes a comprehensive package for farmers, youth, and industries.
According to the 2024-25 budget proposals, Pakistan plans to tax the real estate sector in three tiers. For property purchases worth Rs50 million, filers will pay a 3 percent tax, while non-filers will pay 6 percent. For properties valued between Rs50 million and Rs100 million, filers will be taxed at 4 percent, and non-filers at 12 percent.
In the third tier, properties worth over Rs100 million will incur a 5 percent tax for filers and a 15 percent tax for non-filers.
Sources close to the matter have indicated that the budget proposals, totaling over 18 trillion rupees, have been approved. The budget includes significant allocations for various sectors and initiatives designed to stimulate economic growth and support key segments of the population.
