This means that individuals earning up to Rs100,000 per month will now pay a monthly tax of Rs2,500, up from Rs1,250. Thus, individuals with a monthly salary of Rs183,344 will now face a monthly tax of Rs15,000, up from Rs11,667. This means that individuals with a monthly salary of Rs341,667 will now pay a monthly tax of Rs53,333, up from Rs47,408. The undocumented economy will be brought under the tax net through digitisation, with the FBR introducing personal income tax reforms. The FBR will impose personal income tax on incomes exceeding Rs600,000 annually, ensuring higher incomes are taxed more.

Source: The Express Tribune June 12, 2024 17:11 UTC