Sunday, 25 February 2024
Government Employees Likely to Get Increase in Salary in Budget of financial year 2023-2024

Government Employees Likely to Get Increase in Salary in Budget

Government Employees Likely to Get Increase in Salary in Budget

Government Employees Likely to Get Increase in Salary in Budget. Ashfaq Tola, Who is Chairman of the Reforms & Resource Mobilization Commission, informed on Wednesday that government employees are likely to get a 20% increase in the upcoming budget. So, we expect that government employees would receive an approximate 20% increase.

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He was Speaking at the launch ceremony of the report named “Unveiling Tax Evasion: A Closer Look at Five Sectors in Pakistan,” Mr. Ashfaq Tola delivered the speech on the need to enhance the salaries of low salaries group of government employees.

Tax Evasion in the Country

Mr. Ashfaq Tola highlighted the importance of resolving the issues of salary differences. The chairman also addressed the issue of tax evasion in the country, as highlighted in the report prepared by the Paris-based research company “Ipsos.” The report disclosed that tax evasion in five sectors caused an annual loss of about Rs 956 billion.

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Tax Measures Expected in the Upcoming Budget

List of some tax measures which are expected in the Upcoming Budget 2023-2024:

  • Tax on Undistributed Reserves
  • Continuation of Super Tax
  • A shift from Final Tax Regime (FTR) to Minimum Tax Regime (MTR) for Exporters
  • Asset Tax/Wealth Tax
  • Higher Tax on Non-Filers
  • GST at 18%
  • Tax on Agricultural Income
  • Increase in Valuation of Immovable Properties
  • Tax on Deemed Rental Income
  • Tax on Banks
  • Tax on Tobacco
  • Dollar Amnesty
  • Tax on Beverages
  • Subsidy Allocations
  • Promotion of Cashless Transactions at Petrol Pumps
  • Increase in Tax Rate for Commercial Importers
  • Fixed Tax Regime for Small Retailers
  • Disallowance of Input Taxes
  • Increase in Tax Rates for Sole Proprietors and Association of Persons
  • Revamping of Capital Gains on Immovable Property
  • Extension of Exemption on Property and Shares
  • Import Duties
  • Relief Package under BISP
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