The Pakistan Software Houses Association (P@SHA) has said that the budget 2024-25 will only increase the brain drain from the country, especially in the IT sector, due to high taxation in this sector, which will eventually restrict growth and innovation. P@SHA Chairman Muhammad Zohaib Khan has said that the government has completely overlooked the IT industry’s budgetary proposals despite repea
The Punjab government has earmarked Rs539.1bn for the health sector for the financial year 2024-25 with a 24pc increase compared to the last budget. A major chunk of the total budget – Rs55bn – has been allocated for provision of free medicines to the poor and deserving patients in the outpatient departments (OPDs) of the public hospitals and Rs54bn for the Universal Health Coverage under the h
Hybrid car assemblers are now in a quandary as the government increased the general sales tax (GST) to 25 per cent from 8.5pcin the new budget. As a direct consequence, the price of locally made hybrid vehicles is projected to surge, with some models potentially increasing by up to Rs1.4 million to over Rs2.2mn after the GST hike. Sources said that the assemblers of these vehicles were surpr
The government has raised the sales tax rate to 18 per cent from 1pc on raw materials used in producing pharmaceutical active components and goods, which is expected to spike drug prices. The Finance Bill 2024 proposed that the standard sales tax rate will be applied to all items classified under Chapter 30 of the First Schedule with exceptions to the Customs Act 1969. The bill suggested severa
The Pakistan Tax Bar Association (PTBA) has criticised the increase in taxes on salaried individuals and sales tax as oppressive. It also believes that giving the FBR officials more powers will lead to greater harassment of taxpayers. PTBA President Anwar Kashif Mumtaz, at a press conference held at Karachi Press Club on Thursday, labelled the budget FY25 as counterproductive to economic activi