The budget for 2024–25 is criticized by JI Emir Hafiz Naeemur Rehman.
Respondent Hafiz Naeemur Rehman claimed that the government had given the IMF permission to meddle in institutional affairs.
Despite participating in 23 different IMF programs, the economy has shown no signs of progress, and this document is known as the budget.
In the budget for 2024–25, he bemoaned the prospect of increasing taxes on the salaried class.
With 326 billion rupees gathered from the salaried class so far, the poor have been squeezed by the petroleum levy and high gas and electricity billing, and 87% of the tax money goes toward paying the interest on the loans, according to Naeemur Rehman.
Why weren’t the feudal people taxed? The JI emir wanted to know.
He continued by saying that interest rates will keep the economy from improving and that unfair and illegal contracts with independent power producers (IPPs) are to blame for the high cost of electricity.
The federal government had planned to eliminate income tax for individuals earning up to Rs600,000 in the budget for fiscal year 2024–25.
- A flat rate of 5% applies to those with yearly incomes between Rs600,000 and Rs1.2 million.
- Individuals earning more than Rs2.2 million per year are subject to a fixed tax of Rs30,000, with an extra 10% income tax applied to amounts over Rs1 million.
- Between Rs2.2 million and Rs3.2 million, individuals would be subject to a set tax rate of Rs1.8 lakh plus a 25% income tax on amounts beyond Rs1 million.
- There is a flat rate of Rs4.3 lakh (income tax) for those making between Rs3.2 million and Rs4.1 million, plus a 30% income tax on everything over Rs9 lakh.
- or those with incomes beyond Rs4.1 million, the tax rate is 35 percent, with a flat rate of Rs7 lakh.