JI Emir Hafiz Naeemur Rehman criticices budget 2024-25

Emir Jamaat-e-Islami (JI) Hafiz Naeemur Rehman has criticised budget 2024-25, presented by PML-N led government on Wednesday. 

Hafiz Naeemur Rehman in his reaction alleged that the government has allowed the International Monetary Fund (IMF) to interfere in the matters of the institutions.

The budget is the name of the IMF slavery document, after taking 23 IMF programs there is still no improvement in the economy.

He lamented further taxing the salaried class in the budget 2024-25.

Naeemur Rehman said that FBR has no credit regarding tax revenue increase, 326 billion rupees are collected from the salaried class so far, the poor were squeezed by petroleum levy, expensive gas and electricity billing, 87% of the tax revenue goes to pay the loan’s interest.

The JI emir questioned why the feudal were not being brought into the tax net.

He went on to say that the economy will not improve as long as there is interest and that expensive electricity is the outcome of unfair and unlawful contracts with IPPs.

Read more: Budget 2024-25: How much income tax will be deducted from salaries?

In the budget for fiscal year 2024-25, the federal government proposed exempting those earning up to Rs600,000 per year from paying income tax.

Income tax slabs 2024

• Those earning between Rs600,000 and Rs1.2 million annually will be taxed at 5pc of their income.
• A fixed tax of Rs30,000 will be imposed on individuals earning Rs2.2 million per annum, with an additional 10pc income tax on amounts exceeding Rs1 million.
• Individuals earning between Rs2.2 million and Rs3.2 million will be taxed at Rs1.8 lakh (fixed) + 25pc income tax on amounts exceeding Rs1 million.
• Those earning between Rs3.2 million and Rs4.1 million will be taxed at Rs4.3 lakh (fixed) + 30pc income tax on amounts exceeding Rs9 lakh.
• Individuals earning above Rs4.1 million will be taxed at Rs7 lakh (fixed) + 35pc income tax on the excess amount.