PESHAWAR: The Khyber Pakhtunkhwa government has unveiled its fiscal year 2024-2025 budget, introducing significant changes to the tax regime aimed at boosting provincial revenue.
The provincial government of Khyber Pakhtunkhwa has set an ambitious target, estimating the collection of provincial taxes at Rs.63.19 billion, one of the most notable introductions is the provincial excise duty on tobacco.
For the first time , this tax will be collected from tobacco companies at the rate of Rs.50 per kilogram, additionally the tax on snuff tobacco has been increased from Rs2.5 to Rs7.5 per kilogram.
Furthermore, In the real estate sector, a 2% tax has been imposed on purchasing and selling plots within housing societies, Residential properties will also see new taxes, with owners of 5 to 10 marla houses required to pay Rs.3000 and the owners of 15 marla houses Rs.3,500 and the owners of 18 marla houses will pay Rs.4,000, for larger properties, a tax of Rs.15,000 will be imposed on one-kanal houses, and the owner of two kanal houses will pay tax Rs.40,000.
If talked about the education sector, it also impacted, with private institutions facing new annual taxes, Rs.40,000 for primary schools, Rs.50,000 for middle school, and Rs.100.000 for high schools and for the University Rs.250,000 imposed.
Khyber Pakhtunkhwa government also increased traffic fines, with penalties rising from Rs.400 to Rs.1,000 for various violations.
