Finance Bill 2024-25 suggests hike in business and club class tickets

The federal government has increased tax on tickets for business and club classes, reported 24NewsHD TV channel.

According to Finance Bill 2024-25, the government has suggested an increase in the excise duty on business and club class tickets for US and Canada flights to Rs1 lakh from July 1, 2024.

According to the Finance Bill excise duty on tickets of US, North America, Latin America and Canadian fights has been increased from Rs250,000 to Rs350,000 rupees.

The government has proposed Rs60000 increase in excise duty on tickets for Europe. From July 1, the excise duty on Europe tickets will increase from Rs150,000 to Rs210,000.

Excise duty was increased by 60,000 rupees on tickets for New Zealand and Australia. According to the bill, the excise duty on New Zealand and Australia flights was increased to 210,000 rupees.

Excise duty was also revised to Rs 210,000 on tickets for China, Malaysia and Indonesia. Rs30,000 increase in excise duty on tickets of Middle East and African countries including Dubai and Saudi Arabia. Excise duty of Rs150,000 was imposed on tickets to Dubai, Saudi Arabia and African countries.

Meanwhile, Federal Bureau of Revenue (FBR) has decided to set up Investigation Wing to counter tax related fraud. A fine of Rs 25000 will be imposed on those involved in tax fraud moreover in serious fraud case, those involved in tax fraud will be fined equal to the amount of tax evasion. Moreover, those involved in tax fraud will be punished with imprisonment of 5 to 10 years.

Investigation Wing will take measures to curb tax fraud. An Intelligence Unit will be established in the Tax Fraud Investigation Wing while legal, accountants and digital forensics unit will be established in the wing.

A crime scene unit will also be established in the wing while the Chief Investigator will head the Fraud Wing.