The government is expected to increase the burden on non-filers in the next fiscal year by doubling the withholding tax on their bank cash withdrawals, targeting an additional Rs. 15–20 billion in revenue for 2025-26, sources told ProPakistani.
In this regard, a proposal is under consideration to increase the withholding tax on cash withdrawals from banks by non-filers from 0.6 percent to 1.2 percent.
At present, over Rs. 50,000 cash withdrawals by non-filers, in a single day, through credit cards/ATMs are also subject to 0.6 percent withholding tax.
The Finance Act 2023 reintroduced tax collection on cash withdrawals from non-ATL persons by banks. Section 231AB requires every banking company to deduct advance adjustable tax at 0.6 percent from a person whose name does not appear in the Active Taxpayer List, at the time of making payment for sum total of cash withdrawal (aggregate cash withdrawal) in a single day exceeding Rs 50,000. Cash withdrawals made on credit cards or from ATMs were also be covered by this provision.
Non filers include politicians and certain Lumber 1 ?
Hahaha, Lumber 1 — and politicians can sell Pakistan for their own benefit.
ofcourse, this is only for the common man and not for zardaris, sharifs, millitary, judiciary and every other hulla ballo in the government.
Now a day’s Gumrandoz are easily spoted.
Is there any incentive a filer can get other than the fear of penalties?
This institution really needs competent people from decades.
This country is a paradise for tax evaders. Whatever the tax rate for them they r ready to pay. The most beneficial is the privileged class sitting in the power corridors.