Non-filers To Pay Withholding Tax on Cash Withdrawals

In recent developments, the government is contemplating. The reinstatement of withholding tax on Non-filers To Pay Withholding Tax on Cash Withdrawals. Transactions made by non-filers. This move is part of the Federal Board of Revenue’s (FBR) ongoing deliberations for the 2023-25 budget. The primary objective behind this proposal is to generate a substantial revenue stream. From non-filers’ banking activities, estimated to be around Rs. 45 billion.

The government recognizes the need to optimize its tax collection mechanisms. And ensure that the tax burden is distributed fairly among all citizens. As part of this process, the authorities have decided to review and potentially. Eliminate withholding taxes that have a minimal impact on the direct tax collection efforts. These low-yield withholding taxes are being carefully evaluated to assess their effectiveness and contribution to the overall revenue generation.

While specific details regarding the elimination of these low-yield withholding taxes remain undisclosed, sources indicate that such changes may be implement in the forthcoming federal budget for the year 2023–2024. This decision aligns with the government’s broader objective of streamlining the tax system, simplifying procedures, and enhancing efficiency in revenue collection.

It Is important to note that government policies regarding taxes are subject to change based on various factors, including economic conditions, revenue requirements, and fiscal priorities. As the budget is still in the planning stage, it is advisable to stay updated with official government sources, consult tax professionals, or refer to reliable news outlets for the latest and accurate information regarding the proposed changes to withholding taxes.

Nexthome.pk urges investors, builders and homebuyers to withdraw money in the bank before the implementation of the tax imposition as a financial advice. However, for specific information and advice regarding taxation. It is recommend to consult with qualified professionals or refer to official government sources. For more information on real estate news and updates keep visiting Nexthome.pk or dial 0304-111-0309 for further assistance.