ISLAMABAD – In response to suggestions from the Pakistan Business Council (PBC), the Federal Board of Revenue (FBR) is considering possibilities to levy a withholding tax on withdrawals from a non-filer’s bank account that exceed Rs50,000 in a single day.
The revenue board has been asked by the council to levy greater advance taxes on non-filers’ luxury purchases, real estate transactions, and energy bills.
For non-filing owners of automobiles 2000cc and up, it has been claimed that the yearly advance income tax amount should be increased to 250,000.
Additionally, it said that non-filers are subject to advance income tax on automobile purchases [under section 231B].
Additionally, it called for raising the advance income tax from Rs1,200,000 to Rs. 2,400,000 on automobiles (2001cc and above) sold by non-filers prior to registration.
When a non-filer’s monthly bill is Rs25,000 or higher, domestic connections are required to pay advance tax at a rate of 7.5%.
Pakistan mulls reviving withholding tax on cash withdrawals, bank transactions in upcoming budget
