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Budget 2023-24: Withholding tax on cash withdrawals under consideration

10:19 PM | 7 Jun, 2023
Budget 2023-24: Withholding tax on cash withdrawals under consideration
Source: File Photo

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%.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 25, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 25, 2023 (Monday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 292 295.15
Euro EUR 317 317
UK Pound Sterling GBP 372.5 376
U.A.E Dirham AED 81.5 82.3
Saudi Riyal SAR 78.55 79.3
Australian Dollar AUD 198 200
Bahrain Dinar BHD 781.13 789.13
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.22 40.62
Danish Krone DKK 42.35 42.75
Hong Kong Dollar HKD 317 320
Indian Rupee INR 37.93 38.28
Japanese Yen JPY 1.92 1.99
Kuwaiti Dinar KWD 951.03 960.03
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.23 176.23
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.72 770.72
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 217 219
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 325.12 327.62
Thai Bhat THB 8.31 8.46

Gold Rate in Pakistan Today – September 25, 2023

Today Gold Rate in Pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 214,700 on Monday. The price of 10 grams of 24k gold was recorded at Rs184,070.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 25 September 2023

City Gold Silver
Lahore PKR 214,700 PKR 2,590
Karachi PKR 214,700 PKR 2,590
Islamabad PKR 214,700 PKR 2,590
Peshawar PKR 214,700 PKR 2,590
Quetta PKR 214,700 PKR 2,590
Sialkot PKR 214,700 PKR 2,590
Attock PKR 214,700 PKR 2,590
Gujranwala PKR 214,700 PKR 2,590
Jehlum PKR 214,700 PKR 2,590
Multan PKR 214,700 PKR 2,590
Bahawalpur PKR 214,700 PKR 2,590
Gujrat PKR 214,700 PKR 2,590
Nawabshah PKR 214,700 PKR 2,590
Chakwal PKR 214,700 PKR 2,590
Hyderabad PKR 214,700 PKR 2,590
Nowshehra PKR 214,700 PKR 2,590
Sargodha PKR 214,700 PKR 2,590
Faisalabad PKR 214,700 PKR 2,590
Mirpur PKR 214,700 PKR 2,590

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