KARACHI – Pakistan’s top tax collection authority has notified fixed tax rates for filers and non-filers which will be applied in the ongoing fiscal year.
The crisis-hit country made several changes in taxes as per demands of the International Monetary Fund to rake in more funds.
Tax Rates on Prize Bonds
Federal Board of Revenue of Pakistan lately issued a notification on which said a tax rate of 15 percent for filers and 30 percent tax for non-filers on prize bonds.
Tax Rates on Savings Account Profits
It said the income tax has been raised from 10 to 15 percent against for savings account profits while non-filers will pay 30 percent tax.
Tax Rates on Electricity Bills
Filers having a monthly electricity bill by up to Rs25,000 will pay no tax, while for non-filers, a tax rate of 7.5pc would be charged.
Tax Rates on Rent Income
Sharing new policy on rent income, people who are in filers category will pay tax between 5-15 percent and a tax rate over 10 to 15 pc will be applied on non-tax filers.
Tax Rates on Property
Tax filers will pay a tax rate of 5 percent, and non-filers will double tax (10pc) on the amount of property auctioned while filers will be exempted to pay additional tax on motor vehicle leasing, for non filers it will be 12 percent.
Tax Rates on Motor vehicle registration
A tax of Rs10,000 to Rs5lac will be imposed on motor vehicle registration for filers and non-filers will pay Rs30,000 to Rs15lac.
Tax Rates on Banking Transactions
FBR further maintained that there would be 0 tax on filers on banking transactions, while 0.6 percent would be charged to non-filers. 2 percent tax will now be imposed for international transactions through debit cards, and non-filers will pay five times the amount – 10 percent.
Budget 2023-24: Find out how much income tax will be deducted from your salary
