In a significant move, the government has introduced distinct tax slabs for filers, non-filers, and late filers, with a notable proposal to impose a 45% tax on non-filers.
Presenting the annual budget for the fiscal year 2024-25, the Federal Finance Minister announced the introduction of separate tax slabs for different categories of taxpayers.
Explaining the rationale behind the proposal to increase taxes on non-filers, the Finance Minister emphasized the objective of boosting capital accumulation. Under the proposal, it is suggested to levy a 15% tax rate based on the holding period. Additionally, for non-filers, the proposal entails raising the tax rate to as high as 45% across various income brackets.
The move is aimed at fostering economic documentation and combating speculations in the housing sector. Furthermore, it is anticipated to facilitate the public in accessing affordable housing options.
This initiative underscores the government’s commitment to enhancing fiscal discipline and promoting transparency in the taxation system, ultimately contributing to the country’s economic growth and stability.
