Pakistan mulls more taxes on cash withdrawals by non-filers in FY25 Budget

12:13 PM | 15 May, 2024
Pakistan mulls more taxes on cash withdrawals by non-filers in FY25 Budget
Source: File Photo

ISLAMABAD – Pakistani government is tightening noose around tax evaders and the latest consideration is to impose additional taxes on cash withdrawals.

Reports in local media suggest that federal government is working to jack up the advance tax on cash withdrawals by non-filers from banks in the upcoming fiscal year budget.

It said Pakistani officials discussed the proposal with IMF team during ongoing negotiations for another programme. 

The country's apex tax collection agency, Federal Board of Revenue (FBR), came up with notion to raise advance tax from 0.6 percent to around 1 percent for non-filers.

This tax was introduced at 0.6 percent last year, and after approves from legislature, the FBR could generate over Rs. 15 billion in annual revenue from non-filers.

In a similar development, the government proposed increasing withholding tax for vehicles with engine capacities of 850cc or more, which could lead to higher vehicle prices and increased tax collection from auto consumers.

To increase revenue, the government is expected to slap higher taxes on sale and purchase of property plots worth Rs5 crores or more.

Daily Pakistan Global Web Desk


Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 May 2024

Pakistani currency rates against US Dollar and other currencies on May 28, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.25 for selling.

Euro stands at 298 for buying and 301 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal increased to 73.45.

Source: Forex Association of Pakistan. (last update 08:00 AM)

Currency Symbol Buying Selling
US Dollar USD 277.4 280.25
Euro EUR 298 301
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.25 75.9
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.03 748.03
Canadian Dollar CAD 203 205
China Yuan CNY 38.42 38.82
Danish Krone DKK 40.44 40.84
Hong Kong Dollar HKD 35.62 35.97
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 904.07 913.07
Malaysian Ringgit MYR 59.05 59.65
New Zealand Dollar NZD 170.03 172.03
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Bhat THB 7.6 7.75


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