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Pakistan imposes 0.6% tax on banking transactions above Rs 25,000

06:18 PM | 27 Mar, 2019
Pakistan imposes 0.6% tax on banking transactions above Rs 25,000
ISLAMABAD – The Federal government has imposed a new tax on non-tax payers, according to a notification issued on Wednesday.

The non-filers would have to pay 0.6% tax on banking transactions above Rs 25,000 via cash or cheque. This amounts to a deduction of Rs 150.

Earlier, tax was imposed on banking transactions above Rs 50,000.

But the government has now restricted cash transactions to a minimum of Rs 25,000. The new tax will come into effect immediately.

Moreover, non-filers cannot buy a house costing above Rs 5 million. They are also not allowed to buy imported cars and can only buy locally manufactured vehicles.

According to the notification, overseas Pakistanis and people having inherited property will be exempted from the tax.

Expressing reservations over government’s tax policy, the traders and industrialists said that the government is taking these steps to increase tax base but it should also think of a common man.

They said that the salaried class will be affected with the new withholding tax of 25% on banking transactions above Rs 25,000.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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