The federal government has raised the tax rate on non-filer withdrawals of $50,000 or more.
Finance Minister Ishaq Dar presented the budget for the fiscal year 2023-24 in the National Assembly after receiving approval from the federal cabinet.
The tax rate on non-filers withdrawing more than $50,000 has been raised in the budget for the fiscal year 2023-24.
Taxing bank withdrawals, according to the budget document, is an important tool for documenting the economy.
According to the budget document, a 0.6% tax is being levied on withdrawals of more than Rs 50,000 in order to document bank withdrawals by non-filers and increase their transaction costs.
