Thursday, July 18, 2024

Govt Likely to Impose Tax on Bank Transactions Above Rs. 50,000

The federal government has decided to surge the tax collection target for 2023-24 and is considering applying a 0.6% tax on bank transactions worth more than PKR 50,000. National Assembly held a meeting today to set the new target of PKR 9,200 billion and generate a non-tax yield of PKR 2,800 billion.

According to the resources, it is predicted that more taxes totaling Rs. 200 billion will be implemented in the budget to meet the tax collection target. In addition, the WHT (withholding tax) on luxurious items will also be escalated. The real investment trust sectors and non-filers of taxes in mutual funds will also face a boost of more than 30% tax. The WHT for non-filers in the property sector will be doubled as well as an increase in WHT for the non-filers involved in trading of prize bonds.

It is without a doubt that the budget for 2023-24 is expected to come with increased taxes. It is yet to be seen how the netizens will take this upsurge.

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