Sunday, July 14, 2024

Here’s How Much Tax Govt likely to Impose on Bank Transactions above Rs. 50,000

The federal government is considering implementing a 0.6 percent tax on bank transactions above Rs50,000 as part of its plan to increase tax collection targets. Reports suggest that the government aims to raise the tax collection target to Rs9,200 billion for the next fiscal year, which will be announced in the National Assembly. The opposition coalition, PDM, has also set the non-tax revenue target at Rs2,800 billion.

To achieve the tax collection target, it is anticipated that the government will introduce new taxes worth Rs200 billion in the budget. Non-filers are expected to face over a 30% tax on mutual funds and real investment trust. Additionally, the government plans to raise withholding tax (WHT) on luxury items and double it for non-filers in the property sector.

The proposed finance bills also include an increase in WHT for non-filers involved in the buying and selling of prize bonds.

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