Saturday, July 13, 2024

How Much Tax Will a Non-Filer Who Withdraws 50 Thousand From the Bank Have to Pay?

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.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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