The federal government expects to increase an advance tax on cash withdrawals from banks by non-tax filers in the next fiscal year’s budget.
According to sources, this tax proposal was discussed with the IMF delegation during recent negotiations.
The FBR recommended increasing advance tax from 0.6% to 0.9% for people who do not register cash withdrawals in next year’s budget, which the IMF accepted.
The government levied a 0.6% advance tax on non-filers for the first time in the budget last year.
According to sources, if Parliament accepts this tax plan, the FBR might earn over Rs. 15 billion in annual revenue from non-filers.
If Parliament approves this idea, vehicle costs would rise next year, and the FBR will receive more taxes from auto buyers.
According to sources, the government increase tax 2024 is considering imposing additional taxes on the purchase and sale of real estate land valued at Rs. 50 million or more.
The FBR has submitted these and many more ideas to the IMF, and they are awaiting approval. The proposals will be share with Prime Minister Shahbaz Sharif for final approval.
