In the budget for the upcoming fiscal year, the federal government is probably going to raise the advance tax on cash withdrawals from banks by non-filers.
According to sources, the IMF team has recently been discussing this tax proposal during current negotiations.
The IMF has accepted FBR’s plan to raise the advance tax on cash withdrawals from 0.6 percent to 0.9 percent for non-filers in the upcoming budget.
In the budget for the previous year, the government first levied an advance tax of 0.6 percent on non-filers.
Sources claimed that the FBR may get over Rs. 15 billion in revenue from non-filers every year if parliament approved this tax plan.
Additional sources, FBR has suggested raising the withholding tax on a wide range of automobiles with engines that are 850cc or larger.
Not only will car costs rise the following year if parliament approves this idea, but the FBR will also be able to tax car buyers more heavily.
According to sources, the government is considering raising taxes on the sale and acquisition of real estate plots costing at least Rs. 50 million.
The FBR is awaiting the IMF’s approval after submitting these and numerous other proposals to the organisation. Plans will then be presented to Prime Minister Shahbaz Sharif for his ultimate approval.
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