Cash withdrawal limit for non-filers increased from Rs 50,000 to Rs 75,000

ISLAMABAD: Federal government  has decided to increase the cash withdrawal limit for non-filers from Rs 50,000 to Rs 75,000, according to media reports.

Under the revised budget proposals for the financialyear2025-26, a higher advance tax of 0.8 percent will be applicable on withdrawals exceeding the new limit, which is higher than the current year’s 0.6 percent.

On the other hand, social media platforms will have to face a stiff tax on advertisements, with a 9 percent reduction in income tax surcharge for the highest earners.

This decision has been approved by the Finance Committee of the National Assembly.

Earlier, KP government has declared a ten percent and a seven percent hike in salaries and pensions, respectively, of its workers in the Rs 2,119 billion surplus budget for the fiscal year 2025-26 unveiled on Friday.

Khyber Pakhtunkhwa Finance Minister Aftab Alam unveiled the budget with ‘no new tax‘ and stated that the estimated annual outlay for the upcoming fiscal year 2025-26 would be Rs 1962 billion with a surplus of Rs 157 billion.

Announcing the break-up, the finance minister added that provincial government is hoping to receive Rs 292.340 billion from the federal government for the merged tribal districts including Rs 80 billion current budget grant, Rs 39.600 annual development program, Rs 50 billion under AIP, Rs 42.740 billion as their share from other provinces and Rs 17 billion for TDPs.