{"id":39403,"date":"2024-06-12T13:30:04","date_gmt":"2024-06-12T08:30:04","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=39403"},"modified":"2024-06-12T13:30:21","modified_gmt":"2024-06-12T08:30:21","slug":"budget-2024-25-govt-to-increase-tax-on-cash-withdrawal-in-upcoming-budget","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-govt-to-increase-tax-on-cash-withdrawal-in-upcoming-budget\/","title":{"rendered":"Budget 2024-25: Govt to &#8216;increase&#8217; tax on cash withdrawal"},"content":{"rendered":"<p>ISLAMABAD: The federal government is mulling over increasing an advance tax on cash withdrawal\u00a0by non-filers from banks in the upcoming FY <a href=\"https:\/\/dailyausaf.com\/en\/business\/budget-2024-25-govt-employees-to-get-salary-increase\/\">budget<\/a> 2024-25.<\/p>\n<p>According to sources, <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/federal-education-department-employees-protest-ahead-of-budget-2024-25\/\">FBR<\/a> proposed to increase the advance tax on cash withdrawals from 0.6 percent to 0.9 percent for non-filers in next year\u2019s budget.<\/p>\n<p>The government had first imposed a 0.6 percent advance tax on non-filers in the FY2023-24 budget.<\/p>\n<p>Sources said that if parliament approves this tax proposal, the FBR could collect over Rs. 15 billion annually in revenue from non-filers.<\/p>\n<p>Sources also added that FBR has also proposed to increase withholding tax on all sorts of vehicles, having engine capacity of 850cc or more.<\/p>\n<p>Moreover, the govt has also decided to launch a crackdown against individuals who did not register themselves for the Tajir Dost Scheme. The FBR has proposed to send notices to them.<\/p>\n<p>The Tajir Dost Scheme is a voluntary tax compliance scheme designed to simplify tax filing for small businesses.<\/p>\n<h2>Expected Tax Rate on Cash Withdrawals<\/h2>\n<p>If the proposal is approved, the banks will deduct Rs900 on a cash withdrawal of Rs100,000. The revised tax rate would come into effect from July 1, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The federal government is mulling over increasing an advance tax on cash withdrawal\u00a0by non-filers from banks in the upcoming FY budget 2024-25. According to sources, FBR proposed to increase the advance tax on cash withdrawals from 0.6 percent to 0.9 percent for non-filers in next year\u2019s budget. The government had first imposed a 0.6 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":39407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[16180,18470,18480,18481],"class_list":["post-39403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-budget-2024-25","tag-budget-2024-25-tax-increase","tag-budget-2024-25-govt-to-increase-tax-on-cash-withdrawal-in-upcoming-budget","tag-tax-on-cash-withdrawal-in-budget-2024-25"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=39403"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39407"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=39403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=39403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=39403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}