{"id":82635,"date":"2025-08-08T20:41:56","date_gmt":"2025-08-08T15:41:56","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=82635"},"modified":"2025-08-08T20:41:56","modified_gmt":"2025-08-08T15:41:56","slug":"non-filers-to-face-higher-taxes-on-bank-withdrawals-over-rs50000","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/non-filers-to-face-higher-taxes-on-bank-withdrawals-over-rs50000\/","title":{"rendered":"Non-filers to face higher taxes on bank withdrawals over Rs50,000"},"content":{"rendered":"

ISLAMABAD: <\/span>The Federal Board of Revenue<\/a> (FBR) <\/span>increased<\/span>\u00a0<\/span>tax\u00a0<\/span>reduction<\/span>\u00a0on bank cash\u00a0<\/span>withdrawal<\/span> for non-filers, reduced <\/span>\u00a0<\/span>withholding tax rates for property buyers in an <\/span>attempt<\/span>\u00a0to\u00a0<\/span>give<\/span>\u00a0relief to\u00a0<\/span>true<\/span>\u00a0investors.
\n<\/span><\/p>\n

According<\/span>\u00a0<\/span>to<\/span>\u00a0the new directive, non-filers withdrawing\u00a0<\/span>Rs50,000\u00a0<\/span>or<\/span>\u00a0<\/span>more on\u00a0<\/span>a single day from their bank accounts will now be\u00a0<\/span>taxed<\/span>\u00a0<\/span>at\u00a0<\/span>0.8percent\u00a0<\/span>instead<\/span>\u00a0<\/span>of<\/span>\u00a0<\/span>the\u00a0<\/span>earlier<\/span>\u00a00.6pc. <\/span><\/p>\n

The\u00a0<\/span>advance\u00a0<\/span>tax\u00a0<\/span>would<\/span>\u00a0be deducted\u00a0<\/span>by all banking companies and\u00a0<\/span>would<\/span>\u00a0be\u00a0<\/span>recoverable<\/span>\u00a0against the\u00a0<\/span>final liability<\/span>\u00a0of the taxpayer<\/span>.<\/p>\n

In the real estate\u00a0<\/span>industry<\/span>,\u00a0<\/span>significant<\/span>\u00a0<\/span>alterations<\/span>\u00a0have been\u00a0<\/span>brought<\/span>\u00a0to\u00a0<\/span>further<\/span>\u00a0tax structure under Sections 236C and 236K of the Income Tax Ordinance.<\/span><\/p>\n

FBR\u00a0<\/span>lowered<\/span> the withholding tax rate for property\u00a0<\/span>purchasers<\/span>\u00a0by 1.5%\u00a0<\/span>on<\/span>\u00a0all slabs<\/span>\u00a0while\u00a0<\/span>raising<\/span>\u00a0the rate for sellers by 1.5% to\u00a0<\/span>prevent<\/span>\u00a0<\/span>evasion<\/span>\u00a0<\/span>of capital gains tax.
\n<\/span><\/p>\n

The\u00a0<\/span>top<\/span> tax-collecting<\/span>\u00a0agency\u00a0<\/span>stated<\/span>\u00a0these\u00a0<\/span>are<\/span>\u00a0<\/span>designed<\/span>\u00a0to\u00a0<\/span>promote<\/span>\u00a0compliance,\u00a0<\/span>deter<\/span>\u00a0cash<\/span>\u00a0transactions, and\u00a0<\/span>simplify<\/span>\u00a0<\/span>taxation of\u00a0<\/span>property\u00a0<\/span>while\u00a0<\/span>avoiding<\/span>\u00a0<\/span>unequal<\/span>\u00a0contribution\u00a0<\/span>by<\/span>\u00a0sellers on their capital gains.
\n<\/span><\/p>\n

Tax according to Property Value<\/h2>\n\n\n\n\n\n\n\n
Property Value Range<\/th>\nOld Tax Rate<\/th>\nNew Tax Rate<\/th>\n<\/tr>\n<\/thead>\n
Up to Rs.\u00a05 crore<\/strong><\/td>\n3.0%<\/td>\n1.5%<\/td>\n<\/tr>\n
Up to Rs.\u00a010 crore<\/strong><\/td>\n3.5%<\/td>\n2.0%<\/td>\n<\/tr>\n
More than Rs.\u00a010 crore<\/strong><\/td>\n4.0%<\/td>\n2.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD: The Federal Board of Revenue (FBR) increased\u00a0tax\u00a0reduction\u00a0on bank cash\u00a0withdrawal for non-filers, reduced \u00a0withholding tax rates for property buyers in an attempt\u00a0to\u00a0give\u00a0relief to\u00a0true\u00a0investors. According\u00a0to\u00a0the new directive, non-filers withdrawing\u00a0Rs50,000\u00a0or\u00a0more on\u00a0a single day from their bank accounts will now be\u00a0taxed\u00a0at\u00a00.8percent\u00a0instead\u00a0of\u00a0the\u00a0earlier\u00a00.6pc. The\u00a0advance\u00a0tax\u00a0would\u00a0be deducted\u00a0by all banking companies and\u00a0would\u00a0be\u00a0recoverable\u00a0against the\u00a0final liability\u00a0of the taxpayer. In the real estate\u00a0industry,\u00a0significant\u00a0alterations\u00a0have been\u00a0brought\u00a0to\u00a0further\u00a0tax structure under […]<\/p>\n","protected":false},"author":9,"featured_media":17482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[131,30607],"class_list":["post-82635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fbr","tag-tax-for-non-filers"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/82635","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=82635"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/82635\/revisions"}],"predecessor-version":[{"id":82663,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/82635\/revisions\/82663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/17482"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=82635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=82635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=82635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}