The non-filers would have to pay 0.6% tax on banking transactions above Rs 25,000 via cash or cheque.
Lahore (Pakistan Point News – 27th March, 2019) The Federal government has imposed a new tax on non-tax payers.
According to details, the government has imposed a tax on banking transactions above Rs 25,000.
The non-filers would have to pay 0.6% tax on banking transactions above Rs 25,000 via cash or cheque. This amounts to a deduction of Rs 150.
Earlier, tax was imposed on banking transactions above Rs 50,000.
The government has restricted cash transactions to a minimum of Rs 25,000.
A notification has also been issued in this regard. The new tax will come into effect immediately.
Moreover, non-filers cannot buy a house costing above Rs 5 million. They are also not allowed to buy imported cars and can only buy locally manufactured vehicles.
According to the notification, overseas Pakistanis and people having inherited property will be exempted from the tax.
Expressing reservations over government’s tax policy, the traders and industrialists said that the government is taking these steps to increase tax base but it should also think of a common man.
They said that the salaried class will be affected with the new withholding tax of 25% on banking transactions above Rs 25,000.
