LAHORE: The Federal Board of Revenue (FBR) has increased withholding tax for non-filersor those not included in the Active Tax Payers List (ATL). This initiative has been taken to encourage people to file taxes.
A circular issued in this regard, non-ATL filers will be charged a tax of Rs 303 for withdrawing Rs 50,500 from the bank, while those withdrawing between Rs 55,000 and Rs 75,000 will have to pay a tax of Rs 450. However, Pakistani government agencies and foreign diplomats will be exempted from these taxes.
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The circular further states that to discourage unnecessary withdrawal of foreign exchange reserves on credit/debit card payments,
The rate of withholding tax has been increased from 1 percent to 5 percent for persons on the list of active tax payers and non-filers. It has been increased from 2% to 10%.
It has been further stated that the tax rates will be increased by 18%, 24% and 30% for vehicles of 2001 cc, 2501 cc, 2500 cc engines, which are not included in the list of active tax payers.
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Where the engine capacity is not applicable and the price of the vehicle is Rs 50 lakh or more, the rate of tax recovery will be 3% of the import price.
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