The government wants to bring back a withholding tax on cash from banks for people who haven’t submitted their tax information.
People who know about it told ProPakistani that the Federal Board of Revenue (FBR) is thinking about bringing back a tax on taking out money, using banking instruments, and doing banking transactions for those who haven’t submitted their tax information. They might do this in the next budget.
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The tax on banking transactions for people who haven’t submitted their tax information is estimated to generate around Rs. 45 billion in revenue.
However, the government has chosen to get rid of some taxes that don’t make as much money from direct taxes in the upcoming budget (2023-24).
According to some people who informed ProPakistani, the government might remove or get rid of the taxes on small amounts of money in the next federal budget (2023-24).
During the mini-budget in February 2023, a new rule called section 236CB was added. This rule requires a person who organizes or hosts events like weddings in places such as marriage halls, hotels, restaurants, and clubs to pay a 10 percent tax in advance (known as withholding tax) on the entire bill amount.