LAHORE MIRROR — The federal government has increased the tax rate on non-filer withdrawals of more than 50,000.
After approval from the federal cabinet, Finance Minister Ishaq Dar presented the budget for the financial year 2023-24 in the National Assembly on Friday.
In the budget of the next financial year 2023-24, the tax rate has been increased on non-filers withdrawing more than Rs50,000.
According to the budget document, taxing bank withdrawals is an important tool to document the economy.
The budget document said that a tax of 0.6% is being levied on withdrawals of more than Rs50,000 to document bank withdrawals by non-filers and increase their transaction costs.
