Daily Bank Withdrawals Above Rs 50,000 to Be Taxed at 0.8% for Non-Filers: FBR
ISLAMABAD ( WEB NEWS )
The Federal Board of Revenue (FBR) has implemented an increase in the tax on cash withdrawals by non-filers from banks, as announced in the federal budget for the fiscal year 2025–26. According to the FBR, individuals not listed on the Active Taxpayers List (ATL) will now face a 0.8% tax on daily withdrawals exceeding Rs 50,000. Previously, the rate was 0.6%.
It was stated that every banking company is authorized to deduct this adjustable advance tax from non-filers. Additionally, changes have been made to the advance tax rates on the purchase or transfer of immovable property.
To provide relief to property buyers, withholding tax has been reduced by 1.5%, while for sellers or transferors, the tax has been increased by 1.5% across all slabs. This adjustment is aimed at taxing the capital gains earned by the seller on property sales.
According to the FBR, amendments have been made to Sections 236C and 236K of the Income Tax Ordinance for this purpose. Under the revised rates:
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For property purchases up to Rs 50 million, the tax is now 1.5%, reduced from 3%.
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For properties worth up to Rs 100 million, the rate has been reduced from 3.5% to 2%.
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For properties valued over Rs 100 million, the tax has been reduced from 4% to 2.5%.