In a decisive move to enhance revenue and strengthen tax compliance, the Federal Board of Revenue (FBR) has implemented notable changes affecting non-filers. The latest amendments target bank withdrawals and property transactions—sectors often overlooked by non-compliant taxpayers.
Updated Bank Withdrawal Tax for Non-Filers Non-filers withdrawing cash from banks are now subject to increased taxation. The revised rate stands at 0.8% on daily withdrawals exceeding Rs 50,000, up from the previous 0.6%. This advance adjustable tax will be automatically deducted by all banking companies in line with federal guidelines.
Real Estate Taxation Adjusted Under Sections 236C and 236K Major adjustments have been introduced in advance tax rates concerning immovable property, significantly impacting buyers and sellers alike.
- For Buyers:
- Up to Rs 50 million: Tax revised to 1.5% from 3%
- Up to Rs 100 million: Reduced from 3.5% to 2%
- Above Rs 100 million: Dropped from 4% to 2.5%
- For Sellers/Transferors:
- A 1.5% hike aims to capture capital gains more effectively
These reforms are designed to incentivize voluntary registration as active taxpayers while discouraging circumvention. According to the FBR, the restructuring provides relief to genuine investors and improves equitable tax collection mechanisms.
