Big Blow for Non-Filers: FBR Convince Senate to Hike Tax on Cash Withdrawals!
Description:
The Senate Standing Committee on Finance on Wednesday endorsed a proposition to raise the withholding charge on cash withdrawals by non-filers to 1 percent following monetary year after the Chairman Federal Board of Income (FBR) Rashid Mahmood Langrial prescribed the move.
This is higher than the prior proposed rate of 0.8 percent and the existing 0.6 percent rate.
Last year, over Rs. 1.50,000 in cash withdrawals by non-filers, in a single day, through credit cards/ATMs were moreover subject to a 0.6 percent assess. Cash withdrawals made on credit cards or from ATMs were too secured beneath this arrangement.
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