Budget 2024-25 : Govt to Increase Tax on Profit for Non-Filers
Description:
The federal government of Pakistan is likely to raise taxes on those who have not declared profits from bank accounts and deposits.
According to sources, the IMF in its recent meetings ordered Pakistan to increase the withholding tax on non-filersCurrently, the government deducts 30 percent of withholding tax from those who do not declared Filers (Non-Filers) debt benefits.
It is possible that the government will increase this withholding tax to increase the cost of non-compliance.Sources also added that the government has decided to increase the tax on dividend income of mutual funds to 5 percent, while in cases where the mutual fund receives 50 percent or earns its income from debt income, the capital gains tax will apply.Fund returns are likely to increase to 10 percent..
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