ISLAMABAD: The government has increased the tax rate on daily bank withdrawals exceeding Rs 50,000 for non-filers from 0.6% to 0.8%. The move aims to encourage tax compliance while generating additional revenue.
In a separate adjustment, the tax on property purchases has been modified. For properties worth up to Rs 5 crore, the tax has been reduced from 3% to 1.5%. Meanwhile, the tax on properties valued up to Rs 10 crore has been lowered from 3.5% to 2%.
Additionally, buyers purchasing property worth more than Rs 1 crore will now pay 2.5% tax, down from the previous 4%. These changes are part of the government’s efforts to streamline tax policies and stimulate real estate transactions.
Financial experts suggest the revised withdrawal tax could discourage cash transactions among non-filers, while the property tax cuts may boost investment in the housing sector. Further details on the implementation of these measures are expected soon.
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