Federal Budget 2024-25: Three slabs of rates on filers/non-filers introduced

BusinessFederal Budget 2024-25: Three slabs of rates on filers/non-filers introduced

ISLAMABAD, Pakistan: To ensure filing of tax returns, the federal government has proposed to introduce three slabs of rates for filers, non-filers and late filers.

While presenting the Federal Budget 2024-25 in the National Assembly on Wednesday evening, the Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that currently six percent tax is imposed on non-filers and three percent on filers for buying immovable properties.

   

The finance minister said that non-filers do not file returns till the last date but instead file it before making a transaction when buying a property. The reason for this is to burden the non-fillers and generate revenue.

Under the current law, tax on immovable capital gains was imposed on filers and non-filers on the basis of the limit of its holdings.

In this regard, he proposed 15 percent tax regardless of the limit of the holdings while proposals were under consideration to increase tax on non-filers up to 45 percent on various slabs.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Pakistan and Azerbaijan affirm commitment to expand bilateral ties

0
ISLAMABAD, Pakistan: Pakistan and Azerbaijan have affirmed the commitment to further expanding mutually beneficial cooperation in the areas of bilateral interest, especially energy, trade,...

Steps afoot for promoting entrepreneurship and innovation in the country: Shaza Fatima

0
ISLAMABAD, Pakistan: President Qatar Science and Technology Park Dr. Jack Lau called on the Minister of State for IT and Telecommunication Shaza Fatima Khawaja...

Police, administration on high alert to ensure peace & security during Muharram: Mohsin Naqvi

0
ISLAMABAD, Pakistan: The Federal Interior Minister Mohsin Naqvi visited the Markazi Asna Ashri Imam Bargah in G-6, Islamabad last night and reviewed the security...

Supreme Court rules in favour of PTI in Reserved Seats Case

0
ISLAMABAD, Pakistan: The Supreme Court of Pakistan on Friday announced the much-anticipated judgement in the Reserved Seats Case, overturning the denial of reserved seats...

Rain Emergencies Alert: Parts of KPK exposed to medium level urban & flash flooding...

0
ISLAMABAD, Pakistan: The National Disaster Management Authority’s (NDMA) National Emergencies Operation Center anticipated that Rainfall is expected in various parts of the Khyber Pakhtunkhwa...
Advertisement