ISLAMABAD (Kashmir English): The federal government has decided to impose further tax on non-filers on ATM and bank transactions to collect more revenue and cover the revenue deficit
In the latest move, non-filers will have to pay more as tax during ATM or bank transactions. The move is purely aimed to increase revenue.
According to details, the government has completed preparations for large-scale measures to increase revenue. These measures are expected to directly affect the ordinary citizens.
According to sources, the government is considering increasing the tax rate on cash withdrawals from banks for non-filers from 0.8% to 1.5%.
Non-filers to pay more
If this proposal is approved, non-filers will have to pay more on every ATM or bank transaction. This measure is expected to generate an additional revenue of approximately 30 billion rupees.
This proposal has been put forward to cover the revenue deficit of Rs 200 billion in the second half of the current financial year.
Federal Board of Revenue (FBR) has fallen behind its target for the first six months of FY2025-26, where it could collect Rs 2,885 billion only against a target of Rs3,083 billion.
Sources said the proposed suggestions were recently presented to the International Monetary Fund (IMF) during staff-level talks.
The government has decided not to bring a mini-budget, but the objectives would be achieved under an alternative plan to increase tax collection.
The government believes that imposing additional taxes on non-filers will expand the tax net and more citizens will be included in the category of regular taxpayers.
