The federal government is expected to raise the advance tax on cash withdrawals by non-filers from banks in the upcoming fiscal year budget.
Sources told ProPakistani that this tax proposal has been discussed with the IMF team in recent ongoing negotiations.
FBR proposed to increase the advance tax from 0.6 percent to 0.9 percent for non-filers on cash withdrawals in next year’s budget, a proposal that the IMF has approved.
If parliament also approves this proposal, not only will vehicle prices surge next year, but the FBR will also collect more taxes from auto consumers.
Sources also said that the government is mulling, imposing more tax on the sale and purchase of property plots worth Rs. 50 million or more.
The FBR has presented these and many other proposals before the IMF, and they are waiting for approval of the IMF subsequently the proposals will be shared with PM Shahbaz Sharif for final approval.
