The Federal Board of Revenue (FBR) has issued new income tax amendment rules for the upcoming fiscal year, introducing higher tax rates on bank withdrawals by non-filers and revising property transaction taxes.
According to FBR documents, individuals not listed on the Active Taxpayers List (ATL) will face additional taxes. Non-filers will now be charged a 0.8% tax on daily bank withdrawals exceeding Rs50,000, up from the previous rate of 0.6%. The Senate Standing Committee on Finance had proposed increasing the withdrawal limit to Rs75,000 for this tax rate, but the suggestion was not incorporated into the final rules.
The rules state that all banking companies are authorized to deduct an advance adjustable tax from non-filers. For immovable property transactions, the withholding tax rate for buyers has been reduced by 1.5% to provide relief, while sellers or transferors will face a 1.5% increase across all slabs to adjust for capital gains on property sales.
Additionally, if an individual has owned a property for at least 15 years, no withholding tax under Section 236C of the Income Tax Ordinance will be applicable, provided the ownership is declared in income tax returns. Properties used as a primary residence during this period will also be exempt from withholding tax.
