Achi news desk-
People should prepare, a new tax is also expected on cash withdrawals from banks from July
ISLAMABAD – The federal government is likely to increase the withholding tax on cash withdrawals from banks by non-filers in the next financial year 2024-25 Federal Finance Minister Muhammad Aurangzeb’s budget for 2024- 25 is presented to the National Assembly today, June. 12. I am fully prepared to offer with a total cost of 18 billion rupees.
The government has decided to impose new taxes or increase tax rates to raise additional revenue as the South Asian country aims to secure a bailout package from the International Monetary Fund (IMF).
New tax rate on cash withdrawals
The government is expected to increase the cash withdrawal tax for non-filers to 0.9% from the current 0.6% in the next financial years If the proposal is approved, banks will deduct Rs 900 on cash withdrawals of Rs 100,000. The revised tax rate will be effective from July 1, 2024.
