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Tuesday, November 5, 2024

Home Featured Budget 2024-25: Expected new tax on cash withdrawals from banks from July

Budget 2024-25: Expected new tax on cash withdrawals from banks from July

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ISLAMABAD – The federal government is likely to jack up the withholding tax on cash withdrawals from banks by non-filers in next fiscal year 2024-25.

Federal Finance Minister Muhammad Aurangzeb is all set to present the Budget 2024-25 today on June 12 in the National Assembly with total outlay of Rs18 trillion.

The government has decided to impose new taxes or increase the tax rate to generate additional revenue as the South Asian country aims at securing a bailout package from the International Monetary Fund (IMF).

New Tax Rate on Cash Withdrawals

The government is expected to increase the tax on cash withdrawals from existing 0.6 percent to 0.9% for non-filers in the next fiscal years.

If the proposal is approved, the banks will deduct Rs900 on cash withdrawal of Rs100,000. The revised tax rate would come into effect from July 1, 2024.