LAHORE – The Federal Bureau of Revenue has revised withholding tax rates for non-active tax filers on withdrawal of money from banks.
For non-filers, an advance tax of 0.6% has been applied on withdrawing funds from the bank.
According to a circular issued by the FBR, no deduction of tax will be made on withdrawal of money up to Rs50,000.
However, withdrawals above Rs50,00 in a day will be taxed at the rate of 0.6% for non-filers.
As per the formula, Rs330 and Rs450 will be charged on withdrawal of Rs 55,000 and Rs75,000 respectively.
This tax will not be applicable to the federal and provincial governments, foreign diplomats or diplomatic missions in Pakistan.
