ISLAMABAD – Another Tax shake-up post Budget 2025 as non-filers face higher Bank Charges, while buyers get relief on property purchases.
Federal Board of Revenue (FBR) jacked up tax cut on bank cash withdrawals for non-filers, while cutting withholding tax rates for property buyers in bid to provide relief to genuine investors.
As per the new directive, non-filers withdrawing more than Rs50,000 in a single day from their bank accounts will now be charged 0.8percent tax, up from the previous 0.6pc. The tax will be deducted in advance by all banking companies and will be adjustable against the taxpayer’s final liability.
In the real estate sector, major changes have been introduced to advance tax structure under Sections 236C and 236K of the Income Tax Ordinance. FBR reduced withholding tax rate for property buyers by 1.5% across all slabs, while increasing the rate for sellers by 1.5% to ensure proper collection of capital gains tax.
| Property Value Range | Old Tax Rate | New Tax Rate |
|---|---|---|
| Up to Rs. 5 crore | 3.0% | 1.5% |
| Up to Rs. 10 crore | 3.5% | 2.0% |
| More than Rs. 10 crore | 4.0% | 2.5% |
The apex tax collection agency said these changes aim to encourage compliance, discourage cash-based transactions, and streamline property taxation, while ensuring fair contribution from sellers on their capital gains.
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