Budget 2024-25: Proposal to Increase Tax on Bank Profits for Non-Filers

The Pakistani government has proposed a significant tax increase on bank profits for non-filers in the upcoming Budget 2024-25. This move aims to encourage tax compliance and boost revenue generation.

Read Also: Pakistan’s Upcoming Budget 2024-25: Tax Proposals and Implications

The proposed tax increase is part of the government’s efforts to broaden the tax base and reduce tax evasion. The measure is expected to impact individuals and businesses that have not filed their tax returns or are not compliant with tax regulations.

Key Highlights:

– Increase in tax on bank profits for non-filers from 30% to 40%

– Proposal part of Budget 2024-25

– Aim to promote tax compliance and revenue generation

– Expected to impact individuals and businesses that have not filed tax returns or are non-compliant

The proposed tax increase has sparked debate among tax experts and stakeholders, with some arguing that it may lead to increased tax revenue but others expressing concerns about its potential impact on the banking sector and economy.

Stay tuned for more updates on Budget 2024-25 and its implications on the economy.