Non-Filers To Pay Double Withholding Tax In Property Sector

Web Desk — For non-filers, the federal budget 2023-24 is going to go very tough as the government has proposed to double the Withholding Tax (WHT) for nonfilers on buying and selling property.

A proposal of Rs700 billion in new taxes is included in the forthcoming budget for the fiscal year 2023–2024.

The government decided to set the Federal Board of Revenue’s (FBR) tax collection goal at Rs9,200 billion, or around Rs1,900 billion higher than the previous fiscal year after extensive discussions with the IMF.

On the other hand, withholding tax on the import of luxury goods has been finalized by the government.

Similarly, the bill suggests an increase of WHT for trading prize bonds.