Islamabad: The Federal Government of Pakistan has announced an increase in Withholding Tax percentage to 0.6% on banking transactions carried out by the non-filers of income tax returns, as per a news report. The previous tax percentage was 0.4%.
With new orders in place, non-filers will be charged with 0.6% of the transacted amount in case of non-cash payment. The tax percentage on cash withdrawals will remain the same for any amount exceeding PKR 50,000.
