Wed. Apr 17th, 2024
0.6% Tax On Cash Withdrawals More Than 50,000 From Bank Account0.6% Tax On Cash Withdrawals More Than 50,000 From Bank Account

Increase Tax Rate On Cash Withdrawal From Bank in Pakistan 2023-24

The federal government has increased the tax rate for non-taxpayers who withdraw more than Rs50,000.

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Finance Minister Ishaq Dar presented the budget for fiscal year 2023/24 to the National Assembly after approval by the Federal Cabinet.

In the next fiscal year 2023-24, the tax rate for non-declarants withdrawing more than Rs50,000 was increased.

0.6% Tax On Cash Withdrawals More Than 50,000 From Bank Account
                               0.6% Tax On Cash Withdrawals More Than 50,000 From Bank Account

According to the budget document, taxing bank withdrawals is an important tool for documenting the economy.

The budget document states that withdrawals of more than Rs 50,000 will be subject to a 0.6% tax rate in order to document bank withdrawals by non-declarants and increase their transaction costs.

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