Govt proposes doubling tax on cash withdrawals by non-filers in budget 2025
Web Desk
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5 months ago
Islamabad: As part of Budget 2025 preparations, the government is considering doubling the withholding tax on cash withdrawals by non-filers to boost revenue by Rs. 15–20 billion.
Currently, non-filers are charged a 0.6% tax on daily cash withdrawals exceeding Rs. 50,000. The proposed rate would increase to 1.2%, meaning a Rs. 1 lakh withdrawal would incur Rs. 1,200 in tax.
The revised tax would apply not only to withdrawals at bank counters but also via ATMs and credit cards, if it exceeds the daily limit.
Additionally, starting July 1, 2025, the government may replace the term “non-filer” with “ineligible person”, a new classification under which individuals who haven’t filed tax returns may face restrictions on all financial transactions.
This move aims to expand the tax base and increase pressure on non-compliant individuals. These proposals are currently under review and final decisions will be announced during the budget presentation.
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