ISLAMABAD, Jun 12 (APP):To ensure filing of tax returns, the Fed
eral Government has proposed to introduce three slabs of rates for filers, non-filers and late filers.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb while presenting the federal budget 2024-25, on Wednesday said, currently six percent tax is imposed on non-filers and three percent on filers for buying immovable properties.
He said non-filers do not file returns till the last date but instead file it before making a transaction when buying a property. The reason for this is to burden the non-fillers and generate revenue.
Under the current law, tax on immovable capital gains was imposed on filers and non-filers on the basis of the limit of its holdings.
In this regard, he propose
d 15 percent tax regardless of the limit of the holdings while proposals were under consideration to increase tax on non-filers up to 45 percent on various slabs.
