The Federal Board of Revenue (FBR) in Pakistan has recently announced new tax rates for filers and non-filers in the ongoing fiscal year. According to a notification issued by the FBR, filers will be subject to a tax rate of 15 percent on prize bonds, while non-filers will face a higher tax rate of 30 percent.
Tax Rates on Savings Account Profits
In line with the demands of the International Monetary Fund (IMF), the income tax on savings account profits has been increased from 10 to 15 percent for filers. Non-filers, on the other hand, will be required to pay a higher tax rate of 30 percent.
Tax Rates on Electricity Bills
Under the new tax regime, filers with a monthly electricity bill of up to Rs25,000 will be exempt from paying any tax. However, non-filers will be charged a tax rate of 7.5 percent on their electricity bills.
Tax Rates on Rent Income
The FBR has also introduced a revised policy on tax rates for rental income. Filers will be subject to a tax ranging between 5 to 15 percent, depending on their income from rent. Non-filers, however, will face a higher tax rate of 10 to 15 percent.
Tax Rates on Property
For property transactions, tax filers will be required to pay a tax rate of 5 percent, while non-filers will face double tax at 10 percent on the amount of property auctioned. Tax filers will be exempted from paying additional tax on motor vehicle leasing, while non-filers will be subject to a tax rate of 12 percent.
Tax Rates on Motor Vehicle Registration
Under the new tax structure, motor vehicle registration will attract a tax ranging from Rs10,000 to Rs5 lakh for filers, while non-filers will be required to pay a higher tax rate of Rs30,000 to Rs15 lakh.
Tax Rates on Banking Transactions
The FBR has clarified that filers will be exempt from any tax on banking transactions. However, non-filers will be charged 0.6 percent on such transactions. Additionally, a tax of 2 percent will be imposed on international transactions made through debit cards, with non-filers paying 10 percent, which is five times the standard rate.
