Prime Minister Shahbaz Sharif rejected the proposal to increase the tax on withdrawing money from banks.
According to sources, the Federal Bureau of Investigation (FBR) had prepared a plan to collect Rs 20 billion from non-filers. The FBR officials have sent the instructions regarding the withholding tax to the IMF.
Sources say that Prime Minister Shehbaz Sharif will discuss tax proposals with IMF officials before the budget 2024-25.
It may be noted that the proposal to increase the tax rate on cash withdrawals of non-filers from 0.6 percent to 0.9 percent is under consideration. 0.6% advance tax is levied on bank withdrawals of non-filers above Rs 50,000.
