The Govt to Convert Withholding Tax on cash withdrawals from the banks by the non-filers.
Sources said that the Federal Board of Revenue (FBR) is considering re-imposing withholding tax on cash withdrawals, banking instruments, and banking transactions by the non-filers in the upcoming budget.
The suggested Govt to Convert Withholding Tax income on non-filers banking transactions is nearly Rs. 45 billion.
On the other hand, the government has decided to abolish withholding taxes having less revenue impact on direct taxes collection in the coming budget (2023-24).
Sources said the low-yield withholding taxes might be abolished in the upcoming federal budget (2023-24).
Underneath the mini-budget in February 2023, the section 236CB was inserted to collect advance tax at 10 per cent (withholding tax) on the total portion of the bill from a person setting or holding a function in a wedding hall, marquee, resort, restaurant, retail lawn, club, etc.