As announced by the Govt. of Pakistan, banking transactions above Rs. 25,000 are to be taxed all over Pakistan. Previously, the limit was 50,000.
Earlier, the Govt. announced 15% increment in the price of Medicines and now this news has left the whole Pakistan wondering what’s next.
The notification was released for all the non-filers who will now have to pay 0.6% tax (150 Pakistani Rupees) over the banking transactions above 25,000.
One of the reasons for this new tax increase activity would be to enhance the banking sector of Pakistan which is already facing certain issues.