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Becoming a tax filer in Pakistan not only fulfils your civic duty but also unlocks a plethora of financial benefits. The government encourages citizens to file taxes by offering numerous advantages to those who comply. This blog post explores the significant benefits of being a tax filer in Pakistan, the process of becoming one, the tax rates for filers and non-filers in 2023, and more.
1. Lower rates of tax deduction at source by banks on both profits and cash withdrawals
2. Reduction on withholding tax (tax already deducted from your income and gains) when registering and transferring motor vehicles
3. Lower rate of tax on buying and selling of property
4. Lower withholding tax rate on capital gains on sale of securities
5. Charges for tax on dividend will be lower
6. Lower rate of withholding tax on prize bond winnings
7. Allows you to claim back overpaid tax that has been withheld
Becoming a tax filer in Pakistan is a smart financial move. You not only contribute to the development of the nation but also enjoy substantial financial benefits. Lower taxes on bank transactions, motor vehicle-related matters, property transactions, and prize bond winnings are just a few of the advantages.