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๐ข Major Update: Non-Filers to Face 90%,๐ Tax on Mobile Recharges in Pakistan
In a significant move to enhance tax compliance, the Federal Board of Revenue (FBR) has proposed a substantial increase in withholding tax for non-filers. Under the new plan, non-filers will be subjected to a 90% tax on mobile balance recharges, a sharp rise from the previous 2.5%. This means that for every Rs100 recharged, Rs90 will be deducted as tax, leaving only Rs10 for actual usage.
The initiative aims to broaden the tax base and encourage individuals to become tax filers. To enforce this, the FBR has identified over 500,000 non-filers and directed the Pakistan Telecommunication Authority (PTA) and telecom companies to block their SIM cards. As of now, approximately 11,500 SIM cards have been blocked, with more expected to follow.
Public reaction has been overwhelmingly negative, with many citizens expressing frustration over the excessive burden. Social media platforms are abuzz with criticism, highlighting the challenges faced by the general populace due to this policy.
The proposed tax measures are part of the Federal Budget for 2024-25 and are pending approval from the National Assembly and Senate. If enacted, they will come into effect from July 1, 2024.
Stay informed and ensure your tax filings are up to date to avoid these hefty charges.
#Pakistan #MobileTax #FBR #NonFilers #TaxCompliance #FederalBudget 2024 #TelecomNews #PublicRelations #StayInformed
In a significant move to enhance tax compliance, the Federal Board of Revenue (FBR) has proposed a substantial increase in withholding tax for non-filers. Under the new plan, non-filers will be subjected to a 90% tax on mobile balance recharges, a sharp rise from the previous 2.5%. This means that for every Rs100 recharged, Rs90 will be deducted as tax, leaving only Rs10 for actual usage.
The initiative aims to broaden the tax base and encourage individuals to become tax filers. To enforce this, the FBR has identified over 500,000 non-filers and directed the Pakistan Telecommunication Authority (PTA) and telecom companies to block their SIM cards. As of now, approximately 11,500 SIM cards have been blocked, with more expected to follow.
Public reaction has been overwhelmingly negative, with many citizens expressing frustration over the excessive burden. Social media platforms are abuzz with criticism, highlighting the challenges faced by the general populace due to this policy.
The proposed tax measures are part of the Federal Budget for 2024-25 and are pending approval from the National Assembly and Senate. If enacted, they will come into effect from July 1, 2024.
Stay informed and ensure your tax filings are up to date to avoid these hefty charges.
#Pakistan #MobileTax #FBR #NonFilers #TaxCompliance #FederalBudget 2024 #TelecomNews #PublicRelations #StayInformed
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Dare to do this before investing?"
โ๏ธ Make a plan: Define how much to invest and for how long.
โ๏ธ Save first: Use extra money, not the money you need.
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โ๏ธ Make a plan: Define how much to invest and for how long.
โ๏ธ Save first: Use extra money, not the money you need.
โ๏ธ Think long term: Don't just look for quick profits.
Success starts with a strategy! Do you have yours yet?
#CreatorAward #PublicRelations
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