Office 207, 2nd Floor, Majestic Tower, Main Gulberg Road
Gulberg, Peshawar Cantt Pakistan
10:00 AM – 7:00 PM
Monday to Saturday
+92(0)91 5245868
danish@c4sconsultants.pk
Tax Filer Benefits In Pakistan
Filing an Income Tax Return is the Legal Duty of every Citizen falling under the criterion explained in our Article: How to Become an Active Taxpayer / Filer.
Now to raise the stakes and to provide distinguished advantages Government of Pakistan has introduced several benefits for an Active Taxpayer / Filer. Now only Filers will enjoy low tax rates, while non-filers / non active taxpayers will be paying 100 percent increased tax rates as compared to Filers (Reference: Rule 1 of Tenth Schedule to the Income Tax Ordinance.
Benefits of being a Filer in Pakistan
Before we discuss about benefits of being a filer in pakistan we should know that there are many benefits
of filing income Tax returns in pakistan whether salaried individuals or businesses but most of the Taxpayer
only know a thing or two about being a filer in pakistan.
Most of the salaried persons don’t know much and seems to be afraid in filing income tax returns.
For salaried persons in pakistan tax is deducted at source by their respective employers and they are paid salary net of taxes.
Majority of salaried individuals don’t have their National Text Number(NTN) and resultantly they don’t file income tax returns which makes them non-filers and they end up paying excessive taxes.
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These people can enjoy the maximum benefit of filing taxes as they are already paying their taxes.
What is Income Tax Filing
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Benefits Of Becoming A Tax Filer In Pakistan
Following transactions are matter of normal routine of any Citizen and only Non-Filers/ Non-Active Taxpayers will be paying these taxes.
- On Bank Transactions exceeding Rs, 25,000 in a day which includes demand draft, online transfer, cross-check or payment orders, Non-Active / Non-Filer will pay 0.6% tax.
- On Cash Withdrawal of more than Rs. 50,000 in a day, Non-Active / Non-Filer will pay 0.6% tax.
- On Bank’s Profit, and Saving Scheme (up to 5 lac), Active taxpayer/filer pays 10% tax while Non-Active / Non-Filer will pay 20% tax.
- On import of raw materials, Active Taxpayer / Filer will have to pay only a 5.5% tax whereas the Non-Active / Non-Filer has to pay 11% tax.
- On the supply of goods to the government and companies, Active taxpayer/filers are required to pay 4.5% duty whereas Non-Active / Non-Filer pays 9% tax duty.
- Active taxpayer/filer contractors are required to pay a 7.5% tax on the number of contracts while Non-Active / Non-Filer pays a 15% tax.
- On Prize Bonds, Active taxpayer / filer will pay a 15% tax while Non-Active / Non-Filer pay 30% tax.
- On Commission Income Active taxpayer/filer will pay 12 percent tax whereas Non-Active / Non-Filer needs to pay 24 percent tax on the same.
- For vehicle registrations, Active taxpayer / filer pays Rs 7500 to Rs 250,000 as withholding tax whereas Non-Active / Non-Filer pays Rs 15000 to Rs 500,000.
- For vehicles’ annual token tax, Active taxpayer / filer required to pay Rs 800 to 10,000 as compared to Rs 1600 to Rs 20,000 tax paid by Non-Active / Non-Filer.
- For Purchase (on Fair Market Value) & Sale (On Actual Consideration) of Property Active taxpayer/filers pay a 1% tax on the total amount of property whereas Non-Active / Non-Filers are required to pay a 2% tax.
Become A Tax Filer Today
C4sconsultants is providing professional tax filing services at a very affordable price.
Our Attorneys are highly trained and qualified who understand the requirements of every Business Agreements.