Become a tax filer in Pakistan and register in Active taxpayer list (ATL) to get multiple benefits. FBR produces multiple policies to encourage active taxpayers by either decreasing or omission of taxes of tax filer person.
Benefits of becoming a tax filer in Pakistan are as follows:
- Lower rates of tax deduction at source by banks on both profits and cash withdrawals. A non-filer is bound to pay withholding tax of 0.6% on transection worth more than 50,000 PKR.
- Reduction on withholding tax (tax already deducted from your income and gains) when registering and transferring motor vehicles. A tax filer will have to pay 50% less than a non-filer.
- Lower rate of tax on buying and selling of property. A filer has to pay 1% tax on property trade while a non-filer bound to pay 2%.
- Lower withholding tax rate on capital gains on sale of securities
- Charges for tax on dividend will be lower
- Lower rate of withholding tax on prize bond winnings.
- Allows you to claim back overpaid tax that has been withheld.
Becoming a tax filer is so easy. All you need it to register yourself on IRIS FBR and put up all required details.
Government of Pakistan is facilitating tax payers by offering different promotion campaign for filer as well. As a Pakistan and a good citizen, it’s everyone’s responsibility to pay tax.