{"id":97516,"date":"2024-06-12T11:21:01","date_gmt":"2024-06-12T06:21:01","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=97516"},"modified":"2024-06-12T11:21:09","modified_gmt":"2024-06-12T06:21:09","slug":"withholding-taxes-increase-non-filers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/withholding-taxes-increase-non-filers.html","title":{"rendered":"Increased Withholding Tax on property transactions for non-filers, announces GoP"},"content":{"rendered":"\n<p>Islamabad: The Pakistan Government, under IMF directives, will hike taxes on property transactions for both filers and non-filers to raise the cost of doing business for non-filers in the upcoming budget announcement. The news has been sourced through an article on June 12.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/apcma-declares-growth-cement-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\">PAK\u2019s Cement Industry experiences 7.83% growth in May 2024, APCMA reports<\/a><\/p>\n\n\n\n<p>According to the sources, it has been indicated that non-filers will see a significant increase, with the withholding tax on property sales proposed to double from the current 3-4%. Additionally, the withholding tax on property purchases for non-filers is set to rise by 20-25%.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/adb-finances-pak-tackle-environmental-issues.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pak to benefit from ADB\u2019s USD 180mn infrastructure development<\/a><\/p>\n\n\n\n<p>The tax adjustments will apply to three investment categories: up to PKR 50 million, PKR 50-100 million, and above PKR 100 million. The government aims to collect up to PKR 70 billion from the property sector in the next fiscal year. Initially, the IMF recommended progressive rates of up to 35% for filers and non-filers, but the government has revised this plan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Pakistan Government, under IMF directives, will hike taxes on property transactions for both filers and non-filers to raise the cost of doing business for non-filers in the upcoming budget announcement. The news has been sourced through an article on June 12. Read: PAK\u2019s Cement Industry experiences 7.83% growth in May 2024, APCMA reports According to the sources, it has been indicated that non-filers will see a significant increase, with the withholding tax on property sales proposed to double from the current 3-4%. Additionally, the withholding tax on property purchases for non-filers is set to rise by 20-25%. Read: Pak to benefit from ADB\u2019s USD 180mn infrastructure development The tax adjustments will apply to three investment categories: up to PKR 50 million, PKR 50-100 million, and above PKR 100 million. The government aims to collect up to PKR 70 billion from the property sector in the next fiscal year. Initially, the IMF recommended progressive rates of up to 35% for filers and non-filers, but the government has revised this plan.<\/p>\n","protected":false},"author":88,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15017],"tags":[57656,58485],"persona":[],"class_list":{"0":"post-97516","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-notices-announcements","9":"tag-govt-of-pakistan","10":"tag-taxes-for-non-filers","11":"cat-15015-id","12":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Withholding Taxes Increase for Non-Filers - Zameen News<\/title>\n<meta name=\"description\" content=\"Under IMF directives, Pakistan will hike property transaction taxes for filers and non-filers to raise business costs for non-filers, per a June 12 article.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/withholding-taxes-increase-non-filers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Withholding Taxes Increase for Non-Filers - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Under IMF directives, Pakistan will hike property transaction taxes for filers and non-filers to raise business costs for non-filers, per a June 12 article.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/withholding-taxes-increase-non-filers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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