To ensure the filing of tax returns, the Federal Government has proposed to introduce three slabs of rates for filers, non-filers and late filers.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb while presenting the federal budget 2024-25, on Wednesday said, currently six percent tax is imposed on non-filers and three percent on filers for buying immovable properties.
He said non-filers do not file returns till the last date but instead file it before making a transaction when buying a property. The reason for this is to burden the non-fillers and generate revenue.
Under the current law, tax on immovable capital gains was imposed on filers and non-filers on the basis of the limit of its holdings.
In this regard, he proposed 15 percent tax regardless of the limit of the holdings while proposals were under consideration to increase tax on non-filers up to 45 percent on various slabs.