The incumbent government has decided to tighten the noose around the rich and wealthy non-taxpayers in the upcoming budget for next financial year (2014-2015) in a bid to broaden the extremely low tax base of the country.
Sources informed that government has decided to bring those wealthy and rich non-taxpayers into the tax net who are enjoying lavish life but not paying their due taxes. Background discussions with
Rates of withholding tax would be doubled on cash withdrawal from banks and electricity bills in case of non-taxpayers. Similarly, the government would also charge double withholding tax rates on foreign air-tickets for non-tax filers. There would be two rates of withholding tax on foreign air-tickets, as 5 percent on the filers of income tax returns and 10 percent on non-tax filers.
Meanwhile, the government would also charge double withholding tax rates on the purchase of property. Government is considering imposing two percent withholding tax on the purchase of property for those who are not filing their income tax returns. However, the rate of withholding would be only one percent on the purchase of property for those who file their income tax returns.
However, sources in
The government has set
The revenue impact of withdrawal of exemptions through SROs has been estimated at around
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