It's the last day for the new deadline given by the Federal Board of Revenue (FBR) for filing income tax returns and people still don’t know what the power tax filer holds in our country.
LIST OF BENEFITS OF BEING A TAX FILER IN PAKISTAN
Taxpayers in Pakistan enjoy more relief on taxes compared to non-filers. So, let’s look at the list of privileges that every tax filer in Pakistan enjoys.
· Taxpayers are only required to pay half of the withholding tax in comparison to the tax paid by the non-filers.
· A non-filer is barred from owning property worth over PKR 50 lakh whereas people who regularly file tax returns can purchase any property.
· Non-filer importers of raw materials would have to pay 8% of the total import whereas taxpayer importers are required to pay 5.5% on raw material imports.
· Paying a 9% duty on commercial exports is obligatory for non-filer exporters in Pakistan. On the other hand, the taxpayers are only supposed to pay a 6% duty on their commercial exports.
· A total of 20% tax is liable on the dividends (company’s profit) of non-filers against the 15% tax rate set for tax filers.
· Coming to the taxes levied on profits of banks and saving schemes, a non-filer must pay 15% tax against the 10% tax paid by active taxpayers in Pakistan.
· Tax filers only pay 15% tax upon winning prize money through prize bonds as compared to the 25% tax paid by non-filers.
· People who regularly file income tax returns must pay only 1% on property transfer tax against 2% tax paid by property owners who are non-filers.
· Whether it’s the auctioning by the government or any other private entity, tax filers pay only 10% tax against the 15% tax paid by non-filers in Pakistan.