FY2023-24: Tax rates fixed for filers, non-filers

ISLAMABAD: The Federal Board of Revenue (FBR) has fixed tax rates for filers and non-filers’ categories with effect from July 1, 2023 to June 30, 2024.

According to a notification issued by the FBR, on prize bonds, there will be a tax rate of 15 per cent for filers and 30 per cent for non-filers. On savings account profits, the income tax would be deducted at a rate of 15 per cent against the earlier rate of 10 per cent in the current fiscal year, while for non-filers in this category, a tax rate of 30 per cent would be applicable.

On rent income, a tax rate of 5 to 15 per cent will be charged for tax filers, while for non-filers, a tax rate of 10 to 15 per cent will become applicable in the ongoing financial year.

On bonus shares, a tax rate of 10 per cent will be charged, and for non-filers, a tax rate of 20 per cent will be applicable. On the amount of property auctioned, tax filers will be charged a tax rate of 5 per cent will be charged, and non-filers will pay 10 per cent. On motor vehicle leasing, there will be zero tax from filers, while there will be 12 per cent from non-filers.

On motor vehicle registration, there will be a tax of Rs10,000 to Rs0.5 million depending on the engine capacity, while for non-filers, a tax rate of Rs30,000 to Rs1.5 million would be charged.

The token tax on vehicles from filers will be charged in the range of Rs800 to Rs10,000, while from non-filers, a tax rate of Rs1,600 to Rs20,000 will be charged.

On commission, filers will be charged a tax rate of 12 per cent and non-filers 24 per cent. On banking transactions, there would be zero per cent tax on filers, while 0.6 per cent would be charged from non-filers on transactions.

For international transactions through debit cards, a tax rate of 2 per cent would be charged from filers and 10 per cent from non-filers. On property transactions, filers will be charged a tax rate of 2 per cent and non-filers 7 per cent. On specific services, a tax rate of 3 per cent will be charged to filers and 6 per cent to non-filers. On general services, a tax rate of 7 per cent will be charged to filers and 14 per cent to non-filers.

For all those power consumers having a monthly bill of Rs25,000, there would be zero tax for filers, while for non-filers, a tax rate of 7.5 per cent would be charged.