ISLAMABAD: The federal government is introducing new income tax regime for non-filers in the upcoming budget for fiscal year 2015-16.
The government has decided to increase taxes on non-filers stock market traders by almost 50 per cent. The government will also introduce a new sales tax regime for five export-oriented sectors, particularly the textile sector, to address a longstanding issue of industrialists. This regime will give industrialists about Rs20 billion in tax benefits next year.
However, consumers will not gain anything from the new arrangement as they will still pay 5% sales tax on the purchase of garments and the rate may go up to 7% in the new budget.
Finance Minister Ishaq Dar has supported a budget proposal to introduce separate capital gains tax (CGT) rates for non-filers of income tax returns who trade at Pakistan Stock Exchange.
For the first time, the government will also extend the concept of separate tax rates for filers and non-filers to the stock exchange. According to the proposal, the tax rate on shares sold by non-filers within a year may be set at 18%. In this category, the rate for filer may remain unchanged at 15%. The non-filer’s tax burden will be 20% more than the filers will pay.
