What are the tax rates for filers, non-filers in FY24?

ISLAMABAD: The Federal Board of Revenue (FBR) has fixed tax rates for filers and non-filers categories 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% for filers and 30% for non-filers. 

On savings account profits, the income tax would be deducted at a rate of 15% against the earlier rate of 10% in the current fiscal year, while for non-filers in this category, a tax rate of 30% would be applicable.

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

On bonus shares, a tax rate of 10% will be charged, and for non-filers, a tax rate of 20% will be applicable. 

On the amount of property auctioned, tax filers will be charged a tax rate of 5%, and non-filers will pay 10%. 

There will be zero tax from filers and 12% from non-filers on motor vehicle leasing.

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% and non-filers 24%. 

There would be zero tax on filers on banking transactions, while 0.6% would be charged to non-filers on transactions.

For international transactions through debit cards, a tax rate of 2% would be charged to filers and 10% to non-filers. 

On property transactions, filers will be charged a tax rate of 2% and non-filers 7%. 

On specific services, a tax rate of 3% will be charged to filers and 6% to non-filers. On general services, a tax rate of 7% will be charged to filers and 14% 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% would be charged.

Originally published in The News