Benefits of tax filer in Pakistan
In Pakistan, many are either salaried employees or are running their businesses, but all people don’t pay taxes. It is compulsory for all people who own their businesses to pay the tax, but due to a lack of awareness, they need to pay more attention.
They must be aware of the benefits of being a taxpayer in Pakistan. If they pay the tax, it will become the biggest source of income for the country’s economy.
Every citizen must pay their tax on time. For this purpose, the Federal Board of Revenue has made it compulsory to pay the tax, and it tries to bring more and more people in front to pay the tax and sends them letters to get themselves registered in the National Tax Number to become Active Taxpayers.
When an employee is added to the list of active payers, he can get the benefits of paying lower taxes than nonfliers.
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FAQ
Frequently Asked Questions
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What is the benefit of being a filer in Pakistan?
Some other benefits are:
A nonfiler can not purchase land costing more than 50 lacs, while a taxpayer can buy any property. For the import of raw materials, a nonfiler has to pay 8% while taxpayers pay 5.5%. The same is the case with export materials; nonfilers pay 9%, and taxpayers pay 6% tax on total export. In the case of bank profits, nonfilers and tax filers pay 20% and 15%, respectively.
Winning prize money through prize bond percentage differs for filers and nonfilers. Filers must pay 15% tax, while nonfilers must pay 25%. If someone wants to transfer property, he has to pay 1% tax if he is a filer, while nonfilers have to pay 2% tax.
From these points, we can see that filers have more benefits and privileges than nonfilers.
What does being a tax filer mean?
A filer is a person who files an income tax return, while a nonfiler does not file an income tax return.
Who is eligible to be a filer?
It is important to spread awareness of their duty to pay taxes. For example, if an employee or businessman is making more than RS. 600,000/-, he is eligible to become a tax filer in Pakistan.
What is the difference between a filer and a nonfiler?
According to the Ordinance, a taxpayer whose name appears in the active taxpayer's list issued by the Federal Board of Revenue(FBR) from time to time is a filer, and a 'Non Filer' is a person who is not a filer.
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