Tax Filing is a whole process in which a person either a salaried person or businessmen declares his total Earning he earned during a tax year. That person then pays the tax he is liable to pay on his income. And files the tax return so that he could calculate the total tax he is liable to pay and can ask for extra tax return he has paid. Filing an income has many benefits for salaried persons as well as for businessmen.
But not a lot of the people know about it. People are often afraid of filing tax because they think they will have to pay additional or excessive tax. But they don’t know not filing tax can cause you to pay extra tax. In Pakistan, there are several benefits of being tax filer. Keep reading this post to know more about it.
Benefits of filing tax:
Following are the benefits to file tax in Pakistan:
- Benefits for tax filing for a salaried person:
Most of the employees and salaried persons find paying tax a nightmare and don’t know the benefits of being a tax filer. Almost in every department or sector employees get their salaries after various tax reductions on their pays. If employees become active taxpayers and tax filers, they can get the additional or extra tax they have paid. But if an employee doesn’t pay taxes or file tax he ends up paying additional or extra tax which is actually a disadvantage for him. Being a tax-filer for a salaried person is necessary and beneficial either he works in government or private sector. FBR has made it necessary for everyone.
Moreover, nonfilers going to face an excessive increase in taxes in the future.
- Benefits of tax filing on purchases (Property and Vehicle):
When any person purchases any property in Pakistan, and if he is tax filer, he only has to pay 1% tax. But non-filers have to pay 2%. And property purchases over 40lacs, tax-filer have to pay 2% and non-filer pays 4% tax. So, being a tax filer in Pakistan gives you 50% more advantage if you purchase any property than being a non-filer.
Same goes for vehicle purchase. If any person buys any vehicle, If he is a tax filer, he has to pay between 15 thousand to 2 lac 50 thousand for register as compared to non-filers who have to pay 25 thousand to 4 lacs. Even on token tax, tax-filers have to pay 8 hundred to 10 thousand as compared to non-filers who pay between 12 hundred to 30 thousand.
- Benefits of tax-filing on Government tenders:
On government tenders, ax filers, need to pay 7.5% tax and non-filer need to pay double which clearly shows the benefits of tax-filing.
- Benefits on Saving in WHT:
WHT stands for withholding tax. If you are a tax filer, you can save in WHT on every bank transaction
You make. On the other hand, non-filers have to pay double. For example, as tax-filer withdraw cash
Over 50k, he pays, 0.3% tax as compared to non-filer who pays 0.6% tax. Moreover, If you have a
Business, and you are a tax filer, you will have to pay fewer taxes than non-filers. So tax filer gets all the benefits of saving in WHT.
- Import Taxes:
Tax-filers get all the benefits on import taxes as well. For example, if any person imports something, the tax varies if he is tax filer or non-filer. Tax filers pay 5.5% on raw and 6% on commercial material as compared to non-filer who pay 8% on raw and 9%. On commercial material.
- Overall benefits:
Being a tax filer you get these all additional benefits:
- If you are a tax filer, the bank will charge you a little less tax than non-filers.
- If you are a tax filer, you don’t need to pay that extra and excessive penalty which a non-filer
- You can save the minimum 20 thousand if you are a tax filer as compared to non-filers who are liable to pay a minimum of 20 thousand.
- If you apply for any visa, your accurate income assessment will be done which be beneficial for
Being a tax filer in Pakistan gives you almost 50% more benefits than non-filers. So people who are
Afraid to file tax need to know the importance of being a tax filer in Pakistan so that they could enjoy
Maximum benefits and avoid extra Penalties.
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