cash withdrawal Archives

Unisame slams cash withdrawal tax: calls it daylight robbery

July 7, 2025July 7, 2025Shahnawaz Akhter

Karachi, July 7, 2025 – In a fiery appeal to the government, the Union of Small and Medium Enterprises (Unisame) has blasted the imposition of cash withdrawal tax, branding it an unfair and irrational burden on honest entrepreneurs and everyday citizens alike.

Legislators approve stunning Rs100m cash withdrawal for ineligible

June 26, 2025June 26, 2025Shahnawaz Akhter

Islamabad, June 26, 2025 –Through the amended Finance Bill, 2025, a jaw-dropping provision has been recommended that would permit an ineligible individual to withdraw up to Rs100 million in cash annually from the banking system.

FBR sees 28% drop in tax revenue from cash withdrawals

April 25, 2025April 25, 2025Shahnawaz Akhter

Karachi, April 25, 2025 – The Federal Board of Revenue (FBR) has reported a notable 28% decrease in tax collection from cash withdrawals during the month of March 2025, highlighting a major shift in the behavior of banking customers.

Pakistan Prohibits Bank Cash Withdrawals for Tax Dodgers

December 19, 2024December 19, 2024Faisal Shahnawaz

Karachi, December 19, 2024 – Pakistan has decided to implement stringent measures to curb tax evasion by prohibiting bank cash withdrawals for individuals who evade taxes.

FBR Collects Rs 10 Billion in Tax from Bank Cash Withdrawals

May 24, 2024May 24, 2024Shahnawaz Akhter

Islamabad, May 24, 2024 – The Federal Board of Revenue (FBR) has successfully collected Rs 10 billion in advance tax from cash withdrawals at banks during the first 10 months of the current fiscal year.

Pakistan Unveils Cash Withdrawal Tax Rates for 2024

January 7, 2024January 7, 2024Shahnawaz Akhter

Karachi, January 7, 2024 – Pakistan has revealed the tax rates on cash withdrawals for tax year 2024. The move aims to boost revenue collection and promote financial transparency by encouraging participation in the tax system.

FBR Collects Withholding Tax Worth Rs 4 Billion on Reintroduced Cash Withdrawals from Banks

November 23, 2023November 23, 2023Shahnawaz Akhter

Karachi, November 23, 2023 – The Federal Board of Revenue (FBR) has collected approximately Rs 4 billion as withholding tax on cash withdrawals from banks, according to provisional data obtained from the Large Taxpayers Office (LTO) in Karachi.

FBR Keeps an Eye on Cash Withdrawals from Banks to Expand Tax Base

August 15, 2023May 13, 2026Shahnawaz Akhter

Karachi, August 15, 2023 – The Federal Board of Revenue (FBR) has begun monitoring citizens who are withdrawing large amounts of cash from banks, as part of efforts to increase the number of taxpayers in the country.

Your Guide to FBR’s Latest Tax Changes: Cash Withdrawal Tax Explained

July 27, 2023January 16, 2024Shahnawaz Akhter

In a significant move to boost tax revenues, the Federal Board of Revenue (FBR) has announced the reintroduction of tax collection on cash withdrawals from Non-Active Taxpayer List (ATL) persons by banks.

Banks Initiate Withholding Tax on Cash Withdrawal

July 14, 2023July 14, 2023Shahnawaz Akhter

Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.

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