In recent years, the presidency in power has taken measures to encourage the citizens to become filer. The majority of the people are fully aware of the fact that Pakistan is amongst those countries that have the lowest tax-to-GDP ratios. Do you know the effects of a low tax-to-GDP ratio on the economy of the country? If not, then you should read this article first.
However, one of the reasons why Pakistan is an underdeveloping country is this tax-to-GDP ratio. There is a lack of awareness, which is resulting in a further decrease. Pakistan’s taxes correlate with GDP on 11% now, which was 13% a few years back. Whereas, the developed countries, like Japan, have 35% tax-to-GDP proportion. There is a big difference, which we can eliminate by supporting the government and paying taxes. Being a filer is the most preferable method of supporting the government.
Dividends: A filer pays only 12.5% tax on shares. A non-filer has to pay a 15% tax on it.
Prize bonds: This is a major saving as the filer has to pay only 15% tax on bond winning. The non-filer has to pay 20%, that is a big difference.
Trading: On importing, a filer has to pay only 5.5% tax as compared to the 8% of the non-filer. It’s another big saving.
Auction of goods: The non-filer pays 15% on this region, and the filer has to pay only 10%
So, these advantages have drawn us to the conclusion that being a filer is the ultimate benefit. It does not only saves you from paying high taxes, but it also contributes in making Pakistan’s economy stable. The decision is in your hands. It is you who can save themselves from paying excessive taxes. Spectrum consultancy will assist you in everything from ntn verification, to filing income taxes. Do you want to know how to file tax returns? You are just a phone call away.