Govt hints at raising tax-free transaction threshold to Rs100,000 in next budget

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ISLAMABAD : Minister of Finance Ishaq Dar and Federal Board of Revenue (FBR) has hinted at raisng tax-free transaction threshold to Rs100, 000 in upcoming fiscal year 2017-18, revealed State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra on Tuesday.

At present, withholding tax of 0.4 is imposed on every transaction of non-filers.

Wathra was talking to media during his visit to Karachi Chamber of Commerce and Industry (KCCI).

“Central bank is anticipating growth rate of 5pc for FY 2017-18 but main focus is to attain solid GDP rate of 7pc or above as it will produce enormous employment opportunities”, articulated Wathra.

Wathra disclosed that loan volume to private sector has piled up to Rs374 billion in ongoing fiscal year whereas figure stood at Rs267 billion in previous year.

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