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 opportunitiesâ€, 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.