Islamabad: The State Bank of Pakistan (SBP) has proposed the government to reduce Advance Tax, also known as Withholding Tax, on banking transactions exceeding PKR 50,000 for tax filers from the current 0.3% to 0.1% in the budget 2018-19, reported a news source. The recommendation was forwarded as part of the budget proposal.
According to details, the SBP also proposed the government to abolish Super Tax and removal of Advance Tax on agriculture loans, and those looking to loan smaller amounts from banks. Furthermore, the SBP also recommended that the government increases PKR 50,000 limit to PKR 100,000 for imposition of Advance tax on banking transactions.
At the moment, tax filers pay 0.3% Advance Tax on banking transactions exceeding PKR 50,000 per day, while non-filers pay 0.5%.
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