The finance minister told the house that the big challenge for the new government was to deal with a balance of payment crisis and budget deficit. “These measures have resulted in growth in exports and reduced trade deficit, contributing to considerable reduction in current account deficit,” Umar said. The government has also decided to abolish withholding tax on banking transaction for filers, while the non-filers have been allowed to purchase up to 1300cc car by paying higher tax. Umar also announced the abolition of advance tax on cash withdrawal from accounts of foreign remittances. He also announced tax exemptions.

Source: The Express Tribune January 24, 2019 03:56 UTC