State Bank to Increase the Limit of Freelance Payments to $25000 – Research Snipers

State Bank to Increase the Limit of Freelance Payments to $25000

In order to boost the freelance sector, the government has made the decision to increase the limit of payments it can receive. The State Bank of Pakistan has been directed by the Prime Minister to increase the monthly limit of receiving payments to $25,000 from $5,000.

A review meeting was presided by the Prime Minister regarding the e-commerce policy’s implementation. A detailed briefing was given by the Prime Minister on the progress made regarding the policy implementation.

It was stated by the Prime Minister that in order to eliminate hurdles for the business community it is important to establish a conducive environment and help youth utilize their capabilities. These are the most important priorities of the government.

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As e-commerce is a necessary contributor to Pakistan’s economy, introducing the e-commerce policy will help in providing ease of doing business to the Small and Medium Enterprises (SMEs).

The meeting was attended by the Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Sheikh, Finance secretary, National Information Technology Board (NITB) Chairman and Ministry of Commerce, State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Pakistan Post’s senior officers.

Abdul Razzaq Dawood tweeted, “The PM chaired a meeting on E-commerce and took important decisions for expediting the progress for automation and tracking systems in Pakistan Post to improve logistics.”

In another tweet, he said, “It was decided that the upper limit for freelancers will be $25k along with the establishment of an international payment gateway with an Escrow account to facilitate exports. The FBR and Finance Ministry will workout a concessional tax regime for SMEs in the E-commerce sector.”

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