Cut in withholding tax hailed

Pakistan Industrial and Traders Association Front (PIAF) on Friday appreciated the Federal Finance Minister for accepting the business community's demand regarding cut in Withholding Tax on Export-based industry. The PIAF Chairman Malik Tahir Javaid in a statement said that the business community welcomes the issuance of notification wherein the rate of Withholding Tax on export-based industries has been curtailed to one percent from existing five percent.
He said that the imposition of five percent Withholding Tax was unjustified; therefore, cut in its rate would help rejuvenate economic activities in the country. He said that prompt action taken by the Finance Minister is enough to make the point that the government is ready to accept genuine demands of the business community. He suggested the government to develop a mechanism of consultation with stakeholders to ensure implementation of all economic policies in letter and spirit.