Crucial meeting tomorrow

Finance Minister Ishaq Dar has convened a meeting of traders and Federal Board of Revenue (FBR) on Wednesday (July 8) to discuss the issue of 0.6 percent withholding tax on banking transactions of non-filers of income tax returns. When contacted, sources in the Ministry of Finance said a discussion on the issue arising out of traders' call for strike took place in the Finance Ministry on Monday evening.
After discussing the issue, the Finance Minister decided to convene a meeting of traders tomorrow (Wednesday). FBR Chairman and his team of tax managers would also attend the meeting. In budget (2015-16), the government has imposed a 0.6 percent withholding tax on all kinds of banking instruments of non-filers of income tax returns. Following imposition of the levy from July 1, 2015, countrywide protests of traders and chambers started seeking withdrawal of the levy. Traders threatened strike calls in different cities of the country, including Lahore and Karachi. A complete shutter down strike has been announced by yarn market and all business and trade centers and commercial malls in Faisalabad in protest against the imposition of 0.6 percent withholding tax on bank transactions. All Pakistan Anjuman-e-Tajran is also protesting implementation of a 0.6-percent withholding tax on cash withdrawals by non-filers of income tax returns.