Complete strike was observed in Faisalabad to protest against 0.6 percent withholding tax on bank transactions on the call of Pakistan Yarn Merchants Association and Anjuman-e-Tajran Faisalabad here on Tuesday. All shopping and commercial centres including yarn and cloth markets, medicine markets, mobile shops, leather and shoes markets, small textile packaging units, poultry and feed market, and all bazaars of around Clock Tower remained closed.
Shopping centres on Jhal Khanuwana and Sitana Road, Rex City and Computer related business markets, steel market, Dijkot Road, Summandri Road and food and grain market were also completely closed. Members of Anjuman-e-Tajran (City Allied Group) also taken out a rally and staged a protest at Chowk Clock Tower.
While addressing the demonstrators, President of Anjuman-e-Tajran (City Allied Group), Choudhry Pervaiz Iqbal Kamoka, Mian Tanvir Raiz and Muhammad Aslam Bhalli out rightly rejected the 0.6 percent WHT tax without any discrimination of filers and non-filers. They urged the government to avoid such measures which create chaos in the system. He said that small traders could not afford further tax burden.
He said that the government should facilitate the business community which was already facing multiple issues including law and order, electricity crisis, water shortage etc Members of District Bar Association Faisalabad also join protestation and boycotted the District, Session and Banking Courts to protest against imposition of the withholding tax on bank transactions and increase in tax rates.
Former president of Pakistan Hosiery Manufacturers and Exporters Association (PHMA) Muhammad Amjad Khuwaja emphasised the need for rationalisation of gross profit rate with the objective to further broadening the tax base. A comprehensive study should be conducted to re-assess the GP rate for re-structuring of the profit rate for the purpose of taxation.
Talking to newsmen, Chairman Pakistan Yarn Merchants Association Muhammad Akram Pasha and Zonal Vice Chairman Adnan Zahid Butt said that levy of withholding tax on bank transactions would restrict the business turnover and volume of trade. He also pointed out that the industrial sector will also suffer as the suppliers would demand cash payments their by defeating the documentation objective. He urged the government to immediately withdraw the 0.6 percent withholding tax and help restore normal business activity in the country for growth and progress of economy.
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