The Progressive Group in the Lahore Chamber of Commerce and Industry congratulating traders for showing exemplary unity on the issue of imposition of the 0.6 per cent withholding tax on all banking transactions by staging a general strike has said such steps are the right of businessmen to press the government to accept their demands.
Group President Khalid Usman, Vice President Abdul Wadood Alvi and Information Secretary Muhammad Ijaz Tanveer talking to trader leaders of different markets on Tuesday said taxing the profit generated through any financial activity was understood but taxing the banking transaction was something beyond understanding. They termed this type of taxes as cruel and unjustifiable. They said that this kind of tax would be applicable even on pensioners and widows who would be drawing their savings from the banks.
President Usman said, "The government and the Federal Board of Revenue always talk about increasing reliance on direct taxes but this new tax on banking transaction is an indirect tax. Rather it was a worst example of double taxation which was badly impacting the business community.'
Secretary Tanveer said, "Traders and businessmen always believe that the Pakistan Muslim League-Nawaz government would take business friendly steps but during its present tenure the imposition of such taxes were proving people wrong about the party. He said the government should immediately withdraw this tax keeping in view the difficulties being faced by the businessmen. "We support increasing tax net but the government should bring those sectors in the net which are not paying taxes to increase revenues."
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