Lahore Chamber of Commerce and Industry (LCCI) acting president Khawaja Khawar Rashid has said that withholding tax (WHT) on the bank transactions has forced to business community to conduct its business deals in cash. He was speaking at a reception hosted by Textile Traders Association that was also attended by leading businessmen including Iftikhar Ai Malik, Farooq Iftikhar Sheikh Muhammad Asif, Abdul Basit and Awais Saeed Piracha.
He said the business community is driving force of the economy but it cannot play its due role for economic development of the country while carrying huge burden of the problems like withholding tax on banking transactions, misuse of the discretionary powers by the tax collection machinery, high prices of utility prices and delay in refunds. He stressed the need for bringing reforms in taxation system by engaging all the stakeholders and urged the government to withdraw withholding tax on bank transactions in the larger interest of the trade and industry.
He said that withdrawal of withholding tax on bank transactions would give a big relief to the business community. He also called for removal of double taxation that is hampering the trade and economic activities in the country.
LCCI Vice President Zeshan Khalil said the government needs to weed out the menace of smuggling and under-invoicing before implementing any tax avoidance measures. It is very unfortunate that instead of widening tax base and bringing the untaxed sectors into the tax net, steps are being taken to squeeze the existing tax payers, he said.
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