Charged traders Tuesday staged a protest demonstration against the government move to impose 0.6 percent WHT on bank transactions. They burned the effigy of Finance Minister Ishaq Dar and raised slogans against govt economic policies. A large number of traders gathered outside Karachi Press Club demanding withdrawal of 'atrocious' taxation and shouted anti-government slogans. The protestors carrying banners condemned the imposition of the new levy.
Scores of different businessmen associations attended the protest drive, which All Karachi Tajir Ittehad (AKTI) has initiated against 0.6 percent tax. Chairman AKTI, Atiq Mir told the protesting traders that "the rulers are insincere to the nation and are bent upon destroying the economy with fresh taxation measures." He slammed Ishaq Dar for being 'incapable' to draw a trade friendly taxation policy with a reformed system. "If the finance minister is incapable to give a trade-friendly tax policy, how would he lead the country to economic growth?" He said.
During the Eid sales season, the imposition of 0.6 percent tax is an 'atrocious' move by the government that has also ceased the entire banking system with trade activities. "The banks staff is busy in sorting out the filers and non-filers and leave their other activities," he said. He also called the new taxation as 'black law' leaving the country's businessmen community in despair and uncertainty. "Traders are drawing out their deposits continuously from bank accounts following the law," he said, adding that a majority of banks had fallen short of cash, consequently.
"If Ishaq Dar was really serious in discussion with traders on July 8 in Islamabad, then he should direct the banks to stop implementation on the atrocious law immediately," Atiq Mir said that adding that the banks should also ensure returning the amounts to non-filers accounts, which had been deducted during the process. He also warned that the traders would go for a strike after Eid-ul-Fitr if the government did not remove ambiguities and disputed clauses from the taxation form. He said that the traders would resist the government's move if it ever tried to impose the controversial law forcefully.
The traders' leader also offered the government of a consultation to draw up a simple, straight and practical tax form to end the dispute, saying that the finance minister should initiate a trade friendly reformed taxation system to reciprocate the businessmen offer. He also assured the governments that his association would help draw 100,000 new taxpayers to the tax net.
Traders a day before had vowed to resist atrocious law and unfold protests with ending banks dealings, withdrawing deposits and closing accounts till the government withdraws the new taxation. The traders also slammed the federal fiscal budget 2015-16 and dubbed it as economy 'devastating' financial plan. Traders also demanded for the removal of Ishaq Dar from his post besides calling him an 'incapable' Federal Finance Minister and 'killer' of the national economy.
"On one hand national economy is in tatters, on the other hand the government is making trade-elimination experiments," Atiq Mir told a meeting held at All Karachi Tajir Ittehad office, saying that "the government on the orders of its 'financial father' - IMF had previously frozen the foreign currency accounts and now repeating the same blunder to put at risk the national economy again."
He blamed the FBR for making the traders escape tax net, saying that the board had made the income tax law complicated that caused the financial troubles for the national economy and businessmen. He said that the FBR instead of reforming the taxation system in the country was running after the traders' community to collect revenue from their pockets 'forcibly' and 'repressively'. The FBR in a bid to confuse the traders with the tax terminologies like 'filer and non-filer' is primarily hitting at their trade and businesses. "The law will make banks dealings difficult for the filers and non-filers," he maintained.