Call for zero WHT on tax-filer businessmen.
LAHORE -- The government was urged to bring down 0.3 percent withholding tax (WHT) on banking transactions to zero percent for the businessmen, who are filing their tax returns on regular basis.
The government should implement the proposals given by Federation of Pakistan Chambers of Commerce and Industry (FPCCI), chambers of commerce and industry, and trade associations/unions regarding withholding tax on banking transactions to resolve this issue in a good manner, said Sheikh Mohammad Arshad, a central leader of PIAF Founders Alliance, while talking to reporter here Saturday.
While, the assets and incomes of non-filer traders should not be probed by relevant revenue and tax departments for three years, he said, adding that this move will lead to an amicable solution to the issue of withholding tax on bank transactions, as the business community is not tax evader and wants to pay taxes.
Sheikh Mohammad Arshad, who is also former Senior Vice President of Lahore Chamber of Commerce and Industry, said that government's revenue collection targets were scaling up with the passage of time, which means the traders' community was paying taxes.
To a question, he said, the issue of WHT on banking transaction could be resolved through dialogue only, adding that representatives of the FPCCI, chambers of commerce and trade bodies were negotiating with the high-ups of the Federal Board of Revenue. He hoped that both sides would succeed to find a solution acceptable to all stakeholders.
To another question, the PIAF leader urged the government to abolish the discretionary powers of the FBR; cut the tax rates; simplify the tax returns and bring reform in the tax collection system but in consultation with the business community as well as registering new businesses to broaden the tax base.
The PIAF leader concluded that industrialists and business community did not any altercation with the government on the issue of WHT on
anking transaction and wanted to sort out the matter through dialogue and in an amicable way.
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|Publication:||Balochistan Times (Baluchistan Province, Pakistan)|
|Date:||Aug 9, 2015|
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