Withholding tax on banks withdrawals flayedFrom Our CorrespondentOKARA: The business community Monday criticized imposition of withholding tax on withdrawal of Rs 50,000 from banks.In a press conference Okara Chamber of Commerce and Industry (OCCI) president Chaudhry Muhammad Arshad Iqbal termed the imposition of 0.6 per cent withdrawal tax as a
By our correspondents
July 07, 2015
Withholding tax on banks withdrawals flayed From Our Correspondent OKARA: The business community Monday criticized imposition of withholding tax on withdrawal of Rs 50,000 from banks. In a press conference Okara Chamber of Commerce and Industry (OCCI) president Chaudhry Muhammad Arshad Iqbal termed the imposition of 0.6 per cent withdrawal tax as a tyrannical oppression. He said the step is not against only the business and industrial communities, but also banks and general masses. He said the tax would result in price hike in markets and industrial production. The OCCI chief said bank account holders would avoid continuing their business dealings through banks and in this way the government would lose other taxes as well. Former OCCI chiefs Chaudhry Shafqat Rasool, Sheikh Iqbal Shahid, Chaudhry Khalil ur Rehman and others also attended the press conference. Anjumane Arthian Grain Market, Anjumane Arthian Fruit and Vegetable market, proprietors of industrial units, traders, and others condemned the withholding tax on banks withdrawal and demanded the federal government withdraw the tax.
