Deduction of withholding tax resented

Islamabad
Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt on Sunday said some banks continue to deduct withholding tax (WHT) on transactions from filers which is illegal as well as unethical.
The attitude of banks amounts to frustrate government’s move to boost revenue through enhanced taxation on transactions.
The negative practices by some banks continue to frustrate masses and honest taxpayers which may intensify standoff between business community and government over WHT, he said.
Shahid Rasheed Butt said that financial institutions should not trigger opposition to WHT on bank transactions to maximise their profits as it is highly unethical and illegal.
Banks are already facing reduced deposits and transaction while negative methods will deprive them of the faith of masses which will help parallel banking system which is already gaining momentum in the country, he observed.