WHT on bank trans­ac­tion against tax rules: FPCCI

The Pak Banker - - NATIONAL -

LA­HORE: Busi­ness­man Panel of the FPCCI on Fri­day said de­ci­sion to im­pose with­hold­ing tax on bank trans­ac­tions is un­wise at best as it is against the rights of banked pop­u­la­tion and vi­o­la­tion of tax prin­ci­ples.

Gov­ern­ment should not pun­ish masses, busi­ness com­mu­nity, wid­ows, pen­sion­ers and other vul­ner­a­ble for the fail­ure of FBR to broaden tax base to aug­ment in­come, it said. The de­ci­sion termed as ex­tor­tion by ma­jor­ity of traders would sup­ple­ment un­der­ground econ­omy, con­tract doc­u­mented sec­tor, said cen­tral leader of the Busi­ness­man Panel and for­mer vice pres­i­dent FPCCI Khur­ram Say­eed. Speak­ing to the busi­ness com­mu­nity, he said that in­come and con­sump­tion is taxed around the world but here gov­ern­ment has found a novel way to milk masses which is not ac­cept­able. He noted that some banks are tak­ing the ben­e­fit of the pre­vail­ing con­fused sit­u­a­tion to get un­due ad­van­tage which is illegal as well as im­moral.

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