LAHORE - All Pakistan Textile Processing Mills Association (APTPMA) vice chairman Kh Shahzad Nasir said that the Association fully supports the traders strike against unjustified taxes. He said that APTPMA will also join hands with the All Pakistan Textile Mills Association, announcing closure of industry on Aug 5 as well as on 7 in protest of GIDC and other taxes on export-oriented industry.
He was addressing a press conference which was also attended by Sheikh Ayyub, Sh Anwar and Sh Saeed.
He urged the government to announced incentives for the filers, exempting them from 0.3% withholding tax imposed on all banking transactions, as it would encourage non-filers to come into the tax net and government would achieve its all targets aimed at expansion of tax net. There should be no withholding tax for the filers as they are already performing their national obligation with honesty, he said. This is a double taxation which is bound to hit the trade and industry hard.
He said the tax would force business community to conduct its monetary transactions in cash that would promote the undocumented economy.