The Sialkot Chamber of Commerce and Industry (SCCI) has welcomed the decision of Federal Minister for Finance Ishaq Dar to invite the business community for the meeting at Islamabad on Tuesday (today) to resolve the issue of 0.6 percent withholding tax on bank transactions.

Talking to the newsmen here, SCCI President Fazal Jillani said that the issue has created great unrest among the business community that needed to be addressed urgently. He added that already the issue of raise in sales tax from 2 to 3 percent on five export sectors, inordinate delay in settlement of Custom Duty drawback claims, sales tax and income tax refunds of exporters are badly affecting the business community.

He said that the business community across the country was hard pressed to protest against the imposition of 0.6 percent withholding tax and as a first step dealing with banks were being reduced that would promote undocumented economy.

He said that the time was high for the government and business community to make joint efforts for boosting trade and industry for economic stability and creating maximum opportunities of employment.

He said that the federal minister would provide relief for the business community by withdrawing 0.6 percent tax on bank transactions immediately. The minister would also reconsider the decision about raise in sales tax from 2 to 3 percent and issue immediate orders for settlement of duty drawback and claims, he hoped.

The government should encourage the business community to concentrate fully on trade and industry for the progress and prosperity of the country and people.