LAHORE - As the Finance Minister Ishaq Dar, along with the team of Federal Board of Revenue, is holding talks with several trade bodies and associations, including different sections of All Pakistan Anjuman-i-Tajiran, traders have reiterated their stance to observe shutter down on first August if talks are failed.
APAT central general secretary Naeem Mir said, he along with APAT Punjab President Mehboob Sirki, Sindh president Adul Qayyum Qureshi and All Karachi Tajir Ittehad President Jamil Paracha have left for Islamabad on invitation of Finance Minister to hold talks with him.
“All trade bodies will attend the meeting of Finance Minister called on Monday (today) and if talks are successful the strike will be called off but in case of deadlock the traders will come to the streets and strong protests will be observed all over the country, as it is the decision of all traders from across the country.”
Meanwhile, Lahore Chamber of Commerce and Industry former vice president Kashif Anwar urged the government to exempt all filers from 0.3 percent withholding tax imposed on all banking transactions, as it would encourage non-filers to come into the tax net and government would not achieve its targets aimed at expansion of tax net.
He warned that if tax on all bank transactions is imposed forcefully by the government, it would not only hamper the trade and economic activities but would also tarnish the image of the government. Kashif Anwar said the government would have to find out an amicable way to the issue of withholding tax on bank transactions in order to ensure a business-friendly atmosphere in the country.
”We were asking for simplification and facilitation to increase the number of tax payers to share the load of filers but the system is getting complex day by day. Previously wholesalers, dealers and distributors were not withholding agents. They were declared as withholding agents. Earlier sales tax was not withheld but now it is also being withheld. Day by day, withholding rates are also increasing whereas no refunds are available which is affecting cash flow.”
LCCI ex-VP observed that filers have to submit monthly statements of 149, 165, sales tax, besides facing EOAB, social security and many more issue and now income tax is being withheld through bank transactions. Moreover, this year, all income tax filers have also been asked to submit wealth tax statement with reconciliation which will again raise hue and cry.