LAHORE: President of the Lahore Chamber of Commerce & Industry Malik Tahir Javaid has said that Lahore Chamber will continue its untiring efforts until and unless major hurdles like withholding tax on bank transactions, difficult taxation system, misuse of discretionary powers and traffic are resolved. He said that business community must have representation in parliament and national assembly that would be equally beneficial for both traders and economy.
He was talking to the delegation of traders, led by Baber Mahmood, here at the Lahore Chamber of Commerce & Industry. The LCCI Senior Vice President Khawaja Khawar Rashid also spoke on the occasion.
Malik Tahir Javaid said that representation of business community in Parliament and National Assembly will ensure formulation of trade & industry friendly policies and help economy flourish with quicker pace.
The LCCI president termed the withholding tax on banking transaction a threat for trade and economic activities and once again demanded its withdrawal in the larger interest of the businessmen.
He said that withholding tax on banking transactions is doing more harm than good and continuously affecting the business atmosphere in the country. “Issue of withholding tax is top of the list in the other miseries like disparity in taxation system, dual taxation, high input cost and delay in refunds that must be resolved according to the demand of the business community.
He said that business community has rejected withholding tax on banking transactions from the first day but concerned authorities are not ready to realize the ground realities.
Malik Tahir Javaid said that though expansion of tax net is need of the hour but government would have to find out new ways to bring the untaxed sectors into the tax net. He said that measures like imposition of withholding tax on bank transactions are not doing any service to the economy as it has been observed that tax collection machinery has no authentic data to specify difference between filers and non-filers.
The LCCI president said that tax on all bank transactions has been imposed forcefully, that is not only hampering the trade and economic activities but is also tarnishing the soft image of the government. He said that a number of trade & industrial associations have approached to the LCCI and informed that imposition of tax on all banking transactions has caused unrest and put the interests of business community on stake. He said that imposition of this tax has forced business community to conduct its monetary transactions in cash that is promoting undocumented economy.
Head of the delegation Baber Mahmood lauded the efforts of the Lahore Chamber of Commerce & Industry for the cause of business community and assured his best cooperation.
