LAHORE: The Pakistan Cement Traders Association has rejects withholding tax on banking transactions.
Addressing a Press conference at the Lahore Press Club, president All Pakistan Cement Traders Association Chaudary Muhammad Muneer said that cement sector is already paying a huge amount of their income in the form of taxes, so increase in taxes is unacceptable for the sector. Cement sector will stop their business with banks if government will not withdraw the 0.6 percent withholding tax on transactions. Heavy tax is already destroying the business and increment in withholding will keep end the cement sector and it will badly affect the national economy as well.
Government has imposed withholding tax on transactions with banks if someone withdraws amount from more than Rs 25000 he will pay withholding tax at the rate of 0.6 percent. This tax was at 0.5 percent which is now increased by 0.1 percent in current fiscal years budget. Traders and other business sectors have criticized this tax and asked the government to withdraw this tax otherwise they will be forced to protest.
