LAHORE: The government should have to find a way out to resolve the issue of withholding tax on bank transactions and ensure a business-friendly environment in the country.
“The Economy is well on the track and cannot afford any confrontation between the government and the business community which is backbone of the economy,” Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A. Mumtaz has said.
According to a statement, the LCCI president said that though expansion of tax net is need of the hour but the government should have to find a way out to bring the untaxed sectors into the tax net. He said that measures like imposition of withholding tax on bank transactions would not be 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.
Ijaz A. Mumtaz said that though formation of a committee and cut in withholding tax is a step in right direction but business community is yet not satisfied and want complete withdrawal of withholding tax.
He said that the Lahore Chamber of Commerce and Industry is with all the trade and industry associations against this imposition of tax on bank transactions.
He said that if tax on all bank transactions is imposed forcefully, it would not only hamper the trade and economic activities but would also tarnish the image of the government.
The LCCI President 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 would force business community to conduct its monetary transactions in cash that would promote the undocumented economy.
Meanwhile, the Lahore Chamber of Commerce & Industry has urged the district government to solve the issues on priority which are coming in the way of smooth running of businesses.
The LCCI Senior Vice President Mian Nauman Kabir was talking to the Commissioner of Lahore Abdullah Khan Sumbal here at his office along with the Executive Committee Members. LCCI Executive Committee Members Raja Hamid Riaz, Kamal Mahmood Amjad Mian and Rizwan Akhter Shamsi also spoke on the occasion.
Mian Nauman Kabir said that Lahore has become a hub of trade and economic activities but a number of issues including traffic mess, lack of parking facility and violation of rules and regulations are hampering the growth of trade and industry.
