KARACHI: Traders of Karachi have rejected levy of withholding tax on banking transactions. They warned government to withdraw this unjustified tax immediately otherwise they will observe a shutter-down strike.
Sources told Customs Today that traders are using prize bonds for business dealings instead of transferring cash through banking channels. This is the reason that prize bonds of Rs 40,000 are not available in open market.
Ghulam Hussain, a trader of Bolton Market Karachi, said that 90 percent traders and industrialists are not using banking channels for transactions. Talking to Customs Today, vice president All Pakistan Tajir Ittehad Atiq Meer said that if government fails to withdraw withholding tax. the traders will observe a complete shutter down strike all over the country for indefinite period.
