LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) will take up the issue of imposition of tax on bank transactions with the government.
According to a statement issued here, LCCI President Ijaz A. Mumtaz said that Finance Minister Ishaq Dar would be convinced to withdraw this new imposition that had hit the businesses badly.
He said that the Lahore Chamber of Commerce and Industry was with all the trade associations against this imposition of tax on bank transactions.
He said that if tax on all bank transactions was imposed forcefully, it would not only hamper trade and economic activities but would also tarnish the image of the government.
The LCCI president said that a number of trade and industrial associations had approached the LCCI and informed that imposition of tax on all banking transactions had caused unrest and put the interests of the business community at stake.
He said that imposition of this tax would force the business community to conduct its monetary transactions in cash, which would promote undocumented economy.
Ijaz A Mumtaz said that all business-related decisions should be taken in consultation with the stakeholders, as being done in the developed countries.
He said that the federal finance minister would be asked to take all trade and industry-related decisions in consultation with the business community, which is the backbone of the economy.
Ijaz A Mumtaz said that the Lahore Chamber of Commerce and Industry advocates the broadening of tax net but all measures should be take in consultation with the stakeholders.
