LAHORE: Pakistan Economy Watch president Dr Murtaza Mughal said that withholding tax on bank transactions is illegal as well as unethical and is violation of the basic rights of banked population. The government should not punish masses and the business community for the failure of the efforts to broaden tax base.
In a press statement, he said that the decision to slap additional WHT on bank transaction is extortion which is encouraging underground economy; therefore, the deadlock between the government and traders must be resolved.
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He said that some banks are taking the benefit of the prevailing situation to get undue advantage from account holders which is illegal but regulator prefers to remain silent.
Dr. Murtaza Mughal said that government and FBR repeatedly claimed to have details of Rs 3.2 million rich people who are evading taxes but they still not touched a single person among them. Taxing these influential would help government to raise additional one billion rupees while tax on bank transaction will not help government raise one-third of it.
