LAHORE: The business community of the provincial capital has lauded Prime Minister Nawaz Sharif and President Mamnoon Hussain over reducing withholding tax on banking transactions to 0.3 percent.
All Pakistan Anjuman-e-Tajiran Punjab President Ch Mehboob, while talking to mdia, said that the government had also agreed with the demand of traders to abolish present income tax system for traders, implementing turnover tax for them.
The turnover tax would be agreed according to various trades and sectors between trade bodies and FBR. Under the agreement, the turnover tax has been agreed to be reduced according to various sectors. This is the major concession. He said that the business community was satisfied with the outcome of the talks, appealing to all traders and industrialists to now file the income tax returns and become honourable citizens of the country.
