ISLAMABAD: The Anjuman-e-Tajiran Rawalpindi has rejected the 0.3 percent withholding tax on bank transaction by the government and showed grave concerns over the negotiations between government and business community.
President Anjuman-e-Tajiran, Chudhary Tariq has said that the government must take traders community into confidence on the issue of withholding tax on bank transaction otherwise traders will have to take the streets for their demand.
On the other hand, President Rawalpindi Chamber of Commerce and Industry, Syed Ahmed Mashahdi has termed the dialogues with govt quite successful as govt has reduced the 0.6 percent WHT on bank transactions to 0.3 percent.
He added that Minister for Finance Ishaq Dar has assured the business community of resolving the issues being faced by them in upcoming two months.
President of RCCI added that some trader unions were not accepting the revised rate of WHT on bank transaction but we were trying to convince them.
It is important to mention here that government has issued ordinance to halve the withholding tax rate valued at over Rs 50,000 for a period of three months. The ordinance is issued to give partial effect to a five-point agreement that the federal govt and business community signed on Thursday. After its promulgation, the rate of withholding tax on all banking transactions valued at over Rs 50,000 is reduced from 0.6 percent to 0.3 percent with effect from July 11.
