KARACHI: The Sindh High Court (SHC) on Wednesday dismissed a petition challenging the imposition of 0.3 percent withholding tax on bank transactions.
Chief Justice Faisal Arab, who headed a division bench, dismissed the petition filed by Moulvi Iqbal Haider after he failed to show up for hearing.
The petitioner approached the high court requesting it to strike down the decision regarding imposition of withholding tax as it was in violation of the certain provisions of the Constitution.
Citing Secretary Law, Secretary Finance, Chairman Federal Board of Revenue and others as respondents, the petitioner submitted that the citizens were being made to pay 0.3 percent withholding tax for stashing away their money in banks accounts but the government was not reducing its lavish expenses.
Terming the decision an unjustified move, he said, the business community decided to withdraw its savings from the banks. Besides, he argued, imposition of withholding tax on banking transaction is in violation of Article 77 of the constitution. The petitioner pleaded with the Court to declare withholding tax as null and void.
