ISLAMABAD: The Federal Board of Revenue (FBR) has made it clear to all traders and businessmen that they should become filers instead of non-filers and should transfer their respective accounts into the formal sector otherwise withholding tax will be applied on them. He also made it clear that withholding tax will not be withdrawn.
Talking to Customs Today, Senior Member Inland Revenue (Policy) Shahid Hussain Asad said that withholding tax is imposed to bring non-filers under tax net and if traders lost this opportunity then they will not be entitled to gain any benefits from the FBR. Shahid Hussain Asad further said that imposition of 0.3 withholding tax is a friendly gesture of the FBR towards business community, because the department is not in favour to receive tax by applying tough measures.
He said that there are 4.7 percent tax defaulters in India while in Pakistan millions of people do not paying taxes. He appealed to the business community to follow the Indian example in this regard as “we compare ourselves with India in every field.” He said our traders are less patriot as compared to Indian traders.
Shahid Hussain Asad further said that we will ask Prime Minister Nawaz Sharif to grant some concessions to traders community but one thing is clear that withholding tax will not be withdrawn.
