ISLAMABAD (Web Desk) – Islamabad Chamber of Commerce and Industry (ICCI) Thursday expressed concern over plans of upward revision in the withholding tax on bank transactions.
“Any such revision will trigger another crisis”, President ICCI, Atif Ikram Sheikh said.
The stand-off between government and business community over imposition of bank tax can result in a major crisis any time, President ICCI stated this in a statement, Business Recorder reported.
He said the issues must be resolved as it continue to hit banking industry while promoting parallel banking system which is adding to black economy.
Businessmen are preferring business through lockers and increasing using dollars which is not good for the health of the economy, he said.
A common man is paying over 15 percent tax on internet and mobile and 30 percent tax on power bills. Senior citizens are made to pay 10 percent WHT on saving schemes which is injustice, he maintained.
He said the repressive taxation has hit poor out of which 40 percent were living below poverty line while elite continue to enjoy princely living without paying taxes.
He appealed to the government to take due care and caution before taking any such step and avoid overburdening the poor.