ISLAMABAD (Online): Businessman Panel of the FPCCI have said the decision to impose withholding tax on bank transactions is unwise, as it is against the rights of banked population and violation of tax principles.
Central leader of the Businessman Panel and former Vice President FPCCI Khurram Sayeed termed the decision as extortion.
“Government should not punish masses, business community, widows, pensioners and other vulnerable for the failure of FBR to broaden tax base to augment income,” it said.
Speaking to the business community, he said the income and consumption is taxed around the world but here government has found a novel way to milk masses which is not acceptable.
He noted some banks are taking the benefit of the prevailing confused situation to get undue advantage which is illegal as well as immoral.
“WHT on bank transactions will in no way bring rich and super rich in the tax net and will not promote documentation of the economy,” he noted.