LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad Tuesday demanded the Federal Board of Revenue (FBR) and provincial government to withdraw withholding tax on banking transactions, attachment of business bank accounts and Punjab Infrastructure Development Cess (PIDC) as well as curtail discretionary powers of Tax and Customs officials to boost businessmen confidence.
He said that may be policy makers consider these issues trivial but impacts would be higher. "Good effects will easily be judged through stock market once these issues are resolved," he viewed.
Sheikh Arshad said that FBR should stop attaching business accounts in the larger interest of the economy, as it was creating problems for taxpayers.
He asserted that FBR should focus on controlling under-invoicing and curbing the menace of smuggling, besides expanding tax net.
He demanded immediate withdrawal of withholding tax on banking transactions, claiming that this was hitting the trade and industry hard and forced them to conduct its monetary transactions in cash.
The LCCI President also demanded the Punjab government to withdraw Punjab Infrastructure Development Cess, terming it double taxation.
He said that businessmen of the province would have no other option but to get their consignments cleared from other provinces and dispatch to the required destinations directly.
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