GCCI resents tax on cash withdrawal

The Gujranwala Chamber of Commerce & Industry (GCCI) President Asad Elahi has said that business community would face manifold problems due to levy of 0.1 percent withholding tax on withdrawal of amount of Rs 25000 or above from banks. While talking to businessmen here on Monday, Asad said that the minister of state for finance had presented a progressive, balance and investment-friendly budget and won the hearts of business community.
However, the budget also contained many odd things, which must be settled by the CBR authorities. For instance, he added, levy of 0.1 percent withholding tax on withdrawal of amount of Rs 25000 and above would definitely discourage the documentation and banking transactions.
It would also cause attraction for the parallel system of currency transaction through currency exchange companies and dealers and disturb the SME sector to a larger extent, the GCCI chief said.