Lahore chamber demands withdrawal of withholding tax

LAHORE: Lahore Chamber of Commerce & Industry (LCCI) on Monday asked the government to withdraw withholding tax on banking transactions to address the business community's concerns.

LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil claimed that withholding tax on banking transactions was affecting country's business atmosphere.

Talking to a delegation of All Pakistan Anjuman-e-Tajran (APAT), led by Khalid Pervez, here at the LCCI, they said  that withholding tax was a major among other issues, like complex taxation system, dual taxation, high input cost and delay in refunds, that must be resolved.

The business community was opposing withholding tax on banking transactions since its imposition, they added.

Though expansion of tax net was need of the hour, yet the government should find other ways to bring the untaxed sectors into the tax net.

They mentioned that many trade and industrial associations had approached the LCCI and showed their concern over the imposition of that tax and called for its removal.