The Executive Committee of Pakistan Cotton Ginners Association (PCGA) has rejected the 0.3 percent withholding tax on bank transactions describing it detrimental to the business community and announced to join the protest movement of traders across the country.
It was decided at a meeting chaired by Acting Chairman Ramesh Lal. The meeting was also attended by the Chairman of Ginners Group Haji Muhammad Akram, Vice Chairman Rao Sadaruddin, Ex-Chairmen Aman-ullah Qureshi, Sheikh Muhammad Saeed, Ex-Vice chairmen Shehzad Ali Khan, Suhail Mehmood Haral, Khawaja Muhammad Farooq, Ghulam Mustafa Khandwa, Khawaja Atiq-ur-rehman, Khalid Hanif Lodhi, Malik Aqueel-ur-rehman Bhutta,Mian Tariq Javed, Munawar Iqbal, Zaid Ali Khan, Sheikh Muhammad Ayyub, Younas Kaselia, Khawaja Muhammad Azam, Khawaja Riaz Siddiqui,and Khawaja Ashfaq Hussain.
The meeting unanimously rejected the sugar mills policy of the present government regarding the shifting of sugar mills in core cotton areas or granting permission to establish sugar mills in cotton zone. It demanded for immediate withdrawal of relaxation in cotton zone policy and cancel the licences of sugar mills established in core cotton zone.
The meeting criticised the taxation policy of the present government and said the government had put extra burden of tax on those who are already paying taxes. The meeting also rejected the reduced rate of withholding tax on the banking transactions It said that ginners have to pay billions of rupees to the growers in cotton season. How can ginning community afford this deduction on payment and it would also affect the growers indirectly. They announced to join the protesting traders if the federal government did not withdraw withholding tax on banking transactions.
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