Business

Traders holding shutter down against Withholding Tax

KARACHI: Traders observing countrywide shutter down on Saturday (today) against 0.3 per cent withholding tax on the banking transactions and other taxation measures of the federal government, ARY News reported.

Traders observing complete shutter down in some cities, while in other areas partial strike is being observed due to differences among various groups of traders.

The business community of Islamabad yesterday decided to observe the shutter down strike against withholding tax on Monday (August 3). A group of traders has decided to observe strike on August 5.

All Pakistan Anjuman-e-Tajiran general secretary Naeem Mir in a press conference in Lahore said that all major markets have announced to back Saturday’s shutter down strike call.

In Karachi several traders bodies and market associations had announced to support the shutter down strike call for Saturday.

Finance Minister Ishaq Dar had said that the fears, apprehensions and misunderstandings of the traders will be addressed appropriately.

Talking to president of the Federation of Pakistan Chambers of Commerce and Industry Mian Idrees Ishaq Dar reiterated that the levy of withholding tax was only applicable to the non-filers and the business community should have a clear understanding of this fact.

The federal government’s decision to impose a withholding tax of 0.6% on daily banking transactions amounting to over Rs50,000 over non-filers sparked protests across the country.

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