ISLAMABAD: Samina Fazil, founder President, Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Sunday said that withholding tax on bank transaction has been imposed without proper groundwork which has added to the problems of masses and business community.
Income must be taxed but the newly introduced model of taxation is faulty at best which will not benefit the government but the corrupt in the FBR, she said. Speaking to the businesswomen, she said that lack of trust between taxpayers and tax collectors has kept the number of taxpayers dismally low which has transformed nuclear Pakistan into a beggar.
FBR should not milk all the customers of banks but establish a separate database of taxpayers and give its access to banks so that they are not bothered. WHT should not be deducted from taxpayers as it will stuck their money for one year while they will have to bribe FBR officials to get refunds which is a routine practice.
Samina Fazil said that some officials of FBR are known for processing fake refund claims worth billion without any delay while keep genuine businessmen waiting for years which is not acceptable. Presently refunds worth over 100 billion rupees are held by FBR authorities since long with no ray of hope in sight for the dejected business community, she said.