Withholding tax on bank transactions lauded

ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday lauded the determination of Finance Minister Ishaq Dar on imposition of withholding tax on bank transactions and termed it a great move.

The steadfastness of the government will help Pakistan emerge as a self-reliant nation in the long run, which must be appreciated, said Dr. Murtaza Mughal, President PEW in a statement issued here. He said that the strikes of traders are being backed by frustrated politicians, black sheep and billionaire traders who don’t want to discharge national obligation by paying taxes.

He said that trade associations are divided over the issue that has increased chances for the government to achieve the noble objective. Dr. Mughal said that FPCCI had changed its stance over the issue of WHT, which had further dented its credibility.

He said that: “Traders should not block the initiative of the government to stabilise the economy, as they are ready to bribe tax officials but are not willing to pay tax which is amazing. Why the traders are not prepared to show their assets and income if they are on the right path, he questioned.”

He said that rich are not ready to pay taxes; therefore, the government has to rely on indirect taxes which trigger poverty in the country. Dr. Mughal demanded of the government to collect tax from politicians, landlords and professionals, while making tax returns easy for the small traders so that they can easily pay their due.



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