Banking transactions: Opp leader submits resolution against withholding tax

Rasheed says the tax is unjust.

LAHORE: Leader of Opposition in the Punjab Assembly Mian Mehmood ur Rasheed has submitted a resolution demanding that the 0.06 per cent withholding tax on banking transactions imposed by the federal government be withdrawn immediately.

The resolution, submitted in the assembly secretariat on Tuesday, comes amidst agitation by the traders’ community against the withholding tax. Various traders’ associations had earlier threatened to go on a protest strike against the tax and several commercial areas in Lahore remained closed on Tuesday.

The resolution was submitted by Rasheed and Deputy Opposition Leader Sibtain Khan. It says that the House expresses concern over the recently imposed withholding tax on banking transactions. It says that the business community has expressed serious reservations against it. The resolution has termed the imposition of tax an unjust step which could have a long-term negative impact on businesses across the country.

The resolution also says that the imposed tax would result in greater inflation which would make the economic burden on the common man heavier than it already is. The resolution demands that the federal government immediately withdraw the tax.

Published in The Express Tribune, July 8^th, 2015.