LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has called upon the government to find an amicable solution to withholding tax on bank transactions to ensure a business friendly atmosphere in the country. LCCI President Ijaz A Mumtaz said, “the economy is well on track and cannot afford any confrontation between government and business community which is the backbone of the economy.” Though expansion of tax base is the need of the hour, effective measures should be put in place to bring untaxed sectors into the tax net. Mumtaz said formation of a committee and cut in withholding tax were steps in a right direction but the business community wants a complete withdrawal of this tax. He added that a number of trade and industrial associations had approached the LCCI and expressed concerns over the proposed tax. He also urged the government to take the business community in confidence in all such matters.
Published in The Express Tribune, July 16th, 2015.
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