KARACHI, Aug 1: The Federation of Pakistan Chambers of Commerce and Industry has called for elimination of levy of 0.1 per cent withholding tax on withdrawal of Rs25,000 and above from banks announced in the budget 2005-06.
FPCCI vice-president Akbar Abdullah stated that the business community had deep concern and reservation on this policy measure which they thought would discourage the government’s efforts to give boost to the SME sector.
“The importers and exporters were already paying withholding tax as final discharge of liability and this additional levy would add to the cost of products.”
