GUJRANWALA, Aug 29: The Central Board of Revenue has denied abolition of 0.1 per cent withholding tax on more than Rs25,000 cash withdrawals and assured the business community of cut in power and gas tariff shortly.

Speaking at Gujranwala Chamber of Commerce and Industry (GCCI) here on Monday, CBR chairman Abdullah Yousaf said the withholding tax on cash withdrawals would not be abolished at any cost.

He said a notification regarding reduction in tariff of gas and electricity bills of registered textile sector would be issued soon, making zero-rated sales tax on bills.

He said most of the CBR record had been computerized. Mr Yousaf said the CBR network would be extended to dry ports, banks and other financial institutions while refund cases of businessmen would be cleared.

He assured the business community that all problems concerning sales tax registration would be solved.

Earlier, GCCI president Asad Elahi and other senior members welcomed him at the chamber and apprised him of their problems.