Summary Records include accounts' data of importers, exporters and different companies
ISLAMABAD (Dunya News) – Banks on Saturday have provided records of account holders to Federal Bureau of Revenue (FBR).
Records include accounts’ data of importers, exporters and different companies.
The development has come in after the government, in the ongoing fiscal year has imposed withholding tax on bank transactions be it through cheque, demand draft or pay order that is above Rs 50,000. Earlier, the withholding tax was limited to 0.6 percent however, on July 9 it was reduced to 0.3 percent following protests by traders.
Sources privy to the FBR said that the institution has resolved to take stern action against tax evaders. For the purpose, the department had summoned records of past two months, July and August until September 15.
Reports say that the FBR will finalise strategy and course-of-action after analyzing the given records within few days. 0.3 percent withholding tax will be increased to the previous figure of 0.6 percent starting from November 1.
On the other hand it is pertinent to mention here that despite government’s constant struggle, traders have refused to comply with the new order. Another round of talks between merchants and the government body has failed. On October 8, talks between government and traders over withholding tax ended without any result. Both the parties remained firm on their stated stances and therefore, the stalemate still persists.
Finance Minister Ishaq Dar and Chief Minister (CM) Punjab Shahbaz Sharif held 3-hour-long talks with traders’ Khalid Butt group. However, both the parties stood firm on their stances and thus the talks ended in a stalemate.
Khalid Butt group has made it clear that it will support Pakistan Tehreek-i-Insaf (PTI) in NA-122 by-election if the government doesn’t withdraw withholding tax.
According to sources, Ishaq Dar directed the FBR officials to continue talks with the traders.
