The Anjuman-e-Tajran, Iron Market Shaheed Ganj, has welcomed the State Bank's proposal regarding abolition of withholding tax and termed it a good step in right direction. Anjuman's Senior Vice President Raja Adeel while talking to traders' delegation on Monday and urged the government to ensure immediate implantation on the proposal. Apart from saving schemes' profits, the government should also abolish withholding tax on all kinds of banks' transactions.

In presence of different taxes including the income tax and sales tax, there is no justification for levy of withholding tax, he said. He said the abolition of withholding tax would help businessmen to get rid of liquidity issue.

Copyright Business Recorder, 2017