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Auto parts body demands withdrawal of 0.6pc tax on bank transactions.

Auto parts body demands withdrawal of 0.6pc tax on bank transactions.

 LAHORE: All Pakistan Auto Spare-parts Importer and Dealers Association has strongly rejected levy of 0.6 percent tax on banking transactions..

Talking to Customs Today, the executive body member Nasir Hameed Khan said that imposition of tax will cause pressure on businessmen as they need banking transaction for business purposes. He said that due to deduction of tax, the business community will be obliged to find alternate ways and the banking sector will also suffer.

He further said that businessmen have to use banks for cash deposit/withdraw, draft/pay order, TT, and transfer of money, and if traders will find any alternate way this will put a negative impact on national economy.