withholding tax traders businessmen observing strike today

LAHORE: Traders and business community is observing countrywide complete shutter down strike, halting business activities today (Wednesday) against the imposition of withholding tax on all types of banking transactions.This would be the second countrywide strike on the same issue. Earlier, the business community succeeded in observing the strike across country, pressurising the Federal Board of Revenue to halve the rate of withholding tax on banking transactions, and extending the date of implementation of the said tax.However, a faction of traders refused the FBR incentive, sticking to their single point agenda of withdrawal of the withholding tax from banking transactions, which has compelled the other groups to join hands with them and show their muscle power to the government.On Tuesday, different factions of the traders in two different press conferences announced the complete shutter down strike for today. They said that after this strike, they will announce their future plans of protests and strikes which would be for an indefinite period.They said that businessmen had never refused to pay taxes, but the government instead of taxing those who were already in the net, should bring new people in to the tax net.They said that this tax had not only made life of the traders miserable, but also destroyed the whole banking sector, as it was now facing a collective loss of Rs878 billion.After the traders and business community, the Lahore Chamber of Commerce and Industry (LCCI) also announced to observe the September 9 strike.