LCCI For Withdrawal Of Fee On Interbank E-transactions
Muhammad Irfan 1 month ago Wed 23rd June 2021 | 08:28 PM
Lahore Chamber of Commerce & Industry (LCCI) on Wednesday termed the fee on interbank funds transfer as an impediment for the business activities and called for its immediate withdrawal
LAHORE, (UrduPoint / Pakistan Point News - 23rd Jun, 2021 ) :Lahore Chamber of Commerce & Industry (LCCI) on Wednesday termed the fee on interbank funds transfer as an impediment for the business activities and called for its immediate withdrawal.
"It is nothing else but to discourage the business community and they will conduct cash transaction instead of e-banking." LCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said in a media statement issued here that a fees of 0.1 percent has been imposed on interbank transactions of over Rs. 25,000 which would be doing more harm than good and continuously affect the business atmosphere in the country.
They said that though expansion of tax net is need of the hour but government would have to find out new ways to bring the untaxed sectors into the tax net. They said that measures like imposition of fee on interbank e-transactions are not doing any service to the economy. They said that tax on e-bank transactions is hampering the trade and economic activities.
They said that a number of trade & industrial associations have approached the LCCI and informed that imposition of tax on e-banking transactions has caused unrest and put the interests of business community on stake. They said that imposition of this tax has forced business community to conduct its monetary transactions in cash that is promoting undocumented economy.