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| India-Pakistan |
| Traders up in arms over tax on bank transactions |
| 2015-07-08 |
| [DAWN] KARACHI: Traders decided on Monday to gradually withdraw their savings from banks as a mark of protest against the recently imposed 0.6 per cent adjustable advance income tax on bank transactions, calling it exorbitant and an unjustified move by the government to bring non-filers into the tax net. Possibly the worst idea I've ever heard of, to include those that start with "hold my beer." A key organization of Bloody Karachi ...formerly the capital of Pakistain, now merely its most important port and financial center. It is among the largest cities in the world, with a population of 18 million, most of whom hate each other and many of whom are armed and dangerous... traders took the decision after a series of different moves in recent weeks which saw closure of different markets and commercial centres for a day one after another in protest against the tax. "This is not acceptable in any way," said Ateeq Mir of Karachi Tajir Ittehad -- a platform for nearly 300 markets and traders' associations. "We held a lengthy meeting today [Monday] and finally decided to ask our members to withdraw their savings from banks gradually in instalments of Rs50,000 which is not taxable. It's a kind of protest we lodge against a 0.6pc tax." He claimed that over the past couple of weeks traders had lost millions of rupees only on that account. He said banks charged each truncation of over Rs50,000 at the rate of 0.6pc and many traders were unaware of this new tax. Meanwhile, ...back at the laboratory, Igor and Oleg were discussing what the quickest way might be to deal with the monster... the Gujrat Chamber of Commerce and Industry, Pakistain Electric Fan Manufacturers Association, All Pakistain Pottery Manufacturers Association and other trade and industry organizations in Punjab 1.) Little Orphan Annie's bodyguard 2.) A province of Pakistain ruled by one of the Sharif brothers 3.) A province of India. It is majority (60 percent) Sikh and Hindoo (37 percent), which means it has relatively few Moslem riots.... as well as the Khyber-Pakhtunkhwa ... formerly NWFP, still Terrorism Central... Chamber of Commerce and Industry and other trade bodies in KP have also rejected the 0.6pc tax on bank transactions. |
| Posted by:Fred |
| #2 Transaction taxes act akin to less oil in an engine. You need more energy to turn it over, it stops quicker and is less balanced. |
| Posted by: Bright Pebbles 2015-07-08 09:25 |
| #1 The government discovers it can piggyback ATM charges, but on over counter transactions. If it can be measured, it can be taxed. |
| Posted by: Procopius2k 2015-07-08 08:40 |