Mini-budget

In its recent mini-budget, the PTI-led government has made some laudable decisions. Withholding tax waiver on cash withdrawals for filers has given a huge relief to business owners. For many years now, the business community had been troubled by the withholding tax imposed on the cash withdrawal of Rs50,000 and above. Filers used to pay a withholding tax of 0.3 percent and non-filers would pay the tax of 0.6 percent. The past governments never took a single step in this regard, despite the influx of complaints. As a result, people preferred to keep money at their homes.The current decision will also help the government encourage people to start filing their tax returns, leading to the proper documentation of economy.Suhail Ahmed ShaikhLarkana*****Despite the economic crunch and a number of domestic and international challenges, the government announced a business- and people-friendly budget. The waiver of withholding tax on bank transactions for tax filers is a welcome step which will give relief to small traders.The introduction of interest-free revolving credit of five billion rupees and the exemption of duties on investment in solar panels and wind turbines will promote small and medium industries, provide relief to citizens and reduce unemployment. Overall, the supplementary budget is business-friendly and will provide much-needed relief to businessmen and traders.Syed Ali Musa ZaidiRawalpindi

from The News International - Newspost http://bit.ly/2FYOba7