Government will Deduct 0.6% Tax on all Banking Transactions
Government of Pakistan will charge 0.6 % tax on all banking transactions in the budget of 2015-2016 announced by finance minister Ishaq Dar. This seems the massive setback for the poor community of Pakistan because it is not targeting the rich community.
Tax will impose the every banking transactions like intra bank transaction, check transfer, bank withdrawals and any activity involve the cash activity at bank will be charged with 0.6 percent.
Ishaq Dar is currently Finance Minister is not offering any threshold for the poor’s and majority of nation is looking this decision anxious and heart it badly.
0.6% of tax, it is actually called the advance income tax and government will gain significant amount of Rs. 38 billion rupees. It seems that government is failed to increase the tax network and imposed the new tax of percent to poor people.