LCCI rejects e-transaction fee

LAHORE: Lahore Chamber of Commerce & Industry (LCCI) on Wednesday demanded withdrawal of fee on interbank funds transfer terming it counterproductive for business activities.

“It is only to discourage the business community as they will conduct cash transaction instead of e-banking,” said the LCCI President Mian Tariq Misbah in a statement.

Misbah said fees of 0.1 percent imposed on interbank transactions of over Rs25,000 would do more harm than good and negatively impact business atmosphere in the country.

The official said though expansion of the tax net is the need of the hour but the government would have to find new ways to bring the untaxed sectors into the tax net. The other chamber officials said measures like these were a disservice to the economy.

They said a number of trade & industrial associations had informed the LCCI that this move had put the interests of the business community on stake.

“Imposition of this tax has forced business community to conduct its monetary transactions in cash that is promoting undocumented economy,” the trade body officials said.