The dollar is likely to be more expensive than Rs 200 after holding tax

The dollar is likely to be more expensive than Rs 200 after holding Tax

 The Federal Reserve Board of Revenue (FBR) has issued notices to the tune of crores of rupees after the sudden imposition of holding tax on exchange companies. According to media reports, representatives of the exchange companies said that they were being issued notices by the FBR for non-payment of holding tax.

Which was withdrawn in 2016. Tax notices have sparked a wave of chaos in the exchange companies, with their representatives saying the surcharge would be passed on to consumers, which could add up to 200 200 to the dollar. Malik Bostan, chairman of the Exchange Companies Association of Pakistan, said he was receiving notices for payment of more than Rs 1 billion in holding tax, which was enacted in 2014 and withdrawn in 2016. He said that companies would pass on the burden of 16% holding tax to consumers who would have to bear an additional burden of more than Rs 20 per dollar, as a result of which the exchange rate of dollar would be Rs 200 or more He said that this seems to be a conspiracy against the government, there is a lot of pressure on the exchange rate and the government is already facing criticism when the rupee depreciates. He said that if the dollar reaches 200 then Legal business will be replaced by black market. Zafar Paracha, General Secretary of Exchange Companies Association The company says that the gray market has eaten up a large part of our business because it pays more.

Dollar smugglers, referrers and the people of Afghanistan are being sold at a higher price. According to private TV, a Category A exchange company shared a notice received from the FBR on condition of anonymity. More than one billion rupees has been demanded for holding tax.

The exchange company said that it will shift this burden to the currency market and the value of the dollar will be seen talking to the sky. The dollar had closed at Rs 178.30 yesterday. The market is already volatile and the government is under pressure. He said that we had a meeting with the Chairman FBR.

I told him about the consequences of the 16% holding tax. He said that the Chairman FBR had assured the exchange companies that the notices would be withdrawn and that the companies would not face any kind of harassment by the tax authorities. Will not face He said that in recent times exchange companies have faced many restrictions on their sales and their business is fully documented.