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1Open letter to President Ali: 20% Withholding Tax is double taxation

Jan 05, 2021 Letters

Dear Editor,

Dear Mr. President, when we work, tax is taken out from our wages.
When we put some of our money into a savings account at a bank, and when we earn interest from our savings, the bank usually deduct 20% from our interest – that deduction is known Withholding Tax.
That means we are paying taxes on money that we already paid taxes on.
Double taxation is unfair, especially to us poor people.
I am hoping that this letter is published before Budget 2021, so Government can consider it for approval.
Mr. President, can you please instruct the banks to stop taking the 20% Withholding Tax – because we already pay taxes on our wages. How could it be fair for us to pay again?
Mohamed Azad

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