KARACHI: The Voluntary Tax Compliance Scheme (VTCS) is applicable for both non-filers and filers and those who have already filed the tax returns can revise their filing on payment of additional tax.
Hafiz Muhammad Ali Indhar, the Chief Commissioner RTO Karachi was talking with the representatives of various trade bodies and explained the salient features of the scheme.
“To make scheme most beneficial and successful a comprehensive chart of function has been earmarked which includes, establishing the kiosks in major business centers and using the facilitation mobile vans in remote areas of the city,” the officer said.
The Federal Board of Revenue (FBR) is pursuing in informal awareness campaign among the stakeholders of the business community, in connection with the Voluntary Tax Compliance Scheme (VTCS).
Chief Commissioner stated that the scheme was announced after detailed discussions and deliberations spread over multiple rounds of meetings with representatives of chambers and trade bodies across the country. “The scheme is as per aspiration of the traders and business community for promoting a culture of tax compliance in the country, which would also result in broadening the tax base,” he said.
The representatives of trade bodies were of the view the scheme would act as a catalyst in promoting a culture of tax compliance, broadening the tax net and encouraging the traders and business community to declare their income and pay their proper taxes.
The Board has prescribed one page return form consisting minimum information, Indhar said and described the scheme would promote a stable growth of Pakistan.