KARACHI: Haroon Akhtar Minister of State on Finance has said the Voluntary Tax Compliance Scheme (VTCS) addresses all the concerns of the traders adding this was the right opportunity for them to get into the tax net.
Haroon Akhtar was addressing a seminar on VTCS at RTO Karachi organized by traders associations here on Wednesday.
He said that both new filers and existing filers would not be the prescribed persons to deduct/withhold tax under section 153 of Income Tax Ordinance while making payment for purchases of goods. Moreover, they would not be obliged to furnish wealth statement if the taxable income is less than Rs1.0 million. Minister said taxpayers enrolling for the scheme would also be immune from audit.
The office bearers of traders’ associations said Voluntary Tax Compliance Scheme (VTCS) had been launched on the demand and in consultation with traders and it was totally businessmen friendly.
He ensured trader community of his full support and cooperation and informed the participants that Tax Facilitation Camps had already been established in different cities where Income Tax officials had been posted to help traders in filing of returns under this scheme.
He assured trade leaders of his fullest cooperation and that his doors would always be open for trade community.
He further said that in history of Pakistan, a simple one page Income Tax Return had been introduced to facilitate traders and opined that this trader friendly scheme would result in increase not only in tax base but government revenue also.
He asked the business community to avail full advantage of this scheme and help in making Pakistan a progressive and welfare country.