Lahore - Voluntary Tax Compliance Scheme (VTCS) is a business friendly initiative of the government and a golden chance to come under the tax net; and all circles should adopt “first understand and then react” policy.
This was the upshot of the speeches delivered at an awareness seminar titled, ‘Voluntary Tax Compliance Scheme’ held here on Saturday.
The seminar was organised by the Lahore Chamber of Commerce & Industry, while LCCI’s former vice president Kashif Anwar was the chief guest.
The LCCI Vice President Nasir Saeed said that the scheme had been launched after a long discussion and consultations with the stakeholders.
“It would bring the huge capital in circulation that is must for industrial extension, to generate new employment opportunities and to boost trade and economic activities,” he said and termed VTCS a giant leap towards broadening the tax net.
Kashif Anwar, on the occasion, clarified VTCS was not compulsory. “It is voluntary and if any trader doesn’t want to avail it, he could file normal return. This is for individuals, Association of Persons (AOPs), and wholesalers or dealers who were not registered before the introduction of the scheme,” he explained.
Kashif added that VTCS was for those businessmen, who could not declare their capital because of any reason. “They can declare now without any problem,” he said, adding, “This is not for manufacturers, importers, Sales Tax registered persons, either for a lone trader or AOP, dealer, distributor or wholesaler and sectors in the services industry.”
“This is working capital whitening scheme and not assets whitening scheme,” he reiterated.