Lahore - The Founders Group has announced to support the Federal Board of Revenue along with tax bars and other trade associations, to initiate joint efforts for making the Voluntary Tax Compliance Scheme successful by convincing traders to come into the tax net.
This was decided in a meeting of The Founders held on Monday at a local hotel. The meeting was largely attended by former presidents of LCCI and FPCCI including LCCI former president Mian Muhammad Ashraf, former president Mian Misbahur Rehman, former president Farooq Iftikhar, Mian Zahid, VP Nasir Saeed and SVP Almas Haider, in the chair of its patron-in-chief Iftikhar Malik. The meeting was also aimed at initiating aggressive membership campaign for The Founders. The LCCI former president and Founders leader Mian Ashraf, on this occasion, greeted the Chairman of United Business Group for being elected unopposed as Vice President SAARC Chamber of Commerce and Industry for the 5th consecutive times. He said that it is honour that the commerce and industrial community had posed complete trust in him by electing him as Pakistan’s top representative in the SAARC CCI for fifth time.
He said that VTCS has offered a rare chance to the traders to become part of the tax net and do their business with ease and comfort. The FBR has issued a one-pager tax return form in Urdu, which will not be changed for next four years, he added.
UBG chairman Iftikhar Malik, addressing the meeting, said the traders who will join VTCS would be exempted from sales tax. These traders would not be made withholding agents and they would also be exempted from all kinds of audit from the last five years and the next four years. During this period, they would not be served any kind of notice under any section, he added. He said that the scheme would have a positive impact because it would encourage documentation of the informal economy by allowing non-filing traders to regularise their undeclared working capital.
All former presidents of founding members of The Founders agreed that VTCS is a beneficial plan to enhance tax net in the country.