LAHORE

Business leaders have described the Voluntary Tax Compliance Scheme (VTCS) as a step forward to promote tax culture in the country. They stressed the need to further extending its timeframe so that maximum number of businessmen could benefit from this initiative as it will take some time to make VTCS successful.

LCCI former vice president and member of FBR Sales Tax Committee Kashif Anwar termed the government’s Voluntary Tax Compliance Scheme (VTCS) as the best scheme in the country’s history and said that now it’s time for traders to opt the scheme and play their role in the development of the country. He said after this scheme is over, the withholding tax on banking transactions will again be 0.6 percent. Law will come into action, notices will be served on the non-filers after receiving information of levy of 0.6 per cent tax on banking transactions and those non-filers will be subjected to 35 per cent tax and penalties. While if any such account proved ‘Benami’ then its amount will be confiscated and a law in this regard will be introduced before next budget.

He said the tax scheme is in the national interest, as it may help boost tax revenue.

Kashif Anwar said that the country is facing various challenges, and the business community should support the government to help overcome these challenges so that poverty, unemployment, energy shortages and the menace of terrorism could be eradicated. He said those businessmen who are still non-filers should come forward and avail this tax compliance facility. He, however, stressed the need to further extend the date of VTCS, so that maximum number of traders could benefit from this initiative.

LCCI former VP said that it is our national obligation to pay taxes, as it is necessary for the development of the country. He said traders should be given more time to think about availing this facility.

He said VTCS will be of great help to the business community. He lamented that various people running big businesses avoid paying taxes, which causes problems in revenue generation by the government.

He said that there was need to bring big traders in tax net, as small traders pay taxes, but the people running large businesses do not often fulfil this legal obligation.