ISLAMABAD: As many as 7,695 non-taxpayers filed 1 per cent taxes of Rs 731 million till March 31 under Voluntary Tax Compliance Scheme (VTCS) 2016, announced by the federal government for business community, and got their untaxed working capital of Rs 73.01 billion documented.
Sources said that these filers will enjoy ‘benefits’, announced by Federal Board of Revenue, like other taxpayers. However, the government will charge 0.5 or 0.6 per cent withholding tax on all banking transactions from April 1 (today).
FBR succeeds to document Rs 52 billion untaxed working capital under the tax amnesty scheme till March 16. The country’s top revenue authority had received some 5257 returns of non-filers and generated revenue to the tune of Rs 520 million under the VTCS till the first half of previous month.
FBR was expecting to receive 100,000 returns under this scheme, however, it succeeded to bring 7,695 non-filers under tax net.
