LAHORE: So far 2,507 returns have been filed under the Voluntary Tax Compliance Scheme (VTCS) and tax of Rs 250 million has been deposited under the scheme.
Reliable sources said that the last date for filing of returns under the scheme falls on March 15. The government has recently announced Voluntary Tax Compliance Scheme (VTCS) to encourage non-filers to file their tax returns and broaden the tax base. This scheme provides a simplified procedure for filing income tax returns and assessment for traders and it is intended to expand the tax base in the country.
It was said that is not possible to estimate/ascertain exactly how many persons in Pakistan are earning taxable income.
However, number of returns-filers for tax year 2014 and 2015 are 1,047,170 and 923,346 respectively. However, for the Tax Year 2015 the date for filing of returns has been extended upto 15th of March, 2016 and the number of return filers is expected to increase further
