LAHORE: The local business community has urged the government to further extend the period of Voluntary Tax Compliance Scheme (VTCS).
The representatives of traders, however, lauded the scheme, calling it 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 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.
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.
The 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.
