LAHORE: In order to promote tax culture, the Federal Board of Revenue (FBR) has introduced Voluntary Tax Compliance Scheme (VTCS) as the first step for those businessmen who could not get themselves registered due to any reason and now want to come under the tax net.
These views were expressed by former Federal Board of Revenue (FBR) Tax Reforms Committee (TRC) member and vice president Lahore Chamber of Commerce and Industry Kashif Anwar while exclusively talking to Customs Today here the other day.
He added that the FBR has also invited non-filer traders to whiten their working capital, he said, adding that the VTCS is a golden opportunity for filer and non-filer traders to enhance their businesses without any question and harassment. As the literacy rate in Pakistan is very low and the traders cannot fulfill the technicalities of tax system, they have always been demanding for simplification and one page return without any documentation.
He underscored that this time the FBR has issued a one page simplified return form without any supporting documents and book keeping of records. The other benefits include the exemption from audit till year 2018 besides no question regarding non-submission of previous returns for becoming withholding agent asked, Anwar held.
“This is a very disappointing that the government accepted all the terms of business community and took an initiative to give an open hearted policy for traders to come in the tax net but still very few people availed the scheme,” he said, adding that the scheme should be appreciated.
Unfortunately, a very few people have resorted to criticize the scheme only for the sake of opposition, he said, adding that time will come and impress upon them that were on the wrong track, he concluded.
