KARACHI: Abdul Rauf Alam, newly elected President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has hailed the decision taken during the meeting of the small and medium scale traders with the Prime Minister Mian Muhammad Nawaz Sharif and the Finance Minister Muhammad Ishaq Dar on Friday the 1st January, 2016 to launch a Voluntary Tax Compliance (VTC) Scheme through consensus after approval by the Members Legislative Assembly and Senate.
The FPCCI chief elaborated that the meeting was called by the Prime Minister on the initiative of the Chairman Federal Board of Revenue (FBR), Nisar Muhammad Khan and attended by about 400 small and medium traders under the aegis of FPCCI President. He added that the VTC Scheme is aimed to register non-filer traders and regulate the undocumented economy and as such they would be allowed to file Income Tax Returns on the payment of due tax (principle amount) alongwith 1% of the declared amount, by the 31st Jan, 2016.
The president of FPCCI disclosed that the VTC Scheme has been finalized after five months of detailed and hectic series of negotiations with the traders, through the courtesy of FPCCI president, after accepting almost all the major proposals and demands raised by the small and medium traders of the country.
The FPCCI chief hoped that the TRC Scheme would go a long way to broaden the tax net and appealed to the potential taxpayers to avail the opportunity and pay tax transparently for greater development and prosperity and fulfill their national duty as collecting more taxes would help build a stronger economy, reduce unemployment and poverty, attract more investment and fortify the country in the fight against terrorism. At the same time he also urged the FBR chief to extend his full support, cooperation and facilitation to the new taxpayers availing the Scheme.
