FAISALABAD: Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan said business friendly government of PMLN intends to facilitate the small traders by offering immunity to their bank accounts under Voluntary Tax Compliance Scheme (VTCS) 2016 from that of smugglers, drug barons and corrupt mafia and in this connection a new bill is being floated to confiscate all “Be-nami” bank accounts in the country.
He was addressing an awareness session on VTCS at Faisalabad Chamber of Commerce and Industry (FCCI) which was also attended by Mian Muhammad Adrees former President Federation of Pakistan Chambers of commerce and Industry (FPCCI) and Mohsin Nadeem President All Pakistan Tax Bar Association.
He said that all macroeconomic indicators are positive and government has been striving hard to make Pakistan economically strong and prosperous. He said that despite various hurdles, government has successfully reigned in the challenges of load shedding, inflation and availability of capital.
He said that government has also resolved the gas issue as LNG is available at a comparatively cheaper rate. “Government has completed one LNG terminal while four are in the different stages of completion. Similarly, government was laying gas pipeline from Iran to Pakistan while another line will be laid between Tajikistan, Afghanistan, Pakistan and India to cater to our future needs. These mega projects would make Pakistan energy surplus country within next five years, he added.
He further stated that $46 billion Chinese investment will also bring prosperity in this region in addition to generating much needed economic activity and helping Pakistan to attain the desired 7 percent growth rate of GDP.
He said that according to his personal opinion, we should concentrate on exports to earn prosperity and in this connection PM has decided to en-cash the macroeconomic stability earned during the last two and a half year. In this connection, PM will himself announce a special incentive package for the exporters very soon.
As regards small traders, he said that he has tried his optimum best to facilitate this class in VTC Scheme. He said that almost all demands made by the genuine business leaders have been included in this scheme. More facilities would also be provided to the business community but they should isolate themselves from the black sheep who have generated wealth from illegal activities and have become undue burden on the national kitty.
Responding to a question, he said that business community should avail from VTC Scheme as after February 29, 2016, FBR will start detecting the ill gotten wealth. He said that business community should not support these elements and help FBR to freely hit hard these elements.
Mian Adrees former President FPCCI said that the government has been trying to resolve the genuine problems of business community but in some cases it was bound by the IMF conditions. He said that it was clear that we can save Pakistan from undue foreign pressure by paying our due taxes. He said that after paying taxes, we can save ourselves from undue harassment by the tax officials but after this date non filers will have no justification to claim any immunity.
Mian Abdul Mannan MNA said that 10, 21,000 people filed their returns up to February 04, 2016 and these numbers were more than the returns filed in the same period of last year. He said that no doubt our exports have declined to 14.7 percent in term of dollar but it is also a hard fact that we exported 11000 more containers as compared to the first half of the 2014-15. He said that Government has successfully materialized availability of LNG which was pending for the last ten years. He said that Fertilizer sector is directly negotiating for the import of 4 lac tons LNG and similarly power sector was also making arrangements for the import of LNG to cater to its needs. He said that one LNG terminal was operational while another will become functional during the month of December this year while another will be ready in 2017.
He said that government is fully convinced that only private sector can provide jobs to the surging population and in this connection Government was trying to facilitate the business community to play its role and generating much needed economic activities which will ultimately solve our economic issues. He was critical of those opposing VTCS and said that they have nothing to do with the small traders as they are billionaires by themselves.
Naeem Mir Secretary General All Pakistan Anjuman Tajran said that this scheme has unique feature of accommodating entire demands of the business community who want to pay taxes as patriotic Pakistanis. He said that the elements opposing this scheme have no stand whatsoever and the patriotic elements should isolate them from such black sheep. He said that still there are some genuine reservations about VTCS but it could be resolved in the coming Budget.
Dr. Muhammad Irshad Member Inland Revenue FBR clarified that Withholding Tax will be eliminated as soon as an assessee will opt for this scheme. This scheme also provides immunity to filers as well as non filers for a period of four years.
Aftab Alam Commissioner Zone III gave a detailed presentation of VTCS and said that business community should avail from this as it has dispelled their entire apprehensions and reservations.
Chaudhary Muhammad Nawaz President and Syed Zia Alamdar Hussain SVP FCCI in their speeches highlighted the issues of the business community and said that they understand that this is the best scheme for the small traders and they must avail of it to save themselves from the undue harassment. Rana Muhammad Afzal MNA and Mohsin Nadeem President Pakistan Tax Bar Association also addressed the gathering.
Later Mian Muhammad Adrees former President FPCCI presented FCCI mementos to Haroon Akhtar Khan and Dr. Muhammad Irshad.