LAHORE: Prime Minister’s Special Assistant on Revenue Haroon Akhtar Khan has urged the traders that now it is high time for traders to opt for the Voluntary Tax Compliance Scheme and play their role for growth and development of country.
“After this scheme is over, the withholding tax on banking transactions will again be 0.6 percent. Law will come in to action, notices will be served on the non-filers after receiving information of levy of 0.6 percent tax on banking transactions and those non-filers will be subjected to 35 percent tax and penalties. While if any such account proved ‘Benami’, its amount will be confiscated and a law in this regard will be introduced before next budget,” Haroon Akhtar Khan said while addressing a gathering of office-bearers and members of Lahore Tax Bar Association, Lahore Chamber of Commerce and Industry (LCCI) and Pakistan Anjuman e Tajran Lahore.
The event was organized by the Regional Tax Office (RTO) Lahore of the Federal Board of Revenue (FBR) and was addressed among others by Anjuman-e-Tajran Lahore President Naeem Mir, LCCI Vice President Nasir Saeed, Muhammad Ali Mian, MNA Pervez Malik, Tax Bar Association President Mansha Sukhera, Ch Qamar-Uz-Zaman and others.
Haroon Akhtar said that with the introduction of this scheme was aimed at facilitating the traders, especially those who are of small scale. “Now they have two options either opt for it or get ready for the law to take its course against them after the time is over,” he added.
He said that it is an historic moment that members of the FBR and representatives of the traders and tax bar were present at one place hailing the scheme but ball is now in the court of traders that they should act and join the tax net to play their role for the betterment of the country.
Besides 0.6 per cent of withholding tax and penalties the non-filers have to face sales tax and deposit wealth statements too. While the second and easy option is that they should declare capital up to Rs 50 million, pay minimum tax and enjoy the facility of exemption of audit, registration in sales tax and filing a simple one page income tax return.
Haroon said that he was very frankly speaking to the traders of Lahore as it was his city and criticized the opposition for creating misunderstandings about this scheme. He said that he was undertaking tour of whole of the country and campaigning in favour of this scheme so as traders could take advantage of it as after it they have to face the hardships of the normal taxation regime.
