Busi­ness­men term tax amnesty scheme a golden chance

The Pak Banker - - NATIONAL - Staff Reporter

Vol­un­tary Tax Com­pli­ance Scheme (VTCS) is a golden chance to come in the tax net. This is a busi­ness friendly ini­tia­tive of the govern­ment and all cir­cles should adopt "first un­der­stand and than re­act" pol­icy.

This was up­shot of the speeches de­liv­ered at an aware­ness sem­i­nar on "Vol­un­tary Tax Com­pli­ance Scheme" or­ga­nized by the La­hore Cham­ber of Com­merce & In­dus­try. For­mer LCCI Vice Pres­i­dent Kashif An­war, who has the ex­per­tise on Vol­un­tary Tax Com­pli­ance Scheme, was the Chief Guest while the LCCI Vice Pres­i­dent Nasir Saeed, Ex­ec­u­tive Com­mit­tee Mem­bers Ka­mal Mah­mood Am­jad Mian, Khawaja Khawar Rasheed, rep­re­sen­ta­tives of trade & in­dus­trial as­so­ci­a­tions and busi­ness com­mu­nity took part in a proac­tive aware­ness ses­sion.

The LCCI Vice Pres­i­dent Nasir Saeed said that Vol­un­tary Tax Com­pli­ance Scheme has been launched af­ter a long dis­cus­sion and con­sul­ta­tion with the stake­hold­ers. It would bring the huge cap­i­tal in cir­cu­la­tion that is a must for in­dus­trial ex­ten­sion, to gen­er­ate new em­ploy­ment op­por­tu­ni­ties and to boost trade & eco­nomic ac­tiv­i­ties. He said that VTCS is a gi­ant leap to­wards ex­pan­sion of tax net. He said that Pak­istan needs re­sources for health, education and in­fra­struc­ture projects and it is pos­si­ble only through bring­ing un­taxed sec­tors into the tax net. Nasir Saeed said that Chief Min­is­ter Pun­jab Mian Shah­baz Sharif and MNA Pervez Malik de­serve ap­pre­ci­a­tion for be­ing bridge be­tween the pri­vate sec­tor and the govern­ment.

For­mer LCCI Vice Pres­i­dent Kashif An­war Vol­un­tary Tax Com­pli­ance Scheme is not com­pul­sory, it is vol­un­tary and if any trader don't want to avail, he could file nor­mal re­turn. This is for in­di­vid­u­als, As­so­ci­a­tion of Per­sons (AOPs) and whole­saler or dealer who is not reg­is­tered be­fore avail­ing the ben­e­fit of VTCS. He said that this is for gen­uine busi­ness­men who could not de­clare their cap­i­tal be­cause of any rea­son. They can de­clare now with­out any prob­lem. He said that this is not for man­u­fac­tur­ers, im­porters, sales tax reg­is­tered per­sons ei­ther trader in­di­vid­ual or AOP, dealer, dis­trib­u­tor or whole­saler and sec­tors in ser­vices in­dus­try. He said this is work­ing cap­i­tal whitening scheme and not as­sets whitening scheme. For as­sets one must have a source to de­clare vol­un­tar­ily in Wealth state­ment. He said that one can­not pur­chase ass­set or prop­erty from this work­ing cap­i­tal, no with­hold­ing tax ad­just­ment or tax cred­its against tax payable for tax year 2015 to 2018. He said that VTCS gives fa­cil­ity to take ben­e­fit of im­putable in­come in wealth or ac­counts on the ba­sis of tax paid dur­ing tax years 2016 to 2018.

While throw­ing light on the ben­e­fits of Vol­un­tary Tax Com­pli­ance Scheme (VTCS), he said that af­ter avail­ing this scheme, one must be a re­spectable reg­is­tered tax payer in­stead of filer and not a tax thief. He said that there will be a sim­pli­fied one page in­come tax re­turn as per our de­mand. He said that ben­e­fi­ciary would not be reg­is­tered in sales tax if he qual­i­fies un­der rule 6 of Chap­ter II of Sales tax spe­cial pro­ce­dure rules where sales tax is col­lected on elec­tric­ity bills and other con­di­tions, would not sub­mit pre­vi­ous re­turns, would re­ceive no no­tice, would not pre­pare wealth state­ment for tax years 2015-2018 etc.

Mean­while, the LCCI Pres­i­dent Sheikh Muham­mad Ar­shad, Se­nior Vice Pres­i­dent Al­mas Hy­der and Vice Pres­i­dent Nasir Saeed said that Vol­un­tary Tax Com­pli­ance Scheme (VTCS) is one of the tax re­forms which was a long­stand­ing de­mand of the La­hore Cham­ber of Com­merce & In­dus­try. They said that there is a dire need to deeply un­der­stand this scheme as be­cause of lit­er­acy rate, a large part of the busi­ness com­mu­nity is not able to un­der­stand it. The LCCI of­fice-bear­ers urged the govern­ment to launch an aware­ness cam­paign in this re­gard in col­lab­o­ra­tion with the Cham­bers of Com­merce & In­dus­try and other trade bod­ies to make this ini­tia­tive mean­ing­ful for the econ­omy.

They said that pur­pose of Aware­ness Sem­i­nar on Vol­un­tary Tax Com­pli­ance Scheme (VTCS) was to give aware­ness and know-how to the busi­ness do­ing peo­ple. Fed­eral Board of Rev­enue (FBR) should also take such ini­tia­tives in con­sul­ta­tion with the stake­hold­ers.

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