LA­HORE

The Pak Banker - - NATIONAL -

Af­ter avail­ing Vol­un­tary Tax Com­pli­ance Scheme (VTCS) one can be­come a re­spectable reg­is­tered tax payer, as this is a busi­ness-friendly ini­tia­tive of the gov­ern­ment.

This was For­mer LCCI Vice Pres­i­dent Kashif An­war Daily Pak banker here the other day. He said VTCS was a giant leap to­wards ex­pan­sion of tax net. He said that Pak­istan needed re­sources for health, ed­u­ca­tion and in­fra­struc­ture projects and it was pos­si­ble only through bring­ing un­taxed sec­tors into the tax net. For­mer LCCI Vice Pres­i­dent Kashif An­war who is an ex­pert on the scheme, said that Vol­un­tary Tax Com­pli­ance Scheme was not com­pul­sory, it was vol­un­tary and if any trader did not want to avail, he could file nor­mal re­turn. This was for in­di­vid­u­als, As­so­ci­a­tion of Per­sons (AOPs) and whole­saler or dealer who was not reg­is­tered be­fore avail­ing ben­e­fit of the VTCS. He added this is for gen­uine busi­ness­men who can­not de­clare their cap­i­tal be­cause of any rea­son. They can de­clare now with­out any

prob­lem. This is not for man­u­fac­tur­ers, im­porters, sales tax reg­is­tered per­sons ei­ther trade in­di­vid­ual or AOP, dealer, dis­trib­u­tor or whole­saler and sec­tors in ser­vices in­dus­try." Kashif said this was work­ing cap­i­tal whiten­ing scheme and not as­sets whiten­ing scheme. For as­sets one must had a source to de­clare vol­un­tar­ily in Wealth state­ment.

He said that one could not pur­chase as­set 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 gave fa­cil­ity to take ben­e­fit of im­putable in­come in wealth or ac­counts on the ba­sis of tax paid dur­ing tax years 2016 to 2018.

Throw­ing light on the ben­e­fits of Vol­un­tary Tax Com­pli­ance Scheme (VTCS), he said that af­ter avail­ing this scheme one be­comes a re­spectable reg­is­tered tax payer. He said that there would be a sim­pli­fied one page in­come tax re­turn as per our de­mand and the ben­e­fi­ciary would not be reg­is­tered in sales tax if he qual­i­fied un­der Rule 6 of Chap­ter II of Sales Tax spe­cial pro­ce­dure rules where sales tax was col­lected on elec­tric­ity bills and other con­di­tions, would not sub­mit pre­vi­ous re­turns; would not re­ceive no­tice; would not pre­pare wealth state­ment for tax years 2015-2018 etc.

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