ZAHID BAIG

LAHORE: Prime Minister’s Special Assistant on Revenue, Haroon Akhtar Khan has termed the government’s Voluntary Tax Compliance Scheme (VTCS)as the best scheme in the country’s history and urged the traders that now it’s the time for them to opt it and play their role in the development of the country.

The special assistant, addressing a gathering of office-bearers and members of the Lahore Tax Bar Association, Lahore Chamber of Commerce and Industry and Pakistan Anjuman-e-Tajran Lahore on Thursday, said, “After this scheme is over, the withholding tax on banking transactions will again be 0.6 percent. Law will come into action, notices will be served on the non-filers after receiving information of levy of 0.6 per cent tax on banking transactions and those non-filers will be subjected to 35 per cent tax and penalties. While if any such account proved ‘Benami’ then its amount will be confiscated and a law in this regard will be introduced before next budget.”

The Regional Tax Office of the Federal Board of Revenue in Lahore arranged the event.

Those who also spoke on the occasion were President Anjuman-e-Tajran, Naeem Mir; Lahore Chamber of Commerce and Industry Vice President, Nasir Saeed; Muhammad Ali Mian, Member of the National Assembly Pervez Malik, Tax Bar Association President, Mansha Sukhera.

He said that the scheme aims at facilitating traders and specially those who are of small scale. “Now they have two options either opt for it or get ready for the law, which will take its course against them after the time is over,” he added.

“It is an historic moment that members of the Federal Board of Revenue 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 in 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, no registration in sales tax and filing a simple one page income tax return.

He said 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.