Speakers at a seminar on "Voluntary Tax Compliance Scheme" organised by the Lahore Chamber of Commerce and Industry have said that Voluntary Tax Compliance Scheme (VTCS) is a golden chance. This is a business friendly initiative of the government and all circles should adopt "first understand and then react" policy, they added.
LCCI former vice president Kashif Anwar was the chief guest. 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 and 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. Kashif while addressing the seminar said that VTCS is not compulsory, it is voluntary and if any trader doesn'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 that one cannot purchase asset or property from this working capital, no withholding tax adjustment or tax credits against tax payable for tax year 2015 to 2018.