The Federal Board of Revenue (FBR) is likely to extend date for availing Voluntary Tax Compliance Scheme (VTCS) for traders till March 31, 2016. The concessionary rate of 0.4 percent Withholding Tax on banking transactions of non-filers may not be changed during this period.
It is learnt that the government had extended by 15 days the deadline for availing VTCS for traders till March 15, 2016 and enhanced concessionary rate of 0.3 percent Withholding Tax to 0.4 percent on banking transactions of non-filers from March 1, 2016.
In case the FBR announce another extension in date for filing of returns under VTCS, it would be 15 to 16 days extension in deadline of March 15. However, it has not been decided whether the date for filing of returns would also been extended for other non-filers till March 15.