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The Government has announced Voluntary Tax Compliance Scheme (VTCS) which has been laid in the Parliament to get a broad-based political support ahead of its implementation to facilitate the traders and business community and promote a culture of tax compliance in the country.
The Scheme was announced in the presence of a large gathering including traders, businessmen and representatives of chambers & trade bodies assembled at the Prime Minister's Secretariat where Prime Minister Muhammad Nawaz Sharif was the chief guest. Finance Minister Senator Muhammad Ishaq Dar, Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan, Chairman FBR Nisar Muhammad Khan, Chairmen of three committees set up by government to resolve the traders taxation issues and Members of FBR Board were also present.
Prime Minister Muhammad Nawaz Sharif and Finance Minister Senator Muhammad Ishaq Dar congratulated parliamentarians, FBR team and leadership of traders for holding marathon sessions over last 5-1/2 months and coming up with recommendations that formed the core of VTCS. They believed the scheme would act as a catalyst in promoting a culture of tax compliance, broadening the tax net and encouraging the traders and business community to declare their income and pay their taxes free of any duress and pressure from any side.
Earlier, Chairman FBR Nisar Muhammad Khan presented salient features of the Voluntary Tax Compliance Scheme. The scheme is applicable to both non-filers and filers. The Chairman said the scheme had been prepared after many detailed discussions and deliberations spread over multiple rounds with representatives of chambers and trade bodies across the country.
Special Assistant to Prime Minister on Revenue Senator Haroon Akhtar Khan described the VTCS as a historic achievement given the distance both government and traders had to cover to make it a success by arriving at a point of consensus on issues facing the business community. He paid glowing tributes to the political wisdom and sagacity of Prime Minister Muhammad Nawaz Sharif and Finance Minister Senator Muhammad Ishaq Dar whose policies had brought about an economic turnaround and played their part in winning the confidence and trust of business community