Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to issue necessary instructions to the tax department that they must not issue notices for previous years to those taxpayers who wish to avail Voluntary Tax Compliance Scheme (VTCS).
"Taxpayers fear that if they file their returns for tax year 2015 under VTCS or upward revise their returns, the overactive tax officers in the field will issue them notices for previous tax years," says the KTBA in a letter sent to the Member of the FBR's IR Policy. Keeping it in view, KTBA has requested the board to issue necessary clarification that VTCS being a concessionary scheme which the government has launched after consultations with the traders. In case there is definite information of significant concealment, such notices will only be issued after prior approval of the FBR. Furthermore, KTBA hoped that the needed clarification would help making the VTCS a success.
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