Khawaja Muhammad Shafiq Central Chairman of Anjuman Tajiran Pakistan was optimistic that 3.5 million non-filers would avail the Voluntary Tax Compliance Scheme (VTCS) to save themselves from audit of 9 years and blackmailing of corrupt mafias.
In an interview here on Sunday he warned that "Be-nami" accounts might be frozen or blocked anytime and we should regularise our bank accounts and transactions. He said that if the traders did not avail the opportunity of VTCS then they would have to face the music and tax department would issue them notices for payment full tax then they would have to pay tax of Rs 27,25,500 against the declaration of capital of Rs 30 million, tax of Rs 72,500 against the working capital of Rs 3 million. He said that Voluntary Tax Compliance Scheme (VTCS) was introduced to give more opportunities and relief to the traders for filing of their returns under the scheme.
He 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. Explaining the salient features of the Voluntary Tax Compliance Scheme, Khawaja Shafiq said ,"The scheme is applicable to both non-filers and filers". He 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.
He 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.
Khawaja Shafiq said that the withholding tax of 0.3 percent for non-filers on banking transaction was being raised to 0.4 percent from March, 01, After expiry of last date, it would be again raised to 0.6 percent WHT on bank. He claimed that after the announcement of the scheme, so far around 2500 tax filers had filed their returns and took benefit from the scheme while Rs 220 million had been collected under the scheme.
Although this figure is not up to the target but hoped that gradually the figures would increase and maximum traders would take benefit from the scheme.
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