Optimism: FPCCI hails Voluntary Tax Scheme

KARACHI:

Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Abdul Rauf Alam has urged non-filers to avail the Voluntary Tax Compliance (VTC) scheme.

The meeting in which the new scheme was launched in Islamabad was called by the Prime Minister on the initiative of the Federal Board of Revenue (FBR) Chairman Nisar Muhammad Khan and attended by about 400 small and medium traders under the aegis of FPCCI.

Alam added that the VTC scheme is aimed to register non-filer traders and regulate the undocumented economy and as such they would be allowed to file Income Tax Returns on the payment of due tax (principle amount) along with 1% of the declared amount, by January 31, 2016.

The FPCCI president disclosed that the VTC scheme has been finalised after five months of detailed and hectic series of negotiations with traders till government conceded on major grounds.

Published in The Express Tribune, January 2^nd, 2016.

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