FBR announces Tax Compliance Scheme for traders



FBR has announced Voluntary Tax Compliance Scheme for traders who want to enter the tax base throughout the country.

All out efforts in this regard have been initiated and tax facilitation kiosks have been set up in various areas in Karachi and other parts of the country.

In this connection, a meeting was held between the members of trade bodies’ organisations and Inland Revenue Commissioner Abdul Rehman Bullo, Additional Commissioner Abid Aziz and other officers where the commissioner explained to the traders the benefits of VTCS. Speaking at the meeting, Abdul Rehman Bullo stressed the need for voluntary tax payment and applauded the steps of the current government in this regard.

Under the scheme traders can file tax returns by paying a small tax. By doing so, they will not only prove themselves responsible citizens but will become immune from audit and investigation for the past five and the next three years.

In addition, those who file tax returns under this scheme will be put on the Active Taxpayers list and they will not have to pay withholding tax to the banks anymore. The revenue officials said the scheme is going to be beneficial for traders from every aspect.