FAISALABAD: The business-friendly government of the PML-N wants to facilitate small traders by offering immunity to their bank accounts under the Voluntary Tax Compliance Scheme (VTCS).
It was said by Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan while addressing an awareness session on the VTCS at the Faisalabad Chamber of Commerce and Industry hereon Saturday.
The event was also attended by former president of Federation of Pakistan Chambers of Commerce and Industry Mian Muhammad Idrees and All Pakistan Tax Bar Association president Mohsin Nadeem. Haroon Akhtar said that a new bill was being floated to confiscate all those accounts, which were opened not on any person’s name. He said that all macroeconomic indicators were positive and the government was striving hard to make Pakistan economically strong and prosperous.
He said that despite various hurdles, the government had successfully reigned in the challenges of loadshedding and inflation.
He said that the government had also resolved the gas issue as LNG was available at a comparatively cheaper rate. Similarly, he added, the government was laying gas pipeline from Iran to Pakistan while another line would be laid between Tajikistan, Afghanistan, Pakistan and India, to cater to our future needs. These mega projects would make Pakistan energy surplus country within next five years, he claimed.
He hoped that $46 billion Chinese investment would also bring prosperity in this region. He revealed that PM Nawaz Sharif would announce a special incentive package for exporters very soon.
Commenting on small traders, he said that he had tried his optimum best to facilitate this class in VTCS.
Haroon Akhtar said that almost all demands made by the genuine business leaders had been included in this scheme while more facilities would also be provided to the business community.
Mian Idrees said that the government was trying to
resolve the genuine problems of the business community but in some cases it
was bound by the IMF conditions.
He said that after paying taxes, we could save ourselves from undue harassment by the tax officials. MNA Mian Abdul Mannan said that 1,021,000 people filed their returns till Feb 4, 2016, and these numbers were more than the returns filed in the same period of last year.
He said that fertilizer sector was directly negotiating for the import of 400,000 tons LNG and similarly power sector was also making arrangements for the import of LNG to cater to its needs.
He said that one LNG terminal was operational while another would become functional in this December while another would be ready in 2017.
All Pakistan Anjuman-e-Tajran secretary general Naeem Mir said that this scheme had unique feature of accommodating entire demands of the business community who want to pay taxes as patriotic Pakistanis. He said that the elements opposing this scheme had no stand whatsoever and the patriotic elements should isolate them from such black sheep.
He said that still there were some genuine reservations about the VTCS but it could be resolved in the coming budget. FBR Inland Revenue member Dr Muhammad Irshad told that this scheme also provides immunity to filers as well as non-filers for four years. Commissioner Zone III Aftab Alam gave a detailed presentation of the VTCS and said that business
community should get benefit from this scheme as this had dispelled their entire apprehensions and reservations.
FCCI president Ch Nawaz and SVP Syed Zia Alamdar Hussain in their speeches highlighted the issues of the business community and said that they understand that this was the best scheme for the small traders. MNA Rana Muhammad Afzal and others also spoke.
Later, Mian Idrees presented the FCCI mementos to Haroon Akhtar Khan and Muhammad Irshad.