Tag Archives: Draft Amnesty

FBR receives 7,700 income tax returns, collects Rs731 million under Voluntary Tax Compliance Scheme

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KARACHI: The Federal Board of Revenue (FBR) has received 7,700 income tax returns filed by traders under Voluntary Tax Compliance Scheme (VTCS) by March 31, official sources told PkRevenue.com on Friday.

Section 122 hidden weapon in voluntary tax compliance scheme: ex-Member FBR

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KARACHI: Federal Board of Revenue (FBR) should clarify the ambiguities in Voluntary Tax Compliance Scheme (VTCS) to make it successful, said a former Member of Federal Board of Revenue (FBR). Traders have fears in availing the scheme due to past experiences in dealing with tax machinery, Mustafa Ashraf, former Member, FBR said this while talking to a local TV channel.

Withholding tax on non-cash transactions may be restored to 0.6pc after VTCS failure

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KARACHI: The government may restore 0.6 percent withholding tax on non-cash banking transactions following disappointing results in Voluntary Tax Compliance Scheme (VTCS) for traders.

Salient features of VTCS issued: existing taxpayers barred from claiming refunds

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KARACHI: The Federal Board of Revenue (FBR) has said that taxpayers, who have filed income tax return of any year during past 10 years, can qualify for Voluntary Tax Compliance Scheme (VTCS). The FBR said that the existing taxpayers/traders can avail the scheme by filing income along with 25 percent tax additional payment paid for last year or paid for latest year. However, existing taxpayers availing VTCS cannot claim refund or adjustment.

FBR says new taxpayers can declare not exceeding Rs50 million under VTCS

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KARACHI: The Federal Board of Revenue (FBR) on Wednesday issued salient features of Voluntary Taxpayers Compliance Scheme (VTCS) under which new taxpayers can pay one percent tax on working capital that should not exceed Rs50 million.

KTBA demands audit exemption for existing compliant taxpayers

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KARACHI: Tax practitioners have demanded the Federal Board of Revenue (FBR) of immunity from audit to existing taxpayers where 10 percent or more tax paid by compliant taxpayers.

Tax scheme offers golden opportunity to traders: Haroon Akhtar

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KARACHI: Voluntary Tax Compliance Scheme (VTCS) has offered a rare and golden opportunity to the traders to become part of the tax net and do their business with ease and comfort and without any fear of being audited for the next four years, Special Assistant to Prime Minister on Revenue Senator Haroon Akhtar Khan said on Tuesday.

FBR issues simplified procedure for filing return under VTCS

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KARACHI: The Federal Board of Revenue (FBR) issued simplified income tax return filing procedure under Voluntary Tax Compliance Scheme (VTCS) for traders.

Voluntary Tax Compliance Scheme implemented; details of scheme

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KARACHI: The Federal Board of Revenue (FBR) on Monday implemented Voluntary Tax Compliance Scheme (VTCS) through Income Tax (Third Amendment) Act, 2016 by amending Income Tax Ordinance, 2001.

FBR issues simple return form; taxpayers non-compliant for 10 years can avail opportunity

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KARACHI: The Federal Board of Revenue (FBR) has issued simple return form for traders to fulfil their liabilities for tax year 2015 under voluntary tax compliance scheme (VTCS). The form only those taxpayers who have not filed return for the last ten years.