Tag Archives: VTCS

Reduced rate of withholding tax at 0.4pc on non-filers extended for month


ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar as Chairman Economic Coordination Committee of the Cabinet (ECC) granted approval to extend the levy of withholding tax at 0.4 percent for another month up to May 31, 2016.

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


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.

Imposition of reduced withholding tax rate 0.4pc, return filing by traders extended up to April 30


KARACHI: The government has extended the imposition of reduced withholding tax rate at 0.4 percent on non-cash banking transactions up to April 30, 2016. Further, the last date for filing income tax returns by traders also extended for one month starting from April 01, 2016.

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


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.

Return filing date extended up to March 15 for salaried person, business individuals, AOPs, traders


KARACHI: The Federal Board of Revenue (FBR) has extended the last date for filing income tax returns up to March 15 for salaried persons, business individuals, Association of Persons (AOPs) and traders intending to avail Voluntary Compliance Tax Scheme.

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


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.

There will be no fiscal deficit if Pakistan achieves tax-to-GDP ratio of India: Haroon Akhtar

Haroon Akhtar
KARACHI: Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue Affairs, has stressed the need to improve the tax-to-GDP ratio to over come budgetary deficit and creating room for development expenditures.

RTO-II Karachi directs officials to aware traders about VTCS


KARACHI: Ms. Seema Shakil, Chief Commissioner, Inland Revenue, Regional Tax Office (RTO) Karachi – II has directed the tax officials to extend facilitation to traders and markets within their jurisdiction for convincing them about the benefits of Voluntary Tax Compliance Scheme (VTCS).

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


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


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.