Voluntary Tax Compliance Scheme will strengthen economy: Dar

Ishaq Dar congratulated parliamentarians, FBR team and leadership of traders for holding marathon sessions over last five months to finalize the scheme. “Voluntary Tax Compliance Scheme indicates that the government believes in resolving the issues with understanding and consultation and this spirit will take the country forward on the path of progress and prosperity”, observed FBR Sles Tax Reform Committee member Kashif Anwar.

Nawaz stated that the government has saved billions of rupees in LNG-based energy projects, which reflects the fact that it strongly believes in transparency. He said there was a need to make progress in all areas may it be the shortage of electricity and natural gas, road infrastructure, poor economy, terrorism, or relations with India and Afghanistan.

He said Karachi is the jugular vein of Pakistan and the law and order situation in the city has significantly improved over the past two and half years.

Finance Minister Ishaq Dar said the Voluntary Tax Compliance Scheme would be presented in the parliament and after the approval beneficiaries of the scheme will get legal cover.

The scheme has been delineated for the taxpayers to legalise their black money by paying a nominal 1% tax and for the non-filers of income tax returns as well as those who file the returns but underreport the income to evade taxes, showed the draft of the Income Tax (First Amendment) Bill 2016. Government desires to solve all issues with consensus and sincerity, he added. The Chairman said the scheme had been prepared after many detailed discussions and deliberations spread over multiple rounds with representatives of chambers and trade bodies across the country.