LAHORE: Special Adviser to the Prime Minister on Revenue Haroon Akhtar on Thursday warned tax evaders of action and imposition of penalties and 35 per cent tax deductions if non-filers failed to submit their tax returns by Feb 29.

He said the government could confiscate fake bank accounts of traders before budget 2016-17 in case of non-cooperation. Addressing the gathering of traders, parliamentarians and the Federal Board of Revenue officials in connection the Voluntary Tax Amnesty Scheme at a local hotel, Akhtar assured the traders that the government would not open old cases of traders who submitted their annual returns under the newly-announced scheme.

Naeem Mir, the general secretary of All Pakistan Anjuman-i-Tajiran said the VTCS has offered a golden chance to the traders to enter the tax net and do their businesses with ease and comfort for the next four years.

He projected as many as 3.5 million traders would benefit from the scheme.

Published in Dawn, February 19th, 2016