On the request of the International Monetary Fund (IMF), the registration of businessmen will start from April 1 in 6 major cities of the country including Rawalpindi and Islamabad.
Under the Tajir Dost scheme, retailers in Islamabad, Karachi, Lahore, Quetta and Peshawar will start registering from April 1 and tax collection will begin from July 1, 2024.
FBR will add online marketplace platform to tax net under this scheme.
A senior FBR official, when contacted by The News, said that we want to bring 1 million retailers into the tax net, a special mechanism for small traders and shopkeepers in the SRO issued in this regard. is recommended.
While explaining the scope of the Trader Friendly Scheme, it is said that this scheme is for every shop, store, warehouse, office or any other such place within the limits of civil areas or cantonments of these cities, this scheme is not applicable to these companies. shall be a unit of a national or international chain store.
Under the Trader-Friendly Scheme, every trader and shopkeeper will have to apply for registration under Section 181 of the Ordinance and this can be done by April 30 through the Tax Easy app. A minimum monthly advance tax will be applicable to each person in respect of his income.
If the annual advance tax is nil then such a person will have to pay Rs.1200 per annum but if for some reason the income of a person is exempt from tax then this will not be applicable if a person pays his advance tax together or the balance. If paid, his total advance tax will be reduced by 25%.
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