Federal Board of Revenue (FBR) has directed field formations that market committees should start the process of registration and ensure filing of returns by small traders. In this regard, the FBR has issued instructions to the field formations here on Thursday.
According to the FBR, one of the clauses under agreement dated 30.10.2019 between FBR and traders stipulated that the market committees constituted thereunder shall cooperate for registration and return filing by small retailers/ traders. Since market committees in terms of the said agreement have been constituted, it is now desirable that these committees start the process of registration and ensure filing of return by small traders. The committees shall also assist in determining turnovers of taxpayers.
It is accordingly requested that these committees may be mobilized and fortnightly report regarding the functioning of the committees may be furnished. The report would include new registrations, returns filed for year 2019 and income tax deposited with the returns.
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