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ISLAMABAD: The government has estimated to collect nearly Rs500 billion from the new simplified scheme for registration of traders and retailers.

Under the proposed scheme, the FBR will allow traders and retailers to deposit payable tax in 12 monthly installments under the new simplified scheme.

Sources told Business Recorder that the contribution of the retail and wholesale sector in the gross domestic product (GDP) is 18 percent while the contribution in taxes is four percent. The proper taxation system for this segment will foster documentation and reduce the size of Pakistan’s informal economy.

Prices of essential food items in retail market remain high

Until a proper digital tax system is institutionalized, the FBR chairman has proposed a simplified scheme to determine indicative income of traders, the sources maintained.

The scheme has been based on the location, value and rent of shops. In this regard, the Mobile App “Tajir Dost” would calculate the income and tax of the traders. The indicative income to be calculated and the rental value based on general ratio of rent expense to income. The tax is payable in 12 monthly installments.

The 50 per cent discount would be available for those retailers who file returns for the tax year 2023 before the first monthly installment. The minimum tax adjustable against the self-declaration in annual income tax return.

Copyright Business Recorder, 2024

Comments

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Love Your Country Feb 27, 2024 08:34am
What about the 'professional class' in private practice (self employed doctors, lawyers and others) who are minting money without any documentation of their income?
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Love Your Country Feb 27, 2024 08:37am
Why12 instalments when 3 would have been sufficient? Such a weak start will not solve the chronic disease..
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Maqbool Feb 27, 2024 01:00pm
But still Lalukat Karachi pays more tax than Lahore
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Usman Feb 27, 2024 01:18pm
Why not remove the ineffective FBR chief and hire a consultant from dubai federal tax authoritu who cpukd impelement what dubai implemented.issue will be solved.
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