ISLAMABAD: Every trader and shopkeeper is legally bound to apply for registration to Commissioner, to obtain a “National Tax Number Certificate”, or through Tax Asaan App, FBR’s portal or FBR’s Tax Facilitation Centers by April 30, 2024.
Under the Tajir Dost (Special) Procedure, 2024 issued by the Federal Board of Revenue (FBR) on Saturday, the traders will give a minimum monthly advance tax from July 1, 2024 through a separate Computerized Payment Receipt against the Payment Slip ID (PSID).
The FBR has issued an S.R.O. 457(I) 2024 here on Saturday to notify special procedures for small traders and shopkeepers. The draft was previously published vide Notification S.R.O. No. 420(l) 2024 on March 21, 2024.
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The “shopkeeper” will also cover categories of wholesaler, dealer, retailer, manufacturer-cum retailer, importer-cum-retailer, or such person who combines the activity of retail and wholesale with any other business activity or other person in the supply chain of goods.
The final Tajir Dost (Special) Procedure, 2024 revealed that the special procedure shall apply to the traders and shopkeepers operating through a fixed place of business including a shop, store, warehouse, office or similar physical place (business premises) located within the territorial civil limits including cantonments in Karachi, Lahore, Islamabad, Rawalpindi, Quetta and Peshawar.
If a person, who is required to be registered, does not apply for the registration, the Commissioner Inland Revenue shall register the trader or the shopkeeper as the case may be, the FBR said.
The advance tax payable shall be reduced by 25 percent of the whole or the balance if the person pays in lump sum the whole or the balance, as the case may be, of the remaining advance tax for the relevant Tax Year on or before any of the due dates for payment of such tax. The advance tax payable shall be reduced by 25 percent of the whole or the balance if the person who has not filed income tax return, files income tax return for Tax Year 2023 before the due date for payment of first monthly installment, the FBR added.
Copyright Business Recorder, 2024
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