LCCI holds awareness seminar on Tajir Dost Scheme, SRO 350

LAHORE: An awareness seminar on the Tajir Dost Scheme, SRO 350, and other legal amendments was organized at the Lahore Chamber of Commerce & Industry (LCCI). The seminar was presided over by LCCI President Kashif Anwar, with Chartered Accountant Umar Zaheer Meer, who represents Pakistan on the Global Tax Forum, enlightening the participants about the Tajir Dost Scheme.

LCCI Vice President Adnan Khalid Butt, Amjad Ali Jawa, Ashraf Bhatti, Zaheer Babar, SM Akhtar, along with presidents and general secretaries of various markets and a large number of members, actively participated in the seminar and gained insights into the Tajir Dost Scheme.

In his address, LCCI President Kashif Anwar stated that the Lahore Chamber is making every possible effort to ensure the success of the Tajir Dost Scheme. However, for this scheme to be successful, it is essential that the government consults with stakeholders and incorporates their feedback before implementing the scheme. He mentioned that although the scheme may not directly affect the Chamber’s members, LCCI is fully committed to its success.

LCCI President Kashif Anwar emphasized the need to include Chambers’ input in measures aimed at expanding the tax net. He suggested that reducing the burden on existing taxpayers can only be achieved by broadening the tax base.

He highlighted that offering advice on policies is a responsibility of the Chambers, and addressing issues like audits, penalties, surcharges, bank attachments, inquiries, statements, returns, and withholding taxes is crucial to build trust among taxpayers.

Speaking at the event, Umar Zaheer Mir pointed out that, according to FBR’s data, there are currently thirty-six lakh (3.6 million) small shopkeepers who are not part of the tax net. The Tajir Dost Scheme has been introduced under SRO 420 and is now part of the law. He explained that all shops operating from fixed locations are included in this scheme, and if they do not voluntarily register, FBR is authorized to register them.

He stated that under the Tajir Dost Scheme, the tax calculation will be based on the value of the shop, which is 10% of the market value of the business premises.

Copyright Business Recorder, 2024