Tajir Dost Scheme: There should be no extra tax on registered traders: CC

ISLAMABAD: There should be no additional tax on traders and shopkeepers registered under the Tajir Dost Scheme from July, 2024.

Talking to Business Recorder here on Monday, Chief Coordinator of the Tajir Dost Scheme Naeem Mir said over 42,000 traders have been registered with the Federal Board of Revenue (FBR).

The modalities of tax payment would be finalized between the Ministry of Finance/FBR and traders in the meetings to be held on Tuesday (today). Till now, no tax payment rules have been enforced for the newly registered traders under the said scheme.

18,371 shopkeepers enrolled under Tajir Dost Scheme

According to him, traders and shopkeepers are already paying due amount of taxes along with their income tax returns. Traders should not be over-burdened, but should contribute due amount of taxes in the national kitty.

So far, the FBR has yet not finalized any tax payment system for the trader’s community, Naeem Mir added.

Under the Finance Act 2024, the FBR has introduced section 191B (prosecution for non-registration) in the Income Tax Ordinance. Any person specified in section 99B (Special procedure for small traders and shopkeepers) who is required to apply for registration but fails to do so shall commit an offence punishable on conviction with imprisonment for a term not exceeding six months or fine or both, the new section added.

Copyright Business Recorder, 2024