Only 277 retailers have paid Rs503,632 under Tajir Dost Scheme so far

ISLAMABAD: Only 277 shopkeepers/retailers have so far paid Rs503,632 as tax under Tajir Dost Scheme. According to the latest data of the Federal Board of Revenue (FBR), the number of registered retailers now stood at 63,964 under the Tajir Dost Scheme.

The FBR has issued SRO 132(I) 2024 to notify draft of certain further amendments in the Income Tax Rules, 2002 for issuance of electronic return form for tax year 2024.

After filing of return by traders, the advance tax collected on purchases (Section 236G) would be reduced from 2 percent (non-filer rate) to 0.1 percent (filer rate). This tax under Section 236G is applicable on purchases made by distributors/dealers/wholesalers from manufacturers/commercial importers.

Finally, FBR reaches out to traders

The advance tax collected on sales to retailers by manufacturers/ commercial importers/distributors under (Section 236H) would be reduced from 2.5 percent (non-filer) to 0.5 percent (filer).

The FBR has asked stakeholders to comment on the draft return form for retailers within seven days of publication of the draft in the official Gazette.

Any objection or suggestion which may be received in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue.

The electronic return form for tax year 2024 and onwards for traders who were non-filers for tax year 2023 included information including business turnover/receipts; total trading purchases; total other expenses; net profit/taxable income; income other than business; interest income; rental income; tax paid during the year and Total Adjustable Tax.

Copyright Business Recorder, 2024