Fixation of monthly advance tax from retailers: FBR agrees to review valuation table

ISLAMABAD: The Federal Board of Revenue (FBR), Monday, agreed to a major demand of All Pakistan Anjuman-e-Tajran to review the valuation table for fixation of monthly advance tax to be collected from shops and retail outlets.

A delegation of All Pakistan Anjuman-e-Tajran headed by its President Ajmal Baloch met the FBR chairman and his team of tax managers at the FBR House, here on Monday.

The tax authorities have informed the traders that “Tajir Dost Scheme” would be implemented and traders have to be registered and pay their due amount of taxes.

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

At the conclusion of the meeting, Baloch told Business Recorder that the association has conveyed its concerns about the valuation tables and its impact on shops across the country.

The tax authorities have agreed to form a committee comprising members of the FBR and traders to review the valuation tables and other concerns raised by the business and trade.

The members of the joint committee are yet to be notified by the FBR.

However, the FBR is ready to hear the concerns of All Pakistan Anjuman-e-Tajran, which is a positive development, Baloch added.

According to the FBR officials, the traders have to pay their due amount of taxes in the national kitty.

However, the monthly amount of tax is negotiable.

The rate of monthly advance tax should be reasonable and there should not be a huge difference between rates of taxes between shopkeepers and traders.

The FBR has also shown willingness to amend the relevant SRO to fulfil demands of the traders’ community.

The FBR will allow the traders’ committee to voluntarily decide about exemption, rates and payment of fixed tax in markets and shops based on their businesses and size of shops.

Copyright Business Recorder, 2024