TDS undergoes policy shift: FBR now targeting wholesale, posh areas’ markets

ISLAMABAD: The Federal Board of Revenue (FBR) has taken a major policy shift in registration of traders and shopkeepers under the “Tajir Dost Scheme” by targeting wholesale markets and posh areas’ retail markets.

Muhammad Naeem Mir, chief coordinator of Tajir Dost Scheme-2024 told Business Recorder that the FBR has now adopted a targeted approach to register retailers and shopkeepers. The registration of very small size shopkeepers is not the top priority of the FBR under the “Tajir Dost Scheme.”

The scheme would remain intact with major focus on potential shopkeepers indulged in concealment of income and evasion of taxes.

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

Now, the FBR has prioritised cases where there is a potential of tax. The already registered retailers, filing returns, but concealed huge income, would be approached for recovery of taxes. At the same time, analysis of returns and third-party information would be utilised to recover unpaid taxes from retail outlets.

The FBR will register new retailers where there is definIte information of concealment or registration would result in increase in taxes, he pointed out.

“Merely numbers will not count, but the intelligence-based data analysis would target potential retailers. This similar approach has been witnessed in the areas of manufacturers, exporters and other categories of businesses.

The FBR is regularly conducting raids, inspections and physical verifications of stocks/finished products across the country,“ Naeem Mir said. This enforcement exercise has been witnessed across the country where inspections of manufacturers and other businesses are being conducted on a regular basis, he highlighted.

There is no justification to go after shopkeepers having negligible turnover with no tax potential. The registration and recovery of taxes from evaders is the key priority of the FBR, chief coordinator of Tajir Dost Scheme-2024 added.

Copyright Business Recorder, 2024