ISLAMABAD: The Federal Board of Revenue (FBR) has agreed in principle major changes in the “Tajir Dost Scheme” for registration of shopkeepers and retailers across the country.
The FBR will now register big retailers and shopkeepers/traders on the basis of analysis of returns, data security and commercial electricity consumption data by suspending existing policy of fixed tax per shop/retail outlet.
One of the key features of the revised policy is that the registration of big shops would be done based on credible information of concealment/evasion and not physical surveys of the shops. The door-to-door surveys of markets would not be carried out. The collection of fixed amount of tax from each shop, irrespective of size, would not be done under the revised policy.
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The decision has been taken during a meeting held between FBR team of members with Muhammad Naeem Mir, Chief Coordinator of Tajir Dost Scheme-2024.
Naeem Mir told Business Recorder that the FBR has agreed in principle that there is no need to go after very small traders depositing negligible amount in the national kitty. There is no revenue potential in registration of very small size shops/outlets.
The FBR will only target wholesale markets and posh areas’ retail markets.
The implementation of the policy of door-to-door survey is not required. The FBR will determine tax liability of big shopkeepers based on electricity meters data and stocks verification based on returns filed by big wholesalers and retailers.
This would be instrumental in achieving the target of Rs 50 billion from traders by focusing on only potential retailers and those who have concealed income and misdeclared information of stocks etc.
The FBR’s teams have started detailed analysis of nil-filers and those shopkeepers who have filed returns and their stock position with commercial electricity data details.
Naeem Mir stated that the FBR has temporarily suspended its policy of registration of small traders and imposition of fixed amount of tax per shop. The FBR will register big retailers and shopkeepers/traders on the basis of commercial electricity meters data by suspending policy of fixed tax per shop.
Chief coordinator of Tajir Dost Scheme-2024 informed 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.
Copyright Business Recorder, 2024
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