Wednesday, July 24, 2024

FBR Implements Mandatory Tax Registration for Retailers and Wholesalers

The Federal Board of Revenue (FBR) has rolled out a mandatory tax registration program for both retailers and wholesalers, set to take effect from April 1, 2024, targeting businesses across six major cities nationwide.

Under a statutory regulatory order (SRO) issued by the FBR, the new registration requirement aligns with conditions stipulated by the International Monetary Fund (IMF) as part of the approval process for a $1.1 billion loan tranche.

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Retailers and wholesalers operating in Karachi, Lahore, Rawalpindi, Islamabad, Quetta, and Peshawar are compelled to register under this initiative, which extends to other stakeholders in the supply chain.

The scheme mandates both registration and upfront payment of income tax, with the initial installment due by July 15. Non-compliance by April 30 will result in automatic registration by the FBR.

To facilitate tax compliance and registration, a centralized database will be established, with a minimum annual income tax obligation of Rs1,200 applicable to all traders.

In a bid to incentivize early tax settlement, the FBR is offering a 25 per cent tax rebate to traders who fulfill their tax obligations in advance or submit returns for the year 2023.

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Tax liabilities will be computed based on the annual rental value of business premises, assessed at 10 per cent of the market value, with comprehensive valuation guidelines provided by the FBR.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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