The Federal Board of Revenue (FBR) is set to implement a new advance income tax scheme for shopkeepers, with payments beginning in August 2024. The tax, based on shop location, ranges from Rs5,000 to Rs60,000 monthly.
Under the Finance Bill 2024, severe penalties are imposed for non-compliance. Shopkeepers who do not register under the Tajir Dost Scheme risk shop closures, fines, or imprisonment. The FBR aims to collect Rs50 billion this fiscal year, with over 58,000 traders already registered, though this falls short of the 3.2 million target.
Tax amounts vary by location: Rs5,000 per month in 78% of areas, Rs10,000 in 14%, Rs20,000 in 5%, Rs30,000 in 2%, Rs45,000 in 0.6%, and Rs60,000 in 0.4% of markets. A fixed annual tax of Rs1,200 applies to very small shops and kiosks.
A simplified Urdu tax return form will be available soon, and the FBR is conducting an enforcement drive with notices to ensure compliance. Traders can receive a 25% discount by paying the annual tax in full. Some traders are contesting the rates at Regional Tax Offices.
Sindh Governor Kamran Khan Tessori has promised a Rs10 million reward for the Pakistan cricket…
Sahir Hasan, son of actor Sajid Hasan, has made startling confessions during the investigation into…
Bangladesh Deputy High Commission in Karachi observed the UNESCO International Mother Language Day-2025 on 21…
Pakistan is exploring the introduction of a carbon levy in its 2025-26 budget, with discussions…
Fatima Fertilizer has been honored with two prestigious accolades at the 14th Annual Corporate Social…
Karachi police have taken actor Sajid Hasan’s son and four others into custody as part…
This website uses cookies.
