ISLAMABAD: The Federal Board of Revenue (FBR) is gearing up to initiate the registration process for traders under its Tajir Dost Scheme, aiming to bring five major categories of traders within the tax framework.
As per a report from a private media source, the FBR’s scheme will target wholesalers, retailers, dealers, furniture and decoration showrooms, jewellers, cosmetics, grocery, medical and hardware stores, meat shops, vegetable and fruit outlets, motor vehicle showrooms, as well as fertilizer, pesticide, and chemical dealers in Karachi, Lahore, Peshawar, Quetta, Islamabad, and Rawalpindi.
The registration requirement under the FBR’s scheme extends to manufacturer-cum-retailers and importer-cum-retailers. Finance Minister Muhammad Aurangzeb has given his approval to the initiative, which will be formally announced soon.
This initiative will also encompass individuals engaged in combined retail and wholesale activities or any other business activity related to the supply chain.
This move follows the directive from the country’s main tax collection authority, instructing selected tax offices and bank branches to remain open over the weekend to meet the monthly tax collection target of Rs879 billion for March, following a revenue collection of approximately Rs850 billion on Friday.
An official commenting on the FBR’s initiative mentioned that the scheme will prompt unregistered traders and shopkeepers to apply for registration under Section 181 of the Income Tax Ordinance 2001 through the Tax Asaan App, FBR’s web portal, or by visiting FBR’s tax facilitation centers.
The scheme is scheduled to commence on April 1, with tax collection enforcement beginning from July 1. Traders failing to register by the April 30 deadline will face monetary penalties under section 182 of the Income Tax Ordinance 2001.
Additionally, the scheme offers a 25% discount on monthly advance tax payments if taxpayers opt to pay the total advance tax liability in a lump sum. Moreover, non-filers will receive a 25% discount on monthly advance tax payments upon filing their tax return for the tax year 2023 before the July 15 due date of the first installment of monthly advance tax.
Furthermore, individuals who make 12 months of monthly advance tax payments for the tax year 2024 in one go on July 15 will receive a 50% discount.
(Islamabad51_Newsdesk)
