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FBR Unveils Simplified Tax Scheme to Expand Retail Sector Taxation
01-25-2024, 03:30 PM
Post: #1
FBR Unveils Simplified Tax Scheme to Expand Retail Sector Taxation

FBR Unveils Simplified Tax Scheme to Expand Retail Sector Taxation


The Federal Board of Revenue (FBR) has launched a simplified tax scheme designed to tax the estimated incomes of traders, retailers, and specified individuals as part of an initiative to reduce the size of the informal economy.

This new scheme is anticipated to potentially generate income tax revenue ranging from Rs400 billion to Rs500 billion.

The scheme's details were presented to the federal cabinet for endorsement to calculate the estimated income of traders and retailers.

Taking into account factors such as shop location, value, and rent, the proposal aims to determine indicative incomes. To streamline this process, a specialized mobile application named 'Tajir Dost' has been developed for income calculation and tax collection.

Under this scheme, indicative income will be determined based on a rate three times the rental value, considering the general ratio of rent expenses to income.

Tax payments will be made in 12 monthly installments, and proactive individuals filing tax returns before the first monthly installment will receive a 50% discount.

Moreover, the minimum tax can be adjusted based on self-declaration in the annual return, encouraging timely tax filing.

The primary goal of this initiative is to bring the remaining 3.2 million retailers, mainly located in major cities, into the tax net, thereby expanding the tax base and revenue collection.

Currently, only 300,000 out of an estimated 3.5 million retailers actively file tax returns.

In addition to this tax scheme, the FBR is finalizing the digitization of withholding tax collection through the Synchronized Withholding Administration and Payment System (SWAPS).

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