ISLAMABAD: In a bid to comply with the condition of IMF for securing approval for the last $1.1 billion tranche under the Standby Arrangement (SBA) program, the government on Saturday notified special procedures for bringing one million small shopkeepers and wholesalers into the tax net.
The registration of the Tajir Dost Scheme will kick-start from Monday (April 1) in selected six cities - Karachi, Lahore, Peshawar, Quetta, Islamabad and Rawalpindi - and will end on April 30. The tax collection will start from July 1, 2024. This Tajir Dost Scheme will not apply to international or national chains operating in more than one city.
In the last three decades, the FBR had introduced different schemes for retailers but never succeeded in luring them into the tax net. It is yet to be seen how this time any different strategy will be utilized to convince them for coming into the tax net.
The FBR under the Statutory Regulatory Order (SRO) also defined shopkeepers and stated that “shopkeeper” includes wholesaler, dealer, retailer, manufacturer-cum retailer, importer-cum-retailer, or a person who combines the activity of retail and wholesale with any other business activity or other person in the supply chain of goods.”
It said this special procedure shall apply to traders and shopkeepers operating through a fixed place of business including a shop, store, warehouse, office or similar physical place (hereinafter referred to business premises) located within the territorial civil limits including cantonments in the cities as specified in the schedule for registration and payment of minimum advance tax.
BAKU: Calling enhanced debt burden on developing countries ‘a debt trap’, Prime Minister Shehbaz Sharif on Tuesday...
ISLAMABAD: Multilateral Development Banks (MDBs) have estimated their collective annual climate financing for low and...
PESHAWAR: The Counter-Terrorism Department (CTD) along with law-enforcement agencies have arrested a cop for...
RAWALPINDI/ISLAMABAD: The Pakistan Tehreek-e-Insaf top leadership was released after a brief detention by Rawalpindi...
ISLAMABAD: The Election Commission of Pakistan (ECP) Tuesday reserved its decision on a reference filed to declare the...
ISLAMABAD: The National Assembly’s Standing Committee on Interior was informed that several officials of Nadra were...
ISLAMABAD: Under the right-sizing policy, Secretary of Ministry of Communications Tuesday approved abolition of 1,004...
ISLAMABAD/KARACHI: The Pakistan Cricket Board (PCB) has raised the stakes by forwarding extensive questions to the...