FBR to Reassess Retail Tax Valuation Following Traders’ Concerns
Proposal to Form Joint Committee to Address Retail Taxation Concerns
The Federal Board of Revenue (FBR) has agreed to review the valuation table used to calculate the monthly advance tax for retailers. This decision came after a meeting with a delegation from the All Pakistan Anjuman-e-Tajran, led by President Ajmal Baloch.
During the meeting, the FBR introduced the “Tajir Dost Scheme,” which mandates that retailers register and fulfill their tax obligations. However, only 277 retailers have joined the scheme so far, contributing a total of Rs503,632.
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Ajmal Baloch raised concerns about the current valuation tables and their effects on businesses across the country.
In response, the FBR proposed forming a joint committee composed of FBR officials and traders to review the valuation tables and address other issues raised by the business community.
The FBR recognized the necessity for a fair monthly tax rate that avoids creating a significant gap between the tax burdens on shopkeepers and larger traders.
The board has expressed a readiness to adjust relevant regulations to accommodate traders’ concerns, offering more flexibility in determining tax exemptions and rates according to the size and nature of retail businesses.
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