Islamabad: FBR has finalized the scheme to bring the traders into the tax net, under the scheme, it has decided to introduce the retailer scheme for the traders before the elections.
According to news, FBR has developed a ‘Trader Dost’ mobile app for the purpose of registration of traders for the implementation of the scheme.
FBR will receive the income record of shopkeepers through this app. According to the sources, tax will be levied on the shopkeepers according to their annual income, which will be collected monthly.
This scheme is expected to generate 100 billion rupees in tax revenue from retailers in Islamabad, Karachi, Lahore, Peshawar and Quetta, while in the second phase, the registration of traders in other cities will be started, under which about 300 billion will be collected from the taxation of retailers across the country. More revenue is expected.
According to sources, the tax will be levied on the size of the shop and the annual income, which will be collected on a monthly basis. According to sources, tax will be levied on businesses and individuals related to all sectors under the scheme.
