Advertisement
Advertisement
Advertisement
Advertisement
FBR launches compulsory registration of traders

FBR launches compulsory registration of traders

FBR launches compulsory registration of traders

Check FBR Non-Filer SIM Block List Here !

Advertisement

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a notification of a scheme related to the compulsory registration of traders.

According to FBR, the registration scheme of retailers and wholesalers will initially be applied in six major cities, these cities include Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar.

FBR has also sought views from stakeholders on the scheme called Special Procedures for Small Traders and Shopkeepers.

According to the notification, the tax will be collected from the traders based on the annual rental value of the shop, every trader has to pay income tax of at least 1200 rupees annually, the traders who submit the income tax return for the year 2023 will also get a discount, the scheme is applicable. It will be from April 1, but the first tax collection will be from July 15.

According to the notification, registration has been made mandatory for dealers, retailers, manufacturers and importers across the country, stores, shops, warehouses, and business offices will be required to register. The retailers and wholesalers will receive advance income tax by registering.

Advertisement

FBR said that in case of payment of tax before the 15th of every month, traders will get a 25% discount, in case of non-compliance with the law, they will be forcibly registered in the National Business Registry.

Also Read

FBR decides to link hospitals, gyms, colleges with software system
FBR decides to link hospitals, gyms, colleges with software system

ISLAMABAD: Taking a major step to curb tax evasion and document the...

A central database of traders and shopkeepers will be developed through the “Tajir Dost app”.

Advertisement
Advertisement
Read More News On

Catch all the Pakistan News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story