ISLAMABAD
Federal Board of Revenue (FBR) has announced to start registration in connection with Traders Friendly Scheme (TFS) from April 01 in 6 big cities as per demand of IMF.
Retailers will start to get register them from April 01 in the cities of Islamabad, Karachi, Lahore, Quetta and Peshawar. Recovery of tax will start from them with effect from July 01, 2024.
In the SRO issued by FBR special procedure has been proposed for small traders and shopkeepers.
Every trader and shopkeeper will have to file application for registration under clause 181 of the ordinance. This can be done till April 30 through tax easy app. If annual advance tax is zero then such person will have to pay Rs 1200 per annum. If his income is exempted from tax for some reason then this will not be applicable to him.
If any trader pays his advance tax lump sum and or pays balance then his overall advance tax will be reduced by 25 percent.
It is pertinent to mention here FBR had finalized traders friendly scheme two months before to bring the traders in tax net. The FBR had evolved Traders friendly mobile app for implementation of scheme.
FBR will receive the income record of the shopkeepers through this app. Tax will be levied on traders as per their annual income which will be received from them monthly.
