ISLAMABAD
\nThe Federal Board of Revenue (FBR) has issued a notification introducing a special tax procedure for small retailers.
\nAccording to the notification, individual retailers with an annual turnover of up to Rs200 million will be eligible to benefit from the scheme. The special tax procedure will apply only for Tax Year 2026, under which eligible retailers will pay a 1% tax on their gross turnover.
\nThe notification states that retailers must pay a minimum of Rs25,000 in cash tax along with their tax return. Any withholding tax paid can be adjusted against the payable tax, but excess amounts will not be refunded.
\nThe FBR said eligible retailers can register through the IRIS portal, the mobile application, or their local tax office. Retailers opting for the scheme will generally be exempt from routine tax audits.
\nHowever, the notification warns that the FBR may initiate departmental action in cases involving unusual transactions or misuse of the scheme.
\nEligible retailers will also be exempt from the requirement to implement Point of Sale (POS) systems and digital invoicing.
\nThe FBR further stated that retailers who fail to file their tax return or opt into the scheme by the prescribed deadline will face penalties ranging from Rs10,000 to Rs50,000. Registered eligible retailers will also be issued a \u201cGreen Plate\u201d featuring an FBR-issued QR code.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The Federal Board of Revenue (FBR) has issued a notification introducing a special tax procedure for small retailers. According to the notification, individual retailers with an annual turnover of up to Rs200 million will be eligible to benefit from the scheme. The special tax procedure will apply only for Tax Year 2026, under which […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-558928","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n