SUKKUR: Chief Commissioner of the Federal Board of Revenue (FBR) Regional Tax Office Sukkur, Zegham Abbas, has said that the FBR has introduced a special tax scheme to bring small traders and businesspersons into the tax system and make their tax affairs simple, transparent and workable.
Under the scheme, small traders with annual sales of up to Rs200 million (Rs20 crore) will be provided with a simplified tax system. According to Zegham Abbas, traders enrolled in the scheme will pay tax at the rate of one percent of their annual sales, with a minimum tax liability of Rs25,000.
The scheme will also allow traders to submit a simple, one-page tax return instead of complicated tax declarations. The return form will also be made available in regional languages.
Zegham Abbas said traders joining the special scheme would not be required to install digital invoicing or point-of-sale (POS) systems. They would also be exempt from the responsibility of becoming withholding agents and would receive protection from routine audits.
Registered businesses under the scheme will be provided with a formal business identity through a green registration plate, which will also protect them from routine inspections by tax authorities.
Traders will further be able to register online from home and file their tax returns electronically.
The chief commissioner urged small traders and businesspersons to formally bring their businesses into the tax system and benefit from the FBR’s special tax scheme.
He said that a simple and transparent tax system would not only facilitate businesspersons but also help provide legal recognition to businesses and play an important role in strengthening the national economy.
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