ISLAMABAD: Major changes are expected in the Federal Board of Revenue (FBR)’s trader-friendly scheme or known as (Tajir Dost Scheme).
According to sources, instead of collecting taxes from small traders, FBR is planning to take action against large retailers. FBR will register large traders based on analysis of returns, data security, and commercial electricity consumption data.
The current fixed tax policy for each retail outlet will be suspended, sources say.
Notably, the trader-friendly scheme has ‘failed’ to meet its revenue targets.
The goal for the first quarter was set at 10 billion rupees, and for the second quarter, the TDS collection target was 23.4 billion rupees. FBR has agreed with the IMF to collect 50 billion rupees via TDS in the current fiscal year.\ Earlier, The Federal Board of Revenue (FBR) closed the deadline for filing income tax returns for the tax year 2024 without granting any further extensions.
As of late last night, over 5.25 million people had submitted their tax returns, reflecting an 85% increase in filings compared to the previous year. –Agencies
