The Federal Board of Revenue (FBR) has launched the “Tajir Dost Scheme” in Islamabad, aiming to integrate retailers and wholesalers into the formal tax system. This initiative is part of a broader strategy to expand the tax base and enhance revenue collection.Business Recorder+8Dawn+8ARY NEWS+8
Key Features of the Tajir Dost Scheme:
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Mandatory Registration: Retailers and wholesalers operating in Islamabad are required to register under the scheme. Registration can be completed via the FBR’s Tax Asaan app, the FBR portal, or by visiting Tax Facilitation Centers. Dawn+3Profit by Pakistan Today+3The Express Tribune+3The News+3ARY NEWS+3Dawn+3
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Advance Income Tax: Participants must pay a minimum annual income tax of Rs. 1,200, with payments based on the rental value of their business premises. ARY NEWS+3Profit by Pakistan Today+3The News+3
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Incentives for Compliance: Traders who pay their taxes in advance or file returns for 2023 are eligible for a 25% tax incentive. Profit by Pakistan Today+1Dawn+1
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Enforcement Measures: Non-compliance by the stipulated deadline will result in automatic registration by the FBR and potential penalties under Section 182 of the Income Tax Ordinance 2001. FBR Downloads+3Dawn+3Profit by Pakistan Today+3
Implementation Timeline:
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Registration Deadline: April 30, 2024
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Commencement of Tax Collection: July 1, 2024
This scheme represents a significant step towards formalizing the retail sector in Islamabad, promoting transparency, and ensuring equitable tax contributions from all business segments.
