KARACHI: The government is all set to introduce “friendly tax package” for traders in which traders will be asked to submit their tax returns.
Sources told Customs Today that up to 1 million new taxpayers will be added to the tax net under the new package. New taxpayers will also be provided relief on the declared assets amounting to Rs 50 million. On the other hand, a proposal is also on table to enhance ratio of general sales tax on declaration of Rs 5 million turnover.
Sources said that in the new package, the government will exempt new taxpayers for three years, besides this they will be provided simple forms to submit tax returns. Sources are optimistic that these measures will put a positive impact and encourage new taxpayers to submit their returns.
