MULTAN: In a significant development for traders in Multan and South Punjab, Chief Coordinator of the Tajir Dost Scheme, Mohammad Naeem Mir, announced potential amendments to SRO 1064 during a press conference held at the Regional Tax Office (RTO). Joined by Sohail Dar and Ahmed Hassan, the focal person for the scheme, Mir outlined the proposed changes aimed at enhancing the effectiveness of the initiative.
Mir emphasized that the amendments would decentralize power, shifting the review authority from the Federal Board of Revenue (FBR) to regional levels. This move will empower assistant commissioners to chair regional committees responsible for reviewing tax imposition in all 42 cities across the country, including key regions within South Punjab.
Under the new framework, these committees will evaluate applications from local traders seeking reductions in tax rates based on their financial capacity. Mir noted that Multan has already been divided into 6 regions, each with its own committee, setting a precedent for similar structures in Multan and surrounding areas.
The proposed changes aim to address misconceptions regarding advance tax, clarifying that it is an adjustable tax rather than a minimum one. In a significant relief for wholesalers, the advance tax rate is expected to be reduced from 2.5% to 0.5% under section 236-H of the law, a development that will greatly benefit the trading community in South Punjab.
Furthermore, registration under the Tajir Dost Scheme will ensure that taxpayers are automatically included on the active taxpayer list, streamlining the process for those who registered in 2023.The amendments will also transfer audit powers from regional offices back to the FBR, reducing the administrative burden on local traders. In addition, traders will now have the option to submit their returns quarterly instead of monthly, providing greater flexibility in financial reporting.
These proposed amendments signify a proactive approach to improving the tax environment for traders in Multan and South Punjab, fostering a more supportive ecosystem for business growth. As discussions move forward, local stakeholders are optimistic about the positive impact these changes will have on the region’s economy.
RTO Multan stands ready to implement these reforms, aiming to enhance compliance and support the local trading community effectively.
