ISLAMABAD: The government has decided to introduce a fixed tax scheme for retailers in the upcoming budget.
A new fixed tax scheme will be introduced across the country to bring retailers into the tax net. Final approval will be sought from the IMF during negotiations next week.
Under the scheme, retailers doing business up to Rs200 million annually will have to register. According to sources, the new fixed tax scheme for retailers has been prepared entirely in Urdu.
Under the fixed tax scheme, one percent tax will have to be paid on turnover up to Rs200 million. The proposal to include the size or area of the shop for retailers will not be included this time.
FBR sources say that under the scheme, 3 million retailers will be registered in the tax net. Initially, a lower number of targets and taxes will be set in the upcoming budget for more registrations.
