LAHORE: The Federal Board of Revenue (FBR) has agreed to reassess the valuation table used to determine the monthly advance tax imposed on retailers. This decision follows a meeting with a delegation from the All Pakistan Anjuman-e-Tajran, led by President Ajmal Baloch.
During the meeting, the FBR informed traders about the implementation of the “Tajir Dost Scheme,” which requires retailers to register and pay their tax obligations. So far, only 277 retailers have complied, contributing a total of Rs503,632 under this scheme.
Ajmal Baloch expressed the association’s concerns regarding the existing valuation tables and their impact on businesses nationwide.
The FBR has proposed the formation of a joint committee of FBR officials and traders to review these tables and address other concerns raised by the business community.
The FBR acknowledged the need for a reasonable monthly tax rate that does not create a significant disparity between the taxation of shopkeepers and larger traders.
The board has indicated a willingness to amend relevant regulations to meet the traders’ demands, allowing for more flexible decisions on tax exemptions and rates based on the size and nature of retail businesses.
