ISLAMABAD: The new budget is expected to announce a fixed tax scheme for small traders. This important step will bring more than 3.5 million small traders into the tax net.
Under the proposed fixed tax scheme in the new fiscal year budget, a one percent fixed tax will have to be paid on annual sales of Rs 20 crore or less. A registration fee of Rs 25,000 will have to be submitted along with a one-page simple tax return to join the fixed tax scheme.
The government is likely to earn Rs 50 billion from this scheme. Annual turnover or sales of Rs 20 crore will have to be taxed at Rs 25,000.
A slate with the name and NTN number of the filer trader will be displayed at his shop. It has been made mandatory to choose between the voluntary scheme and the normal tax regime. Traders who do not register will face heavy fines.
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