FBR releases fresh updated tax rates for traders with discount offer: Here’s all you need to know

ISLAMABAD: The Federal Board of Revenue (FBR) has announced adjustable advance tax rates for traders under the Trader-Friendly Scheme.

According to the new tax rates, a monthly tax of Rs 5000 has been imposed on 78% of the areas.

Under the scheme, the tax rates are fixed as follows: PKR 10,000 for 14 percent areas, PKR 20,000 for 5 percent areas, PKR 30,000 for PKR 2 percent areas, PKR 45,000 for PKR 0.6 percent areas, and PKR 60,000 for 0.32 percent areas.

Additionally, 25 percent discount will be offered on one-time tax payment under the scheme.

Muhammad Naeem Mir, chief coordinator of Trader-Friendly Scheme, said that traders who find the tax rate too high in their areas have the option of submitting their objections to the Regional Tax Office.

Traders are advised to submit their objections in writing to the Regional Tax Office and obtain a written receipt of their objections.