ISLAMABAD: The federal government has announced a fixed tax scheme for millions of traders before the new budget, heavy fines will be imposed on traders who do not register.
Minister of State for Finance Bilal Azhar Kayani told a press conference that the government has decided to implement a fixed scheme for millions of traders before the new budget, traders who do not register will have to face heavy fines.
He said that non-filer traders will be fined Rs 10,000 in the first month, Rs 25,000 in the second month, and a fine of Rs 50,000 per month will be imposed in case of non-permanent registration.
The Minister of State for Finance said that small traders who benefit from the facility will not be audited, registered small traders will not have to install a POS system.
He said that a fixed tax of one percent will have to be paid on annual sales of Rs 200 million or less, a tax of Rs 25,000 will be imposed on a turnover of Rs 200 million, no FBR officer will be able to enter the shop of a registered shopkeeper.
Also read: Another important decision of the government regarding BISP
Bilal Azhar Kayani said that shopkeepers included in the scheme will be exempted from general audit, while before any special audit, consultation will be held with trade organizations, and a regular committee will also be established for audit matters.
The Minister of State said that there are 3 million to 4 million small shopkeepers in the country and bringing them into the tax net will prove to be an important milestone, this scheme will be made successful by working together with the traders.
