ISLAMABAD :The Federal Board of Revenue (FBR) is considering a special gift scheme for traders who submit their income tax returns on time, ARY News reported, citing sources.
According to FBR sources, Prime Minister Shehbaz Sharif will introduce the “Asan Tax Scheme Return” for traders on Independence Day, August 14.
Sources stated that a fine of Rs 25,000 will be charged for submitting income tax returns after September 30.
However, the registration fee will be waived for traders who submit their income tax returns by September 30.
In addition to the Rs 25,000 fine, traders who file their income tax returns after the deadline will also be charged a separate registration fee of Rs 25,000.
The FBR sources added that the income tax return forms are being designed to be extremely easy and simple, with the individual tax return form kept as brief as possible.
The form for the traders’ Asan Tax Scheme will also be kept very user-friendly.
Under a new mandatory rule for traders participating in the Asan Tax Scheme, businessmen must install an official FBR registration plate outside their shops.
Additionally, the FBR is considering gifting this registration plate—valued at Rs 25,000—free of cost to traders who submit their income tax returns by September 30.
Following the submission of income tax returns, a 48-hour window will be provided for any necessary changes or reviews.