FBR finalises scheme to 'tax 3.5mln retailers'
- By Web Desk -
- Jan 25, 2024
ISLAMABAD: In its efforts to broaden the tax net, the Federal Board of Revenue (FBR) has finalized a scheme to tax retailers in the country, ARY News reported on Thursday, citing well-placed sources.
As per details, the FBR will ‘impose’ tax on retailers operating in four provincial capitals of Pakistan in the first phase. The move will generate income of around Rs100 bln.
Sources knowing the matter told ARY News that the tax will be slapped on retailers according to the size of the shop and yearly income.
The retailers will be registered through “Dost App”.
Read more: FBR collects over Rs1 trillion gross revenue in a single month
The imposition of tax on 3.5 mln retailers across Pakistan will add Rs300 bln revenue to the national kitty, the sources said.
Earlier, the Federal Board of Revenue (FBR) created history by collecting Rs1.021 trillion in December 2023 and after adjusting refunds of Rs38 billion issued during the month, reached net collection of Rs984 billion.
Targets for the month as well as for the first six months of the current financial year were also surpassed, said a press release.
The target for the first six months was Rs.4425 billion (as agreed with IMF), which was surpassed by 43 billion and recorded a collection of Rs.4468 billion.