The Federal Board of Revenue (FBR) has announced adjustable advance tax rates for traders under the Trader-Friendly Scheme. According to the new rates, a monthly tax of PKR 5,000 will apply to 78 percent of areas.
The scheme sets the following tax rates: PKR 10,000 for 14 percent of areas, PKR 20,000 for 5 percent of areas, PKR 30,000 for 2 percent of areas, PKR 45,000 for 0.6 percent of areas, and PKR 60,000 for 0.32 percent of areas.
Additionally, traders can receive a 25 percent discount if they make a one-time tax payment under the scheme.
Muhammad Naeem Mir, the Chief Coordinator of the Trader-Friendly Scheme, mentioned that traders who find the tax rates in their areas too high can submit their objections to the Regional Tax Office.
Traders are advised to submit their objections in writing and to obtain a written receipt upon submission.
