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Govt plans to tax retailers from Jan 15

11:00 AM | 12 Dec, 2023
Govt plans to tax retailers from Jan 15

ISLAMABAD – Following the IMF’s refusal to introduce a fixed scheme for retailers, the caretaker government has completed the ‘Tax Asaan Application’ for collecting taxes from small shopkeepers.

This system will determine the tax based on the valuation of each shop, as specified by the Federal Board of Revenue (FBR).

According to the media reports, the finalisation of the retailers’ scheme is near completion. The caretaker government aims to authorise the launch of this scheme ahead of its set deadline. It’s anticipated to come into effect on January 15, 2024.

In the past, similar attempts to include millions of retailers in tax structures have faltered. Now, the caretaker government’s approach will determine the success of this new scheme.

The forthcoming scheme for retailers encompasses 16 key points, encompassing various sectors like small traders, service providers, healthcare institutions, educational facilities, and more.

Tax calculations will rely on the shop’s valuation determined by the FBR. The government plans to introduce a user-friendly installment plan allowing up to 12 installments. New registrants may benefit from a 25% tax relief and alleviation from year-end tax payments.

Facilitating easy tax payments through platforms like Jazz Cash and Easypaisa, the government plans to exempt consultants’ fees owing to “The Tax Assan App.” Tax payments are scheduled for the 15th of each month.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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