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.
