Under IMF conditions for a new $7 billion loan, the Federal Board of Revenue aims to collect Rs 50 billion from retailers this year.
FBR Expands Tax Net to Retailers in 42 Cities to Boost Revenue
To increase government revenue by expanding the tax net, the Federal Board of Revenue (FBR) has decided to collect monthly taxes from retailers ranging from Rs 100 to Rs 10,000.
The FBR will extend the Fixed Retailers Scheme to 42 cities, with tax collection based on the value and income of shops.
As part of the conditions set by the International Monetary Fund (IMF) for a $7 billion loan, FBR is taking various steps to widen the tax net, including the registration of pamphlet sellers. The IMF’s terms also require income tax on the salaried class to be applied at the retail or wholesale level.
According to the IMF’s target, the FBR needs to collect Rs 50 billion from paper sellers during the current financial year. Previous efforts to register retailers faced objections and reservations, leading to failure. The business community insists that taxes should be based on income rather than fixed norms. Small traders and shopkeepers are already facing numerous challenges and urge the government to also focus on stopping trafficking and creating a business-friendly environment.
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