Business
FBR to impose tax on retailers in five major cities
According to FBR sources, the tax on retailers across the country is expected to generate more than Rs300 billion.
Lahore: The Federal Board of Revenue (FBR) Thursday decided to impose tax on retailers in five major cities of the country, GNN reported.
According to sources, FBR has decided to impose tax on retailers in Islamabad, Karachi, Lahore, Peshawar and Quetta. The revenue of 100 billion rupees is expected from taxation on retailers in these cities.
The sources said that FBR has prepared a scheme for taxing 3.5 million retailers across the country. In the first phase, retailers in Islamabad and four provincial capitals will be taxed.
According to FBR sources, the tax on retailers across the country is expected to generate more than Rs300 billion.
Sources told that the scheme is fully ready and will be launched once the government approves it.
An advance tax of up to 10% will be levied on the annual income of retailers. Under the scheme businesses and individuals from all sectors will be taxed.