Business
Monthly Rs100-10,000 tax to be collected from retailers
Chairman FBR has a strong stand that retailers will have to contribute to the national exchequer
Islamabad: The Federal Board of Revenue (FBR) has decided to extend the scope of Fixed Retailers Scheme to 42 cities and they will be taxed from Rs100 to Rs10,000 per month based on the value of the shops.
Under the International Monetary Fund (IMF) programme, FBR has to collect Rs50 billion from retailers in the current financial year.
It is also reported that the FBR has shared its detailed work on the permissible valuation rates for all 42 cities with the representatives of the retail floors and suggested a minimum annual tax of Rs1,200 and a maximum of Rs120,000. It will depend on the store price across the country.
FBR has prepared a detailed working in this regard and Chairman FBR has a strong stand that retailers will have to contribute to the national exchequer.
The FBR has not yet notified that the scope of the trader-friendly scheme is being extended from 6 to 42 cities, but it has informed the representatives of retailers about the new rates.
On the other hand, Prime Minister Shehbaz Sharif will visit the FBR office today where he will be briefed on FBR's digitisation program and the way forward will be explored for end-to-end connectivity to widen the tax base.