Business
Deadlock between FBR, retailers on Trader-friendly scheme
Retailers rejected the trader-friendly scheme
Islamabad: The deadlock between the Federal Bureau of Revenue (FBR) and retailers on the Trader-Friendly Scheme continues and the two sides on Monday started talks to find a solution but failed to achieve any breakthrough.
The FBR has decided to form a committee comprising representatives of the trading community to review the Fair Market Value of Rs60,000 per month for all 84 markets in the country and if a retailer claims that his revenue is less than the specified mark, his rate should be reduced.
Retailers rejected the trader-friendly scheme in Monday's talks and vowed to come up with a proposal that would strengthen the tax collection process from retailers across the country.
The representative of FBR while talking to private media said: “We asked the retailers to come up with a proposal to collect tax up to 100 billion rupees, but they rejected it which is not possible. They continue to refuse to join the income tax net”.