Sources say Rs100 billion revenue to be generated through the tax
- In first stage, retailers to be burdened in the four commonplace capitals.
- Expense to be forced on businesspersons related with any area.
- Charge assortment authority has arranged a plan for burdening retailers.
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to impose a tax on retailers in five big cities of the country including Karachi, Islamabad, Lahore, Peshawar, and Quetta, Geo News reported, citing sources on Thursday.
The sources said Rs100 billion in revenue would be generated through imposing a tax on 3.5 million retailers in those cities and for that purpose, the board had prepared a scheme.
“In the first phase, retailers will be taxed in the four provincial capitals and the federal capital,” they said.
They said the tax assessment would be founded on the size of the shop and the volume of its yearly pay and it would be gathered consistently.
The sources said the plan was totally prepared and they would send off it after receiving the approval from the public authority.
Somewhere around 10% development expense would be charged on retailers’ yearly pay, they said adding that under the plan the duty would be forced on businesspersons related with any area.
The News reported last month that after the International Monetary Fund’s (IMF) rejection of introducing any fixed scheme for retailers, the caretaker government had finalized the ‘Tax Asaan Application’ for collecting tax from small shopkeepers based on the valuation of each shop determined by the FBR.
Official sources had affirmed that the retailers’ plan was practically concluded and presently the overseer government would allow authorization to send off this plan before the culmination of its specified time period.
Before, each plan to carry a great many retailers into the duty net met with disappointment.
For More Updates Click Here
