The federal government has issued a draft scheme to simplify the tax system for small shopkeepers, aiming to ease business operations and reduce tax burdens.
Lahore: (RightNow). The federal government has released a draft for the ‘Special Procedure for Small Shopkeepers’ to simplify the tax system for small shopkeepers.
The FBR has issued an S.R.O, inviting objections and suggestions from the public, trade organizations, and relevant stakeholders within seven days.
Under this scheme, only shopkeepers with an annual turnover of up to 200 million rupees will be included, provided their business has not exceeded this amount in any of the past three years.
This scheme will be entirely voluntary, allowing shopkeepers to either pay taxes under it or file regular income tax returns. Shopkeepers included in the scheme will not undergo regular audits.
It is noteworthy that the aim of this scheme is to relieve small shopkeepers from tax burdens and provide business ease, which is expected to improve the economy.
