ISLAMABAD: Five categories of retailers are going to be brought into tax net through Tajir Dost Scheme with effect from April 1, 2024.
The Federal Board of Revenue’s ( FBR’s ) scheme will focus on wholesalers, dealers, retailers, furniture and decoration showrooms, jewellers, cosmetics stores, grocery, medical and hardware stores, meat shops, vegetables and fruits outlets, motor vehicle showrooms, fertiliser, pesticide and chemical dealers in Karachi, Lahore, Peshawar, Quetta Islamabad and Rawalpindi.
Those required to get themselves registered as part of the FBR’s scheme also include manufacturer-cum-retailers as well as importer-cum-retailers. Finance Minister Muhammad Aurangzeb has already approved the initiative which will soon be notified.
The FBR will kick-start registration in Tajir Dost Scheme in four cities — Karachi, Lahore, Peshawar and Islamabad and Rawalpindi — in the first phase and the tax collection will be made effective from July 1.
On other hand, the FBR has so far made revenue collection close to Rs850 billion till Friday, and ensured that the selected tax offices and bank branches remain open on Saturday and Sunday for the purpose of tax collection to achieve its monthly target of Rs879 billion in March.
All non-filers and un-registered traders and shopkeepers would apply for registration under Section 181 of the Income Tax Ordinance 2001. They would register themselves through Tajir Dost scheme in Tax Asaan App through their mobile phones or through FBR’s web portal or by visiting FBR’s tax facilitation centres. Last date of registration is April 30, 2024.
The Traders who fail to register by the April 30 deadline, will face monetary penalties under section 182 of the Income Tax Ordinance 2001.
The scheme includes 25% discount in monthly advance tax payment if a taxpayer chooses to pay the total advance tax liability in a lump sum.
Also, there will be a 25% discount on monthly advance tax payments if a non-filer files his tax return for the tax year 2023 before the July 15 due date of the first instalment of monthly advance tax.
The discount will be increased to 50% for people who also make 12 months of monthly advance tax payments for the tax year 2024in one go on July 15.
