FBR Implements Fresh Tax Policies Targeting Shopkeepers and Traders |Razi Ahsan Advocate High Court|

Описание: S.R.O. 457(I)2024: THE TAJIR DOST (SPECIAL) PROCEDURE, 2024

PART-I: SCOPE The Federal Board of Revenue introduces a special procedure for "Small Traders and Shopkeepers" in six specified cities, aiming at simplifying registration and minimum advance tax payment. Exclusions include companies, national/international chain stores, and specific individuals as per the Board's discretion. Despite the special procedure, adherence to various aspects of the Income Tax Ordinance remains obligatory.

PART-II: REGISTRATION Starting from April 1, 2024, all traders and shopkeepers must register with the National Business Registry (NBR) by April 30, 2024, utilizing available forms through different channels. Failure to register by the deadline subjects them to penalties enforced by the Commissioner Inland Revenue.

PART-III: ADVANCE TAX PAYMENT Commencing July 1, 2024, monthly advance tax payment becomes mandatory, serving as the minimum tax for covered business income. The amount, calculated based on indicative income, demands monthly payments due from July 15, 2024. Payment methods include the Tajir Dost module, FBR's portal, or Tax Facilitation Centers, with a provision for a 25% reduction under specific conditions. Definitions pertinent to this procedure elucidate critical terms such as "annual rental value," "business premises," and "indicative income."

Calculation: (a) Determine Fair Market Value (b) Calculate 10% of the FMV as indicative Income (C) From 1st July file on monthly basis equal installment of Indicative Income along with other Tax enforced OR pay lumpsum with 25% discount

In essence, while providing relief to traders and shopkeepers, the special procedure underscores their continued obligation to comply with broader Income Tax Ordinance regulations.

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