LAHORE (Lord Media): The federal government has released a draft of the ‘Special Procedure for Small Shopkeepers’ to simplify the tax system for small retailers. The Federal Board of Revenue (FBR) has issued an S.R.O, inviting objections and suggestions from the public, trade organizations, and other stakeholders within seven days.
According to the draft, this special procedure will apply only to individual shopkeepers with an annual turnover of up to 200 million rupees. However, traders whose business turnover exceeded 200 million rupees in any of the past three years will not be eligible for this scheme.
The scheme is entirely voluntary. Shopkeepers can choose to pay taxes under this special procedure or continue filing income tax returns as usual. Traders opting for the scheme will not be subject to regular audits.
