ISLAMABAD: The Federal Board of Revenue (FBR) is formulating new tax scheme for retailers and in this regard the authority has invited proposals from stakeholders.
The Chairman FBR invited proposals regarding the features of the proposed tax scheme that would serve the purpose of facilitating filing of income tax returns as well as ensuring revenue for the country.
The government has withdrawn the fixed tax on retailers through the recently promulgated Ordinance. Any new scheme of tax on retailers will be planned and implemented in consultation with the traders.
The Chairman FBR held a detailed meeting with the representatives of traders from all across the country at the FBR House Islamabad on Thursday afternoon. About 21 representatives of Markazi Tanzeem e Tajiraan Pakistan attended the meeting and some participants joined through video link.
The traders appreciated the initiative of active consultative approach taken by the FBR and put forth various suggestions on the issue.
Earlier on August 25, a meeting with the representatives from all across Pakistan under All Pakistan Anjuman e Tajiraan was also held by the Chairman FBR in Islamabad.
While addressing the participants of the two meetings, the Chairman FBR resolved to keep follow-up meetings at the FBR headquarters and also at the regional level so that, through consultation and consensus, a feasible and workable scheme of taxation for retailers & traders is evolved.
The traders were requested to make in-house deliberations amongst themselves and firm up their suggestions for the future tax scheme to be rolled out next month.
The next round of meetings will be held with the traders’ bodies next week.