FBR may fix Rs20,000 per year as income tax for shopkeepers

FBR may fix Rs20,000 per year as income tax for shopkeepers

ISLAMABAD: Federal Board of Revenue (FBR) likely to fix an amount of Rs20,000 per year as income tax for shopkeepers operating business in a covered area up to 150 square feet.

This fixed rate shall be for shopkeepers not in categorized areas.

Sources in FBR said that the fixed tax rates likely to be for area up t 150 square feet and for area above 150 square feet and less than 300 square feet. The rate of tax will be different for category A shopkeepers and other than this category shopkeepers.

A person having shop with area of up to 150 square feet in category A area than the tax rate shall be Rs35,000.

A person having shop with covered area above 150 square feet and not exceeding 300 square feet and located in other than category A the fixed tax likely be Rs25,000.

Meanwhile, a person having shop with covered area above 150 square feet and not exceeding 300 square feet and located in a category area A the fixed tax shall be Rs40,000 per year.

The sources said that there shall be an option to small shopkeepers to pay two percent as income tax of the turnover.

The sources said that the FBR has finalized income tax return form tax year 2019 for small shopkeepers. This form shall be simple and one-page as committed by the FBR.

Following is the draft income tax return form for retailers. The draft from has not been issued officially. The sources said that there may be changes in the final format to be issued by the FBR.

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