Faisalabad, August 23, 2024 – Muhammad Naeem Mir, the Prime Minister’s Coordinator for the Tajir Dost Scheme, announced on Friday that the Federal Board of Revenue (FBR) is actively reviewing the tax valuation tables in response to concerns raised by traders.
This move aims to address widespread apprehensions about the new tax scheme and its impact on the business community.
Speaking at a meeting held in the committee room of the District Commissioner’s Office, Mir emphasized that the primary goal of the Tajir Dost Scheme is to simplify the tax filing process for traders. “The scheme allows traders to register as tax filers through a mobile app, eliminating the need for external consultants. This initiative is designed to make it easier for non-filers to submit their income tax returns,” he explained.
Mir outlined that the FBR is currently revising the tax tables to better address traders’ concerns. He noted that tax collection powers are being decentralized, allowing Regional Commissioners of FBR to adjust the tax tables based on consultations with local traders. This approach aims to ensure that the tax system is fair and responsive to the needs of the business community.
Additionally, Mir mentioned a proposal for collecting taxes on a biannual basis, which would include a refund facility for traders. He reassured the traders that no tax notices would be issued until the Tajir Dost Scheme is finalized and adjusted according to feedback. Mir urged traders to refrain from protests and avoid any disruptive actions, emphasizing that the scheme does not involve advance tax levies. Instead, it focuses solely on income tax registration, with no impact on sales tax.
Divisional Commissioner Madam Silwat Saeed also addressed the gathering, encouraging traders to take full advantage of the Tajir Dost Scheme for the greater national interest. The meeting was attended by Deputy Commissioner Faisalabad Captain (Retired) Nadeem Nasir, Deputy Commissioner Toba Tek Singh Muhammad Naeem, and other officials from the FBR.
The review of the tax valuation tables and the commitment to address traders’ concerns reflect the government’s ongoing efforts to engage with the business community and ensure that tax policies are implemented in a manner that supports economic growth while addressing the needs of small and medium-sized enterprises.
