ISLAMABAD: Prime Minister Imran Khan is set to unveil a tax relief package for traders on January 20, 2020, as confirmed by Syed Shabbar Zaidi, the chairman of the Federal Board of Revenue (FBR), on Saturday.
In a tweet message, the FBR chairman stated, “The prime minister will formally announce the concessions given to the traders’ community.”
This announcement comes following an agreement signed between the FBR and small traders and shopkeepers on October 30, 2019, aimed at resolving tax issues concerning this segment of the economy. The agreement, comprising an 11-point agenda, entails measures such as a simplified income tax return form and a fixed tax rate, aiming to streamline tax processes and facilitate small traders in meeting their fiscal responsibilities.
The agreement marks a significant step towards addressing the longstanding concerns of small traders and shopkeepers regarding tax compliance and administrative burdens. By providing a simplified tax framework and fixed tax rates, the government aims to promote ease of doing business and encourage greater participation of small traders in the formal economy.
While the FBR chairman is currently on leave from January 06 to January 19, 2020, he emphasized that Prime Minister Imran Khan would seek cooperation from the traders’ community to contribute towards the national economy during his absence.
Highlighting the significance of the upcoming meeting, the chairman reiterated that Prime Minister Imran Khan would chair the session with traders on January 20, 2020. The meeting is scheduled to take place at the Prime Minister House in Islamabad.
The tax incentive package holds substantial importance for the trading community, as it is expected to provide relief and support to small traders and shopkeepers, enabling them to navigate tax regulations more effectively and contribute positively to the economy.
Prime Minister Imran Khan’s engagement with the traders underscores the government’s commitment to fostering a conducive business environment and promoting economic growth through collaborative efforts between policymakers and stakeholders.
The forthcoming tax relief package is anticipated to pave the way for enhanced cooperation and partnership between the government and traders, fostering mutual trust and facilitating sustainable economic development in Pakistan. It is expected that the tax incentive package will not only benefit traders but also contribute to broader economic prosperity by expanding the tax base and encouraging formalization of the economy.
Overall, the initiative reflects the government’s proactive approach towards addressing the needs and concerns of small traders and shopkeepers, and underscores its commitment to fostering inclusive growth and development across all sectors of the economy.