Traders associations nominate representatives to determine turnover for tax registration

Traders associations nominate representatives to determine turnover for tax registration

ISLAMABAD: Traders associations has nominated their representatives for determination of business turnover for mandatory tax registration.

FBR spokesman said that traders associations had assured of income tax registration of medium and large size retailers.

The spokesman said that the FBR had agreed to genuine demands of small traders and necessary amendments had been introduced through Tax Laws (Second Amendment) Ordinance, 2019.

According to the FBR the condition of CNIC (Computerized National Identity Card) had become part of the law and it was genuine demand of traders to reduce the minimum income tax.

The traders were demanding to reduce the minimum tax because it was high considering their returns and it was the reason the traders were reluctant to declare their details.

In order to ensure filing declaration by the retailers the minimum tax rate has been rationalized, the spokesman said. Further to provide ease in doing business the traders have been excluded from collecting withholding tax.

The spokesman said that traders associations had assured to cooperate with the FBR for bringing medium and large size retailers into the tax net.

In this regard the traders associations had nominated their representatives to determine the turnover of traders for mandatory tax registration.

The traders associations also assured to cooperate with the FBR to resolve audit related issues. The spokesman said that the FBR wanted to better working relations with the trade community for betterment of the economy.

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