The Federal Board of Revenue (FBR) has decided to extend the fixed-rate retailers scheme to 42 cities. This extension will impose taxes ranging from Rs. 100 to Rs. 10,000 per month, based on the value of the shops.
Under the IMF program, the FBR aims to collect Rs. 50 billion from retailers in the current fiscal year.
High-level official sources reveal that the FBR has shared its detailed evaluation of valuation rates with representatives of retailers across all 42 cities. The proposed annual tax ranges from a minimum of Rs. 1,200 to a maximum of Rs. 120,000, depending on the shop’s value across the country.
The FBR Chairman stated that retailers need to contribute to the national treasury. While the FBR has not officially notified the expansion of the trader-friendly scheme from 6 to 42 cities, it has informed retailer representatives about the new rates.
