The government has initiated the registration of the Tajir Dost Scheme in six key cities, including four provincial capitals, Rawalpindi and Islamabad.
The scheme is operational in Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar as part of the initial phase.
Concurrently, the finance minister announced Pakistan’s plans to issue a $300m Yuan-denominated Panda bond, assuring timely external debt repayment backed by adequate foreign reserves.
Registration for retailers under the Tajir Dost Scheme begins on April 1, 2024, and tax collection starts on July 1, 2024.
The scheme also brings online marketplace platforms within the tax ambit, as confirmed by senior FBR officials.
An SRO issued by the FBR outlines a special procedure for small traders and shopkeepers for tax purposes, inviting public feedback within seven days of its publication.
The scheme, effective from April 1, 2024, targets traders and shopkeepers within specified city limits, excluding companies, national/international chain units, and other specific exclusions by the board.
Traders must register via various FBR platforms by April 30, 2024, or risk automatic registration by the Commissioner of Inland Revenue.
The scheme details the minimum monthly advance tax payable, with adjustments based on lump sum payments or tax returns for the Tax Year 2023.
Tax payments under the scheme begin July 1, 2024, with the first due July 15, 2024, and subsequent payments on the 15th of each month.
The scheme allows for amendments by the Board with the Minister’s approval to adjust its provisions as necessary.
