As of the latest data from the Federal Board of Revenue (FBR), only 277 shopkeepers and retailers have paid a total of Rs 503,632 in taxes under the Tajir Dost Scheme. Despite the scheme’s implementation, the number of registered retailers stands at 63,964, reflecting low participation.
In response, the FBR has issued SRO 132(I) 2024, notifying proposed amendments to the Income Tax Rules, 2002, for the issuance of an electronic return form for the tax year 2024. These amendments are aimed at encouraging tax compliance among traders.
One key amendment includes a reduction in the advance tax rate for traders who file their returns. For purchases made by distributors, dealers, and wholesalers from manufacturers or commercial importers, the advance tax under Section 236G will be reduced from 2 percent (non-filer rate) to 0.1 percent (filer rate). Similarly, the advance tax on sales to retailers under Section 236H will be reduced from 2.5 percent (non-filer) to 0.5 percent (filer).
The FBR has opened the draft return form for retailer feedback, inviting stakeholders to comment within seven days of its publication in the official Gazette. Any objections or suggestions received within this period will be considered by the FBR.
The electronic return form for the tax year 2024 and onwards includes detailed sections for reporting business turnover/receipts, total trading purchases, other expenses, net profit/taxable income, income from other sources, interest income, rental income, tax paid during the year, and total adjustable tax.
This initiative represents the FBR’s continued efforts to reach out to traders and ensure higher tax compliance under the Tajir Dost Scheme.
