The FBR Business Registry for Retailers and Dealers to Launch Soon

April 1, 2024Zayn0

The documentation of unregistered shopkeepers through the Tax Asaan Apps is a positive step, according to Chairman of the Supreme Council All Pakistan Anjuman Tajran (APAT) Naeem Mir, who spoke with Business Recorder.

However, the details surrounding the monthly minimum advance tax collection need to be finalized.

Additionally, using the Tax Asaan App would save traders the trouble of hiring attorneys and tax advisors and paying them fees to complete paperwork and then register.

In order to register and pay the minimum advance tax, this scheme will be applicable to traders and shopkeepers who operate from a fixed place of business, such as a store, shop, warehouse, office, or other comparable physical location within the territorial civil limits, including cantonments in the cities designated.

The term “shopkeepers” refers to wholesalers, dealers, retailers, manufacturer-retailers, importers-retailers, and other individuals involved in the goods supply chain who mix retail and wholesale operations with other commercial ventures.

The plan will not apply to individuals who are corporations, individuals who operate as national or international chain store units in many cities, or individuals or a class of individuals that the Board has expressly excluded.

According to the FBR, if a person pays the entire amount owed in advance tax for the applicable Tax Year in one lump sum on or before any of the deadlines for paying such tax, or if the person files income tax return, the advance tax payable will be reduced by 25% of the total amount owed.

In the event that an individual who has not yet filed an income tax return files one for Tax Year 2023 prior to the first monthly installment payment deadline.

 

Zayn

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