Fixed Tax Scheme: 9,800 Shopkeepers Prepare Returns, Only 3 Submit Them
Introduction
The government's one percent fixed tax scheme for traders has had a sluggish start, with only three shopkeepers submitting their returns under the new system. Despite a target of collecting Rs50 billion this year, around 9,800 shopkeepers have prepared their returns but have not yet submitted them to the Federal Board of Revenue (FBR).
Key Points
- Target: Collect Rs50 billion from traders under the scheme this financial year.
- Submissions: Only 3 new shopkeepers have submitted their tax returns so far.
- Preparations: Approximately 9,800 shopkeepers have prepared their returns but not submitted them.
- Technical Issues: Traders face technical difficulties in filing online returns.
- Government Response: Minister of State for Finance and Revenue Bilal Azhar Kayani urged traders' leaders to play their role in the scheme's success. He directed the FBR to address technical issues and provide support to shopkeepers.
- Scheme Details: The fixed tax scheme exempts shopkeepers from audits and digital transaction devices, imposing only a one percent tax on turnover.
Additional Concerns
Salaried citizens have raised questions about the concessions given to traders, noting that Rs630 billion in tax was collected from them last year. Including traders in the tax system has long been a challenge for the government.
Expected Submissions
Approximately 9,806 shopkeepers are expected to submit their returns by September 30th. Finance Secretary Imdadullah Bosal acknowledged the slow start and called for measures to improve the scheme.