Grocery, meat and vegetable vendors to pay tax under govt's 'Tajir Dost Scheme'

Grocery, meat and vegetable vendors to pay tax under govt's 'Tajir Dost Scheme'

Shopkeepers who fail to register by the deadline of April 30 will face penalties
Grocery, meat and vegetable vendors to pay tax under govt's 'Tajir Dost Scheme'

Web Desk

|

30 Mar 2024

In an effort to broaden tax collection, the Federal Board of Revenue (FBR) is set to launch a "Tajir Dost Scheme” on April 1, which will levy taxes on five major categories of traders.

The FBR, with the approval of the Finance Minister Muhammad Aurangzeb, will launch a registration drive from July to include traders in Karachi, Lahore, Peshawar, Quetta, Islamabad, and Rawalpindi for tax collection. 

These traders include wholesalers, dealers, retailers, furniture and decoration showrooms, jewelers, cosmetics stores, grocery, medical and hardware stores, meat shops, vegetable and fruit outlets, motor vehicle showrooms, fertilizer, pesticide, and chemical dealers.

As per sources, the initiative will be rolled out after the Finance Minister issues an official notification launching the scheme. manufacturer-cum-retailers, importer-cum-retailers, and all those involved in the supply chain business will also be included in the tax net.

Traders can register for the scheme under Section 181 of the Income Tax Ordinance 2001 through multiple channels, including the Tax Asaan App, the FBR web portal, or by visiting FBR's tax facilitation centers.

Shopkeepers who fail to register by the deadline of April 30 will face penalties under Section 182 of the ITO 2001.

The government has designed the FBR scheme to be user-friendly for traders, eliminating the need for a tax lawyer during registration and the Tax Asaan App can also be used in Urdu.

If a person chooses to pay the annual advance tax in a lump sum, they will be offered a 25% discount on the monthly advance tax amount.

Non-filers who register and file their income tax return before July 15, 2024, will be eligible for a 25% discount on their advance tax payments.

The discount will be hiked to 50% for non-filers who pay all 12 months of advance tax in a lump sum.

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