FBR plans to bring small traders into tax net.

Position:Pakistan's Federal Board of Revenue
 
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The Federal Board of Revenue (FBR) on Thursday unveiled drafts of simplified income tax schemes to address traders and small shopkeepers' concerns that had compelled them to remain outside the tax net. The FBR issued the rules for Income Tax Special Procedure for Traders, Income Tax Special Procedures for Small Shopkeepers and Obtaining and Issuance of Business Licences. These rules will be enforced after seeking the approval of the federal cabinet. The rules have been issued two weeks ahead of the traders association's three-day strike call against the FBR's new taxation measures.

These businesses and people have been excluded from the normal income tax regime. All those people and traders who are registered with the FBR but did not submit their annual income tax returns have also been declared eligible for the new...

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