Tax
ISLAMABAD: In its persistent endeavors to expand the tax base, the Federal Board of Revenue (FBR) has concluded a comprehensive scheme aimed at taxing retailers across the country, according to well-informed sources on Thursday.
Under the outlined plan, the FBR will initiate the imposition of taxes on retailers situated in the four provincial capitals of Pakistan during the first phase. This strategic move is anticipated to generate an income of approximately Rs100 billion.
Insiders familiar with the matter revealed that the tax imposition will be stratified based on the size of the shops and their annual income. To streamline this process, retailers will be required to register through the “Dost App.”
The implementation of taxes on 3.5 million retailers nationwide is expected to contribute a substantial Rs300 billion to the national exchequer, as per the sources.
Earlier achievements by the Federal Board of Revenue were highlighted as it made history by collecting Rs1.021 trillion in December 2023. After adjusting for refunds of Rs38 billion issued during the month, the net collection reached Rs984 billion. Notably, these figures exceeded both the monthly targets and those set for the first six months of the current financial year.
The target for the initial six months, in agreement with the International Monetary Fund (IMF), was set at Rs.4425 billion. However, the actual collection surpassed this goal by Rs43 billion, totaling Rs.4468 billion.
This move to tax retailers aligns with the broader strategy to enhance revenue collection and ensure a more comprehensive taxation framework in the country. The FBR’s proactive approach aims to strengthen the fiscal health of the nation and fulfill economic targets.
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