Islamabad witnesses the initiation of FBR’s ‘Tajir Dost Scheme’ registration on Monday, aiming to incorporate more than a million retailers into the tax system.
According to the information provided, the Tajir Dost Scheme registration drive has commenced in six locations, namely Islamabad, Rawalpindi, Karachi, Quetta, Lahore, and Peshawar.
All individuals who have not filed taxes and merchants without registration, including shopkeepers, must apply for registration under Section 181 of the Income Tax Ordinance 2001.
Individuals can sign up for the Tajir Dost program by using their mobile phones to access the Tax Asaan App, visiting FBR’s web portal, or personally going to FBR’s tax assistance centers.
In the event of an unsuccessful registration, financial penalties will be enforced according to Section 182 of the Income Tax Ordinance 2001.
The five primary sectors encompassed wholesalers, dealers, retail outlets, jewelry shops, and cosmetic stores, alongside grocery, medical, and hardware establishments, as well as meat, vegetable, and fruit vendors in six chosen urban areas.
The Federal Board of Revenue (FBR) is initiating the registration process for the Tajir Dost Scheme in four initial cities: Karachi, Lahore, Peshawar, Islamabad, and Rawalpindi. This first phase will commence registration, and the tax collection will become effective starting from July 1st.
An announcement has been made about the compulsory registration for retailers. Within this program, merchants who settle their taxes prior to the 15th of each month will receive a 25% discount.
Traders will be subject to tax based on the annual rental value of their shops. Every shopkeeper is required to pay a minimum income tax of Rs. 1,200 on an annual basis.
