ISLAMABAD (Daily Paklish) Following the apparent failure of the Tajir Dost Scheme announced a year ago to expand the tax net, the government on Friday unveiled another scheme, dubbed the ‘Fixed Tax Asaan Scheme’, for small traders and shopkeepers with an annual turnover of up to Rs200 million.
The announcement was made by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kiani and Member Federal Board of Revenue (FBR) Hamid Attique Sarwar through a recorded message, saying the fixed tax regime was finalised on the demand and in consultation with trader bodies and representatives for tax compliance.
Kiani, who led a government team in detailed negotiations with the trader community, said the new fixed and easy scheme would apply to those with annual turnover (total sales) of Rs200m at the rate of 1 per cent tax and would be payable through a simple form to be available in all local languages.