The federal government has launched the Tajir Dost (Special) Procedure, 2024, requiring all traders to register themselves so they can be brought into the tax net.

After registration, the traders will be liable to pay a minimum advance tax from July 1.

The traders have been asked to register themselves through the Tax Asaan App, FBR’s portal or FBR’s Tax Facilitation Centers. The deadline for registration has been set at April 30.

For now, the procedure has only been applied to Karachi, Lahore, Islamabad, Rawalpindi, Quetta and Peshawar.

If a trader fails to register their business on their own, the Commissioner Inland Revenue will undertake the registration.

The procedure has been specified traders and shopkeepers operating from a fixed place of business.

Wholesaler, dealer, retailer, manufacturer-cum retailer and importer-cum-retailer are all included in the special procedure.

The advance tax payable shall be reduced by 25 percent of the whole or the balance if the person pays in lump sum the whole or the balance, as the case may be, of the remaining advance tax for the relevant Tax Year on or before any of the due dates for payment of such tax, as per the official notification.