As many as 277 retailers have contributed a total of Rs503,632 in taxes under the Tajir Dost Scheme, shows the Federal Board of Revenue data.
The number of registered retailers has reached 63,964 under the initiative.
It comes amid traders protest against the scheme, demanding the lawmakers cut their expenses and pay taxes. Earlier this week, they staged a nationwide strike.
Traders were considering a nationwide strike for three days, followed by an indefinite countrywide wheel jam, if their demands were not addressed, Muhammad Kashif Chaudhry, the Central Organisation of Traders Pakistan, said on Thursday.
According to Business Recorder, the FBR has issued SRO 132(I) 2024, which includes draft amendments to the Income Tax Rules of 2002, allowing for the issuance of an electronic return form for the tax year 2024.
Once traders file their returns, the advance tax on purchases (under Section 236G) will decrease from two per cent for non-filers to just 0.1 per cent for filers. This tax applies to purchases made by distributors, dealers, and wholesalers from manufacturers and commercial importers.
Similarly, the advance tax on sales to retailers from manufacturers and commercial importers under Section 236H will drop from 2.5 per cent for non-filers to 0.5 per cent for filers.
The FBR has requested stakeholders to provide their comments on the draft return form for retailers within seven days of its publication in the official Gazette.
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Any objections or suggestions submitted within this timeframe will be taken into account by the FBR.
The electronic return form for the tax year 2024 and beyond is aimed at traders who were non-filers for the tax year 2023. It includes essential information such as business turnover, total trading purchases, overall expenses, net profit taxable income, non-business income, interest income, rental income, taxes paid during the year, and total adjustable tax.
