LAHORE: The Federal Board of Revenue (FBR) has extended scope of Tajir Dost scheme to 42 cities from six cities.
The Board issued notification with regard to Tajir Dost (Special) Procedure, 2024 along with the list of cities to be part of it and included Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sarghoda, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
Tajir Dost Scheme: CC offers alternative plan to FBR
The notification also included names of roads in all these cities where retailers would have to pay monthly tax ranging between Rs100 to Rs20,000.
Tax would be determined on the basis of fair market value of their shops in accordance with the area specified in the attached schedule.
The advance tax under sub-paragraph (1), payable on indicative income, shall be computed at the rates provided in Division I of Part I of the First Schedule to the Ordinance for the relevant tax year and as specified in Schedule – II.
According to the notification, the indicative income means income as specified in column (4) of the Table in the Schedule-II and determined by the Board on the basis of factors including but not limited to rental value of the property, its location and fair market value.
Similarly, the world “shopkeeper” includes wholesaler, dealer, distributor, retailer, manufacturer-cum-retailer, importer-cum-retailer, or such person who combines the activity of retail and wholesale with any other business activity or other person in the supply chain of goods.
So far as jurisdiction of income tax authority is concerned, the income tax authority, having jurisdiction over the persons defined in clause (c) of sub-paragraph (1) of paragraph 8, under sections 209 or 210 of the Ordinance for carrying out the purposes of the provisions of the Ordinance, shall also have jurisdiction over the said persons, for carrying out the purposes of this special procedure including but not limited to exercising the powers and performing the functions for imposition and collection of default surcharge under section 205, sealing of a shop under section 182 or prosecution proceedings under section 191B of the Ordinance.
Copyright Business Recorder, 2024
Comments
Comments are closed.