Advance tax: FBR asks traders to give alternative solution to valuation table

ISLAMABAD: The Federal Board of Revenue (FBR), Tuesday, asked traders to give alternative solution to the valuation table for fixation of monthly advance tax to be collected from business outlets and retail shops across the country.

A joint committee of the trader’s community and the FBR held a meeting on the valuation table of fixed tax here at the FBR House on Tuesday.

The members of the joint committee included FBR chairman, Member Inland Revenue Policy and Member Inland Revenue (Operations).

Fixation of monthly advance tax from retailers: FBR agrees to review valuation table

On the trader’s side, the committee members included All Pakistan Anjuman-e-Tajran President Ajmal Baloch and other trader leaders including Kashif Chaudhry and Sharjeel Mir.

Traders demanded withdrawal of the valuation tables of the FBR.

On the other hand, the tax authorities suggested that the traders’ representatives should submit some alternate suggestion to collect tax from each shop/retail outlets.

On Tuesday, both the sides reviewed the valuation tables of different cities and noted amendments proposed by the committee.

During meeting with visiting delegation of traders at Central Secretariat on Tuesday, the Chief Coordinator of Tajir Dost Scheme, Naeem Mir, has stated that the Tajir Dost Scheme is a national project that would be implemented in letter and spirit. “There is no option other than implementing Tajir Dost Scheme as the country cannot be run without collecting taxes.”

“The traders of all the provinces put forward different reasons for not giving taxes and prior to initiating Tajir Dost Scheme no viable tax collection mechanism has been made,” stated Mir, while pinpointing tens of thousands of traders who are evading taxes.

While highlighting consensus among the stakeholders, the chief coordinator expressed his optimism pertaining to implementation of Tajir Dost Scheme soon. He added that “Asaan” tax return form introduced by FBR offers easy registration mechanism and he invited the non-filer traders for getting themselves registered through this scheme.

“The prime minister has especially directed for prioritising the justified demands of traders and fully facilitating them as they are an essential part of our economy,” Mir concluded.

Copyright Business Recorder, 2024