ISLAMABAD: The Federal Board of Revenue (FBR) will introduce a market-level review mechanism having representation from both tax officers and traders to avoid implementation of high and unfair tax rates for traders.

FBR officials told Business Recorder that the FBR will amend the relevant SRO in this regard.

The FBR is ready to resolve the legitimate issues voiced during the meeting held at the FBR House on Tuesday.

Finally, FBR reaches out to traders

“We have no choice but to bring the retail sector into the tax net,” officials added.

A notification i.e. SRO 457 of 2024 was issued on March 31 to notify the special procedures of the Tajir Dost Scheme.

Later another SRO1064 of 2024 was issued on July 22 which notified area-wise monthly advance tax specified for traders/shop keepers.

Under the scheme, tax rates will be collected from shopkeepers in 42 cities across the country at a fixed rate of Rs100 to Rs60,000 per month based on the fair market value of the shops.

Copyright Business Recorder, 2024