A new Fixed Income and Sales Tax system has been proposed for the small retailers.
In the budget 2022–23 presentation, Finance Minister Miftah Ismail said that the Fixed Income and Sales Tax will be collected along with electricity bills. He said a straightforward and easy-to-use system for registration and reporting will be introduced, making compliance convenient for the retailers.
This tax will be between Rs. 3,000 and Rs. 10,000, said the finance minister.
Miftah said this will be a final settlement, promising that after paying this tax, the Federal Board of Revenue (FBR) will not ask you any questions regarding the matter.
The finance minister had previously hinted about introducing an uncomplicated tax system that encourages compliance.
Hmmm… an apparently interesting idea. This should be up for comments and viewed by the government carefully to understand the pros and cons before implementation.