The special teams of the Regional Tax Office Islamabad have started visiting markets in posh sectors to register shopkeepers and small retailers with the Federal Board of Revenue (FBR).
The FBR is planning to bring two million retailers into the tax net through a simplified single-page tax return. Teams are visiting different markets in the federal capital for allocation of the National Tax Numbers and filing of income tax returns by the small traders.
The FBR has notified a simplified income tax return form for small retailers and shopkeepers having an annual turnover of less than Rs10 million through an SRO 1955(1)/2022.
Under the SRO 1955(1)/2022, the new return form would be applicable for the tax year, 2022. According to the simple return form, the traders/retailers have to declare basic information such as business turnover/receipts; electricity bills, cost of sales; opening stocks; purchases; other expenses; closing stocks; gross profits; profit and loss expenses, and other information.
Under the notification, the FBR has also prescribed a return form for the individuals and the association of persons (AoPs) having turnover of up to Rs. 50 million.