The federal government has proposed a fixed tax system for small retailers and shopkeepers under Section 99B of the Income Tax Ordinance.
The new system will apply to small shopkeepers with annual sales of less than Rs. 10 million. They will pay 0.5pc of annual sales as tax.
According to the budget speech, retailers will be allowed to adjust withholding tax against this liability. A minimum payment of Rs 25,000 will be required at the time of filing the statement.
The government said retailers covered under this scheme will not face an audit. They will also not be required to withhold tax on purchases or install point-of-sale machines.
A color-rating system will be introduced for shopkeepers. Each shop will receive a verified QR code to make the process easier and more transparent.
Only eligible businesses already available in the FBR inventory will be allowed to enter the scheme.
The government said a simple tax return and a simple monthly statement will be made available in all major local languages, apart from English and Urdu. The amount will be adjusted every year for inflation, while weightage will also be given for digital integration.
چھوٹے حکومت دوست دکاندار تو اب موجیں لگیں گیں
pehlay hi ek dukandar ki mushkil sai guzar basr ho rahi thi, ab tou bikul he finish khatam.