ISLAMABAD: To prevent a nationwide strike, the Federal Board of Revenue (FBR) on Thursday announced a two months delay for the enforcement in the Computerised National Identity Card (CNIC) condition on the purchase of over Rs50, 000 for traders.
A meeting held between the various associations of traders and FBR Chairman Shabbar Zaidi helped reach an understanding to waive off the condition and postponed the strike call till September 30.
A press release informed that further discussions will be held to cater to the associations and bodies of traders for the finalisation of a scheme for small shopkeepers. The drafts made will be taken into consideration by the FBR.
The negotiations between FBR and traders would start again after the Eid holidays.
Last week, FBR unveiled the draft of a simplified income tax regime for small shopkeepers. But the retailers had their reservations against the draft too, as they did not want to be a part of the formal regime without guarantees.
By simplifying the tax regime for shopkeepers, they were proposed to be exempted from audit. The shopkeepers will not be bound to file income tax returns to a particular tax office. They will not act as withholding agents for FBR and their income tax returns and wealth statements will be simplified.
The FBR proposed that the small shopkeeper will pay only 2% of turnover as the tax rate or fixed from Rs20,000 to Rs40,000 income tax. The size and location of the shop will help decide the fixed tax rate they will have to pay.
These shopkeepers will have to pay their taxes in two instalments – before September and December of every year. Any shopkeeper who does not pay due to tax or does not file the income tax return will become ineligible for the scheme.
For news and blogs visit Graana.com
Dubai’s luxury property market has reached unprecedented heights—both literally and figuratively—as the world’s highest residential…
RAWALPINDI – The Punjab government has directed authorities to ensure the completion of the Rawalpindi…
LAHORE—The long-awaited revamp of Walton Road is nearing completion, with nearly 80% of the construction…
Washington, D.C. – As Silicon Valley’s most powerful figures look to make their mark on…
ISLAMABAD – Pakistan has the potential to significantly boost its economic growth to 8% annually,…
Islamabad – The Capital Development Authority (CDA) is preparing for an open auction of commercial…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
