Islamabad, Sep 10: The Federal Board of Revenue (FBR) is currently debating a new proposal from merchants to levy advance taxes based on the type of market businesses.
The dealers desired annual tax payments. Traders must, however, pay advance taxes on a quarterly basis; the first installment for the July–September (2024–25) period is due in October 2024.
Tax collection according to categories would be simpler than the labor-intensive door-to-door market survey. They continued, “As a result, one of the proposals is to collect tax based on businesses in the market.”
Naeem Mir, the chief coordinator of the Tajir Dost Scheme, stated that the only thing left to do is finalize the system for collecting taxes from dealers.
The FBR and traders’ representatives to discuss concerns, including tax payments. He went on to say that the FBR will consider any legitimate requests from traders, including any changes to the applicable Tajir Dost Scheme announcement.
