ISLAMABAD – The deadlock between the Federal Board of Revenue (FBR) and retailers over a business-friendly scheme is still unresolved.
Both parties initiated negotiations on Monday to find a solution, but they failed to achieve any breakthrough.
The FBR decided to form a committee comprising representatives of the business community to review the fair market value rate of Rs60,000 per month for all 84 markets in the country. If any retailer claims that their income is below the stipulated threshold, their rate may be reduced accordingly.
During Monday’s negotiations, the retailers outrightly rejected the business-friendly scheme and expressed their determination to propose an alternative that could strengthen the tax collection process from retailers across the country.
A representative of the FBR said, “We asked the retailers to bring forward a proposal to collect taxes up to Rs100 billion, but they rejected it.
However, it is not feasible for them to continue avoiding the income tax net.”
