LAHORE – The Federal Board of Revenue (FBR) on Thursday decided to impose taxes on the retailers in the country’s five major cities.
The sources privy to the development revealed that the FBR made the decision to levy taxes on retailers in Islamabad, Karachi, Lahore, Peshawar, and Quetta.
The imposition of taxes on retailers in these four cities is expected to generate revenue of Rs. 100 billion. The FBR also prepared a scheme to impose taxes on 350,000 retailers nationwide. In the first phase, taxes will be levied on retailers in Islamabad and all four provincial capitals.
According to the sources, the imposition of taxes on retailers across the country is expected to generate revenue of over Rs. 300 billion. Taxes will be levied based on the size of the shop and annual income, collected monthly.
They said that the scheme is fully prepared, and it will be launched upon receiving the green signal from the government.
An advance tax of more than 10% will be levied on the annual income of retailers. The scheme aimed to collect taxes from all businesses and individuals associated with various sectors.
