ISLAMABAD – The Federal Board of Revenue (FBR) has decided to introduce a new scheme to collect taxes from the retailers ahead of the elections.
The sources said the FBR developed the ‘Trader Friend’ mobile app for trader registration, allowing them to register outside the tax net through the app.
The app would also record the income of shopkeepers, which would be received by the FBR through the app.
The sources said that taxes would be imposed on shopkeepers based on their annual income, collected on a monthly basis.
The sources said that Islamabad, Karachi, Lahore, Peshawar, and Quetta are expected to generate around 100 billion rupees in taxes from retailers through this scheme.
In the next phase, registration of traders in other cities would commence, and with taxes imposed on retailers nationwide, over 300 billion rupees in revenue are anticipated.
The sources said that the taxes would be levied based on the size and annual income of the shops, collected on a monthly basis, encompassing businesses and individuals from all sectors under this scheme.
