FBR prepares draft of mounted tax laws for shopkeepers

KARACHI: The tax authorities (FBR) have ready draft of the Mounted Tax regulation to be enforced on the merchants throughout the nation, ARY Information reported on Saturday.

A laws draft for restoration of tax from small shopkeepers has been ready, in keeping with sources.

Small shopkeepers must pay tax twice in an 12 months, as urged within the draft of laws.

The Federal Board of Income (FBR) will difficulty the tax price within the subsequent week, in keeping with sources.

The regulation proposes no requirement of audit for the small shopkeepers, whereas they will even not sure to get well the withholding tax, the draft of the regulation says.

The regulation additional means that the shopkeepers wouldn’t require to file the wealth assertion to the tax authorities.

The draft of the tax regulation suggests receiving taxes from small shopkeepers below totally different classes.

The proposed regulation recommends imposition of annual Rs. 35,000 mounted tax on a store over lined space of 150 sq. ft and restoration of Rs. 40,000 mounted tax in a 12 months from the store overlaying the world above 150 sq. ft to 300 sq. ft.

The FBR in August had notified three draft schemes together with simplified tax regime for merchants, mounted tax regime for small shopkeepers and issuance of enterprise licences to deliver the undocumented sectors below the tax internet.

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