| Lahore: The Federal Board of Revenue (FBR) has decided to implement a tax regime targeting retailers in the five major cities of Pakistan, according to a news article on January 4.
Read: FBR urged to fix flaws in its automated income tax-issuance system
Insiders familiar with the decision revealed that the cities included are: Islamabad, Karachi, Lahore, Peshawar, and Quetta. This move is anticipated to generate a substantial revenue of PKR 100 billion from the designated cities alone. Moreover, the FBR has outlined a comprehensive scheme to extend taxation to 350,000 retailers nationwide. The initial phase will see the imposition of taxes on retailers in Islamabad and all four provincial capitals.
Read: FBR to suspend bank accounts of non-filers, impose travel ban
Sources indicate that the broader implementation of this taxation initiative is projected to yield an impressive revenue of over PKR 300 billion. Taxes will be assessed based on factors such as the size of the shop and annual income, with collections taking place every month. |
|
