FBR ready to revise tax scheme for traders amidst ongoing negotiations
ISLAMABAD, Aug 28: The Federal Board of Revenue (FBR) is poised to introduce significant changes to its tax scheme in response to demands from the trading community. The proposed reforms include simplifying the income tax return form into Urdu and exempting small traders from sales tax on annual turnovers up to Rs 10 crore.
FBR sources indicate that if traders agree, the amendment could be implemented immediately. The changes aim to alleviate the tax burden on smaller businesses, with the FBR considering a revised income tax table for traders.
Despite these concessions, Chairman FBR Rashid Mahmood Langriyal has affirmed that the trader-friendly scheme will proceed without reversal. He emphasized that the scheme will be enacted with trader cooperation and reiterated that all legitimate trader demands will be addressed without imposing undue burdens on small businesses.
The proposed reforms come after a missed meeting with a traders' representative, underscoring ongoing negotiations between the FBR and the business community.
