{"id":58480,"date":"2019-12-09T13:03:31","date_gmt":"2019-12-09T08:03:31","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=58480"},"modified":"2020-06-15T14:37:51","modified_gmt":"2020-06-15T09:37:51","slug":"fbr-prepares-fixed-tax-law-draft-shopkeepers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-prepares-fixed-tax-law-draft-shopkeepers.html","title":{"rendered":"FBR prepares &#8216;Fixed Tax&#8217; law draft for shopkeepers"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has prepared a draft of its &#8216;Fixed Tax&#8217; law framework \u2014 under which the executive plans to introduce a uniform taxation system for the country\u2019s traders. According to the details announced by the taxation agency, shopkeepers would be required to make bi-annual tax payments following the laws implementation.<\/p>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-committee-finalise-fixed-tax-scheme-traders.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR committee to finalise fixed tax scheme for traders<\/a><\/p>\n<p>FBR is expected to issue tax rates to this effect next week. The new law does not require the audit of small shopkeepers. Further, these individuals would not be required to pay withholding tax. Other proposed measures include:<\/p>\n<ul>\n<li>Shopkeepers will not have to file wealth statement with the tax authorities<\/li>\n<li>Tax will apply to small shopkeepers under different categories<\/li>\n<li>The law proposes an annual PKR 35,000 fixed tax for shops comprising a covered area of 150 square feet (sq ft)<\/li>\n<li>Shops of more than 150 sq ft up to 300 sq ft will pay PKR 40,000 in a year<\/li>\n<\/ul>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-launch-fixed-tax-scheme-real-estate-sector-next-week.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to launch fixed-tax scheme for real estate sector<\/a><\/p>\n<p>In August 2019, the federal institution had notified three draft schemes for the traders across the country. These included a simplified tax regime, issuance of business licences in order to <a href=\"https:\/\/www.zameen.com\/news\/fbr-proposes-schemes-bring-retailers-into-tax-net.html\" target=\"_blank\" rel=\"noopener noreferrer\">add undocumented sectors<\/a> to the tax net and a fixed tag regime for small shopkeepers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has prepared a draft of its &#8216;Fixed Tax&#8217; law framework \u2014 under which the executive plans to introduce a uniform taxation system for the country\u2019s traders. According to the details announced by the taxation agency, shopkeepers would be required to make bi-annual tax payments following the laws implementation. Read:\u00a0FBR committee to finalise fixed tax scheme for traders FBR is expected to issue tax rates to this effect next week. The new law does not require the audit of small shopkeepers. Further, these individuals would not be required to pay withholding tax. Other proposed measures include: Shopkeepers will not have to file wealth statement with the tax authorities Tax will apply to small shopkeepers under different categories The law proposes an annual PKR 35,000 fixed tax for shops comprising a covered area of 150 square feet (sq ft) Shops of more than 150 sq ft up to 300 sq ft will pay PKR 40,000 in a year Read:\u00a0FBR to launch fixed-tax scheme for real estate sector In August 2019, the federal institution had notified three draft schemes for the traders across the country. These included a simplified tax regime, issuance of business licences in&hellip;<\/p>\n","protected":false},"author":68,"featured_media":22258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[14341],"persona":[],"class_list":["post-58480","post","type-post","status-publish","format-standard","has-post-thumbnail","category-legal-taxation","tag-details-on-fbr-prepares-fixed-tax-law-draft-for-shopkeepers","cat-15015-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR prepares &#039;Fixed Tax&#039; law draft for shopkeepers - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has prepared a draft of its &#039;Fixed Tax&#039; law framework \u2014 under which the executive plans to introduce a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-prepares-fixed-tax-law-draft-shopkeepers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR prepares &#039;Fixed Tax&#039; 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