{"id":96219,"date":"2024-01-25T15:35:10","date_gmt":"2024-01-25T10:35:10","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=96219"},"modified":"2024-01-25T15:35:12","modified_gmt":"2024-01-25T10:35:12","slug":"fbr-new-tax-scheme-retailers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-new-tax-scheme-retailers.html","title":{"rendered":"FBR implements direct tax plan for retailers"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) is rolling out a straightforward tax scheme aimed at the retail sector, as part of its efforts to bring more businesses into the formal economy fold and curb the informal sector&#8217;s size, as stated in a news source on January 25.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/nadra-fbr-join-forces-expand-tax-base.html\" target=\"_blank\" rel=\"noreferrer noopener\">NADRA, FBR join forces to expand tax base<\/a><\/p>\n\n\n\n<p>As revealed in the details, the FBR aims to simplify tax procedures for traders, retailers, and specific individuals, making it easier to estimate their incomes. The projected outcome of this initiative suggests a potential boost in income tax revenue, ranging from PKR 400 billion to PKR 500 billion.<\/p>\n\n\n\n<p>The proposed scheme&#8217;s details were presented to the federal cabinet, awaiting endorsement. A senior tax official explained that this scheme intends to streamline the assessment of traders&#8217; and retailers&#8217; incomes.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-issues-new-deadline-tt-integration.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR sets deadline for cement Track &amp; Trace integration<\/a><\/p>\n\n\n\n<p>Despite contributing significantly to the gross domestic product (18%), the retail and wholesale sector&#8217;s tax contribution remains disproportionately low at just 4%. Recognising this gap, the government has been persistently working to integrate this sector more effectively into the tax system. However, previous efforts have not yielded the desired outcomes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) is rolling out a straightforward tax scheme aimed at the retail sector, as part of its efforts to bring more businesses into the formal economy fold and curb the informal sector&#8217;s size, as stated in a news source on January 25. Read: NADRA, FBR join forces to expand tax base As revealed in the details, the FBR aims to simplify tax procedures for traders, retailers, and specific individuals, making it easier to estimate their incomes. The projected outcome of this initiative suggests a potential boost in income tax revenue, ranging from PKR 400 billion to PKR 500 billion. The proposed scheme&#8217;s details were presented to the federal cabinet, awaiting endorsement. A senior tax official explained that this scheme intends to streamline the assessment of traders&#8217; and retailers&#8217; incomes. Read: FBR sets deadline for cement Track &amp; Trace integration Despite contributing significantly to the gross domestic product (18%), the retail and wholesale sector&#8217;s tax contribution remains disproportionately low at just 4%. Recognising this gap, the government has been persistently working to integrate this sector more effectively into the tax system. However, previous efforts have not yielded the desired outcomes.<\/p>\n","protected":false},"author":88,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54453,57912,19230],"persona":[],"class_list":{"0":"post-96219","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-news-and-updates","9":"tag-fbr-tax-schemes-for-retailers","10":"tag-federal-board-of-revenue-fbr","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR New Tax Scheme for Retailers - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR introduces a simplified tax scheme targeting the retail sector, with the goal of expanding formal economy participation\" \/>\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-new-tax-scheme-retailers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR New Tax Scheme for Retailers - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR introduces a simplified tax scheme targeting the retail sector, with the goal of expanding formal economy participation\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-new-tax-scheme-retailers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-25T10:35:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-25T10:35:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Muhammad Zohaib Nasir\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Zohaib Nasir\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBR New Tax Scheme for Retailers - Zameen News","description":"FBR introduces a simplified tax scheme targeting the retail sector, with the goal of expanding formal economy participation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbr-new-tax-scheme-retailers.html","og_locale":"en_US","og_type":"article","og_title":"FBR New Tax Scheme for Retailers - Zameen News","og_description":"FBR introduces a simplified tax scheme targeting the retail sector, with the goal of expanding formal economy participation","og_url":"https:\/\/www.zameen.com\/news\/fbr-new-tax-scheme-retailers.html","og_site_name":"Pakistan Real Estate News &amp; 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