{"id":98056,"date":"2024-07-23T12:26:45","date_gmt":"2024-07-23T07:26:45","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=98056"},"modified":"2024-07-23T12:26:47","modified_gmt":"2024-07-23T07:26:47","slug":"fbr-monthly-tax-system-for-retailers-in-42-cities","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-monthly-tax-system-for-retailers-in-42-cities.html","title":{"rendered":"FBR to collect monthly tax from shopkeepers in 42 cities"},"content":{"rendered":"\n<p>Islamabad: The Federal Finance Minister has approved the significant expansion of the Tajir Dost scheme, extending it from 6 to 42 cities across Pakistan, as reported on July 23.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/pm-emphasises-swift-action-on-fbr-digitisation-and-tax-reforms.html\" target=\"_blank\" rel=\"noreferrer noopener\">PM emphasises swift action on FBR digitisation, tax reforms<\/a><\/p>\n\n\n\n<p>As per details, under the new Tajir Dost Special Rules 2024, the Federal Board of Revenue (FBR) has introduced a fixed tax system for retailers, with rates ranging from Rs100 to Rs10,000 per month. The tax amount depends on the fair market value of the retail space.<\/p>\n\n\n\n<p>The new rules, detailed in a recent FBR notification, establish a commercial fair value for each city. The scheme\u2019s expansion aims to streamline tax procedures and provide clarity for shopkeepers across the country. The notification specifies that &#8220;indicative income&#8221; will be determined based on factors such as rental value, location, and market value of the property. The term &#8220;shopkeeper&#8221; encompasses various roles including wholesalers, dealers, retailers, and manufacturers who engage in retail activities.<\/p>\n\n\n\n<p>The updated Statutory Regulatory Order (SRO) now includes additional cities such as Abbottabad, Faisalabad, Karachi, Lahore, Multan, Peshawar, Quetta, and many more. This expansion is part of the government\u2019s effort to enhance tax compliance and support the retail sector.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-integrates-big-retailers-into-pos-system.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR integrates 9,000 big retailers into POS system<\/a><\/p>\n\n\n\n<p>Key changes in the SRO include:<\/p>\n\n\n\n<p>1- <strong>Advance Tax Rates<\/strong>: Fixed advance tax rates are provided based on shop size and location. Retailers with shops of 50 square feet or less in commercial areas will face a fixed annual tax of Rs1,200.<br>2- <strong>Tax Adjustments<\/strong>: Retailers who pay their advance tax in lump sum or file their income tax returns may receive a 25% reduction in their advance tax liability.<br>3- <strong>Enforcement and Penalties<\/strong>: The income tax authority will enforce compliance, with penalties for failing to pay monthly advance tax.<\/p>\n\n\n\n<p>The FBR&#8217;s move aims to simplify the tax process and ensure a fair system for retailers across the newly included cities. The official launch date for the expanded scheme will be announced in due course.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Finance Minister has approved the significant expansion of the Tajir Dost scheme, extending it from 6 to 42 cities across Pakistan, as reported on July 23. Read: PM emphasises swift action on FBR digitisation, tax reforms As per details, under the new Tajir Dost Special Rules 2024, the Federal Board of Revenue (FBR) has introduced a fixed tax system for retailers, with rates ranging from Rs100 to Rs10,000 per month. The tax amount depends on the fair market value of the retail space. The new rules, detailed in a recent FBR notification, establish a commercial fair value for each city. The scheme\u2019s expansion aims to streamline tax procedures and provide clarity for shopkeepers across the country. The notification specifies that &#8220;indicative income&#8221; will be determined based on factors such as rental value, location, and market value of the property. The term &#8220;shopkeeper&#8221; encompasses various roles including wholesalers, dealers, retailers, and manufacturers who engage in retail activities. The updated Statutory Regulatory Order (SRO) now includes additional cities such as Abbottabad, Faisalabad, Karachi, Lahore, Multan, Peshawar, Quetta, and many more. This expansion is part of the government\u2019s effort to enhance tax compliance and support the retail sector. Read: FBR&hellip;<\/p>\n","protected":false},"author":89,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[3362,50904,1684,56222,58850,58193,58848,58849,54568,129],"persona":[],"class_list":{"0":"post-98056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr","9":"tag-fbr-news","10":"tag-islamabad-news","11":"tag-news-and-updates","12":"tag-sro","13":"tag-tajir-dost-scheme","14":"tag-tajir-dost-scheme-rules-2024","15":"tag-tax-on-retailers","16":"tag-zameen-news","17":"tag-zameen-com","18":"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 Monthly Tax System for Retailers in 42 Cities - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR introduces a new fixed monthly tax system for shopkeepers in 42 cities, with rates ranging from PKR 100 to PKR 10,000.\" \/>\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-monthly-tax-system-for-retailers-in-42-cities.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR Monthly Tax System for Retailers in 42 Cities - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR introduces a new fixed monthly tax system for shopkeepers in 42 cities, with rates ranging from PKR 100 to PKR 10,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-monthly-tax-system-for-retailers-in-42-cities.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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