Islamabad: The Federal Board of Revenue (FBR) has issued a notification of a special tax regime for retailers.
According to the notification issued by the FBR, individual
shopkeepers with an annual turnover of up to Rs 200 million will be able to
benefit from the scheme. The special regime will be implemented only for the
tax year 2026, while one percent tax will have to be paid on the total turnover
under the scheme.
According to the notification, it has been made mandatory to
pay a minimum of Rs 25,000 in cash tax along with the return, while withholding
tax will be deducted from the tax payable and the excess amount will not be
refunded.
According to the FBR, eligible shopkeepers will be able to
register through the IRIS portal, mobile app or tax office, while shopkeepers
who opt for the scheme will not be audited in general. Departmental action will
be taken in case of unusual transactions or misuse, while eligible shopkeepers
will be exempted from the POS system and digital invoicing.
The FBR says that failure to file returns or opt for a
scheme by the due date will attract a fine of Rs 10,000 to Rs 50,000, while
registered eligible shopkeepers will be issued a “green plate” with a QR code
by the FBR.
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