EDITORIAL: A Business Recorder exclusive report has revealed that the traders have completely prevailed in their negotiations with the Federal Board of Revenue (FBR) with respect to the much touted Tajir Dost Scheme in not only suspending the proposed fixed tax per shop/retailer (proposed to be collected at a fixed rate of 100 rupees to 60,000 rupees per month based on the fair market value of the store and sales) but registration would now focus on the largely already registered big retailers/shopkeepers/traders on the basis of analysis of returns, data security and commercial electricity consumption. And, in the latter instance, registration would be done on the basis of credible information of concealment/evasion and not on physical or door-to-door surveys of shops/markets which, unlike other tax collecting authorities in the world, would effectively bar FBR from undertaking an audit at the place of business. A statutory regulatory order (SRO) 457 was issued on 30 March 2024, notifying special procedures for Tajir Dost Scheme, which envisaged the integration of traders, shopkeepers, wholesalers, retailers, dealers, manufacturer-cum-retailers, importer-cum-retailers, and anyone who combines retail and wholesale activities with any other business activity or person in the supply chain of goods by 30 April 2024 with a projected revenue of Rs 400 billion to 500 billion rupees.
As per the FBR, the scheme would facilitate free registration and extend a variety of tax-related ben.
