ISLAMABAD: The Federal Board of Revenue (FBR) in Pakistan has announced tax relief measures for small shopkeepers, including a ban on raid inspections at shops displaying a ‘Green Plate’.
According to the FBR, Inland Revenue officers will not be allowed to enter those shops displayed the Green Plate.
The authority has also issued a draft outlining a simplified rule for small retailers; shopkeepers will be able to file their tax returns through the IRIS online portal or a mobile application using a simplified return form.
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The FBR said the forms will also be available in Urdu and other regional languages.
Under the special scheme, a 1 percent tax will be imposed on the total business volume. The Green Plate will feature a QR code, the taxpayer’s National Tax Number (NTN), the retailer’s name, and the shop’s address.
According to FBR, the scheme will be available to retailers with an annual turnover of up to Rs. 200 million. However, owners of multiple shops, Tier-1 retailers, jewelers, and professionals such as doctors, engineers, and lawyers will not be eligible.
Participation in the special scheme is voluntary, and retailers may continue to file tax returns under the existing tax system if they choose.
The FBR said retailers who want to join the scheme must pay a minimum tax of Rs.25,000.
