Government releases draft of easy tax scheme for small shopkeepers

The federal government has issued a draft of the “Special Procedure for Smart Shopkeepers” to simplify the tax system for small shopkeepers.

The FBR, while issuing an S.R.O in this regard, has sought objections and suggestions from the public, trade organizations and other concerned quarters within seven days.

According to the draft, this special procedure will be applicable only to individual shopkeepers whose annual turnover is up to Rs 200 million, however, those traders whose turnover in any one year in the last three years has been more than Rs 200 million will not be able to benefit from this scheme.

The scheme will be completely voluntary. Shopkeepers can pay tax under this special procedure if they wish or submit their income tax returns as usual. Traders included in the scheme will not be audited as usual.