FBR easy tax net scheme brings in only 1,750 traders

Sources say only 220 new retailers entered the tax net, while FBR identified 3.6 million potential non-filers and may impose escalating monthly fines.

Only 1,750 shopkeepers used the federal government’s easy registration scheme aimed at bringing traders into the tax net.

Sources say just 220 new retailers joined, against a Rs50 billion collection target from the retailers’ tax scheme.

FBR has identified about 3.6 million potential non-filers in the retail sector and plans market geotagging.

Non-filers may face Rs10,000, Rs25,000, then Rs50,000 monthly fines, and shops may be sealed.

By October, FBR had received 7.6 million income tax returns after the filing deadline was extended twice.

Read the full story