FBR introduces Trader Friendly Scheme for tax compliance

The Federal Board of Revenue (FBR) has announced a new initiative called the Trader Friendly Scheme, aimed at bringing all unregistered wholesalers, retailers, dealers, and shopkeepers into the tax net by 30 April 2024. This scheme is mandatory for those who are currently unregistered, while already registered shopkeepers are exempt from re-registering.

Under the Trader Friendly Scheme, all retailers, including Tier-1 retailers, are eligible to participate. One of the key benefits of the scheme is that income tax paid through monthly electricity bills can be adjusted at the time of payment, providing a convenient way for shopkeepers to fulfill their tax obligations.

It is important for all unregistered businesses in the retail sector to comply with this requirement by the specified deadline to avoid any penalties or legal consequences. By registering under the Trader Friendly Scheme, shopkeepers can not only ensure compliance with tax laws but also contribute to the country's revenue generation efforts.