Lahore: The Federal Board of Revenue (FBR) has instructed its field formations to mobilise the market committees to start the process of registration in order to ensure filing of returns by small traders — a news source reported.
The registration of small traders is a stipulation of the agreement between the traders and the FBR dated October 30, 2019. The agreement required that the market committees created for the purpose would cooperate with the FBR on the registration of small retailers and traders, and assist the latter with filing returns. The committees will also assist in determining turnovers of taxpayers.
In effect, the FBR has issued instructions to mobilise these
market committees and issue reports every two weeks on their progress. These
reports will include new registrations, returns filed for Tax Year 2019 and
income tax deposited with the returns.
