Islamabad: The Federal Board of Revenue (FBR) has recently introduced the Trader Friendly Special Procedure 2024, as requested by the IMF, according to a news article on March 31.
As disclosed in the details, starting from April 1, traders and shopkeepers can register under this scheme, which offers simplified procedures. The first monthly advance income tax collection will be due on July 15, 2024, followed by monthly payments due on the 15th of each subsequent month.
This scheme covers various types of businesses, including manufacturers, retailers, importers, wholesalers, and small traders. Registration will take place in major cities like Karachi, Lahore, Peshawar, Rawalpindi, Quetta, and Islamabad, with a minimum advance tax requirement of PKR 1200 for traders and shopkeepers.
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