Lahore: The Federal Board of Revenue (FBR) has reported the statistics of retailers who filed income tax returns and paid sales tax in the fiscal year (FY) 2021-22, according to news published on April 11.
According to the details, FBR Member Inland Revenue (Policy) Afaq Ahmed Qureshi unveiled the figures to the sub-committee of the National Assembly Standing Committee on Finance at the FBR Headquarters. He said that 2.3 million retailers deposited sales tax of PKR 6 billion in FY-22 under the fixed sales tax regime but only 0.133 million filed income tax returns.
The FBR member inland revenue also informed that the estimated income tax returns from these retailers should be around 700,000, which will generate an estimated revenue of PKR 42 billion. It was also stated that the new income tax return for retailers will be rolled out during the current fiscal year.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
