Islamabad: Prime Minister (PM) Imran Khan is scheduled to hold a meeting with a traders’ delegation today (Monday) during which he is expected to announce a number of concessions and special measures, including a fixed tax regime, for the country’s business community, a news source reported.
As per details, a delegation of nearly 100 business representatives, including the chiefs of a number of business organisations, are set to meet the premier at the PM House today. Federal Board of Revenue (FBR) Chairman Shabbar Zaidi will to attend the meeting.
Further, the PM will inform the delegation about the steps taken by the government to assist the business community and the legislation done on the agreement reached in October last year. He is also expected to urge the community to implement the CNIC condition from February 1 onwards so that it may help document the country’s economy.
The PM will also announce a fixed tax scheme for merchants. According to the new regime traders with an annual turnover of PKR 100 million or less would pay 0.5% of the turnover instead of 1.5%. These traders would not become withholding agents.
In a separate development, the limit of electricity bill for
sales tax registration has also been increased from PKR 600,000 to PKR 1.2
million.
The government will also review the rate of turnover tax for
sectors with low profit ratio and solve the problems of the jewellers in
consultation with their associations.
