Karachi: The Federal Board of Revenue (FBR) on Tuesday introduced a simplified version of its tax form for retailers to provide the receipts of their sales turnover recorded to be less than PKR 10 million, a news source reported. Releasing the draft form of the return via an SRO, the board sought the input of all stakeholders within seven days.
The new simplified FBR tax form consists of two pages. As per details, the pages include a wealth statement form with minimal requirement to be provided by the retailers in subject. Sources added that the simplified FBR draft return form for tax year 2020 required retailers to provide details such as business turnover, gross profit, cost of sales, profit & loss expenses, total income, and amount of tax.
The sources revealed that the wealth statement required details on immovable assets, moveable assets, shop, business capital, bank deposits, investment, loan/liabilities, and net assets. They added that the introduction of the new form followed the agreement between the government and retailer in January.
As part of the discussions, both sides had agreed on an 11-point agenda to make shopkeepers part of the tax net. FBR officials stated that the government had implemented most of points agreed upon with the retailers.
