Islamabad: The Federal Board of Revenue (FBR) has introduced a simplified tax return form for the traders’ community for the tax year 2024. The news came to light through an article on August 28.
As revealed in the details, FBR expressed openness to revising the current tax scheme for traders following their call to retract the “scheme”. The development potentially includes exemptions for small traders and simplifying the income tax return process.
This new electronic return form is specifically designed for traders who were non-filers in the tax year 2023, enabling them to become filers by submitting the form.
The Tajir Dost Scheme Chief Coordinator Naeem Mir stated that once traders file this simple return form, their tax rates under sections 236G and 236H would be reduced to 0.1% and 0.5%, respectively. Both this tax and the monthly advance tax would be adjustable. Additionally, traders must provide their bank account numbers on the return form to facilitate the automatic payment of any refunds. The form will also automatically calculate the traders’ tax liability based on their declared income.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
