The federal government has introduced the Tajir Dost Scheme 2024, aimed at bringing traders into the tax net by mandating their registration.
According to Aaj News, traders are now required to register themselves and will be subject to paying a minimum advance tax starting from July 1.
To comply with the new procedure, traders must register through the Tax Asaan App, FBR’s portal, or FBR’s Tax Facilitation Centers, with a registration deadline set for April 30. Initially, the procedure applies only to major cities including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar.
In cases where traders fail to register their businesses independently, the Commissioner Inland Revenue will take charge of the registration process. The procedure is specifically aimed at traders and shopkeepers operating from a fixed place of business, encompassing wholesalers, dealers, retailers, manufacturer-cum-retailers, and importer-cum-retailers.
According to an official notification, the advance tax payable can be reduced by 25 percent if the person pays the whole or remaining balance in a lump sum before the due dates for such tax payments for the relevant Tax Year.
