To date, only 277 vendors have paid a total of Rs503,632 in taxes under the Tajir Dost Scheme. Recent Federal Board of Revenue (FBR) data shows that the scheme now has 63,964 registered retailers.
The FBR has issued SRO 132(I) 2024, which includes draft amendments to the Income Tax Rules, 2002, introducing an electronic return form for the 2024 tax year.
Under these changes, the advance tax on purchases (Section 236G) will decrease from 2% to 0.1% for filers.
This tax applies to transactions between distributors/dealers/wholesalers and manufacturers/commercial importers.
Additionally, the advance tax on sales to retailers by manufacturers/commercial importers/distributors (Section 236H) will be reduced from 2.5% to 0.5% for filers.
The FBR has invited stakeholders to provide feedback on the draft return form within seven days of its publication in the official Gazette.
Comments or objections received within this period will be considered by the FBR.
The new electronic return form for the 2024 tax year will require details on business turnover, total trading purchases, other expenses, net profit/taxable income, and various sources of income, including tax payments.