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ISLAMABAD: The Federal Board of Revenue’s (FBR) registration of traders and shopkeepers under ‘Tajir Dost Special Procedure 2024’ is underway.
According to the details, earlier, FBR issued a notification of Trader-Friendly Special Procedure 2024 on Saturday, according to which the special scheme will be applicable to small traders, shopkeepers, wholesalers, retailers, manufacturers-cum-retailers, and importers-cum-retailers.
The registration of traders and shopkeepers under the Trader Friend Special Procedure 2024 has started on April 1.
Initially, the registration is being done in Karachi, Lahore, Peshawar, Rawalpindi, Quetta, and Islamabad. RK will be able to register on the web portal; registration can also be done through tax facility centers. The last date of registration is April 30, 2024.
According to the notification of FBR, the first collection of monthly advance income tax will be done on July 15, 2024. The advance income tax will be collected on the 15th of every month after July 15, and the and the minimum advance tax for traders and shopkeepers is 1200 rupees.
Read More: FBR imposes 20% customs duty on multivitamin imports
On the other hand, Commerce Minister Jam Kamal Khan, while addressing the pre-budget seminar organized by the Ministry of Commerce, said that the government’s job is to help the business class; like in Dubai, investors need to be given confidence.
The first priority of the government is the need to increase trade competition and promote economic development.
He said that our aim is to simplify and streamline the tariff structure, reduce costs for industries, promote exports, attract foreign investment, prevent smuggling and tax evasion, and work strategically to promote business. As the government continues to provide facilities to the business community, there are many flaws in our system that have to be removed. It has become a cottage industry.
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