Islamabad: Federal Board of Revenue (FBR) has issued draft of tax schemesfor traders and shopkeepers.
The small shopkeepers have been offered to pay only 2% of turnover as taxrate tax. The FBR in its draft has defined small shopkeeper as anindividual who carries out business at a premises having covered area ofless than 300 square feet.
The small shopkeeper will pay only 2% of turnover or fixed from Rs20, 000to Rs40, 000 as income taxes, whichever is higher.
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FBR has also released a simple and easy return form for shoppers. Alltraders will have to submit their tax returns by September 30, 2019.
