pakistan
Govt launches scheme to bring small shop owners into tax net
Key takeaways
- The voluntary ‘Asaan Scheme’ aimed at small shops with annual earnings of Rs20 million, seeks to broaden the tax net by imposing a 1 per cent fixed tax on net income of the business.
- The announcement was made during a press conference by the finance minister along with State Minister for Finance Bilal Azhar Kiani.
- Shop owners who opt in for the scheme will receive Federal Board of Revenue (FBR) plaques displaying a unique QR code on them to be placed outside their shops and a point of sale system inside their shops.
Why this matters: local context for readers following news across Pakistan and the region.
The voluntary ‘Asaan Scheme’ aimed at small shops with annual earnings of Rs20 million, seeks to broaden the tax net by imposing a 1 per cent fixed tax on net income of the business. Shop owners will have to sign up for the scheme via a form available in multiple local languages.
The announcement was made during a press conference by the finance minister along with State Minister for Finance Bilal Azhar Kiani.
Shop owners who opt in for the scheme will receive Federal Board of Revenue (FBR) plaques displaying a unique QR code on them to be placed outside their shops and a point of sale system inside their shops.
Article preview — originally published by Dawn News. Full story at the source.
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