Canada Global(Web News) Federal Board of Revenue (FBR) has decided to impose tax on retailers in 5 major cities of the country.
According to sources, FBR has decided to impose tax on retailers of Islamabad, Karachi, Lahore, Peshawar and Quetta. The tax on retailers is expected to generate Rs 100 billion in revenue
Sources have said that the FBR has prepared a scheme for taxing 35 lakh retailers across the country, in the first phase, the tax will be imposed on retailers in Islamabad and four provincial capitals.
According to FBR sources, more than 300 billion rupees are expected to be collected from the tax on retailers across the country.
Sources say that this scheme is fully prepared and it will be launched after getting the green signal from the government.
An advance tax of up to 10% will be levied on the annual income of the retailers. Under the scheme, businesses and individuals of all sectors will be taxed.
