New tax imposed on traders as FBR issues notification
Business
Registration of traders, shopkeepers will begin on April 1
- The FBR notifies Trader Friendly Special Procedure 2024
- Even small-time traders will be taxed
LAHORE (Dunya News) - The government on Saturday imposed a new tax on traders and it is applicable from Monday.
The Federal Board of Revenue (FBR) has issued a notification of the Trader Friendly Special Procedure 2024.
According to the notification, the Trader Friendly Special Procedure will be applicable to traders and shopkeepers. Registration of traders and shopkeepers under the scheme will begin on April 1.
The first collection of monthly advance income tax will start on July 15, 2024. Advance income tax will be collected on 15th of every month after July 15.
According to the notification, the scheme will be applicable to small traders, shopkeepers, wholesalers, retailers, manufacturers-cum-retailers and importer-cum-retailers.
