Islamabad, Pakistan: The Federal Board of Revenue (FBR) is exploring a new proposal to collect advance tax from traders based on their business category.
Currently, traders are required to pay advance tax on a quarterly basis. However, the new proposal suggests shifting to an annual tax payment system.
The FBR is considering categorizing businesses to determine the appropriate advance tax amount for each category. This approach would streamline the tax collection process, eliminating the need for time-consuming door-to-door surveys.
The FBR is also considering reducing the upper slabs of fixed tax from Rs 60,000 to a more reasonable level. Business Recorder
The FBR and traders’ representatives are actively engaged in discussions to finalize the details of the new tax collection mechanism. The goal is to find a solution that is acceptable to both parties and ensures fair and efficient tax collection.
