Traders urged to opt for new tax regime
“Regional Tax Office (RTO) Islamabad Chief Commissioner Yasmeen Fatima has urged retailers and small shopkeepers to register under the government's Simplified Income Tax Regime (Asaan Tajir Scheme) and…”
Speaking at an interactive session at the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, she described the scheme as a friendly and positive gesture towards the business community and called for replacing the traditional fear and distance between taxpayers and tax officials with cooperation, facilitation and mutual trust.
Explaining the scheme, Yasmeen Fatima said traders with annual turnover of up to Rs200 million could opt for the simplified regime while keeping the option of filing normal tax returns. Under the simplified system, eligible traders will pay a minimum annual tax of Rs25,000, while those fulfilling the prescribed requirements will remain exempt from audit.
She said the scheme offered small businesses greater certainty about their tax obligations and provided an opportunity for traders currently outside the tax net to enter the formal economy through a simpler and more manageable compliance mechanism. She further elaborated that registration process had been made easier, with the relevant form available in Urdu to facilitate small traders.
"Stay connected with Aman-e-Pakistan for ongoing live reporting and verified investigative updates."
Traders could register through the Tax Asaan App, while those requiring assistance could approach the tax authorities directly. The chief commissioner said the scheme also carried significant benefits for traders, including no audit and an amnesty provision, urging the business community to view the initiative positively and avail of the opportunity.
Continue Reading: More in Business
Swipe or click arrows to explore Business desk coverage
