ISLAMABAD (Kashmir English): The Federal Board of Revenue (FBR) has provided relief to small businesses by banning raids on shops displaying green plates.
According to the FBR, Inland Revenue officers will not enter shops displaying the green plate. In this regard, FBR has released a draft of the special procedure for small shopkeepers.
Shopkeepers will be able to file easy tax returns through the Iris portal or mobile app.
It said the tax return form will also be available in Urdu and other regional languages, a 1% tax will be levied on the total business turnover under the special scheme, and the green plate will feature a QR code, NTN, shopkeeper’s name, and shop address.
FBR Scheme
Shopkeepers with an annual business turnover of up to Rs. 200 million can benefit from the scheme, while owners of more than one shops, Tier-1 retailers, and jewelers are not included in the scheme, while doctors, engineers, lawyers, and other professionals are also exempt from the special scheme.
Participation in the special scheme is optional, as shopkeepers can also file traditional tax returns.
The FBR said that a minimum of Rs. 25,000 in tax must be paid to benefit from the scheme.
