The Federal Board of Revenue (FBR) has launched a new scheme called the Tajir Dost Scheme, 2024, aimed at simplifying the tax process for small traders and shopkeepers. This scheme applies to businesses operating from a fixed location within specific cities.
Under the scheme, business owners must register by April 30, 2024. Registration can be done online or in person. If a business owner doesn’t register themselves, the FBR will register them automatically.
The Tajir Dost Scheme implements a minimum annual advance tax of Rs. 1,200, to be paid in monthly installments starting July 15, 2024. There’s an incentive for early payment – a 25% discount is offered for those who pay the full or remaining balance of their advance tax in a lump sum. Additionally, filing an income tax return for 2023 can qualify businesses for a reduced advance tax amount.
This scheme offers a simplified way for small businesses to comply with tax regulations and potentially reduce their overall tax burden compared to traditional income tax filing. Businesses can find more information and registration details on the FBR website or by contacting their nearest FBR Tax Facilitation Center.
