Govt to Slap Heavy Fines Against Shopkeepers Who Ignore FBR
The government is preparing to take enforcement measures against retailers who failed to register under its Easy Tax Scheme, with … Read More The post Govt to Slap Heavy Fines Against Shopkeepers Who Ignore FBR appeared first on ProPakistani .
The Pakistani government plans to impose severe fines on retailers who do not register under the Easy Tax Scheme, according to Bilal Azhar Kayani, Minister of State for Finance. The maximum penalty could reach Rs. 50,000 after the third month, starting from Rs. 10,000 in the first month, Rs. 25,000 in the second month. The registration deadline was October 31.
The government initially allowed traders to join either the normal tax regime or the simplified tax mechanism. Some retailers registered, but the government will now take enforcement measures against those who remain unregistered or fail to file income tax returns. The proposed penalties were agreed upon when the scheme was designed in consultation with traders' representatives.
The Easy Tax Scheme aims to expand the tax base and generate significant revenue. However, the response has been limited, with only 220 new traders entering the tax net and around 1,750 shopkeepers registered in total. The government plans to present a comprehensive enforcement plan shortly.
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