- FBR introduces a simple tax return form for traders.
- Non-filers can easily become filers and benefit from reduced tax rates.
- Refunds will processed automatically through the declared bank accounts.
- Naeem Mir urges traders to engage in dialogue instead of protests.
The Federal Board of Revenue (FBR) has introduced a simplified tax return form aimed at easing the tax filing process for traders, according to Naeem Mir, Chief Coordinator of the Trader Friendly Scheme. This initiative designed to encourage non-filers to become active taxpayers, thereby reducing their tax burden and simplifying the overall tax process.
Easy Tax Process for Non-Filers
Naeem Mir emphasized that by utilizing this simple tax return form, non-filers can easily transition to becoming filers. Upon becoming filers, traders will benefit from significantly lower tax rates, with rates reduced to 0.1% and 0.5%, which are fully adjustable. Additionally, the advance tax collected under the Trader Friendly Scheme will also be adjustable, providing further relief to traders.
Automatic Refund System
The newly introduced form streamlines the refund process. Traders required to enter their bank account numbers in the form, and the system will automatically refund any applicable amounts directly to the specified account. The tax will calculated based on the income declared in the simple tax return, ensuring transparency and accuracy.
Encouraging Dialogue Over Protests
Addressing the current climate of unrest among traders, Naeem Mir called on traders to abandon protests and instead engage in constructive dialogue with the authorities. He stated, “We are now moving towards fulfilling our promises. Traders should leave the path of protests and come to the negotiation table. This is our country, and we must work together to move it forward.”
This initiative by the FBR, supported by the Trader Friendly Scheme, aims to create a more accessible and equitable tax environment, encouraging voluntary compliance and strengthening the country’s economic foundation.
 has introduced a simplified tax return form aimed at easing the tax filing process for traders, according to Naeem Mir, Chief Coordinator of the Trader Friendly Scheme. This initiative designed to encourage non-filers to become active taxpayers, thereby reducing their tax burden and simplifying the overall tax process.){kind=link}