ISLAMABAD: The Federal Board of Revenue (FBR) has announced a relief package for small retailers, barring Inland Revenue officers from conducting inspections at shops displaying a designated Green Plate under a newly proposed simplified tax scheme.
According to the FBR, Inland Revenue officials will not be allowed to enter shops carrying the Green Plate. The tax authority has also issued a draft framework outlining a special procedure for eligible small retailers.
Under the proposed scheme, retailers will be able to file simplified tax returns through the IRIS portal or the FBR’s mobile application. The tax return form will also be available in Urdu and other regional languages to facilitate compliance.
The scheme proposes a 1pc tax on total annual turnover. Each Green Plate will display a QR code, the retailer’s National Tax Number (NTN), the shop owner’s name, and the business address.
Retailers with an annual turnover of up to Rs200 million will be eligible to join the scheme. However, owners of multiple shops, Tier-1 retailers, jewellers, and professionals including doctors, engineers, lawyers and other service providers will not qualify.
The FBR said participation in the scheme will be voluntary, and eligible retailers may continue filing returns under the conventional tax regime if they choose.
To avail the scheme, retailers will be required to pay a minimum annual tax of Rs25,000, the tax authority added.
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