The Federal Board of Revenue (FBR) has faced a setback in its efforts to collect revenue from traders registered under the Tajir Dost Scheme. Despite registering 85,000 traders, FBR has not received a single rupee in revenue against the projected target of Rs. 50 billion for the fiscal year 2024-25.
FBR is anticipating the first installment of tax payments from these registered traders by August 15th. However, representatives of the traders have indicated that the current focus is on maximizing registrations across the country.
To address the issue of tax payment, FBR has initiated a process of issuing notices to traders. However, there is a need for a nationwide awareness campaign to educate traders about their tax obligations and clarify any misconceptions.
FBR has assured the business community that a simplified income tax return form in Urdu will be made available during the current week. This move aims to facilitate compliance and make it easier for traders to file their returns.