ISLAMABAD: In response to demands from the International Monetary Fund (IMF), the government has initiated the registration of the Tajir Dost Scheme in six major cities across the country, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar in the first phase.
This move coincides with the announcement by the finance minister regarding Pakistan’s plan to launch a $300 million Yuan-denominated Panda bond, aiming to ensure timely payment of external debt with ample foreign exchange reserves available.
Under the Tajir Dost Scheme, retailers will commence registration from April 1, 2024, with tax collection scheduled to begin from July 1, 2024. The Federal Board of Revenue (FBR) aims to bring one million retailers into the tax net, extending its reach to include online marketplace platforms under this scheme, the local media reported.
The draft of the Tajir Dost Scheme, as outlined in the Statutory Regulatory Order (SRO) 420(1)/2024, specifies special procedures for small traders and shopkeepers under section 99B of the Income Tax Ordinance, 2001. It applies to traders and shopkeepers operating through fixed business premises within specified city limits, excluding certain entities such as national or international chain stores.
This initiative reflects the government’s commitment to enhancing tax compliance and revenue generation while ensuring ease of implementation for small traders and shopkeepers across the country.
