Late tax returns: Govt warns shopkeepers of fines

Business Recorder reported that the government has cautioned shopkeepers that those who miss filing deadlines under the Fixed Tax Asaan Scheme will face escalating penalties of Rs10,000, Rs25,000 and Rs50,000 across successive months. So far the scheme has drawn 10,000 shopkeepers, of whom 1,929 are first-time taxpayers.

The warning came at a review meeting chaired by Minister of State for Finance and Railways Bilal Azhar Kayani, where officials said 428 shopkeepers had filed returns so far. The minister told the Pakistan Revenue Automation Limited and the FBR to clear technical objections raised by traders and lawyers, and to hand out FBR plates to filers without delay.

Under the scheme, shopkeepers whose yearly turnover stays within Rs200 million may pay a fixed tax of one per cent of declared sales, with a minimum of Rs25,000 a year. Tax already withheld through utility bills can be set against the liability. Trader representatives welcomed the initiative as a good step, though they said awareness would take time, while an Urdu booklet explaining the procedure and penalties has been issued.