The Federal Board of Revenue (FBR) has informed the IMF that 1,016 retailers have filed returns under the Aasan Tax Scheme so far, of whom only 91 were new filers. During review talks for the fourth review under the $7 billion Extended Fund Facility (EFF), the IMF mission asked about progress on the Retailers Fixed Scheme, under which the FBR aims to generate Rs50 billion in the current fiscal year.
"As many as 1,016 have filed their returns under the Retailers Fixed Scheme so far, and only 91 are fresh filers. Total tax deposited under this scheme stands at Rs86 million," top official sources confirmed to The FBR has extended the deadline for filing income tax returns from September 30 to October 15. Retailers can also avail themselves of the extended deadline, but their response has been poor, showing their unwillingness to come into the tax net.
The government had incorporated in the tax laws that after the expiry of deadline, there would be a penalty of Rs10,000 in the first month, Rs25,000 in the second month and Rs50,000 in the third month for those who fail to avail themselves of the scheme. In the last three decades, this is not the first scheme for retailers that is heading towards failure.