The Federal Board of Revenue's (Federal Board of Revenue (FBR)) Aasaan Tax Scheme has received a lukewarm response from retailers, with only 332 returns filed so far and Rs26.5 million paid in taxes, despite around 5,000 retailers having registered for the simplified tax-filing facility. The weak uptake contrasts with the broader tax-filing trend, as the tax machinery has received 3.5 million income tax returns so far this year, compared with 2.5 million during the corresponding period of the previous financial year.
The Federal Board of Revenue (FBR) received around Rs10 billion along with the tax returns. In the last review meeting, Minister of State for Finance Bilal Azhar Kayani had informed journalists in Islamabad that so far 5,000 retailers had registered themselves with the Aasaan Tax Scheme and were in the process of filing simplified returns. However, official data shows that the Federal Board of Revenue (FBR) has so far received only 332 returns from the retailers across the country.
In the review meeting, the Federal Board of Revenue (FBR) had decided to impose and collect a penalty if the retailers failed to avail themselves of the scheme within the stipulated timeframe. Under the terms agreed with traders' representatives, the Federal Board of Revenue (FBR) can impose penalties on shopkeepers who exercise neither option. The fine will be Rs10,000 for the first month of non-compliance, Rs25,000 for the second and Rs50,000 for the third month.
