For small merchants, a new fixed income and sales tax scheme has been proposed.
Finance Minister Miftah Ismail stated in his presentation of the budget for 2022–23 that the Fixed Income and Sales Tax will be collected concurrently with electricity bills. He stated that a simple and easy-to-use registration and reporting system will be implemented, making compliance convenient for retailers.
According to the finance minister, this tax will range between Rs. 3,000 and Rs. 10,000.
Miftah stated that this will be a definitive settlement, pledging that the Federal Board of Revenue (FBR) will not interrogate you about the problem after you have paid the tax.
Previously, the finance minister hinted at creating a simple tax structure that fosters compliance.