Islamabad: Keeping in mind the concerns of traders, the Federal Board of Revenue (FBR) has issued an important clarification that no tax deduction will be made on depositing Rs 2 lakh in the bank.
This assurance was given during the negotiations between FBR officials and a delegation of the All Pakistan Traders’ Organization in Islamabad. In the talks, the FBR clarified that digital invoicing will not be applicable to small traders and retailers, but will be implemented in a phased manner only on business-to-business (B2B) sales tax registered companies.
FBR officials said that Sales Tax Act 37A and 37B will not be applicable to small traders, nor will any industrialist be arrested under these provisions. The purpose of these laws is only to prevent fake invoices.
Moreover, it has been decided to include trader representatives in the Digitalization Committee, while a new procedure will be decided in a separate meeting regarding customs raids in markets.
The FBR has also indicated to consult traders to improve the tax system on mobile phones. In the meeting, trader leaders Kashif Chaudhry, Khawaja Salman Siddiqui, Sharjeel Mir and others presented their position effectively.
