Unstoppable series of do-more by IMF continues, under new condition, international financial institution has given government of Pakistan a scheme to bring 2 million shopkeepers into tax net before next budget.
IMF’s dictation is likely to be implemented in next fiscal year’s budget and in this regard, International Monetary Fund has imposed a condition to collect full tax from vendors in new budget.
According to media reports, there may be difficulties for the shopkeepers to increase tax revenue in upcoming budget as there is a proposal to impose a tax on shopkeepers in upcoming financial year 2023-24 federal budget.
A special scheme is likely to be introduced to levy tax on vendors on IMF terms. Under the special scheme, tax will be levied on electricity bills for shopkeepers.
According to report, electricity distribution companies will collect tax from vendors on electricity bills. FBR is preparing a special scheme for taxing shopkeepers with annual income of 1 crore.
IMF has proposed to bring two million shopkeepers into tax net. Shopkeepers included in the special scheme will be included in active tax payer list. scheme will be launched for vendors and service providers with an annual income of 1 crore. There has been a wave of concern among the shopkeepers of this scheme.