The federal government has expanded the businessman-friendly scheme to 42 cities in a move to fulfill conditions set by the International Monetary Fund (IMF).
The scheme has now expanded from six major cities to 42 cities across the country.
The Federal Board of Revenue (FBR) has issued a notification detailing the new Tajir Dost Special Services Rules 2024, aimed at enhancing trader registration and compliance.
The scheme, which was initially limited to six major cities, now includes Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, Faisalabad, Ghotki, Gujarat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
Registered traders under the scheme will now be required to pay a monthly advance tax ranging from Rs100 to Rs1,000. The exact tax amount will be determined based on the fair market value of their shops, which the FBR will assess.
The FBR will independently determine the fair market value of the shops to ensure a transparent and equitable tax process. This move aims to streamline tax collection and encourage formalization within the trading community.
The expansion of this scheme is a strategic effort by the government to boost economic activity, enhance tax compliance, and meet the reform benchmarks set by the IMF. The inclusion of more cities is expected to bring a larger number of traders into the formal economy, contributing to overall economic stability and growth.
