FBR Introduces New Scheme for Tax Collection before Elections.

Islamabad – The Federal Board of Revenue (FBR) has unveiled an innovative initiative aimed at enhancing tax collection efficiency ahead of the upcoming elections. This pioneering scheme entails the introduction of a groundbreaking mobile application dubbed ‘Trader Friend’ by the FBR, designed to facilitate seamless registration of traders while extending the scope of tax compliance.

The Trader Friend app serves as an important tool for trader registration, enabling individuals to register conveniently beyond the traditional tax framework. Notably, the application also functions as a platform for recording the income of shopkeepers, streamlining the process of income assessment and tax collection for the FBR.

Under this comprehensive scheme, taxes will be levied on shopkeepers based on their annual earnings, with collections scheduled every month. It is anticipated that key urban centers such as Islamabad, Karachi, Lahore, Peshawar, and Quetta will collectively contribute approximately 100 billion rupees in tax revenue from retailers through this initiative.

Looking ahead, the FBR plans to expand the registration drive to encompass traders in other cities in subsequent phases. With the implementation of taxation measures targeting retailers nationwide, the projected revenue is expected to soar to over 300 billion rupees.

Moreover, taxes will be imposed on businesses and individuals across all sectors, with the assessment criteria tailored to the size and annual income of the establishments. Monthly collections will ensure a steady inflow of revenue, fostering economic stability and bolstering the country’s fiscal framework.