A new proposal from traders to collect advance tax based on the type of firms in the market is being evaluated by the Federal Board of Revenue (FBR). This is a result of traders expressing a preference to pay taxes annually rather than using the present quarterly approach.
The traders have suggested a category-wise collection technique, which would be simpler to execute than the present door-to-door market survey, sources told Business Recorder.
At present, the FBR is ascertaining the principal business categories and will adjust the advance tax correspondingly.
The only thing left to decide is how to collect taxes, which should satisfy the FBR and the dealers, according to traders’ representative Naeem Mir.
