ISLAMABAD: After the apparent failure of the Tajir Dost scheme announced last year to expand the tax net, the government on Friday unveiled another tax amnesty initiative, titled the “Fixed Tax Asaan Scheme”, for small traders and shopkeepers with an annual turnover of up to Rs200 million.
The announcement was made by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani and Federal Board of Revenue (FBR) member Hamid Attique Sarwar. In a recorded message, they said the fixed tax regime had been finalised on the demand of, and in consultation with, trader bodies and representatives to encourage tax compliance.
Mr Aurangzeb said an artificial intelligence-led system would be announced before parliament next week.
He said the key objective of the ongoing tax reforms, being carried out under the direct supervision of the prime minister, was to expand the tax net, reduce the disproportionate burden on the documented sector and salaried class and move towards a balanced, fair and sustainable tax system.
He said it was important for the country, as it moved from economic stability towards economic progress, to increase national income to a level that could support self-reliance.
