2 million shopkeepers across the country likely to be taxed?, FBR also decided to include such shopkeepers in the active tax peer list: Sources
According to the sources, the coalition government has decided to bring the shopkeepers with an annual income of more than 1 crore in the tax net in the upcoming federal budget. On the request of the International Monetary Fund (IMF), an important meeting was held under the chairmanship of Federal Finance Minister Ishaq Dar to review the tax proposals. It is being shown that the tax can be imposed on 2 million shopkeepers across the country in the federal budget of the next fiscal year 2022-23.
According to the report of private TV channel Geo News, in the meeting chaired by Federal Finance Minister Ishaq Dar, on the demands of IMF, a special scheme will be prepared to tax the shopkeepers across the country. Under the special scheme, the tax will be levied in the electricity bills of the vendors, which will be transferred to the Federal Board of Revenue (FBR) after receipt by the electricity distribution companies.
According to private TV, it was decided that the special scheme will be developed by the Federal Board of Revenue. After developing the special scheme, the tax will be imposed on the electricity bills of the shopkeepers with an annual income of 1 crore. FBR has also decided to include such vendors in the active tax peer list.
On the other hand, Ministry of Finance YFBR sources say that serious difficulties are being faced in preparing the federal budget for the next financial year 2023-24, the reason for not determining the ratio of rupee and dollar to meet the budget deficit. There is a problem with the budget estimates. The failure of the loan program from the International Monetary Fund to get on track is also contributing to this.
Besides, the coalition government is planning to present the budget for the next financial year 2023-24 in the first week of June in the parliament and cabinet, but the ongoing political and economic uncertainty in the country is coming. Due to the delay in the IMF staff level agreement, the schedule for fixing the budget limit for ongoing and development expenditure was also affected and the annual plan coordination committee meeting could not be convened.