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FBR registers more than 23,000 traders through Tajir Dost app

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FBR

ISLAMABAD: The Federal Board of Revenue (FBR) successfully registered more than 23,000 retailers through the Tajir Dost app and the registration process is underway in the country.

According to FBR, 23,497 retailers have been registered in the Tajir Dost app till June 3. The most number of retailers belonging to Lahore registered in the app, whose number was 7, 297.

5, 599 retailers were registered from Karachi, 30, 67 from Rawalpindi, while 2,153 were registered from Islamabad, 20, 37 from Peshawar, 1,317 from Quetta, and 2027 from other cities.

According to FBR, 21, 470 traders were registered from 6 major cities of the country.

Earlier, a Trader-friendly mobile app was approved to bring crores of retailers in the country into the tax net.

The merchant-friendly app approved to bring retailers/wholesalers into the tax net will automatically calculate monthly tax payments. The app will keep records and facilitate payments to the shopkeeper.

The app will levy up to 10 percent of the annual rent of the shop while the scheme is expected to be announced anytime.

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FBR decides to audit retailers, real estate taxpayers

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FBR
  • The new strategy of  FBR has come out against tax evaders.
  • FBR issued warning to retailers to avoid errors in income tax.
  • Regional Tax Offices will conduct audit of real estate taxpayers.

ISLAMABAD:  The Federal Board of Revenue (FBR) has decided to audit retailers and real estate taxpayers who have submitted income tax returns.

The new strategy of the Federal Board of Revenue (FBR) has come out against tax evaders, it has been decided to audit retailers and real estate taxpayers who submit income tax returns.

FBR has issued a warning to retailers to avoid errors in income tax and sales tax. The income tax and sales tax returns of retailers will be audited.

FBR sources said that the decision on the audit of income tax and sales tax of retailers will be made in the respective Regional Tax Offices(RTO).

Sources said that a strategy was also made against tax evasion in real estate, audits of taxpayers of real estate will also be conducted and audits of taxpayers’ returns will be done by the respective RTOs.

According to FBR sources, there will be no balloting for tax audit, instead of draw, the concerned RTOs will be able to choose under discretionary powers.

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Retailers in ruckus on fixed sales tax

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Retailers

KARACHI: The retailers are in limbo as the notification to reverse the fixed sales tax has encountered delays resulting in power distribution companies charging it in their bills to retailers, a statement said on Saturday. Following the implementation of the fixed retailers’ tax introduced in the Finance Act 2022, unrest was observed all around the … Read more

Even when retailers cut prices to clear inventory, people pay more

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retailers

Clothing costs increased 5.2 percent over the last year and 0.8 percent in June compared to May. The overall inflation rate increased by a higher-than-anticipated 9.1 percent from a year earlier. Sales of women’s formal dresses increased by 42% from January to May, according to NPD. In the warehouses and stores of many retailers, excess … Read more

Target weighs on retailers, while Wall Street soars with tech and energy

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energy

US stocks rallied late on Tuesday to close higher for a second straight day. Target Corp’s warning about excess inventory weighed on retail stocks for much of the session. Apple shares climbed despite news that the company must change the connector on iPhones sold in Europe by 2024. U.S. stocks mobilized late on Tuesday to … Read more

This is what Walmart, Target, Home Depot and Lowe’s educate us regarding the condition of the American customer

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American purchaser

How well is the American purchaser holding toward high as can be expansion? It relies upon whom you inquire. Four significant retailers — Walmart, Target, Home Depot and Lowe’s — detailed quarterly monetary outcomes this week, and they each offered an alternate point of view on where and how individuals are spending their cash. Walmart … Read more

Tarin, retailers discuss issues

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Shaukat Tarin

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin held a meeting with a delegation of the Pakistan Retail Business Council (PRBC), headed by Hamid Yamin at the Finance Division. The delegation apprised the adviser about the problems being faced by the retailers and sought support of the government to resolve their … Read more

US retailers cheery about holiday season despite inflation

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US cheery

NEW YORK: After nearly two years of pandemic gloom, American consumers appear primed to spend generously for the holidays in spite of worries over inflation and item availability. Retailers have seen strong buying interest this fall, with robust “back to school” and Halloween sales fueling optimism about the holiday season, which kicks off this week with … Read more

IT service provider licensing to be completed soon by FBR

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IT Service

The Federal Board of Revenue (FBR) has allotted instructions for licensing of IT Service Providers, interpreting IT services to retailers experiencing integration with FBR vide SRO 1063 (I)/2021.

The operationalization of licensing rule might yield some time to complete the licensing procedure, said a press release issued by FBR.

In order to ease the retailers and with unified integration, the present IT service providers will remain to offer services to their customers till such time the Board advises the licensed IT service providers.

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Retailers grab good business on Independence Day

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Retailers

ISLAMABAD: The trading activities across the country gained momentum before the arrival of the 75th Independence Day celebrations, as the people visited the markets to buy national flags, banners, buntings, printed face masks, horns, besides dining out, purchased sweets and other bakery items. Although the prevailing Covid-19 pandemic has affected the business, a big improvement … Read more

FBR asks ceramic tile retailers to install POS machines

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Corporate tax office

KARACHI: The Federal Board of Revenue (FBR) on Thursday asked the retailers of ceramic and other varieties of tiles to install the Point of Sales (POS) machines to document their sales. A meeting was held at the Regional Tax Office (RTO) Karachi in which senior officials of the tax office and representatives of the All Pakistan … Read more

Govt Prepares Comprehensive Strategy To Bring More Retailers Into Tax Net

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Govt Prepares Comprehensive Strategy To Bring More Retailers Into Tax Net

The federal government has prepared a comprehensive strategy to bring more retailers into the tax net from July 1. The proposal was discussed at a meeting of the Federal Board of Revenue (FBR) chaired by Finance Minister Shaukat Tareen. Special Assistant to the Prime Minister for Revenue and Finance Dr Waqar Masood Khan and FBR … Read more

Black Friday online sale in US hits record $7.4bn

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Black Friday online sale in US hits record $7.4bn

Online sales on Black Friday in the United States (US) hit a record $7.4 billion this year, with a jump in the number of transactions made from smartphones, according to a data released by Adobe Analytics. The figure was a 19.6 percent increase over last year and the second biggest day of online sales ever, … Read more

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