ISLAMABAD: The Federal Board of Revenue (FBR) is giving indications of bringing major changes in the Tajir Dost Scheme (TDS) as it will kick-start actions against the biggest retailers based on credible information instead of collecting taxes from small retailers or traders.
The FBR will now register big retailers and shopkeepers/traders on the basis of analysis of returns, data security and commercial electricity consumption data by suspending the existing policy of fixed tax per shop/retail outlet.
This policy revision has been endorsed by the IMF or not will be the biggest question mark as the Tajir Dost Scheme failed to fetch the desired revenue collection. In the first quarter the target was envisaged at Rs10 billion and for the second quarter (Oct-Dec) period, the TDS collection was aimed to go up to Rs23.4 billion.
The FBR has agreed with the IMF for collection of Rs50 billion through TDS during the current fiscal year. Till last week, the FBR had so far fetched tax revenues of just Rs1.7 million from TDS throughout the country.
Under the revised policy, the FBR intends to register retailers based on credible information of concealment/evasion and not physical surveys of the shops. The door-to-door surveys of markets will not be carried out. The collection of fixed amounts of tax from each shop, irrespective of size, would not done under the revised policy.
The decision has been taken during a meeting held between the FBR team of members with Muhammad Naeem Mir, chief coordinator of Tajir Dost Scheme-2024, at the FBR on Tuesday.
Allama Rashid Mahmood Soomro, Aslam Ghori, Akunzada Hussain and Faisal Chaudhry were present in meeting
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