Traders offered 1% tax scheme
The Federal Board of Revenue (FBR) has launched a simplified tax return filing facility for small traders, offering a 1% tax rate on turnover with a minimum liability of Rs25,000, officials said on Tuesday. Speaking at an awareness session at the Karachi Chamber of Commerce and Industry (KCCI), Member Inland Revenue Zubair Bilal described the initiative as one of the most liberal and trader-friendly tax measures introduced in decades. He urged small traders and shopkeepers to voluntarily enter the formal tax system.