Fixed tax draws only 2 new traders
Only two new traders have so far opted for the 1% fixed tax scheme while another 315 shopkeepers who have filed returns are already part of the tax regime – an outcome that suggests that the government's scheme may fail. With only a week left in the deadline to file returns, a mere Rs26 million, with an average of Rs81,944 per trader, could be generated so far against the annual target of collecting Rs50 billion from traders under the new scheme. Minister of State for Finance Bilal Azhar Kayani on Tuesday reviewed the status of the fixed tax scheme.