FBR prepares to set monthly tax rates under Tajir Dost Scheme

Pakistan, July 15, 2024: The Federal Board of Revenue (FBR) is all set to streamline the monthly tax rates for small and medium enterprises (SMEs) under the Tajir Dost scheme. Aiming to simplify tax compliance and promote a business-friendly environment in the country, this scheme will facilitate traders in managing their tax obligations.

Under the Tajir Dost scheme, FBR will introduce monthly tax rates to encourage voluntary tax compliance. Furthermore, it will lessen the burden on the shoulders of SMEs.

Also Read: FBR Projects 9% Tax-To-GDP Ratio For FY 2024-25

FBR will categorize the business according to its nature of operations and annual turnover. A fair and transparent system will be streamlined for tax applications.

FBR is also planning to start an awareness campaign to enlighten traders regarding the procedures and benefits of the Tajir Dost scheme. While emphasizing the importance of this scheme Chairman FBR Asim Ahmed said “The Tajir Dost Scheme is a landmark step towards a more inclusive tax system. By offering predictable and manageable tax rates, we aim to support the growth of SMEs and enhance the overall economic landscape.”

Citizens hope that this effort to bring SMEs to the formal economy will stabilize the country’s economy. Stay connected with RBS for more updates regarding tax reforms and other important news chunks.