ISLAMABAD: The Federal Board of Revenue (FBR) is considering a special incentive scheme for traders who submit their income tax returns by September 30.
According to FBR sources, Prime Minister Shehbaz Sharif is expected to launch the “Asan Tax Scheme Return” for traders on August 14, Pakistan’s Independence Day.
Sources said the proposed initiative will encourage traders to file their income tax returns before the deadline by offering financial incentives and simplifying the registration process.
Under the proposed arrangement, traders who submit their income tax returns by September 30 will not be required to pay the registration fee. However, those who miss the deadline could face a fine of Rs25,000 for late filing.
In addition to the fine, traders submitting their returns after September 30 may also be required to pay a separate registration fee of Rs25,000, according to FBR sources.
The tax authority is also working on simplifying the income tax return forms to make the filing process easier for traders and other taxpayers. Sources said the individual tax return form will be kept as brief and straightforward as possible.
Similarly, the return form introduced under the Asan Tax Scheme is expected to be designed in a user-friendly format to facilitate businessmen and encourage greater compliance.
A key requirement under the proposed scheme is that traders must install an official FBR registration plate outside their shops. The registration plate is expected to serve as proof of registration under the tax scheme.
The FBR is reportedly considering providing the registration plate free of cost to traders who file their income tax returns by September 30. The plate is said to have an estimated value of Rs25,000.
The proposed incentive could provide traders with a financial benefit while encouraging timely tax filing and registration with the FBR.
Sources further said that after taxpayers submit their income tax returns, they will be provided a 48-hour period to make necessary changes or review their submitted information.
The proposed Asan Tax Scheme is part of the government’s broader efforts to simplify tax compliance, bring more traders into the formal tax system and improve revenue collection.
The final details of the scheme, including eligibility criteria and implementation procedures, are expected to be announced officially.
