ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Monday applauded the small traders and shopkeepers for extending their cooperating with the government authorities in the tax registration process.
The FBR chairman said that the tax issues faced by the small traders were never considered seriously. “They were facing a lot of issues related to taxation as most of them were unable to register themselves due to low turnover,” he said.
Zaidi, however, said that they were beginning a new era with the cooperation of the traders and the committees aimed at registering them will begin their process aimed at facilitating the community.
“The registration process will help in addressing issues faced from both sides,” he said adding that there were hurdles from both sides earlier including some loopholes from the FBR and some cultural limitations.
He said that every person wants to live with dignity and this process will further enhance the positive role of the small traders in the economy of the country.
On January 14, the FBR’s Large Taxpayer Unit (LTU) Karachi has released its half-yearly performance report that showed growth in revenue collection up to 15 per cent as compared to the previous year, a press release said.
The press release read that the Large Taxpayer Unit Karachi (the prime field formation of FBR) has been successful to record half-yearly growth at 15 per cent after revenue collections up to Rs688 billion in July-December 2019 against Rs598 billion for the corresponding period of last year.
The unit collected Rs160 billion against Rs144 billion for the corresponding month of last year. According to the statistics, LTU collected additional revenue up to Rs90 billion between July-December 2019.