For Small Retailers, a new Fixed Income and Sales Tax system has been proposed.
Finance Minister Miftah Ismail stated in the budget presentation for 2022–23 that the Fixed Income and Sales Tax will be collected alongside electricity bills. He stated that a simple and easy-to-use system for registration and reporting will be implemented, making compliance more convenient for retailers.
According to the finance minister, this tax will range between Rs. 3,000 and Rs. 10,000.
Miftah stated that this is a final settlement, promising that after you pay the tax, the Federal Board of Revenue (FBR) will not question you about it.
Previously, the finance minister hinted at instituting a simple tax system that encourages compliance.