Pakistan, July 15, 2024: The Federal Board of Revenue (FBR) is all set to streamline monthly tax rates for Small and Medium Enterprises (SMEs) under the Tajir-e-Dost regime. The regime aims to simplify tax compliance and promote a business-friendly environment in the country, making it easier for business owners to manage their tax liability.
Under the Tajir Dost scheme, the FBR will implement monthly tax rates to encourage voluntary tax compliance. Moreover, it will ease the burden on small and medium enterprises.
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The FBR will classify businesses according to their nature of business and annual turnover and put in place a fair and transparent system for filing taxes.
The FBR will also launch an awareness campaign to educate traders about the procedures and benefits of the Tajir Dost Scheme.Highlighting the importance of the scheme, FBR Chairman Asim Ahmed said, “The Tajir Dost Scheme is a landmark step towards a more inclusive tax system. By providing predictable and manageable tax rates, it aims to help the growth of small and medium enterprises and improve the overall condition of the economy.”
People hope that this initiative to bring small businesses into the formal economy will stabilise the country's economy. Stay tuned to RBS for the latest updates on tax reform and other important news.