Business leaders call for acceptance of previous tax returns and removal of POS requirements for traders joining the new tax scheme
Islamabad (City Reporter): President of the All Pakistan Anjuman-e-Tajiran and the Traders Action Committee Islamabad, Ajmal Baloch, has urged the Federal Board of Revenue (FBR) to further simplify the newly introduced income tax return form to make tax compliance easier for the business community.
Khalid Chaudhry, Secretary of the Traders Action Committee Islamabad and Chairman of the Traders and Market Development Committee of the Islamabad Chamber of Commerce and Industry (ICCI), advised traders to file their income tax returns on time to avoid unnecessary complications.
The appeal was made during a joint meeting attended by prominent trader representatives, including Kamran Kakakhel, Syed Amir Bukhari, Ajab Khan, Waseem Abbasi, Syed Altaf Hussain Shah, Ahmed Khan, Naeem Iqbal, Abdul Rehman Siddiqui, Shehzad Abbasi, Jameel Qureshi, Mehar Ullah Dad, Chaudhry Zafar Gujar, and Akhtar Abbasi, representing various trade centers and markets across Islamabad.
The business leaders stated that the FBR has introduced a new income tax scheme along with a simplified tax return form in Urdu. They welcomed the removal of TR-1 and Point of Sale (POS) requirements from the scheme, describing it as a positive step toward easing tax compliance for traders.
They encouraged members of the business community to download the new tax return form and either complete it themselves or seek guidance from their respective market associations and union representatives. While appreciating the initiative, they stressed that the FBR should make the return filing process even more user-friendly.
The trader representatives urged all business owners to submit their tax returns and pay their taxes within the prescribed deadlines, emphasizing that timely compliance would help them avoid unnecessary issues. They said that under the agreement reached with the FBR, taxpayers filing returns under the new scheme would not be subjected to unnecessary inquiries, and there should be no deviation from the agreed framework.
The leaders further stated that traders who join the new scheme and file their tax returns would be exempt from the POS and TR-1 requirements. Although they termed the new scheme a significant improvement, they expressed concern that officials whose discretionary powers had been reduced might attempt to create obstacles. They, however, reaffirmed that the trader community would remain united and firmly resist any such attempts while continuing to support constructive tax reforms.