Small Traders Scheme Of Fixed Tax Expected In the Budget

On Saturday Miftah Ismail Federal Minister of Finance agreed in principle for introducing a fixed tax plan for small traders to resolve all the tax-related issues of trade and small businesses with the condition of providing the unregistered customers Computerized National Identity Card - CNIC numbers.

In the meeting with the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) delegation which is led by their President Irfan Iqbal Shaikh, and held by Federal Minister of Finance Miftah Ismail at the Finance Division. The FBR senior officers and chairman were also present in the meeting.

The Federal Minister of Finance said that the business-friendly and pro-people budget will be presented by the government including workable suggestions from all the stakeholders.

According to the Business Recorder sources, the case of small businesses from all over the country was presented by FPCCI. Miftah Ismail agreed for introducing a fixed tax rule with simple documentation for small traders.

The finance minister slams the economic policies of PTI stating that the budget deficit increased to Rs5.6tr in the fiscal year 2022. It was also mentioned that the businessmen have to provide the CNIC of the unregistered person to whom the sale is made, otherwise, the corresponding input tax amount would not be allowed.

The FPCCI told in the meeting that no problems should be created by FBR against the business community by seeking unregistered customers CNICs because an extra three percent sales tax has been also charged other than 17 percent sales tax in such cases.

According to the sources, it is very much likely that in the upcoming budget the condition might be withdrawn.

As per the sources, the export of surplus sugar was also discussed in the meeting. And the export of the surplus sugar might be authorized.

The delegation was welcomed by the finance minister, who shared that the present government's prime concern is macroeconomic stability. That is why the government's commitment is to ensure the financial discipline via effective policies for improving the overall growth level of the country.

The finance minister was congratulated by the president of FPCCI on his new role as federal finance minister and gave different proposals for him to be considered in the Federal Budget of 2022-23. The FPCCI members proposed multiple steps to be taken for increasing the efficiency in the agriculture and industrial sectors.

Some issues are also notified by the FPCCI members related to taxation which is faced by the business community of the country. The minister of finance was also requested to consider the requested proposals for addressing the issues.

The effective role of FPCCI in acting as a bridge between small traders and the government was acknowledged by the minister of finance. The present economic condition was highlighted in the meeting. The FPCCI members proposed budgetary suggestions for different economic sectors and were commended by the minister of finance.

For listening to the proposals the delegation of FPCCI thanked the minister of finance, assuring their cooperation and support in improving the economic stability of the country.