FBR exempts Rs. 200,000 from bank deposit tax.
The Federal Board of Revenue (FBR) has clarified that no tax would be deducted on bank deposits of Rs 200,000.
The announcement comes during the Revenue Division’s meeting with the All Pakistan Traders Organization.
The FBR clarified that digital invoicing will not apply to small traders and retailers. Instead, it will be implemented in phases, limited to business-to-business transactions involving sales tax-registered companies. Trader representatives will also be included in the digitalization committee.
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The FBR further stated that the newly introduced sales tax laws 37A and 37B do not apply to small traders, and no large industrialist will be arrested under these provisions. The laws are solely aimed at preventing fake invoicing.
It was agreed that a separate meeting would be held to develop a new mechanism regarding customs raids in markets.
Moreover, traders will be consulted for any tax reforms related to mobile phones.
Business leaders Kashif Chaudhry, Khawaja Salman Siddiqui, and Sharjeel Mir participated in the talks and firmly conveyed that the business community will not accept “cruel taxes” under any circumstances.
