FBR has introduced simplified income tax return for retailers having turnover less than PKR 10Mn. FBR has released draft form of the return through SRO 821(i)/2020 and asked stakeholders to give input within 7 days for finalization of the return. The introduction of simplified income tax return form is part of an agreement between the govt. and retailers that was finalized in Jan’20. The condition of withholding agents had been relaxed through the Finance Act 2020. Further, the threshold of annual electricity bill of PKR 600,000 for mandatory sales tax registration had also been increased to PKR 1.2Mn.
9/9/2020