The Federal Board of Revenue (FBR) has assured that no tax will be deducted on bank deposits of Rs. 200,000, addressing key concerns of traders during a meeting with the All Pakistan Traders Organization.
According to officials, the FBR clarified that small traders and retailers will not be subject to digital invoicing requirements. Instead, the system will be rolled out in phases, focusing only on business-to-business transactions between sales tax-registered companies.
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Trader representatives will also be included in the committee overseeing the digitalisation process.
The FBR also stated that the newly introduced sales tax laws, Sections 37A and 37B, are not applicable to small traders. Officials stressed that these provisions are designed specifically to curb fake invoicing practices and will not be used to target industrialists or small businesses.
It was further agreed that a separate consultation will be held to create a clear framework for customs operations in markets. Traders will also be consulted before introducing any new tax measures related to mobile phones.
Prominent trader leaders Kashif Chaudhry, Khawaja Salman Siddiqui, and Sharjeel Mir attended the meeting, warning that the business community would resist any “cruel taxes” and emphasised the need for fair and inclusive reforms.
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