- Pakistan introduces special tax payment procedure for traders and shopkeepers
- Procedure known as “Tajir Dost (Special) Procedure, 2024”
- Applicable from 1 April 2024, with advance tax payment starting from 1 July 2024
- Shopkeepers must apply for registration by 30 April 2024
- Procedure applies to shopkeepers in Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar
- Advance tax to be paid monthly through computerized process
- Minimum advance tax of PKR1,200 per year
- 25% reduction in advance tax payment if paid in lump sum or if income tax return for 2023 is filed before due date
- Certain requirements remain applicable, including income computation, tax collection, return filing, assessment, and appeals
- Specific professional advice recommended before making any decisions
Source: globaltaxnews.ey.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
