The Federal Board of Revenue (FBR) is set to introduce a new gift scheme for traders who file their income tax returns on time, according to reports on Wednesday.
Prime Minister (PM) Shehbaz Sharif is expected to officially launch the scheme and a new simplified tax form on August 14, the Independence Day of Pakistan.
FBR announces gift scheme for traders
According to FBR sources, traders who submit their income tax returns by September 30 will receive special benefits.
Under the new scheme, traders will have to display an FBR registration plate outside their shops. The plate will cost Rs25,000.
What special benefits will traders get?
However, traders who file their returns by September 30 will receive the plate free of cost. The registration fee for these traders will also be waived.
The FBR is also considering other gifts and incentives for people who file their tax returns on time.
What penalty will traders get?
Traders who submit their returns after the September 30 deadline will face additional charges.
They will have to pay a Rs25,000 registration fee. They will also face a Rs25,000 penalty for late filing.
What are the new income tax forms?
The FBR plans to make the new income tax forms shorter and easier to understand. Separate forms will be introduced for businesses and individual taxpayers.
The form for individual taxpayers will be the shortest. The traders’ form will also be kept simple. The new income tax return forms are expected to be launched on August 14.
After submitting their return, traders will also get a 48-hour period to correct any mistakes or make changes if needed.
New technical support service for tax return filers
FBR has launched a new technical support service to help taxpayers submit their annual income tax returns without any problems.
According to the FBR, the service has been introduced for people filing their income tax returns online for the tax year 2026.
The new support service is for taxpayers who face technical or system-related issues during the online filing process.