Finance Minister Muhammad Aurangzeb announced on Friday that the government was introducing a new tax scheme for small shop owners, speaking at a press conference in Islamabad alongside Minister of State for Finance Bilal Azhar Kayani. The scheme, named the "Asaan Scheme", targets small retailers with an annual turnover of up to Rs200 million and aims to broaden the tax base through a fixed tax rate of one per cent.
Key Features of the Asaan Scheme
Under the scheme, shopkeepers will be required to register using a form available in both Urdu and English. Kayani said traders wishing to enrol in the scheme would have to pay a one-time registration fee of Rs25,000, regardless of their annual turnover. The minister further said that businesses registered under the scheme would be issued an official Federal Board of Revenue plate displaying the shop's name, National Tax Number and a QR code.
Simplified Tax Compliance
Kayani said the scheme was designed to simplify tax compliance for small businesses while encouraging greater participation in the formal economy. He added that the government had developed the initiative in consultation with the trader community and thanked Prime Minister Shehbaz Sharif for leading the effort. This story is being updated.
