Karachi, July 29, 2024 – The Federal Board of Revenue (FBR) has announced July 31, 2024, as the deadline for shopkeepers and retailers to make the first monthly payment of advance tax under the Tajir Dost Scheme. This simplified tax initiative aims to ease the tax burden on small retailers and shopkeepers by allowing them to pay their income tax liabilities in monthly installments. The Tajir Dost Scheme was launched for the tax year 2024, with the first payment due on July 31, 2024. Following this, retailers and shopkeepers are required to pay monthly advance tax by the 15th of each month. The scheme, introduced through SRO 457(I)/2024 on March 30, 2024, was implemented on July 22, 2024, via SRO 1064(I)/2024, which modified the Tajir Dost Special Procedure. The FBR has identified 42 major cities where this scheme will be applicable, setting tax rates based on the estimated income from different localities. The latest notification introduces significant changes to ensure that only eligible shopkeepers and retailers benefit from the new tax rates. For instance, retailers or shopkeepers who filed their income tax return for the tax year 2023 before March 30, 2024, and whose advance tax liability under section 147 exceeds the computed advance tax under this special procedure for the tax year 2025 and onwards, are not eligible for the scheme, according to the FBR. Additionally, the scheme excludes shopkeepers with a shop size of 100 square feet or less in a residential area or those whose income is exempt under any provision of the Income Tax Ordinance. The advance tax payable on indicative income will be calculated at the rates provided in Division I of Part I of…