The government has rolled out a new initiative to collect taxes from traders through their electricity bills. The objective is to ensure a broader tax base and fairer tax contributions.
New tax scheme for traders
This scheme targets approximately 3.5 million traders to integrate them into the tax system. Under this scheme, taxes will be deducted from traders’ earnings every month via their electricity bills.
Dedicated section in the Electricity Bill
This scheme breaks down traders’ annual income into 12 installments, simplifying the tax collection process. The focus will be on collecting taxes from traders conducting business activities rather than the shop owners themselves. To facilitate this, a dedicated section for traders will be included in their bills.
The approved scheme is expected to be implemented before the commencement of the new fiscal year’s budget. The International Monetary Fund (IMF) has also been briefed about this scheme, highlighting the government’s commitment to fiscal improvement and revenue enhancement.
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