Islamabad: Ongoing negotiations between the Federal Board of Revenue (FBR) and the country’s retailers have yet to yield an agreement on a new tax collection strategy. The discussions focus on a proposed tax scheme aimed at reassessing market values and potentially altering tax rates for retailers.

According to Zameen.Com, the talks, which resumed this Monday, involved the FBR’s proposal to establish a committee that includes business community members to reevaluate the fixed market value rate of PKR 60,000 per month for all 84 markets nationwide. Retailers, who are skeptical about this valuation, suggested they might propose an alternative if they can demonstrate that their incomes fall below this threshold.

Retailers have voiced concerns about the proposed tax rate and are preparing to suggest an alternative method to enhance tax collection efficiency in the sector. An FBR representative emphasized the need for a collaborative and sustainable solution, urging retailers to submit a plan that could potentially generate up to PKR 100 billion in tax revenues.