The Federal Board of Revenue told the International Monetary Fund during review talks that only 1,016 retailers have filed returns under the Aasan Tax Scheme so far, and that just 91 are new filers. The talks were the fourth review of the 7 billion dollar Extended Fund Facility.
The mission asked about progress on the Retailers Fixed Scheme, which targets 50 billion rupees this fiscal year. Top official sources said 1,016 retailers have filed under the Retailers Fixed Scheme, only 91 of them fresh filers, and that tax deposited under the scheme stands at 86 million rupees.
The board extended the income-tax filing deadline from September 30 to October 15, despite a poor response that reflected unwillingness to enter the tax net. Penalties for missing the deadline are 10,000 rupees in the first month, 25,000 rupees in the second and 50,000 rupees in the third.
The scheme is the latest in a series of retailer tax drives that have headed toward failure over the past three decades.