he Federal Board of Revenue (FBR) has issued the framework for a fixed tax scheme for small traders, allowing owners of a single shop with an annual turnover of up to Rs200 million to benefit from the proposed regime.

According to an FBR notification, the scheme proposes a one percent tax on gross turnover, with the government expecting to generate more than Rs50 billion annually if the initiative is successfully implemented.

The FBR said the scheme will be voluntary, allowing traders to either opt for the fixed tax regime or continue filing regular income tax returns. A minimum cash tax payment of Rs25,000 will be mandatory, while owners of multiple shops will not be eligible. Tier-1 retailers, jewellers and professional service providers have also been excluded from the scheme.

The tax authority has invited objections and suggestions on the draft within seven days. Eligible traders will be able to register through the IRIS portal, the FBR mobile application or the nearest tax office. Under the proposed scheme, qualifying traders will be issued a “Green Plate.”

Under the notification, FBR officials will not enter Green Plate shops for routine tax matters. Small traders registered under the scheme will not be required to install POS machines and will also be exempt from routine tax audits.

The notification further states that participants must provide details of net profit, income from other sources and total taxes paid. They will also be required to disclose immovable property, bank balances, available cash and other assets in the prescribed form.

The FBR has also introduced a simplified one-page tax return form for small traders, requiring information including the business name, address, CNIC number, nature of business, annual sales, purchases and business expenses.

According to the FBR, audits may still be conducted in cases involving unusual business activity or significant asset purchases. The authority warned that legal action will be taken against anyone found misusing the scheme or concealing information, and said it is authorized to act on data received from third-party sources.

– Trading at the Pakistan Stock Exchange (PSX) began Wednesday on a positive note on the third business day of the week, with the market witnessing a strong rebound during early trading.

The benchmark KSE-100 Index surged by 2,826 points to reach 176,238 points, reflecting renewed buying interest after the previous session’s losses.

The rally comes a day after the stock market remained under pressure throughout trading, with the KSE-100 Index closing 6,408 points lower at 173,518 points at the end of Tuesday’s session.

Meanwhile, Asia’s bumpy stock markets rallied after a surprise ​slowdown in US inflation scaled back expectations for interest rate hikes, while oil took a breather as the ‌US scrapped a plan to levy shipping through the Strait of Hormuz, reports Reuters.

South Korea’s volatile KOSPI index surged 7% ahead of the next test for the AI rally with earnings due at ASML, Europe’s most valuable company and the world’s biggest supplier of equipment used to make AI chips.

Japan’s Nikkei rose 1% ​and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 2.4%.

Still, a 25% drop in IBM’s share price overnight, ​after the technology company’s revenue forecast missed analyst expectations, showed how stretched and skittish the market’s rally ⁠in AI-related stocks has become.

Stellar profit at Wall Street banks, though, helped broader gains for the S&P 500 and Nasdaq on Tuesday ​which extended in Asia with US futures rising.

Brent crude futures steadied around $85.80 a barrel, having gained almost 13% this week on a flare-up in Middle East fighting.

– At least five persons were killed and 25 other were wounded in a head-on collision between two buses in Narang Mandi, a city of Sheikhupura district in Punjab province, on Tuesday night,

According to details, the accident occurred at the Kala Khatai Road near Sidhanwali stop where a bus travelling from Lahore to Shakargarh collided with another bus coming from opposite direction while save a motorcycle.

Both the buses skidded off the road after the collision entered the roadside fields and overturned, as a result five passengers died on the spot and injuring 25 others.

Police and rescue teams reached the spot after being informed and shifted the dead and injured to a nearby hospital. Rescue sources informed that three injured passengers were later shifted to Lahore due to their critical condition.