Under the scheme, shopkeepers will pay 1% tax on their annual sales, while registered businesses will receive a green registration plate from the Federal Board of Revenue (FBR).
According to the minister, FBR officials will not be allowed to enter shops displaying the green plate for routine inquiries, while traders enrolled in the scheme will generally be exempt from audits.
Bilal Azhar Kayani said participating shopkeepers will also not be required to act as withholding agents. FBR officials will remain available in Karachi for one week every month to address traders’ concerns.