Govt to amend law to boost trader registration

The government is set to amend tax law through a presidential ordinance to make it mandatory for all importers and manufacturers to sell their products to known customers to bring more traders into the formal tax regime. The proposed amendments relate to the ‘Know Your Customer’ (KYC) digital invoice system, designed to encourage traders to register as regular taxpayers or benefit from the Federal Board of Revenue’s Tajir Dost Scheme (TDS). “We have drafted the ordinance and sent it to the Prime Minister’s Office,” a senior tax official told Dawn on Thursday. After cabinet approval, the ordinance will be forwarded to the Presidency for promulgation.