Jewellers seek fair deal, new tax mechanism proposed

May 15, 2026 (MLN): Jewellers across Pakistan are hoping to benefit from a newly proposed "Special Procedure for Income Tax 2026," introduced under Section 99C of the Income Tax Ordinance 2001 with the objective of making the jewellers' business easier, transparent, and stable.

All Pakistan Sarafa Gems & Jewellers Association  President Qasim Shikarpuri, while presenting the mechanism, demanded from the government, FBR, and relevant institutions that this special procedure be implemented immediately so that jewellers across the country can be provided with a sustainable and business-friendly environment.

Under the proposed mechanism, jewellers will be provided a simple and clear tax system based on turnover, which will relieve the business community from unnecessary complications, additional tax pressure, and harassment.

Separate final tax rates have been fixed for goldsmiths, retailers, manufacturers, and bullion dealers, with jewellers being given the facility to submit simplified returns, declare stock only on the basis of grams or tola, and be exempt from declaring monetary value due to fluctuations in gold prices, according to a press release issued.

It was further stated that after tax payment, there will be no re-assessment or additional proceedings, and special facilities will be provided to promote banking channels and digital payments.

He added that this system will not only restore the confidence of the jewellers community but will also play an important role in documenting the economy, expanding the tax net, and promoting trust between the government and the business community.

Meanwhile, in a significant escalation of tensions, traders at Karachi Jewellers Centre staged a fierce protest yesterday against what they described as an alleged illegal raid conducted by the Federal Investigation Agency (FIA), forcing all shops in the area to shut down completely.

The Jewellers Association officially declared the FIA operation unlawful and condemned the action in the strongest possible terms. Traders demanded an immediate end to harassment and called for a transparent and impartial investigation into the matter, as the situation in Saddar's Karachi Jewellers Centre remained tense throughout the day.

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