ISLAMABAD: Prime Minister (PM) Nawaz Sharif is likely to announce three-year tax scheme by the start of January 2016.

The proposed package is formed by Federal Board of Revenue (FBR) and Finance Ministry with recommendations from the traders.

The package eases the payers and the government in tax collection. Under the proposed reforms, forms pertaining to tax returns will be consolidated to one page. New filers from the trading business will be exempted from audit for three years.

Withholding tax, imposed on banking transactions above Rs 50,000 is also likely to be lessened in traders’ favour.

The government’s move aims at increasing tax returns and bettering the economy.

The FBR has forwarded the proposal to the Prime Minister. Nawaz Sharif will announce the package once it is approved.