FBR assures retailers: Issue of input tax adjustment to be resolved soon

ISLAMABAD: The Federal Board of Revenue (FBR), Thursday, assured the retailers that the issue of input tax adjustment would soon be resolved after declaration of big retailers, wholesalers/distributors as Tier-1 Retailers under the Finance Supplementary Act, 2022.

A delegation of Super Market Association, Faisalabad visited FBR (HQs), Islamabad on Thursday and held a detailed meeting with Chairman FBR/Secretary Revenue Division Dr Muhammad Ashfaq Ahmed and Farrukh Habib, Minister of State for Information and Broadcasting, both in chair.

On the issue of input adjustment from unregistered wholesalers/distributors, the Association was informed by the FBR that in Finance Supplementary Act, 2022, they had been declared as Tier-1 Retailers.

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Hence, their issue of input tax adjustment would soon be resolved under the relevant provisions of law. During the meeting, various issues related to Point of Sales were discussed during the meeting. The President, Super Market Association, Faisalabad Shahid Mumtaz Bajwa informed the participants that all its 40 members had been integrated with the FBR POS System, which was appreciated by the chairman FBR.

The chairman, FBR desired that the Dispute Committee of the FBR and the traders in Faisalabad would be activated for an amicable settlement of genuine/legal issues of Faisalabad traders. During the meeting, the chairman FBR reiterated that government believed in collecting the rightful taxes by following the due process of law and the FBR was taking all out measures to ensure facilitation of traders’ community for an accelerated economic growth.

Copyright Business Recorder, 2022