ISLAMABAD: There are over 1,358 big retailers (Tier-1), which are required to be integrated with the Federal Board of Revenue (FBR)’s Point of Sale (POS) system, but still operating out of the documented regime and not depositing collected sales tax from consumers into the national kitty.
The FBR has issued a list of 1,358 big retailers (Tier-1), which are required to be integrated with the FBR’s POS system and would be denied 60 percent input tax credit in case of non-integration by February 10, 2022.
1,572 big retailers integrated with POS system
The FBR has issued sales tax general order (STGO) 9 of 2022, here on Friday.
The board has decided to raise sales tax demand against these big retailers (Tier-1), who are still not integrated with the FBR’s POS system by the deadline of February 10, 2022.
According to the FBR, in order to operationalise this important provision of law, a system-based approach has been adopted.
Copyright Business Recorder, 2022
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